Marketing Multiple Choice

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UNIT1
Marketing is _____.
1. another word for advertising and sales
2. only used by major corporations
3. about satisfying customer needs
4. about simply making a profit
The first step in the marketing process is to work to understand customers. 1. True
2. False
Once we have created value for customers, the final step in the marketing process is to capture value from them. 1. True
2. False
The most basic concept underlying marketing is that of _____. 1. profits
2. products
3. human needs
4. services
Marketers create social needs in consumers.
1. True
2. False (Marketers do not create customer needs, whether social, physical or individual. Needs are a basic part of the human makeup.) The act of obtaining a desired object from someone by offering something in return is called a(n) _____. 1. exchange

2. switch
3. market
4. sale
The art and science of choosing target markets and building profitable relationships with them is called _____. 1. marketing profiles
2. marketing maneuvers
3. marketing selection
4. marketing management
Which marketing philosophy listed below is useful when supply exceeds demand and when production costs are too high and need to be reduced? 1. production concept
2. product concept
3. selling concept
4. marketing concept
Which marketing philosophy believes that an organization can achieve its goals if it knows the needs of its target market well and delivers satisfaction better than its competition? 1. production concept

2. product concept
1. selling concept
2. marketing concept
Customer relationship management (CRM) is solely about acquiring and keeping customers. 1. True
2. False (CRM is about acquiring, keeping and growing customers.) To build lasting customer relationships, firms should focus on delivering _____ and _____. 1. high quality products; low prices

2. customer value; customer satisfaction
3. customer satisfaction; customer growth
4. customer value; high profits
It costs 5 to 10 times more to find a new customer than to keep a current one happy. 1. True (Due to changing demographics, more competition, and overcapacity in many industries, the cost of finding new customers is rising.) 2. False

The aim of customer relationship management is to _____.
1. create customer satisfaction
2. create customer profits
3. create customer delight
4. create customer longing
The portion of the customer’s purchasing power that a company gets in its product categories is called its _____. 1. customer equity
2. share of customer
3. customer quotient
4. customer lifetime value
Customers that are a good fit between a company’s offerings and that are expected to be loyal over the long term are called _____. 1. butterflies
2. barnacles
3. true friends
4. strangers
The most dramatic new technology is the Internet.
1. True
2. False
The _____ is the nation’s 24th largest advertiser with an annual budget of over $1 billion. 1. Procter and Gamble Co.
2. Boeing Co.
3. Levi Strauss Co.
4. U.S. Government
Which of the first four steps of the marketing process asks, “What consumers will we serve?” and “How can we best serve targeted customers?” 1. Step 1: Understanding the marketplace
2. Step 2: Designing the marketing strategy
3. Step 3: Constructing the marketing program
4. Step 4: Building profitable relationships with customers Which step of the marketing process is the most important?
1. Step 1: Understanding the marketplace
2. Step 2: Designing the marketing strategy
3. Step 3: Constructing the marketing program
4. Step 4: Building profitable relationships with customers...
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