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Chapter 01
Marketing's Value to Consumers, Firms, and Society
True / False Questions
1. Marketing is basically selling and advertising.
True False
2. Marketing, in the literal sense, means "selling" or "advertising."
True False
3. Marketing means "promotion and selling."
True False
4. Actually making goods or performing services is called marketing.
True False
5. Estimating what price consumers are willing to pay for a product and if the firm can make a profit
selling at that price, is an example of a production activity.
True False
1-1
© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6. Marketing can provide needed direction for production and help make sure that the right goods
and services find their way to interested consumers.
True False
7. Marketing plays an essential role in creating customer satisfaction.
True False
8. Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and
expectations.
True False
9. If a firm produces the right goods or services, marketing has little role to play in creating customer
satisfaction.
True False
10. It is estimated that marketing costs about 50 percent of each consumer's dollar.
True False
11. In advanced economies, marketing costs only about 10 percent of each consumer's dollar.
True False
12. Marketing encourages the development and spread of new ideas, goods, and services.
True False
13. According to the text, marketing means "selling" or "advertising."
True False
14. Marketing discourages the development and spread of new ideas, goods, and services.
True False
15. Marketing is both a set of activities performed by organizations and a social process.
True False
16. Marketing can be viewed as a set of activities performed by organizations, but not as a social
process.
True False
1-2
17. Marketing can be viewed as a social process, but not as a set of activities performed by
organizations.
True False
18. 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.
True False
19. Marketing is 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.
True False
20. The micro view of marketing is mainly concerned with the activities performed by organizations.
True False
21. From a micro view, marketing activities are performed only by profit-oriented organizations.
True False
22. Marketing only applies to profit organizations.
True False
23. Marketing only applies to for-profit organizations.
True False
24. Marketing activities should be of no interest to a nonprofit organization.
True False
25. Marketing activities should begin with potential customer needs, not with the production process.
True False
26. Production, not marketing, should determine what products are to be made.
True False
27. Marketing should begin with the production process.
True False
1-3
28. Marketing does not occur unless there are two or more parties who want to exchange something
for something else.
True False
29. Marketing does not occur unless two or more parties are willing to exchange something for
something else.
True False
30. Marketing doesn't occur unless two or more parties are willing to exchange one item for another.
True False
31. In a pure subsistence economy—when each family unit produces everything it consumes—no
marketing is involved.
True False
32. A marketing exchange is a single transaction between a firm and a customer, nothing more.
True False
33. 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.
True False
34. Macro-marketing emphasizes how the whole marketing system works.
True False
35. Micro-marketing is a social process that directs an economy's flow of goods and services from
producers to consumers in a way that effectively matches supply and demand and accomplishes
society's objectives.
True False
36. Macro-marketing is a set of activities that direct an economy's flow of goods and services from
producers to consumers in a way which effectively matches supply and demand and
accomplishes the objectives of society.
True False
37. Macro-marketing emphasizes how the whole system works, rather than the activities of individual
organizations.
True False
1-4
38. Macro-marketing emphasizes the activities of individual organizations.
True False
39. Macro-marketing is concerned with examining the relationship of the entire production and
distribution system.
True False
40. An effective macro-marketing system matches heterogeneous supply with heterogeneous

demand.
True False
41. Effective marketing in an advanced economy is difficult because producers and consumers are
often separated in several levels.
True False
42. Achieving effective marketing in an advanced economy is simplified by the fact that producers are
separated from consumers in only two ways: time and space.
True False
43. "Economies of scale" means that as a company produces larger numbers of a particular product,
the cost for each unit of the product goes down.
True False
44. "Economies of scale" prevent a company from taking advantage of mass production.
True False
45. "Economies of scale" means that as a company produces more of a product, the total cost of
production goes up.
True False
46. "Economies of scale" means that as a company produces more of a product, the cost of each unit
produced goes down.
True False
47. In advanced societies, all goods and services can be produced with mass production and its
economies of scale.
True False
1-5
48. Both mass production and effective marketing are needed to satisfy the economic needs of an
advanced economy.
True False
49. An effective macro-marketing system overcomes discrepancies of quantity and discrepancies of

