MKTG FINAL— Ch 1 pt 1

1) Which of the following is most essential to any definition of marketing?
A) demand management
B) the production concept
C) customer relationships
D) making a sale
E) making a profit
C) customer relationships
2) All of the following are accurate descriptions of modern marketing today, 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.
C) Selling and advertising are synonymous with marketing.
3) According to management guru Peter Drucker, “The aim of marketing is to ________.”
A) create customer demands
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products
C) make selling unnecessary
4) ________ 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) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
D) Marketing
5) The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships.
A) first two
B) first three
C) first four
D) last three
E) last four
C) first four
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
D) understand the marketplace and customer needs and wants
7) ________ are human needs as shaped by individual personality and culture.
A) Deprivations
B) Wants
C) Demands
D) Values
E) Exchanges
B) Wants
8) When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
B) demands
9) Which of the following is an example of a type of market offering?
A) persons
B) ideas
C) information
D) experiences
E) all of the above
E) all of the above
10) ________ 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
D) Marketing myopia
11) When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?
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
C) failing to attract enough customers
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
E) Donation
B) Exchange
13) In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow the company’s business.
A) encourage
B) entertain
C) retain
D) recognize
E) educate
C) retain
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
A) A market
15) Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core ________ activities.
A) exchange
B) marketing
C) management
D) production
E) customer relationship management
B) marketing
16) Which of the following is the most likely result of a marketing strategy that attempts to serve all customers?
A) All customers will be delighted.
B) Customer-perceived value will be increased.
C) Customer evangelists will become unpaid salespersons for the service or product.
D) Few customers will be satisfied.
E) The company will likely need to follow up with a demarketing campaign.
D) Few customers will be satisfied.
17) The art and science of choosing target markets and building profitable relationships with them is called ________.
A) marketing management
B) positioning
C) segmentation
D) selling
E) societal marketing
A) marketing management
18) Selecting which segments of a population of customers to serve is called ________.
A) market segmentation
B) positioning
C) customization
D) target marketing
E) choosing a value proposition
D) target marketing
19) Family Dollar stores profitably focusing on buyers who have relatively modest means is an example of ________.
A) convenience
B) value pricing
C) market segmentation
D) target marketing
E) value packing
D) target marketing
20) ________ is the set of benefits a company promises to deliver to its consumers to satisfy their needs.
A) A money-back guarantee
B) Low pricing
C) Good customer service
D) A value proposition
E) An attribute
D) A value proposition
21) Which customer question is answered by a company’s value proposition?
A) “Why should I buy your brand rather than a competitor’s?”
B) “How does your brand benefit me and society?”
C) “What are the costs and benefits of your brand?”
D) “What kind of experience will I have with products and services associated with this brand?”
E) “What are the benefits of being a loyal consumer of your brand?”
A) “Why should I buy your brand rather than a competitor’s?”
22) Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
A) production concept
B) product concept
C) selling concept
D) marketing concept
E) societal marketing concept
A) production concept
23) Which of the following marketing management concepts is most likely to lead to marketing myopia?
A) customer-driven marketing
B) customer-driving marketing
C) societal marketing
D) selling
E) product
E) product
24) Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features?
A) product
B) production
C) customer
D) marketing
E) promotion
A) product
25) The product concept says that a company should ________.
A) improve marketing of its best products
B) market only those products with high customer appeal
C) focus on the target market and make products that meet those customers’ demands
D) devote its energy to making continuous product improvements
E) make promoting products the top priority
D) devote its energy to making continuous product improvements
26) “Build a better mousetrap and the world will beat a path to your door” reflects the ________ concept.
A) production
B) marketing
C) selling
D) product
E) target marketing
D) product
27) The ________ concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales.
A) marketing
B) production
C) product
D) selling
E) societal marketing
D) selling
28) The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
A) product
B) production
C) selling
D) equity
E) marketing
E) marketing
29) According to the authors of your text, the ________ concept is a “sense and respond” philosophy rather than a “make and sell” philosophy.
A) product
B) production
C) marketing
D) retailing
E) societal marketing
C) marketing
30) A firm that uses the selling concept takes a(n) ________ approach.
A) outside-in
B) customer-driven
C) inside-out
D) marketing concept
E) customer service
C) inside-out
31) Which of the following reflects the marketing concept philosophy?
A) “We don’t have a marketing department, we have a customer department.”
B) “We’re in the business of making and selling superior products.”
C) “We build them so you can buy them.”
D) “When it’s profits versus customers’ needs, profits will always win out.”
E) “You won’t find a better deal anywhere.”
A) “We don’t have a marketing department, we have a customer department.”
32) Customer-driven marketing is most likely to work well when ________ and when customers ________.
A) a clear need exists; are difficult to identify
B) customers do not know what they want; have limited budgets
C) there are few competitors; are concerned about their long-run welfare
D) a clear need exists; know what they want
E) a want exists; cannot afford it
D) a clear need exists; know what they want
33) When customers don’t know what they want or don’t even know what’s possible, the most effective strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) production
E) product
B) customer-driving
34) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.
A) short-run costs and profits
B) short-run ethics
C) long-run welfare
D) immediate health
E) value propositions
C) long-run welfare
35) The ________ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer’s and society’s well being.
A) marketing
B) selling
C) product
D) societal marketing
E) equity
D) societal marketing
36) The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society’s interests, and ________.
A) human welfare
B) want satisfaction
C) company profits
D) short-run wants
E) long-term needs
C) company profits
37) The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
A) promotion mix
B) product mix
C) marketing mix
D) TQM
E) marketing effort
C) marketing mix
38) Of the following, which is the most important concept of modern marketing?
A) customer relationship management
B) e-mail advertising
C) mass marketing
D) properly trained sales people
E) low prices
A) customer relationship management
39) Building and maintaining profitable value-laden relationships with customers of a company is called ________.
A) customer lifetime value
B) customer perceived value
C) customer relationship management
D) database marketing
E) societal marketing
C) customer relationship management
40) Which of the following is determined by a customer’s personal evaluation of the benefits and costs of a market offering relative to those of competing offers?
A) customer-perceived value
B) customer satisfaction
C) customer-perceived performance
D) customer relationship management
E) market segmentation
A) customer-perceived value
41) To capture the full essence of customer relationship management, which of the following should a marketing manager take into consideration?
A) owning customers for life
B) capturing a customer’s lifetime value
C) building overall customer equity
D) creating a sense of community surrounding a brand
E) all of the above
E) all of the above