Marketing: Chapter one questions

8) A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want. A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set

A Pg 6

12) A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) group D) segment E) exchange

A Pg 7

17) 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 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 Pg 9

14) 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) differentiation

A Pg 8

18) 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 Pg 9

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

B Pg 6

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

B Pg 6

11) ________ is the act of obtaining a desired object from someone by offering something in return. A) Valuation B) Exchange C) Bribery D) Value creation E) Donation

B Pg 7

13) 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

B Pg 7

10) 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

C Pg 7

3) ________ 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

D Pg 5

9) 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

D Pg 7

15) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort

D Pg 8

16) Which of the following is the set of benefits a company promises to deliver to customers to satisfy their needs? A) a money-back guarantee B) low pricing C) customer service D) a value proposition E) an attribute

D Pg 9

5) 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 Pg 5

19) Which of the following marketing management concepts is most likely to lead to marketing myopia? A) customer-driven marketing B) production-driven marketing C) societal marketing D) marketing E) product

E Pg 9

20) According to the production concept, consumers will favor products that are ________ and ________. A) satisfying; quality focused B) advertised; affordable C) in high demand; hard to find D) segmented; convenient E) available; affordable

E Pg 9

4) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only B) the first three only C) the first four only D) the last three only E) the last four only

c Pg 5

1) 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.

c Pg:4-5

2) 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

c Pg:5