assortment by using the universal functions of marketing.
True False
50. The universal functions of marketing include buying, selling, transporting, storing, standardization
and grading, financing, risk taking, and market information.
True False
51. The "universal functions of marketing" consist only of buying, selling, transporting, and storing.
True False
52. Buying, selling, transporting and storing are all universal marketing functions.
True False
53. The universal functions of marketing are performed in the same way in all nations and economic
systems.
True False
54. Marketing functions are performed by producers, consumers, and a variety of marketing
specialists.
True False
55. Intermediaries specialize in trade and production.
True False
56. The advantages of working with intermediaries increase as the number of producers and
customers, their distance apart, and the number and variety of competing products increase.
True False
57. While intermediaries facilitate exchange, their cost makes the whole macro-marketing system less
efficient.
True False
1-6
58. Marketing collaborators are any firms that provide the marketing functions of buying and selling.
True False
59. Marketing specialists such as intermediaries and collaborators hinder the exchange process
between producers and consumers.
True False
60. E-commerce refers to exchanges between individuals and organizations—and the activities that
facilitate those exchanges—based on applications of information technology.
True False
61. E-commerce refers to exchanges between organizations (not individuals) and the activities that
facilitate those exchanges.
True False
62. E-commerce refers to exchanges between organizations, but not exchanges between individuals.
True False
63. E-commerce refers to exchanges between individuals, but not exchanges between organizations.
True False
64. Compared to other innovations, firms have been relatively slow to adopt e-commerce.
True False
65. Marketing costs go down and customer satisfaction goes up in all exchanges handled by e-
commerce.
True False
66. Responsibility for performing the marketing functions can be shifted and shared in a variety of
ways, but no function can be completely eliminated.
True False
67. Not all societies need an economic system.
True False
1-7
68. An economic system is the way an economy organizes to use scarce resources to produce goods
and services and distribute them for consumption among various people and groups in the
society.
True False
69. Only industrial nations need an economic system to decide what and how much is to be produced
and distributed by whom, when, to whom, and why.
True False
70. In a command economy, producers generally have little choice about what goods and services to
produce.
True False
71. In a command economy, the individual decisions of many producers and consumers make the
macro-level decisions for the whole economy.
True False
72. A market-directed economy is one in which government officials decide what and how much is to
be produced and distributed by whom, when, to whom, and why.
True False
73. In a market-directed economy, government officials decide what and how much is to be produced
and distributed by whom, when, to whom, and why.
True False
74. In a market-directed economy, price is a rough measure of how society values particular goods
and services.
True False
75. Market-directed economies tend to provide consumers with greater freedom of choice than
command economies.
True False
76. In a market-directed economy, consumers enjoy complete freedom of choice.
True False
77. In a market-directed economy, profit is guaranteed.
True False
1-8
78. Most Western economies are completely market-directed.
True False
79. The American economy is entirely market-directed.
True False
80. The American economy and most other Western economies are completely market-directed.
True False
81. Whether a particular macro-marketing system is judged fair and effective depends on the
objectives of the society.
True False
82. The simple trade era was a time when families traded or sold their "surplus" output to local
distributors who resold these goods to other consumers or distant distributors.
True False
83. The marketing concept applies to nonprofit organizations as well as to businesses.
True False
84. Because they don't try to earn a profit, the marketing concept is not very useful for nonprofit
organizations.
True False
85. The marketing concept cannot be applied to nonprofit organizations because they are not profit-
oriented.
True False
86. In nonprofit organizations, support may not come directly from satisfied customers.
True False
87. As with any business, a nonprofit organization must take in as much money as it spends or it won't
survive.
True False
88. A nonprofit organization does not measure profit in the same way as a firm.
True False
1-9
89. During the "production era" a company focuses on production—because few products are
available in the market.
True False
90. From the Industrial Revolution until the 1920s, most companies were in the production era.
True False
91. During the "sales era," the firm tries to improve short-run marketing policy planning to tie together
its activities.
True False
92. Marketing departments are usually formed when firms go from the "production era" to the "sales
era."
True False
93. The "marketing department era" is a time when all marketing activities are brought under the
control of one department.
True False
94. During the "marketing company era," the total company effort is guided by the idea that customers
exist to buy the firm's output.
True False
95. A company has moved into the "marketing company era" when, in addition to short-run marketing
planning, the total company effort is guided by the marketing concept.
True False
96. The marketing concept means that an organization aims all its efforts at satisfying its customers—
at a profit.
True False
97. The marketing concept says that a firm should aim all its efforts at satisfying customers, even if
this proves to be unprofitable.
True False
98. The "marketing concept" means that a firm emphasizes attracting new customers above all other
objectives.
True False
1-10
99. A firm that adopts the "marketing concept" will aim all its efforts at satisfying customers, while
trying to make a profit.
True False
100.A firm that makes products which are easy to produce and then tries to sell them has a production
orientation.
True False
101.The term "marketing orientation" means making products that are easy to produce and then trying
to sell them.
True False
102.A marketing-oriented firm would try to produce what customers want, while a production-oriented
firm would try to get customers to buy what the firm has produced.
True False
103.The three basic ideas in the marketing concept are 1) putting the marketing manager in charge of
the whole firm, 2) a competitive orientation, and 3) an emphasis on profit.
True False
104.When a firm makes a total company effort to satisfy its customers, and profit—not just sales—is
an objective of the firm, the company is practicing the "marketing concept."
True False
105.The three basic ideas included in the definition of the marketing concept are: customer
satisfaction, a total company effort, and sales as an objective.
True False
106.The three basic ideas in the marketing concept are: 1) customer satisfaction; 2) confining
marketing activities to marketing professionals; and 3) having profit as an objective.
True False
107.Adopting the marketing concept rarely requires any change in a firm's attitudes, organization
structure, or management methods and procedures.
True False
108.Adopting the marketing concept requires that a business firm eliminate all functional
departments.
True False
1-11
109.Companies that consider the triple bottom line measure economic, social, and political outcomes.
True False
110.Organizations guided by a triple bottom line consider economic, social, and environmental
outcomes as measures of long-term success.
True False
111.The marketing concept was very quickly accepted, especially among producers of industrial
commodities like steel and glass.
True False
112.Producers who operate in a competitive environment are more likely to adopt the marketing
concept.
True False
113.Adoption of the marketing concept is now universal.
True False
114.A manager who follows a production concept views customer satisfaction as the path to profit.
True False
115.Customer value is the difference that a customer sees between the benefits of a firm's offering
and the costs of obtaining those benefits.
True False
116.Customer value is the difference between the benefits a customer sees from a market offering
and the costs of obtaining those benefits.
True False
117.Customer value is just another term for customer satisfaction.
True False
118.A good or service that doesn't meet a consumer's needs results in low customer value.
True False
119.Setting a low price for a firm's offering is a sure way of creating high customer value.
True False
1-12
120.Low price and high customer value is one and the same thing.
True False
121.When it comes to customer value, it is the customer's view that matters, not the view of the
marketing manager.
True False
122.In marketing, it is the manager's viewpoint that matters, not the customer's.
True False
123.Offering superior customer value is especially important when competition is intense.
True False
124.Often the best way for a firm to beat the competition is to be first to satisfy a need that others have
not even considered.
True False
125.Firms that embrace the marketing concept seek ways to build a profitable long-term relationship
with each customer.
True False
126.It is more costly for firms to try and attract new customers than it is to build a strong relationship
with existing customers.
True False
127.To develop lasting relationships with customers, marketing-oriented firms need to focus on
customer satisfaction both before and after each sale.
True False
128.When trying to build relationships with customers, salespeople must be particularly well-trained
because they are usually the only employees whose actions influence customers directly.
True False
129.The text credits L.L. Bean's success to its focus on customer satisfaction and good customer
value.
True False
1-13
130.The text credits L.L. Bean's marketing success to its great location.
True False
131.L.L. Bean has achieved success because its customers typically view the benefits of buying its
products as greater than the costs.
True False
132.The text credits Chipotle's marketing success to its great price.
True False
133.Chipotle has achieved success because its customers typically view the benefits of buying its
products as greater than the costs.
True False
134.The text credits Chipotle's success to its offering good customer value.
True False
135.Sometimes micro-macro dilemmas arise because what is "good" for some producers and
consumers may not be "good" for society as a whole.
True False
136.Gun control is an example of a micro-macro dilemma.
True False
137.The micro-macro dilemma occurs when a firm focuses its efforts on satisfying some consumers to
achieve its objectives, possibly causing negative societal outcomes.
True False
138.A firm's obligation to improve its positive effects on society and reduce its negative effects is
called fiscal responsibility.
True False
139.The marketing concept says that it is a firm's obligation to improve its positive effects on society
and reduce its negative effects.
True False
1-14
140.Organizations that adopt the marketing concept should be concerned about marketing ethics as
well as broader issues of social responsibility.
True False
141.Marketing ethics are the moral standards that guide marketing decisions and actions.
True False
142.The moral standards that guide marketing decisions and actions are called marketing ethics.
True False
143.Moral standards often vary from one person to another, from one society to another, and among
different groups within a society, so there is likely to be disagreement about what opinion is
correct when it comes to marketing ethics.
True False
144.A manager shouldn't be criticized for making an unethical marketing decision unless the ethical
breach was intentional.
True False
145.The American Marketing Association has adopted a statement of ethics that sets specific ethical
standards for many aspects of the management job in marketing.
True False
146.The American Marketing Association's statement of ethics sets specific ethical standards for many
aspects of marketing.
True False
Multiple Choice Questions
147.According to the text, marketing means:
A. much more than selling and advertising.

