Chapter 1 Marketing: Creating Customer Value and Engagement

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. A) market offering B) value proposition C) brand positioning D) market segment E) market mix

A) market offering

________ are human needs that are shaped by culture and individual personality. A) Necessities B) Wants C) Demands D) Values E) Exchanges

B) Wants

When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges

B) demands

Which of the following is NOT an accurate description of modern marketing? A) Marketing is the creation of value for customers. B) Marketing involves managing profitable customer relationships. C) Marketing emphasizes selling and advertising exclusively. D) Marketing involves satisfying customers' needs. E) Marketing is building value-laden exchange relationships with customers.

C) Marketing emphasizes selling and advertising exclusively.

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________. A) need B) necessity C) demand D) exchange E) transaction

C) demand

According to management guru Peter Drucker, "The aim of marketing is to ________." A) maximize profits of the company B) emphasize customer wants and not customer needs C) make selling unnecessary D) fulfill unrealistic customer expectations E) sell products

C) make selling unnecessary

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) vendor lock-in B) social loafing C) value proposition D) marketing myopia E) conspicuous consumption

D) marketing myopia

Needs include all of the following EXCEPT ________. A) food B) knowledge C) affection D) the newest iphone E) belonging

D) the newest iphone

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________. A) research and development B) innovation and creativity C) manufacturing efficiencies D) value creation and exchange E) sales and revenue creation

D) value creation and exchange

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers? A) designing a customer-driven marketing strategy B) understanding the marketplace and customer needs C) constructing an integrated marketing program that delivers superior value D) building profitable relationships and creating customer delight E) capturing value from customers to create profit and customer equity

E) capturing value from customers to create profit and customer equity