Marketing Chapter 1

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Chapter 1
Marketing: Creating and Capturing Customer Value

GENERAL CONTENT: Multiple-Choice Questions

1. “Which of the following is central to any definition of marketing?” a. demand management
b. transactions
c. customer relationships
d. making a sale
e. making a profit
(c; p. 3; Easy) {AACSB: Communication}

2. All of the following are accurate descriptions of modern marketing today, except which one? f. Marketing is creation of value for customers.
g. Marketing is managing profitable customer relationships. h. Selling and advertising are synonymous with marketing. i. Marketing involves satisfying customers’ needs.
j. Marketing is used by for-profit and not-for-profit organizations. (c; p. 3; Easy) {AACSB: Communication}

3. At home, at school, at work, and at the local supermarket, Americans see ________ almost everywhere they go. k. social marketing campaigns
l. customer relationship management
m. marketing
n. brand experiences
o. demand management
(c; p. 5; Moderate) {AACSB: Communication}

4. According to management guru Peter Drucker, “The aim of marketing is to ________.” a. create customer value
b. identify customer demands
c. make selling unnecessary
d. set realistic customer expectations
e. sell products
(c; p. 6; Moderate) {AACSB: Communication}

5. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. p. Selling
q. Advertising
r. Bartering
s. Marketing
t. Negotiating
(d; p. 6; Moderate) {AACSB: Communication}

6. The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. a. first two
b. first three
c. first four
d. last three
e. last four
(c; p. 6; Moderate) {AACSB: Communication}

7. According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. a. determine how to deliver superior value

b. build profitable relationships with customers
c. use customer relationship management to create full partnerships with key customers d. understand the marketplace and customer needs and wants e. construct key components of a marketing program

(d; p. 6; Easy) {AACSB: Communication)

8. _____ are human needs as shaped by individual personality and culture. u. Needs
v. Wants
w. Demands
x. Values
y. Exchanges
(b; p. 6; Easy)

9. When backed by buying power, wants become ________.
z. social needs
aa. demands
ab. physical needs
ac. self-esteem needs
ad. exchanges
(b; p. 7 Easy)

10. Which of the following is an example of a type of market offering? a. persons
b. ideas
c. information
d. experiences
e. all of the above
(e; p. 7; Easy)

11. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. ae. Selling myopia
af. Marketing management
ag. Value proposition
ah. Marketing myopia
ai. The product concept
(d; p. 7; Easy) {AACSB: Communication}

12. When marketers set low expectations for a market offering, they run the risk of ________. a. disappointing loyal customers
b. decreasing customer satisfaction
c. failing to attract enough customers
d. failing to understand their customers’ needs
e. incorrectly identifying a target market
(c; p. 8; Moderate) {AACSB: Reflective Thinking}

13. _____ is the act of obtaining a desired object from someone by offering something in return. aj. A value proposition
ak. Exchange
al. Bribery
am. Value
an. Donation
(b; p. 8; Easy)

14. In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow their business. a....
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