B. selling.
C. producing and selling.
D. advertising.
E. selling and advertising.
1-15
148.The following activities are rightly considered marketing except:
A. advertising the grand opening of a new furniture store.

B. researching which furniture designs are popular with consumers.
C. determining how many pieces of furniture can be sold at different price points.
D. building a facility to make furniture.
E. selling furniture to customers in a furniture showroom.
149.A marketing manager planning to launch a successful new product should begin by:
A. obtaining financing for the venture.

B. designing products that interest him or her.
C. identifying a product or service that customers need.
D. choosing a business partner.
E. establishing a legal corporation.
150.Which of the following would not engage in the process of marketing?
A. The United Way

B. United States Postal Service
C. Outback Steakhouse
D. JFK International Airport
E. Sam's Club members
A. Distribution.
B. Making good products.
C. More than selling and advertising.
D. Promotion.
E. Performing services.
A. much more than just selling and advertising.

B. advertising.
C. producing a product that fills a need.
D. selling.
E. making a good product that sells itself.
1-16
A. making a good product that sells itself.

B. much more than selling and advertising.
C. selling and advertising.
D. producing goods and/or services.
E. doing whatever it takes to be able to offer consumers a "better mousetrap."
154.The production of a new mountain bike model includes which of the following activities?
A. Determining how to get the new model to likely bike purchasers.

B. Actually making the new mountain bikes.
C. Estimating how many competing companies will be making bikes.
D. Predicting what types of bikes different types of bike riders will want.
155.Predicting what types of bicycles different customers will want and deciding which of these
customers the business will try to satisfy are activities a firm should do as part of
A. production.
B. a command economy.
C. marketing.
D. making goods or performing services.
E. a production orientation.
156.For Tesla, a new firm that makes an electric sports car, estimating how many competitors will
make electric vehicles and what kinds they will make, is:
A. one of the universal functions of innovation.

B. a production activity.
C. an example of the micro-macro dilemma.
D. best left to intermediaries.
E. a part of marketing.
157.Marketing
A. means "selling" or "advertising."

B. provides direction for production.
C. involves actually making goods or performing services.
D. does not impact consumers' standard of living.
E. is the development and spread new ideas, goods, and services.
1-17
158.____________________ is the extent to which a firm fulfills a customer's needs, desires, and
expectations.
A. Customer forecast
B. Customer satisfaction
C. Customer service
D. Customer support
159.Customer satisfaction is the extent to which a firm fulfills a consumer's:
A. needs.
B. desires.
C. expectations.
D. needs and desires.
E. All of these are correct.
160.In an advanced economy, marketing costs account for about ___ cents of every consumer dollar.
A. 10
B. 20
C. 30
D. 40
E. 50
161.Which of the following statements about marketing is FALSE?
A. Marketing concepts and techniques apply for nonprofit organizations—as well as for profit-
seeking organizations.
B. Marketing offers many rewarding career opportunities.
C. The cost of marketing is about 15 percent of the consumer's dollar.
D. Marketing affects almost every part of your daily life.
E. Marketing is vital for economic growth and development.
162.Marketing
A. affects almost every aspect of our daily lives.

B. offers few exciting or rewarding career opportunities.
C. limits our choices of goods and services every day.
D. focuses an organization on being the first to market a new product.
1-18
163.Which of the following is NOT a reason for you to study marketing?
A. Marketing affects almost every aspect of daily life.

B. Marketing will be important to your job.
C. Marketing involves actually making the goods that people need.
D. Marketing affects innovation and consumers' standard of living.
E. Marketing plays a big part in economic growth and development.
164.Marketing encourages research and ______________, the development and spread of new
ideas, goods and services.
A. analysis
B. assessment
C. evaluation
D. innovation
E. introspection
165.The development and spread of new ideas, goods, and services for the marketplace is called:
A. marketing.
B. the micro-macro dilemma.
C. collaboration.
D. innovation.
E. production.
166.Marketing can be viewed as:
A. a set of activities performed by individual organizations.

