The "Universal Functions of Marketing

question 307

Multiple Choice

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.

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Definitions:

Specialize And Trade

A concept in economics where individuals or nations focus on the production of a limited range of goods at which they are most efficient, and then trade with others to meet their diverse needs and wants.

Import

The act of bringing goods or services into one country from another for the purpose of sale.

Compasses

Instruments used for navigation and orientation that show direction relative to the geographic cardinal directions (North, South, East, and West).

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than others with the same resources.