Marketing 101 - Chapter 1 (Pearson - Principles of Marketing)

Which core marketing concept is the key building block to develop and manage customer relationships? A. Markets B. Value and satisfaction C. Needs, wants, and demands D. Profits E. Market offerings

B. Value and satisfaction

Which of the following is an accurate statement about building customer relationships in the modern marketing era? A. Building relationships through consumer-generated marketing is expensive and time-consuming. B. Consumer-generated marketing is when marketers take an active role in shaping product and brand content. C. Even with the new digital technologies available to marketers, consumers still cannot create personal brand experiences. D. Digital technologies and social media have created few opportunities for marketers to engage their customers and deliver value. E. At the current time, brands should wait to adopt new digital technologies and social media until the pace of change slows down

A. Building relationships through consumer-generated marketing is expensive and time-consuming.

What is Marketing: A. Marketing is a process of creating customer value. B. Marketing deals primarily with TV commercials. C. Marketing deals with telling and selling. D. Marketing is only selling and advertising. E. The aim of marketing is to make selling necessary.

A. Marketing is a process of creating customer value.

Following the marketing concept means that firms are __________. A. production-driven B. profit-driven C. sales-driven D. customer-driven E. product-driven

D. customer-driven

There is little fit between the company's market offerings and the needs of which customer group? Hint: This group is not profitable and not loyal. A. Strangers B. True believers C. True friends D. Butterflies E. Barnacles

A. Strangers

The key element of successful marketing today is to ___________. A. create value B. sell on the internet C. offer low prices D. advertise E. develop innovative products

A. create value

The ____________ concept holds that consumers will favor products that are available and affordable. A. production B. societal marketing C. marketing D. selling E. product

A. production

Which of the following statements regarding the current economic environment is correct? A. To reach today's frugal consumers, marketers should cut prices across the board. B. Consumer spending values now emphasize simpler living and more value for the dollar. C. Consumers are using their credit cards more frequently and putting less money in the bank. D. Consumers have resigned themselves to lives of deprivation. E. Since consumer incomes and spending are again on the rise, companies can now de-emphasize value.

B. Consumer spending values now emphasize simpler living and more value for the dollar.

_____________ marketing is perhaps the fastest-growing digital marketing platform. A. Sustainable B. Mobile C. Online social D. Social media E. Real-time

B. Mobile

The actual and potential buyers in a market share which of the following characteristics? A. They do not engage in marketing. B. They share a particular need or want. C. They have the same demographic profile. D. They have little influence over marketers. E. They rely on marketers to provide information.

B. They share a particular need or want.

What do marketers use mobile channels for? A. To engage in caring capitalism B. To stimulate immediate buying, make shopping easier, and enrich the brand experience C. To encourage social sharing D. To get more "Likes" on Facebook E. To increase profits

B. To stimulate immediate buying, make shopping easier, and enrich the brand experience

The total combined lifetime value of a company's current and potential customers is called ________. A. market share B. customer equity C. customer retention D. share of customer E. customer loyalty

B. customer equity

A brand's ____________ involves the set of benefits or values it promises to deliver to consumers. A. customer management B. value proposition C. target marketing D. marketing management E. market segmentation

B. value proposition

Customer relationship building blocks consist of _____________. A. price and promotion B. the four P's of marketing C. customer value and satisfaction D. product and place E. social and product marketing

C. customer value and satisfaction

____________ is the act of obtaining a desired object from someone by offering something in return. A. Demand B. Satisfaction C. Want D. Exchange E. Need

D. Exchange

Which of the following statements about market offerings is correct? A. Market offerings are limited to services. B. Market offerings are limited to products. C. Market offerings are not related to customers' needs and wants. D. Market offerings are a combination of products, services, information, or experiences. E. Experiences are not a market offering.

D. Market offerings are a combination of products, services, information, or experiences.

The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities? A. Targeting and positioning B. Customer management and demand management C. Segmenting and customer management D. Segmenting and targeting E. Segmenting and demand management

D. Segmenting and targeting

_____________ is the first step of the marketing process. A. Building strong relationships with customers B. Developing a marketing strategy C. Capturing value from customers D. Understanding the marketplace, consumer needs, and consumer wants E. Delivering superior value

D. Understanding the marketplace, consumer needs, and consumer wants

To capture value from consumers, marketers must _____________. A. tell customers what they need B. advertise extensively C. focus on selling the product D. create value for consumers E. create award-winning products

D. create value for consumers

Social media campaigns provide exciting opportunities to ___________. A. share profits with customers B. get customers to shop together C. use mobile devices to compare prices D. extend customer engagement and get people talking about a brand E. increase the number of Facebook "Likes"

D. extend customer engagement and get people talking about a brand

Mary is hungry and chooses to go to McDonalds for a salad. Mary's hunger is a ________ and her choice of a salad is a ___________. A. demand; want B. need; demand C. want; demand D. need; want E. want; need

D. need; want

In the final step of the five-step marketing model, companies ___________. A. capture customer value B. work to understand consumers C. build strong customer relationships D. reap the rewards of creating customer value E. create customer value

D. reap the rewards of creating customer value

After understanding the marketplace and customer needs, what is the next step in the marketing process? A. Creating profits B. Capturing value from customers C. Delighting customers D. Building profitable customer relationships. E. Designing a marketing strategy

E. Designing a marketing strategy

Which of the following statements regarding the changing marketing landscape is correct? A. Marketing plays no role in the strategies of not-for-profit organizations. B. Global competition only affects marketing in large companies. C. Today's post-recession era consumers buy more, use fewer coupons, use their credit cards more and save less. D. Marketers have mastered the use of social media and mobile marketing. E. Digital technology has changed the way we live.

E. Digital technology has changed the way we live.

Companies like IBM, Walmart, and Intel now look beyond economic gain and, in their marketing strategies they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy? A. The selling concept B. The product concept C. The production concept D. The marketing concept E. The societal marketing concept

E. The societal marketing concept

Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it ______. A. can increase satisfaction by lowering prices compared to its competitors B. attempts to maximize customer satisfaction C. can increase satisfaction by increasing its services compared to its competitors D. attempts to gain customer satisfaction at all cost to ward off competition E. does not attempt to maximize customer satisfaction

E. does not attempt to maximize customer satisfaction