B. relevant to for-profit organizations only.
C. just selling and advertising.
D. beginning with the production process.
1-19
167.Macro-marketing examines all the following challenging scenarios except:
A. Producers prefer to manufacture goods in large quantities, but consumers buy in small
quantities.
B. Consumers require a wide assortment of food items, but individual producers can offer only a
narrow assortment of food products.
C. Producers set prices to cover costs and make a profit, but consumers choose goods based on
their ability to pay.
D. Cedar Point Amusement Park would like to attract customers all year long, but its marketing
strategy is currently limited to discount season pass offers during winter months while the park
is closed.
E. Producers tend to locate where it is economical to produce, but consumers are located in many
scattered places.
168.The text stresses that:
A. advertising and selling are not really part of marketing.

B. marketing is nothing more than a set of business activities performed by individual firms.
C. marketing techniques have no application for nonprofit organizations.
D. marketing is a social process and a set of activities performed by organizations.
E. a good product usually sells itself.
169.Looking at marketing as a set of activities focuses on
A. macro-marketing.
B. for-profit marketing.
C. micro-marketing.
D. nonprofit marketing.
E. personalized marketing.
170.Micro-marketing:
A. tries to accomplish a company's objectives by anticipating customers' needs and trying to

satisfy them.
B. begins with the production process.
C. involves persuading customers to buy your product.
D. is a social process involving all producers, intermediaries, and consumers.
E. tries to make the whole economic system fair and effective.
1-20
171.Micro-marketing:
A. is concerned with whether the whole economic system is fair and effective.
B. applies only to profit organizations.
C. consists only of personal selling and advertising.
D. is a social process only.
E. tries to anticipate and satisfy customer needs and accomplish an organization's objectives.
172._______ is defined as the performance of activities that seek to accomplish an organization's

objectives by anticipating customer needs and directing a flow of need-satisfying goods and
services from producer to customer.
A. Innovation
B. Advertising
C. Selling
D. Marketing (from a micro view)
E. Sales promotion
173.From a micro view, marketing
A. applies to large corporations but not to a new venture started by one person.
B. is an important social process.
C. emphasizes how the whole marketing system works.
D. is a set of activities performed by an individual organization to satisfy its customers.
E. directs an economy's flow of goods and services from producers to consumers.
174.Which of the following statements best describes the modern view of marketing?
A. The job of marketing is to get rid of whatever the company is producing.

B. Marketing should take over production, accounting, and financial services within a firm.
C. Marketing is concerned with generating a single exchange between a firm and a customer.
D. Marketing begins with anticipating potential customer needs.
E. Production, not marketing, should determine what goods and services are to be developed.
1-21
175.Which of the following statements best describes the modern view of marketing?
A. Marketing is only necessary for profit-oriented firms.

B. Marketing consists mainly of advertising and personal selling.
C. Marketing anticipates customer needs.
D. Marketing begins as soon as products are produced.
E. Firms that don't rely on e-commerce should put more emphasis on marketing.
176.From a micro view, which of the following is the best example of marketing?
A. North Korea unveils a new five-year production plan.

B. China and the U.S. agree on a new trade agreement.
C. The American Red Cross seeks more blood donors.
D. The Internet makes it possible for firms to reach customers in other countries.
E. None of these is a good example.
177.Which of the following statements by a U.S. president best reflects a MICRO view of marketing?
A. "A tax cut will give consumers more spending money."

B. "With interest rates low, many young people can now afford to buy a new home."
C. "In the United States we have a better choice of products than in any other country."
D. "My administration will spend 75 percent more on purchases related to domestic security
during the next year."
E. "Tourism firms should advertise more to attract more international visitors."
178.Marketing:
A. applies to both profit and nonprofit organizations.

B. says that marketing should take over all production, accounting, and financial activities.
C. should begin as soon as goods are produced.
D. does away with the need for advertising.
179.Marketing:
A. emphasizes mass selling over personal selling.

B. allows production, rather than marketing, to determine what products to make.
C. applies to both profit and nonprofit organizations.
D. concentrates on production, rather than advertising.
E. None of these is a true statement about marketing.
1-22
180.Marketing
A. applies to both profit and nonprofit organizations.

B. is another name for selling and advertising.
C. should pick up where the production process ends.
D. people should expect that the production department will determine what goods and services
are to be developed.
181.Which of the following organizations would be least likely to need marketing skills?
A. An accountant
B. An electronics retailer
C. A toy manufacturer
D. A financial advisor
E. All of these organizations would be likely to need marketing skills.
182.The aim of marketing is to
A. help create a pure subsistence economy.

B. eliminate the need for exchanges.
C. persuade customers to buy the firm's product.
D. identify customers' needs and meet those needs so well that the product almost "sells itself."
E. facilitate a single transaction.
183.Effective marketing should begin with
A. an effort to persuade unwilling customers to buy the firm's products.

B. potential customer needs.
C. a decision about what the firm can produce efficiently.
D. evaluation of the effect of the firm's decisions on the MACRO-marketing system.
E. the marketing manager making important production, accounting, and financial decisions for
the firm.
184.Marketing should
A. begin with the production process.

B. make decisions about product design and packaging, prices or fees.
C. not need to coordinate with production, accounting, and financial activities.
D. provide input, but let production determine what goods and services are to be developed.
E. focus on getting customers to make a final purchase.
1-23
185.All of the following should be determined by the marketing department of a firm EXCEPT:
A. storing the product.

B. actually making the product.
C. advertising the product.
D. designing the packaging for the product.
E. setting the price of the product.
186.Marketing could NOT take place without:
A. intermediaries.
B. collaborators.
C. two or more parties who are willing to exchange something for something else.
D. a high standard of living.
187.Marketing will not happen unless:
A. e-commerce is flourishing.
B. collaborators are present to simplify exchange.
C. intermediaries are present to facilitate exchange.
D. two or more parties each have something they want to exchange for something else.
E. an economy is market-directed rather than command.
188.Which of the following must occur for marketing to happen?
A. Product
B. Place
C. Advertising
D. Price
E. Two or more parties exchange something of value for something else of value.
189.Marketing is NOT needed in a ______________ economy.
A. consumer-oriented
B. command
C. pure subsistence
D. market-directed
E. None of these is correct.
1-24
190.In a pure subsistence economy,
A. each family unit is self-sufficient.

