Managing Profitable Customer Relationship

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Chapter 1
Marketing: Managing Profitable Customer Relationships

GENERAL CONTENT: Multiple-Choice Questions

1. Central to any definition of marketing is _____.
a. demand management
b. transactions
c. customer relationships
d. making a sale
e. making a profit
(Answer: c; p. 5; Easy)

2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers.
b. Marketing is customer satisfaction at a profit.
c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true.
(Answer: c; p. 5; Easy)

3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus
b. a relentless pursuit of customer needs
c. customer relationships built by everyone in the organization d. all of the above
e. none of the above
(Answer: d; p. 5; Moderate)

4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling
b. Advertising
c. Barter
d. Marketing
e. None of the above is correct.
(Answer: d; p. 5; Challenging)

5. Society and culture shape the basic form of human needs called _____. a. needs
b. wants
c. demands
d. value
e. an exchange
(Answer: b; p. 6; Moderate)

6. When backed by buying power, wants become _____.
a. social needs
b. demands
c. physical needs
d. self-esteem needs
e. exchanges
(Answer: b; p. 6; Easy)

7. The fundamental reason America’s most admired firms, including Southwest Airlines and Harley-Davidson, conduct extensive research is to _____. a. maximize profits
b. increase market share
c. increase sales
d. understand customers’ needs, wants, and demands
e. undermine competitors
(Answer: d; p. 6; Moderate)

8. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. a. Selling myopia
b. Marketing
c. Selling
d. Marketing myopia
e. Share of customer
(Answer: d; p. 7; Moderate)

9. American brand icons, including Harley-Davidson, Coca-Cola, and Nike, create deep brand meanings for consumers and do not suffer from _____. a. short-term losses
b. long-term losses
c. competitive threats
d. marketing myopia
e. planning problems
(Answer: d; p. 7; Moderate)

10. _____ are key building blocks for developing and managing customer relationships. a. Consumer expectations and customer satisfaction
b. Customer choices and product offers
c. Product performance and customer value
d. Customer value and customer satisfaction
e. Strategic plans
(Answer: d; p. 8; Challenging)

11. NASCAR’s primary obsession is to deliver a special _____ to every customer. a. assortment of products
b. book store
c. experience
d. set of recommendations
e. car
(Answer: c; p. 7; Moderate)

12. All of the following phrases reflect the marketing concept, except which one? a. We don’t have a Marketing Department, we have a Customer Department. b. We make it happen for you.
c. We stay close to customers.
d. Putting profits ahead of customer needs is critical to the health of the firm. e. Customers are important.
(Answer: d; p. 11; Easy)

13. An example of a(n) _____ is when a customer pays Circuit City $250 and receives a television set in return. a. exchange
b. transaction
c. market
d. segment
e. scam
(Answer: b; p. 9; Easy)

14. _____ is the set of actual and potential buyers of a product. a. A market
b. An audience
c. A group
d. A segment
e. An exchange
(Answer: a; p. 8; Moderate)

15. Which of the following phrases reflects the...
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