No Money No Honey

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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

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
Diff: 2Page Ref: 2

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

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

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

6) According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants
E) construct key components of a marketing program
Answer: D
Diff: 2Page Ref: 5

7) ________ are human needs as shaped by individual personality and culture. A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Diff: 2Page Ref: 6

8) When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Diff: 1Page Ref: 6

9) What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set
Answer: A
Diff: 1Page Ref: 6

10) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept
Answer: D
Diff: 1Page Ref: 6

11) 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

12) ________ 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

13) 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

14) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange
B) marketing
C)...
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