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Midterm

ADMS 2200 Midterm: Chapter 01-Chapter 08.doc


Department
Administrative Studies
Course Code
ADMS 2200
Professor
Christina Hendricks
Study Guide
Midterm

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Chapter 1—Marketing: The Art and Science of Satisfying Customers
MULTIPLE CHOICE
1. Whirlpool combines metal, rubber, and other components in the production of appliances. In doing so
the company creates _____ utility.
a. Ownership
b. Form
c. Place
d. Time
ANS: B REF: 5
2. The utility of a product or service is its:
a. want-satisfying power.
b. re-usability.
c. function as a commodity.
d. design quality.
ANS: A REF: 5
3. Fame-us is a talent hunt agency focusing on the youth looking to enter Hollywood. As part of their
marketing strategy, Fame-us would generate time and place utility by:
a. creating a nationwide advertising campaign to attract applicants.
b. launching roadshows across cities and conduct talent hunts at campuses during
Thanksgiving.
c. endorsing their services using famous celebrities from Hollywood.
d. opening a well-equipped studio with pre and post-production facilities.
ANS: B REF: 5
4. Convenience stores and vending machines are responsible for creating all of the following utilities
except:
a. ownership utility.
b. form utility.
c. time utility.
d. place utility.
ANS: B REF: 5
5. Availability of goods and services at convenient locations creates:
a. form utility.
b. time utility.
c. place utility.
d. ownership utility.
ANS: C REF: 5
1
Copyright ©2012 by South-Western, a division of Cengage Learning. All rights reserved.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Marketing: The Art and Science of Satisfying Customers
6. Creating _____ utility is the responsibility of the production function.
a. place
b. form
c. time
d. ownership
ANS: B REF: 5
7. Banks have recently begun to install ATMs in supermarkets to address customers’ wants for instant
cash when they go shopping. What type of utility are banks creating for customers?
a. Form
b. Time
c. Place
d. Ownership
ANS: C REF: 5
8. The organizational function and set of processes that creates, communicates, and delivers value to
customers and manages customer relationships in ways that benefit the organization and its
stakeholders is called _____.
a. Marketing
b. Financing
c. operations
d. administration
ANS: A REF: 6
9. Which of the following statements concerning the global marketplace is false?
a. The global marketplace is growing because of Internet technology.
b. The global marketplace is growing because of trade agreements.
c. The global marketplace is growing because no single country can manufacture, supply,
and consume all that it produces.
d. The global marketplace is growing owing to the talent shortage in the home countries of
national companies.
ANS: D REF: 7
10. The marketing philosophy summarized by the phrase “a high-quality product will sell itself” is
characteristic of the _____ era.
a. production
b. sales
c. marketing
d. relationship
ANS: A REF: 9
11. Approximately, what percentage of new product ventures end in failure?
a. Less than 10 percent
b. Between 25 percent and 40 percent
c. Between 50 percent and 65 percent
d. More than 80 percent
ANS: D REF: 9
2
Copyright ©2012 by South-Western, a division of Cengage Learning. All rights reserved.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Marketing: The Art and Science of Satisfying Customers
12. Which of the following factors contributed to the transition from the production era to the sales era?
a. Increased consumer demand
b. Sophisticated production techniques
c. Increase in urbanization
d. The Great Depression
ANS: B REF: 9
13. A company produces a high-quality product, with a maximum monthly output of 10,000 units.
Production levels are constant and the company relies on its marketing department to find customers
for its output. This approach is consistent with which era in marketing history?
a. Production era
b. Relationship era
c. Marketing era
d. Sales era
ANS: D REF: 9
14. A company with a _____ orientation assumes that customers will resist purchasing products not
deemed essential. Therefore, the marketing department will need to overcome this resistance through
personal selling and advertising.
a. Production
b. Marketing
c. Sales
d. relationship
ANS: C REF: 10
15. A market in which there are more buyers for fewer goods and services is known as a:
a. seller’s market.
b. monopoly.
c. buyer’s market.
d. oligopoly.
ANS: A REF: 9
16.Which of the following statements regarding the marketing era is true?
a. The concepts of marketing and selling ceased to be synonymous with each other.
b. Marketing was relegated to a supplemental role performed after the production process.
c. The marketing concept was linked to a shift from a buyer’s market to a seller’s market.
d. Today’s fully developed marketing concept is a companywide sales orientation with the
objective of achieving long-run success.
ANS: A REF: 9
17. A buyer’s market is characterized by:
a. more goods and services than buyers to buy them.
b. a small number of firms dominating the production of goods offered.
c. practically no competition in the marketplace.
d. a single firm producing a major share of the products or services offered.
ANS: A REF: 9
3
Copyright ©2012 by South-Western, a division of Cengage Learning. All rights reserved.
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