Question 121. A large advertising agency is planning a national promotion to in

121. A large advertising agency is planning a national promotion to introduce a new type of of MP3 player. Which of the universal functions of marketing is it performing?

A) risk-taking.

B) financing.

C) buying.

D) selling.

E) none of the above.

122. ______________ involve(s) sorting products according to size and quality.

A) Transporting and storing

B) Financing

C) Standardization and grading

D) Marketing

E) Buying

123. The standardization and grading function of marketing involves:

A) promoting goods and services.

B) collection, analysis, and distribution of marketing information.

C) sorting products according to size and quality.

D) looking for and evaluating goods and services.

E) movement of goods from one place to another.

124. The “universal functions of marketing”:

A) are usually performed in the same way and by the same types of institutions in all MACRO-marketing systems.

B) can sometimes be eliminated–in very efficient macro-marketing systems.

C) must be performed in both market-directed and command economies.

D) must all be performed by every firm from a MICRO view.

E) All of the above are true.

125. The universal functions of marketing

A) are not all needed in market-directed economies.

B) are not all needed in command economies.

C) can be performed by producers, consumers, and a variety of marketing specialists.

D) All of the above are true.

E) None of the above is true.

126. Which of the following is a true statement?

A) Since marketing is concerned with many thousands of different products, there is no one set of marketing functions that applies to all products.

B) Responsibility for performing marketing functions can be shifted and shared, but no function can be completely eliminated.

C) From a micro viewpoint, every firm must perform all of the marketing functions.

D) Marketing functions should be performed only by marketing intermediaries or collaborators.

E) Many marketing functions are not necessary in market-directed economies.

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