B. exchanges are very important.
C. the standard of living must be relatively high.
D. there is a great need for intermediaries.
191.If the family units on a South Pacific-island nation made all the products they consume, it would
be a good example of:
A. a pure subsistence economy.

B. a market-directed economy.
C. a micro-marketing system.
D. a command economy.
E. None of these is a correct answer.
192.Which of the following statements is FALSE?
A. Marketing is most important in a pure subsistence economy.

B. Marketing should provide direction for production, accounting, and financial activities.
C. Marketing builds long-lasting relationships that benefit the selling firm.
D. Marketing doesn't occur unless two or more parties are willing to exchange something for
something else.
E. Marketing anticipates customer needs.
193.Which of the following statements about marketing is FALSE?
A. Marketing affects the products you buy.

B. Marketing applies to nonprofit organizations too.
C. Marketing affects the advertising you see and hear.
D. Marketing offers many good job opportunities.
E. Marketing can help with individual transactions but not in building relationships with customers.
194.Viewing marketing as a social process focuses on
A. marketing by nonprofit organizations.

B. command economies.
C. macro-marketing.
D. micro-marketing.
E. None of these is correct.
1-25
195.Looking at marketing as a social process focuses on
A. macro-marketing.
B. for-profit marketing.
C. micro-marketing.
D. nonprofit marketing.
E. personalized marketing.
196.Societies need a macro-marketing system
A. to help match supply and demand.

B. to create a gap between producers and consumers.
C. to accomplish an organization's objectives only.
D. to identify collaborators.
E. to reduce the need for intermediaries.
197.Macro-marketing:
A. Emphasizes how the whole marketing system works.

B. Considers how marketing affects society, but not how society affects marketing.
C. Matches homogeneous supply and demand.
D. Is mainly concerned with the activities of individual organizations.
A. tries to produce discrepancies of quantity and discrepancies of assortment.

B. focuses on the activities of individual organizations.
C. tries to effectively match supply and demand.
D. is a set of activities performed by individual firms.
A. is concerned with the activities performed by individual business organizations.

B. tries to match heterogeneous supply capabilities with heterogeneous demands for goods and
services.
C. is concerned with how effectively and fairly an individual business organization performs.
D. assumes that the effectiveness and fairness of all macro-marketing systems must be evaluated
in terms of the same social objectives.
1-26
200.Macro-marketing
A. is a social process.
B. concerns the activities of individual managers.
C. is what people have in mind when they talk about marketing in everyday use.
D. helps consumers that need a narrow assortment of products.
E. applies only to nonprofit organizations.
201._________ directs an economy's flow of goods and services from producers to consumers in a
way that effectively matches supply and demand and accomplishes the society's objectives.
A. Macro-marketing
B. The transporting function
C. Micro-marketing
D. Standardization and grading
E. Social responsibility
202.Macro-marketing
A. emphasizes building a long-term relationship that benefits both the firm and the customer.
B. considers the marketing activities of corporations rather than individuals.
C. emphasizes how the whole marketing system works.
D. systems are only relevant to advanced economies.
E. addresses discrepancies that emerge from homogeneous consumer demand.
A. is a social process.
B. tries to encourage "discrepancies of quantity" and "discrepancies of assortment."
C. tries to disrupt supply and demand.
D. tries to foster the many separations between producers and consumers.
204.The following headlines are from Business Week magazine. Which article is most likely to be
reporting on a macro-marketing topic?
A. "Two-Person Engineering Firm Offers Unique Service."

B. "Russia Increases Output of Consumer Goods."
C. "Pepsi Sells in Japan."
D. "Bank of America Offers New Internet Banking Services."
E. "Donations to Tsunami Victims Fund Increase after TV Broadcast."
1-27
205.The following headlines are for articles from the WALL STREET JOURNAL. Which article is most
likely to be reporting a macro-marketing topic?
A. "Mercedes Goes after Luxury Sport Utility Buyers."

B. "Adidas Jumps as Footwear Competition Heats Up."
C. "Drugstore Chain Aims at Seniors."
D. "Hardee's Fried Chicken Takes on KFC."
E. "DVD Popularity Leads to More DVD Retailers."
206.Of the following headlines from the WALL STREET JOURNAL, which is most likely to be about a
MACRO-marketing topic?
A. "Tupperware Has a New Strategy."

B. "Thailand Has Unusually Large Number of Wholesalers."
C. "Military Supplier Shifts to Selling Gas Masks to Private Citizens."
D. "Coke Plans Beverage Line to Compete with Lipton's."
E. "Dow Chemical Adds Shipping Safeguards."
207.Of the following headlines from a business magazine, which is most likely to be about a macro-
marketing topic?
A. "Chinese Women Demand More Luxury Goods."

B. "Girl Scouts Organize Nationwide Cookie Sale."
C. "L'eggs Sells Direct in Brazil and Argentina."
D. "Frito-Lay Offers New Low-Fat Products."
E. "Coke Losing Beverage Sales in India to local brands."
208.In advanced economies:
A. both supply and demand tend to be homogeneous.

B. producers and consumers are often separated in several ways.
C. most firms specialize in producing and selling small amounts of a huge assortment of goods
and services.
D. exchange is aided by discrepancies of quantity and assortment.
1-28
209.In advanced economies:
A. mass production with its economies of scale makes the cost of each product higher.
B. exchange is simplified by discrepancies of quantity and assortment.
C. there is little need for marketing specialists.
D. both supply and demand tend to be homogeneous in nature.
E. producers and consumers experience a separation of values.
210.Exchanges between producers and consumers are more difficult in an advanced economy
because of:
A. separation in time.
B. separation in values.
C. spatial separation.
D. separation of information.
E. All of these are correct.
211.The primary purpose of the transporting and storing functions of marketing is to overcome:
A. the need for marketing specialists.

