Study Guide: Chapter 1 Kotler, Marketing Management 14th Ed.

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Marketing Management, 14e (Kotler/Keller)
Chapter 1 Defining Marketing for the 21st Century

1) Which of the following statements about marketing is true? A) It is of little importance when products are standardized. B) It can help create jobs in the economy by increasing demand for goods and services. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. D) It is more important for bigger organizations than smaller ones. E) It is seldom used by nonprofit organizations.

Answer: B
Page Ref: 4
Objective: 1
Difficulty: Easy

2) ________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. A) Marketing management

B) Knowledge management
C) Operations management
D) Strategic management
E) Distribution management
Answer: A
Page Ref: 5
Objective: 2
Difficulty: Easy

3) Identify the correct statement about marketing management. A) It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services. B) It focuses mostly on monitoring the profitability of a company's products and services. C) It focuses solely on attaining an organization's sales goals in an efficient manner. D) It is defined as the field that deals with planning and managing a business at the highest level of corporate hierarchy. E) It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Answer: E

Page Ref: 5
Objective: 2
Difficulty: Moderate

4) A social definition of marketing says ________.
A) effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers B) a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company's products C) marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others D) marketing is the process of extracting the maximum value from consumers to facilitate corporate growth E) marketing is the process of aggressive selling and promotion to encourage the purchase of products that might otherwise be unsought by the consumer Answer: C

Page Ref: 5
Objective: 2
Difficulty: Easy

5) ________ goods constitute the bulk of most countries' production and marketing efforts. A) Durable
B) Impulse
C) Physical
D) Luxury
E) Intangible
Answer: C
Page Ref: 5
Objective: 2
Difficulty: Easy

6) As economies advance, a growing proportion of their activities focuses on the production of ________. A) products
B) events
C) experiences
D) luxury goods
E) services
Answer: E
Page Ref: 5
Objective: 2
Difficulty: Moderate

7) Car rental firms, hair dressers, and management consultants provide ________. A) goods
B) experiences
C) events
D) services
E) information
Answer: D
Page Ref: 5
Objective: 2
AACSB: Analytic skills
Difficulty: Easy

8) The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) ________. A) idea
B) place
C) luxury item
D) event
E) service
Answer: D
Page Ref: 5
Objective: 2
Difficulty: Moderate

9) The "Malaysia, Truly Asia" ad campaign that showcased Malaysia's beautiful landscape and its multicultural society in order to attract tourists is an example of ________ marketing. A) event
B) property
C) service
D) place
E) idea
Answer: D
Page Ref: 6
Objective: 2
AACSB: Analytic skills
Difficulty: Moderate

10) In Walt Disney's Magic Kingdom, customers can visit a fairy kingdom, a pirate ship, or even a haunted house. Disney is marketing a(n) ________. A) experience
B) service
C) event
D) organization
E) good...
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