Marketing Chapter 1

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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers.

B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying customers' needs.
E) Marketing is used by for-profit and not-for-profit organizations. Answer: C
Diff: 2Page Ref: 2 and 4
Skill: Concept

2) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A) maintaining its brand share
B) fostering customers' emotional connections with their product C) advertising their product's benefits
D) comparing the effectiveness of their product to other brands E) incorporating consumer-generated marketing in the marketing mix Answer: B

3) 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
Answer: C
Diff: 2Page Ref: 5
Skill: Concept

4) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 2Page Ref: 5
Skill: Concept
5) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only
Answer: C
Diff: 2Page Ref: 5
AACSB: Communication
Skill: Concept

6) When marketers set low expectations for a market offering, the biggest risk they run is ________. 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
Answer: C
Diff: 1Page Ref: 7
Skill: Concept

7) ________ is the act of obtaining a desired object from someone by offering something in return. A) A value proposition
B) Exchange
C) Bribery
D) Value creation
E) Donation
Answer: B
Diff: 1Page Ref: 7
Skill: Concept
8) A(n) ________ is the set of actual and potential buyers of a product. A) market
B) audience
C) group
D) segment
E) exchange
Answer: A
Diff: 1Page Ref: 7
Skill: Concept

9) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange
B) marketing
C) management
D) production
E) customer relationship management
Answer: B
Diff: 1Page Ref: 7
AACSB: Communication
Skill: Concept

10) Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A) All customers will be delighted.
B) Customer-perceived value will increase.
C) Customer evangelists will become unpaid salespersons for the service or product. D) Not all customers will be satisfied.
E) The company will need to follow up with a demarketing campaign. Answer: D
Diff: 3Page Ref: 9
AACSB: Analytic Skills
Skill: Concept

11) When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. A) customer-driven
B) customer-driving
C) societal
D) production
E) product
Answer: B
Diff: 2Page Ref: 11
Skill: Concept

12) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. A) short-run costs and profits
B) short-run ethics
C) long-run welfare
D) immediate health
E) value propositions
Answer: C
Diff: 2Page Ref: 11
AACSB: Ethical Reasoning

13) Which concept holds that firms must strive to deliver value...
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