MKT 551 Sample Exam
KEY: Correct answer has the “>” beside it.

1. In the definition of Marketing, the KEY phrase that best describes Marketing is:
a. The fact that it is a “Process”
b. That it is both “planning and executing”
> c. That it serves to “create exchanges”
d. The satisfaction of “individual and organizational objectives”

2. Marketing is more than selling or advertising
> a. True b. False 3. Production and Marketing provide 5 kinds of utility. The one that is appropriate for a product that is intangible is:
> a. Task utility b. Possession utility c. Place utility d. Form utility 4. Which of the following is NOT one of the universal functions of marketing? a. Buying b. Transporting
> c. Production d. Standardization and Grading 5. The social process that directs an economy’s flow of goods and services is:
> a. Macro-marketing b. Magnum-marketing c. Micro-marketing d. Magic-marketing 6. In a Planned economic system:
> a. People in government decide who makes what goods b. Business people decide who will make the goods c. Consumers decide what goods will be made d. Business and Consumers decide what goods will be desired and therefore made

7. Effective marketing solves problems of: a. Discrepancies of Quantity b. Discrepancies of Assortment c. Spatial Separation
> d. All of the above 8. Those opposed to globalization of markets continue to protest at meetings of: a. NAFTA b. EU c. GATT
> d. WTO 9. Marketing activities are criticized because: a. “New” products are often not really new b. Promoting unsafe products c. Deceptive advertising
> d. All of the above

10. The evolutionary stage in which business could sell all it could produce is: a. Marketing department era
> b. Production era c. Sales era d. Marketing company era 11. Which of the following