B. separation of information.
C. spatial separation.
D. discrepancies of assortment.
E. separation of values.
212.American supermarket chain, FoodMart, purchases cheese from five different manufacturers from
around the world to assure its customers can choose among different types of cheeses at
different prices. FoodMart facilitates the macro-marketing system by helping to address:
A. spatial separation.
B. discrepancies of assortment.
C. separation of values.
D. all of these are correct.
1-29
213.The fact that US car companies are located in the upper Midwest while their customers are
located throughout the U.S. is an example of:
A. separation in values.
B. discrepancies of assortment.
C. separation of information.
D. spatial separation.
E. separation in time.
214.When consumers do not know where to buy a product or what it costs and the product's producer
does not know where its target market is located, this is an example of:
A. separation of information.
B. discrepancy of quantity.
C. separation of ownership.
D. discrepancy of assortment.
E. separation in time.
215.When an individual producer sets a price for its product to earn a certain profit while consumers
search for the product at the lowest price available from any producer, this is an example of:
A. separation in time.
B. discrepancy of quantity.
C. separation in values.
D. discrepancy of assortment.
E. spatial separation.
216.The fact that producers usually prefer to produce products in large quantities, while most
consumers prefer to buy in small quantities, results in:
A. discrepancies of quantity.
B. separation of ownership.
C. discrepancies of assortment.
D. spatial separation.
E. temporal separation.
1-30
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of Toying with fate;
or, Nick Carter's narrow shave
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Title: Toying with fate; or, Nick Carter's narrow shave
Author: Nicholas Carter
Release date: August 6, 2022 [eBook #68697]
Language: English
Original publication: United States: Street & Smith, 1903
Credits: David Edwards, David E. Brown, and the Online

Distributed Proofreading Team at https://www.pgdp.net
*** START OF THE PROJECT GUTENBERG EBOOK TOYING

WITH FATE; OR, NICK CARTER'S NARROW SHAVE ***
TOYING WITH FATE;
OR,
Nick Carter’s Narrow Shave

BY
NICHOLAS CARTER
Author of the celebrated stories of Nick Carter’s adventures,

which
are published exclusively in the New Magnet Library,
conceded
to be among the best detective tales ever written.
NEW YORK
STREET & SMITH, Publishers
79-89 Seventh Avenue
Copyright, 1903
By STREET & SMITH
Toying With Fate
All rights reserved, including that of translation into foreign

languages,
including the Scandinavian.
The Best of Everything!
Our experience with the American reading public has
taught us that it expects better reading than readers of any
other nationality. Why? Because Americans, as a rule, are
better educated and more intelligent. We make it a point to
cater to all classes of readers with our paper-covered
novels. If a man likes adventure or detective stories, he
can find more and better ones in the S. & S. novel list than
he can among the cloth books. If a woman wants love,
society, or mystery stories, the S. & S. catalogue again
contains just what she wants at the lowest possible price.
If a boy wants up-to-date baseball, athletic, or treasure-
hunt stories, he cannot get anything that will please him so
much as the books in the Medal and New Medal
Libraries, no matter how much he has to spend for his
reading matter.
Here are a few suggestions:
BOOKS FOR MEN.

The Nick Carter stories in the New Magnet Library.
The Howard W. Erwin stories in the Far West Library.
The William Wallace Cook stories in the New Fiction
Library.
The Dumas stories in the Select Library.
BOOKS FOR WOMEN.

The Mrs. Georgie Sheldon stories in the New Eagle
Series.
The Charles Garvice stories in the New Eagle Series.
The Bertha Clay stories in the Bertha Clay Library.
The Southworth stories in the Southworth Library.
The Mrs. Mary J. Holmes stories in the Eagle and Select
Libraries.
BOOKS FOR BOYS.

The Burt L. Standish stories in the New Medal Library.
The Horatio Alger stories in the Medal and New Medal
Libraries.
The Oliver Optic stories in the Medal and New Medal
Libraries.
The Edward C. Taylor stories in the New Medal Library.
Send for our complete catalogue and look these stories
up. It will pay you.
STREET & SMITH, Publishers, NEW YORK

Why Take
a Chance?
Most everybody thinks that the public library is a mighty

fine institution—teaches people to read, and all that. Well,
so it does, but does any one ever think of the great risk
that a person, who takes a book out of a public library,
runs of catching some contagious disease?
Every time a bacteriological examination is made of the
public-library book, germs of every known disease are
found among its pages. Probably, from your own
experience, you know that lots of people never think of
taking a book from the public library, until some one in
their family is sick and wants something to read.
As records prove that ninety per cent of the demand for
books at the public libraries is for works of fiction, it strikes
us that the reading public would do better to patronize the
S. & S. novel list which contains hundreds of books to be
found in the public libraries, and many hundreds of others
just as good and interesting.
The price of the S. & S. novels is a low one indeed to pay
for protection from disease-laden literature. Why run the
risk, then, when you can get a fresh, clean book for little
money and thus insure your health?
STREET & SMITH, Publishers

NEW YORK
TOYING WITH FATE.
CHAPTER I.
THE MYSTERIOUS OLD MAN.
“Move on, old man, and go home!”

