Buad 3010 Text Bank Chp 1

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