chap 1 marketing: Creating and Capturing Customer Value
MID-TERM EXAM REVIEW Chapter 1 Marketing: Creating and Capturing Customer Value
PART 1. MULTIPLE CHOICE QUESTIONS
1) 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
2)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
3) 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
4) 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.
5) ________ 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
6) 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.
7) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
A) exchange
B) marketing
C) management
D) production
E) customer relationship management.
8) Which customer question is
PART 1. MULTIPLE CHOICE QUESTIONS
1) 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
2)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
3) 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
4) 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.
5) ________ 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
6) 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.
7) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
A) exchange
B) marketing
C) management
D) production
E) customer relationship management.
8) Which customer question is