It was the stern voice of one of New York’s finest policemen that
uttered these words.
“Home! I wonder where it is?” muttered the old man to whom the
policeman had spoken, and a shudder ran through his frame, as he
slowly moved down the street.
As he reached the corner near old St. John’s Church, on Varick
Street, he paused, rubbed his eyes and gazed dreamily around him.
For some time before the policeman had addressed him he had
been standing inside the church, looking through the railings into the
churchyard.
His form was bent by decrepitude and sorrow, and his hair was as
white as the flaky snow that clung to the steeple of the old church,
the bells of which had just sounded the knell of the dying year.
The old man only halted on the corner for a minute, and then,
crossing Beach Street, he shuffled along until he reached the center
of the block, where he came to a standstill in front of an old-
fashioned house, which was unoccupied.
Then, as if a faintness had come over him, he grasped the rusty iron
railing to prevent himself falling to the ground, and he closed his
eyes, as though the sight of the snow-covered houses was too much
for him.
The policeman had followed him at a distance, and was watching
him from where he was standing on the corner.
“Poor devil!” muttered the guardian of the peace, as he swung his
nightstick back and forth. “I wonder who he is! He seems weak!
Perhaps at one time he amounted to something. God save me from
ever coming to his condition. I wonder why he stands so long in front
of that old empty house, which has been closed for twenty years, to
my knowledge! I’ll watch him a while, but I won’t molest him, poor
devil!”
As the policeman concluded his soliloquy the old man straightened
up and walked up to the door of the house, the old knocker on which
he caught hold of and gave it a rap.
But suddenly, as if struck by some painful recollection, his hand fell
to his side and he staggered back to the middle of the sidewalk.
“Strange,” the policeman ejaculated, noting this action. “Perhaps he
lived there at one time.”
The old man looked up at the house, at which he gazed long and
intently.
Then, suddenly arousing himself, he ambled back to the corner,
stopping near the policeman. He looked confusedly around him, from
the left to the right, and the policeman gazed at him closely, but
spoke not a word. On his part, he did not seem to see the man in
uniform. He stood bewildered, appearing not to know which way to
turn.
“Why don’t you go home, old man?” the policeman asked, this time
in a softened tone of voice.
“Home!” the old fellow ejaculated—his voice was like a wail, a
heartbroken sob. “Home! where is it?”
“The Lord bless you, man, how can I tell you, if you can’t tell
yourself?”
“Twenty years ago—twenty years behind darkened walls—and this
——” He muttered the words in such a forlorn tone that the
policeman stared at him.
“Your brain is turned, old gentleman.”
The old man laughed and looked up into his questioner’s face with a
quizzical expression.
“My brain is clear, my friend,” he replied, in a clear, harsh tone. “I
have come from a prison—the world is strangely altered since I was
in it before.”
“In it before? Why, what do you mean? I suppose you will try and
persuade me that you have been dead and have risen from the
grave.”
“Figuratively speaking, I have—I have been dead to the world—in
prison at Sing Sing. Mark me well—Sing Sing Prison—for twenty
years—to-day I was released. See me now. I am old, decrepit, hardly
able to walk. Once I stood erect, my hair was as black as the raven’s
wing, and now—look at me, a wreck without home or friends. Wife,
children, all gone! I have never seen nor heard of them since the day
I was taken out of yonder house a prisoner, by the unjust, hard, and
cruel decree of a so-called court of justice. Twenty years! A prisoner,
buried alive, as it were.”
“You had committed a crime?”
“No. I was innocent, but powerful conspirators plotted against me—
the evidence was perjured—and I—I—was entombed.”
“You say you lived in yonder house twenty years ago?”
“Yes, and no man carried his head higher than I did. I was rich—but
bah! what is the use of rehearsing those things to a stranger!
Hardened as you are by association with crime, you would not
believe my story. You would think that I was romancing. Things have
sadly changed in this neighborhood.”
“You may bet they have.”
“Once all these houses were occupied by rich people, but to-day
they are the abodes of the poor and the outcast.”
“What is your name?”
“My name! It matters not. Good night.”
“Well, well, keep your secret, old man. God bless you, and may this
new year bring you happiness.”
“Happiness! I shall never know that again. Good night, again.”
He moved off slowly, and the policeman watched him until he turned
the corner into West Broadway, when he proceeded to patrol his
beat.
As the policeman moved away, a dark form came out of a near-by
doorway and hurried around the corner.
The man was tall, he wore a long ulster with the collar turned up
around his neck, and a slouch hat was pulled down over his eyes.
He followed closely in the old man’s trail.
The old man halted several times, and as he did so his form seemed
to lose its decrepitude. As the light from the street lamps shone upon
his face it could be seen that his eyes glared like two living coals; he
threw his hand aloft, and so fierce and startling was the action that
the man who was following him halted and shrank back for an
instant, as if he had been struck.
“Vengeance!” the old man hissed, and then he started on again.
The street was deserted, save by the old man and the man who was
following him.
The former walked on, looking up at the tall warehouses and store
buildings, muttering to himself.
More than once he put his hand up to his head and gazed about in a
bewildered manner.
His limbs shook under him, for a long time had passed since they
had been used to such exertion.
The fresh air came so strangely upon him that he panted for breath.
Suddenly he halted in front of an old-fashioned three-story brick
building near Chambers Street. A beacon-shaped red lamp was
burning over the doorway, and upon the front pane of glass was
painted:
THE RED DRAGON INN.
Established by William Sill—1776.
It was an old landmark in the neighborhood, and it had always been
a hostelry. In revolutionary times it was a post roadhouse, and was
famous as the headquarters of many of the British officers. During
later days it became the resort, at the noonday hour, of many of New
York’s most staid and solid merchants, whose places of business
were in the vicinity.
At this time the ground floor was occupied by a man who ran a
saloon and restaurant, and who rented out the upstairs rooms to
transient lodgers. No improvements had been made about the place,
and it stood just as it did when it was conducted by its original owner.
As the old man paused in front of the inn the sound of voices and the
clinking of glasses came from within. He walked up to the door and
opened it. Then he stepped into the saloon, staggered up to the bar
and, in a low tone, ordered a glass of toddy, which was supplied to
him.
A number of men were seated at the tables, drinking, and none of
them paid any attention to the newcomer, who drank his toddy while
standing and leaning against the bar.
The old man placed his empty glass back upon the counter, and
facing the bartender, said:
“I want a room for the night.”
“There is only one empty,” the bartender replied. “It is in the attic.”
“That will answer my purpose.”
“It will cost you one dollar.”
The old man drew a purse out of his pocket, took out the amount,
and handed it to the bartender, who asked:
“Do you want to retire now?”
“I do,” the old man answered.
“I will show you the way up.”
“It won’t be necessary. I am familiar with every room in the house.
Many a time I have stopped here in other days. If you will tell me
which room I am to occupy, I will go up to it.”
“The second room in the back part of the attic on the left of the
stairway is the one. You will find a lamp on a table in the hall on the
second floor.”
“All right.”
The old man left the room, while the bartender gazed after him with
curiosity. He climbed the stairway and reached the second floor,
where he found the lamp, and then proceeded upstairs to the attic
room.
An hour after he retired, the house was silent, all the midnight
revelers having gone home, and the bartender having closed up the
saloon.
New Year’s Day dawned bright and clear.
The proprietor of the Red Dragon Inn opened the barroom, and at
nine o’clock the bartender came downstairs.
For a time the two men stood talking.
There were no customers in the place.
At last the bartender asked the proprietor if he had seen anything of
the strange old man who had come in after midnight.
The proprietor said that the old man had not appeared.
“Did he request you to call him?” he inquired.
“No,” the bartender answered. “Shall I go up and ask him if he wants
breakfast?”
“Yes.”
The bartender ascended to the attic.
The door of the room which the old man had been assigned to stood
ajar.
The man knocked, but there was no answer. He pounded again and
shouted. Still no answer. Finally the man pushed the door open. A
terrible sight met his gaze. Stretched out upon the bed he beheld the
old man, with his throat cut from ear to ear. His hands were folded
across his breast, and he was covered by the coverlet of the bed.
Evidently there had been no struggle.
The bartender uttered a cry of alarm, but he did not enter the room.
As soon as he recovered from his surprise he dashed off downstairs,
crying “Murder!” at the top of his voice.
Instantly the house was aroused, and in a short time a great crowd
congregated in the street in front of the door.
CHAPTER II.
SEARCHING FOR CLEWS.
Early on New Year’s morning Nicholas Carter, the famous detective,

