Question 1. Marketing is basically selling and advertising.

1. Marketing is basically selling and advertising.

2. Customer satisfaction is the extent to which a firm fulfills a consumer’s needs, desires and expectations.

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3. If a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction.

4. Marketing can provide needed direction for production and help make sure that the right goods and services find their way to interested consumers.

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5. In advanced economies, marketing costs only about 10 percent of each consumer’s dollar.

6. Marketing encourages the development and spread of new ideas, goods, and services.

7. Marketing can be viewed as a set of activities performed by organizations, but not as a social process.

8. Marketing can be viewed as a social process, but not as a set of activities performed by organizations.

9. The micro view of marketing sees it as the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

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10. The micro view ofmarketing is mainly concerned with the activities performed by organizations.

11. From a micro view, marketing activities are performed only by profit-oriented organizations.

12. Marketing activities should begin with potential customer needs, not with the production process.

13. Production, not marketing, should determine what products are to be made.

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14. Marketing should begin with the production process.

15. Marketing does not occur unless there are two or more parties who want to exchange something for something else.

16. Marketing is concerned with individual transactions rather than with building ongoing relationships with customers because that is the job of people in the public relations department.

17. Macro-marketing emphasizes how the whole marketing system works.

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18. Macro-marketing emphasizes the activities of individual organizations.

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19. An effective macro-marketing system matches heterogeneous supply with heterogeneous demand.

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20. “Economies of scale” means that as a company produces more of a product the total cost of production goes up.

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21. “Economies of scale” means that as a company produces more of a product the cost of each unit produced goes down.

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22. In advanced societies, all goods and services can be produced with mass production and its economies of scale.

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23. Both mass production and effective marketing are needed to satisfy the economic needs of an advanced economy.

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24. An effective macro-marketing system overcomes discrepancies of quantity and discrepancies of assortment by using the universal functions of marketing.

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