mktg 1

Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

Which of the following statements reflects the marketing concept?

Consider customer focus and value as the paths to sales and profits.

Which of the following is a characteristic of customer-driven marketing?

Customers know what they want.

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively.

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?

Not all customers will be satisfied.

Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.

consumer-generated marketing

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

customer-perceived value

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) ________.

demand

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.

production

Customer satisfaction is a goal that companies strive to earn. Companies can achieve customer delight by ________.

promising only what they can deliver and then delivering more than they promise

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

societal marketing concept

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.

target marketing

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

understand the marketplace and customer needs and wants

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.

value creation and exchange

The selling concept is typically practiced ________.

with goods that buyers normally do not think of buying