arrived in Jersey City on a train from Chicago, where he had been
investigating a diamond case, which he had closed up successfully.
Danny, his chauffeur, met him at the station, with his powerful touring
car; and in a few minutes they were crossing the Hudson River on
the downtown ferry over to Chambers Street.
They had just landed and were beginning to get headway along that
thoroughfare, when their attention was attracted by a loud
commotion in the street.
Leaning over, Carter beheld the crowd congregating in front of the
Red Dragon Inn, which was almost opposite. He heard the cries of
murder.
Instantly the veteran’s energies were aroused. He forgot all about his
not having had breakfast, and springing out, he pushed his way
through the crowd and entered the barroom of the Red Dragon Inn.
There he found the proprietor pacing up and down in a state of
nervous excitement.
A policeman was also there, and to him Nick applied for information.
“I can’t make head nor tail of it,” the policeman replied to Carter’s
inquiry. “I’ve sent word to the police station, Mr. Carter, and I am
expecting the captain every minute.”
“Have you been upstairs?”
“No, sir. I thought it best to wait until the captain arrived.”
“Where is the bartender?”
“Standing over there,” and the policeman pointed to the man, who
was leaning against the bar.
Carter stepped up to the bartender and asked:
“What is your name?”
“George Terry,” the bartender answered.
“How long have you been employed here?”
“Three years.”
“I believe you discovered the murder?”
“I did, sir.”
“At what time?”
“About twenty minutes ago.”
“Do you know the man?”
“No, sir, he is a stranger to me.”
“What is his name?”
“I forgot to ask him.”
“Don’t you keep a register?”
“No, sir.”
“What time did the man arrive?”
“Shortly after midnight.”
“Did he have any luggage?”
“No, sir.”
“Tell me all about your conversation with him.”
“As I said, he came in here shortly after midnight. He seemed weak
and exhausted as he slipped up to the bar. He requested me to
make him a hot toddy, which I did.
“After he had finished his drink he asked me if I could let him have a
room for the night, and I told him that the attic room was vacant and

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Marketing's Value to Consumers, Firms, and Society

True / False Questions

1. Marketing is basically selling and advertising.

2. Marketing, in the literal sense, means "selling" or "advertising."

3. Marketing means "promotion and selling."

4. Actually making goods or performing services is called marketing.

7. Marketing plays an essential role in creating customer satisfaction.

13. According to the text, marketing means "selling" or "advertising."

22. Marketing only applies to profit organizations.

23. Marketing only applies to for-profit organizations.

24. Marketing activities should be of no interest to a nonprofit organization.

27. Marketing should begin with the production process.

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

40. An effective macro-marketing system matches heterogeneous supply with heterogeneous

49. An effective macro-marketing system overcomes discrepancies of quantity and discrepancies of

55. Intermediaries specialize in trade and production.

67. Not all societies need an economic system.

76. In a market-directed economy, consumers enjoy complete freedom of choice.

77. In a market-directed economy, profit is guaranteed.

79. The American economy is entirely market-directed.

83. The marketing concept applies to nonprofit organizations as well as to businesses.

113.Adoption of the marketing concept is now universal.

117.Customer value is just another term for customer satisfaction.

123.Offering superior customer value is especially important when competition is intense.

132.The text credits Chipotle's marketing success to its great price.

136.Gun control is an example of a micro-macro dilemma.

Multiple Choice Questions

147.According to the text, marketing means:

A. much more than selling and advertising.

A. advertising the grand opening of a new furniture store.

A. obtaining financing for the venture.

150.Which of the following would not engage in the process of marketing?

A. The United Way

151.According to the text, marketing means:

152.According to the text, marketing means:

A. much more than just selling and advertising.

A. making a good product that sells itself.

A. Determining how to get the new model to likely bike purchasers.

A. one of the universal functions of innovation.

A. means "selling" or "advertising."

159.Customer satisfaction is the extent to which a firm fulfills a consumer's:

161.Which of the following statements about marketing is FALSE?

A. affects almost every aspect of our daily lives.

A. Marketing affects almost every aspect of daily life.

166.Marketing can be viewed as:

A. a set of activities performed by individual organizations.

168.The text stresses that:

A. advertising and selling are not really part of marketing.