Buad 3010 Text Bank Chp 1

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Marketing: An Introduction, 11e (Armstrong)
Chapter 1 Marketing: Creating and Capturing Customer Value

1) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. A) Value reengineering

B) Human resource management
C) Financing
D) Marketing
E) Root cause analysis
Answer: D
Page Ref: 5
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing

2) The first step in the marketing process is ________.
A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy

Answer: D
Page Ref: 6
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing

3) ________ are states of felt deprivation.
A) Needs
B) Desires
C) Demands
D) Values
E) Exchanges
Answer: A
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

4) ________ are human needs as shaped by individual personality and culture. A) Offerings
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

5) When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

6) Abel now has the buying power to purchase the computer that he wanted for the last six months. Abel's want has now become a(n) ________. A) need
B) necessity
C) demand
D) exigency
E) desire
Answer: C
Page Ref: 6
Difficulty: Challenging
Chapter LO: 2
AACSB: Analytic skills
Course LO: Discuss the fundamental concepts of marketing

7) ________ refers to the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. A) Buyer's remorse
B) Out-of-home advertising
C) Caveat emptor
D) Marketing myopia
E) Winner's curse
Answer: D
Page Ref: 7
Difficulty: Moderate
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

8) The art and science of choosing target markets and building profitable relationships with them is called ________. A) marketing management
B) market capitalization
C) marketing liquidity
D) market buzz
E) marketing liberalization
Answer: A
Page Ref: 9
Difficulty: Easy
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

9) Selecting particular segments of a population of customers to serve is called ________. A) value reengineering
B) brand synchronizing
C) mass customizing
D) target marketing
E) selective administering
Answer: D
Page Ref: 9
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

10) The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods. It is famous for its white cream-filled center. Home Foods created a different version of these biscuits for consumers in Germany. To appeal to German consumers, Home Food created dark chocolate filling for the same cookie sandwiches. This is an example of ________. A) bulk breaking

B) cost leadership
C) diversification
D) target marketing
E) vertical integration
Answer: D
Page Ref: 9
Difficulty: Challenging
Chapter LO: 3
AACSB: Analytic skills
Course LO: Discuss the fundamental concepts of marketing

11) A brand's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs. A) dominant affect
B) fringe benefit
C)...
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