Chapter 1 Study

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

E. customer equity

Marketing, more than any other business function, deals with ___. A. regulators B. employees C. investors D. customers E. suppliers

D. customers

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

A. Digital technology has changed the way we live.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the​ service, they are acting on​ ________. A. Perceived customer value B. Their relationship to FedEx C. Customer satisfaction D. Information in FedEx ads E. Loyalty

A. Perceived customer value

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

A. Some combination of​ products, services,​ information, or experiences.

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

A. Understanding the​ marketplace, consumer​ needs, and consumer wants

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

A. create value for consumers

The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers. A. customer relationship management B. market segmentation C. customer service D. customer satisfaction E. exchange

A. customer relationship management

​Customer-driven marketing usually works well when a clear need exists and when customers​ _________________. A. know what they want B. have relatively few options C. are not​ price-sensitive D. have high disposable incomes E. are easily influenced by promotional strategies

A. know what they want

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. ​need; want B. want; need C. want; demand D. need; demand E. demand; want

A. ​need; want

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

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

Which of the following statements regarding the current economic environment is​ correct? A. 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. C. Consumers have resigned themselves to lives of deprivation. D. To reach​ today's frugal​ consumers, marketers should cut prices across the board. E. Consumers are using their credit cards more frequently and putting less money in the bank.

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

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 marketing concept B. The societal marketing concept C. The product concept D. The production concept E. The selling concept

B. The societal marketing concept

​A(n) ________ is the set of actual and potential buyers of a product or service. A. exchange B. market C. customer profile D. target market E. supply chain

B. market

​______________, which depends on the​ product's perceived performance relative to a​ buyer's expectations, is an important factor in creating customer value and building​ long-term market relationships. A. Shared value B. Share of customer C. Customer satisfaction D. Customer engagement E. Brand loyalty

C. Customer satisfaction

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

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

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

C. Value and satisfaction

The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. selling concept B. societal marketing concept C. marketing concept D. production concept E. product concept

C. marketing concept

A​ firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four​ Ps? A. Product, place,​ promotion, people B. Product, price,​ promotion, and people C. Product, packaging,​ price, promotion D. Product, price,​ place, promotion E. Product, price,​ place, people

D. Product, price,​ place, promotion

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. Segmenting and customer management B. Customer management and demand management C. Targeting and positioning D. Segmenting and targeting E. Segmenting and demand management

D. Segmenting and targeting

___ are the form human needs take as they are shaped by culture and individual personality. A. Needs B. Offerings C. Demands D. Wants E. Services

D. Wants

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

D. ​customer-driven

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

E. Designing a marketing strategy

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. Barnacles B. Butterflies C. True believers D. True friends E. Strangers

E. Strangers

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

E. They share a particular need and or want.

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

E. create value

The first step of the marketing process involves companies working to​ ___. A. improve operational efficiency B. capture value from customers C. build stronger customer relationships D. understanding who their competitors are E. gain a better understanding of their customers

E. gain a better understanding of their customers

Social sharing is best described as​ __________. A. getting customers to shop together B. sharing profits with customers C. increasing the number of Facebook​ "Likes" D. using mobile devices to compare prices E. getting people to talk with others and pass along their positive brand experiences

E. getting people to talk with others and pass along their positive brand experiences

The goal of most social media campaigns is social​ sharing, which is​ __________. A. increasing the number of Facebook​ "Likes" B. sharing profits with customers C. using mobile devices to compare prices D. getting customers to shop together E. getting people to talk with others and pass along their positive brand experiences

E. getting people to talk with others and pass along their positive brand experiences

Mobile channels are used by marketers to​ _______________. A. increase profits B. get more​ "Likes" on Facebook C. engage in caring capitalism D. encourage social sharing E. stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience

E. stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience