CHAPTER 1 M

The act of obtaining a desired object from someone by offering something in return is known as which of the​ following? A. A barter B. A trade C. A sale D. An exchange Your answer is correct. E. An auction

D

15. ​________ companies research customers deeply to learn about their​ desires, gather new product​ ideas, and test product improvements. A. ​Customer-driven B. ​Product-driven C. ​Customer-conscious D. Market​ research-oriented E. Product​ development-driven

A

21. ​________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer relationship management B. Customer satisfaction C. Customer engagement D. Customer growth E. Customer acquisition

A

27. Advances in​ ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply. A. digital and social media B. digital media streaming technologies C. ​e-commerce and mobile payment technologies D. big data and analytics E. visualization software technologies

A

29. In recent​ years, today's marketers are also reexamining their​ ________ responsibilities. A. ethical and societal B. cultural and societal C. economic and ethical D. ethical and cultural E. moral and ethical

A

How do market demands relate to needs and​ wants? A. Needs are satisfied by​ wants, and buying power converts wants into demand. Your answer is correct. B. Needs and wants outweigh demands in the​ customer's mind. C. Wants and demands are​ equivalent, and both satisfy needs at the same rate. D. ​Needs, wants, and demands all describe the same state in the customer. E. Demands result in customers needing and wanting a particular product.

A

1. Which of the following is included in a broad definition of​ marketing? A. ​Selling, advertising, and promoting B. Creating customer​ value, building customer​ relationships, and engaging customers C. Satisfying​ customers, beating​ competitors, and maximizing profits D. Creating customer​ value, building customer​ relationships, and having a strong selling orientation E. ​Advertising, selling, and developing quality products

B

20. A company rarely gets 100 percent of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called​ ________. A. customer equity B. share of customer C. customer lifetime value D. share of market E. customer defections

B

Which of the following scenarios BEST describes the societal marketing​ concept? A. ​Tim's Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research. B. ​Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. Your answer is correct. C. ​Wanda's Wedding Wear frequently promotes itself to customers through​ commercials, fliers, and other forms of advertising. D. ​Amy's Apple Cart regularly asks its customers what kind of apples they want to buy. E. ​Robert's Rotors does everything to improve production and lower the cost of its rotors in order to gain customers.

B

19. What are the two keys to building lasting customer​ relationships? A. Customer service and quality products B. Innovative products and low prices C. Superior customer value and satisfaction D. Value and customer service E. Satisfaction and sales promotions

C

​Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Bertram's Beer attempting to​ build? A. Customer lifetime value B. Customer loyalty C. Customer equity Your answer is correct. D. Share of customer E. Partner relationships

C

Digital and social media marketing

Using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.

Customer Relationship Management (CRM)

a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

Consumer-generated marketing

brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

Customer-engagement marketing

making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

exchange

the act of obtaining a desired object from someone by offering something in return

Marketing Management

the art and science of choosing target markets and building profitable relationships with them

A local drama club wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, starts​ poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging​ in? A. Market exchange Your answer is correct. B. Product placement C. Building customer relationships D. Advertising E. Market research

A

What is the main problem that sellers suffering from marketing myopia​ face? A. They focus more on products than on the​ customer's underlying need. Your answer is correct. B. They focus on brand image to the detriment of quality. C. They focus on customer wants instead of demands. D. They focus more on the​ customer's experience than on the product itself. E. They focus more on profit than on the​ customer's benefit.

A

Which marketing philosophy holds that consumers will favor products that offer the most in​ quality, performance, and innovative​ features? A. Product concept Your answer is correct. B. Marketing concept C. Societal marketing concept D. Production concept E. Selling concept

A

Which of the following is enhancing how marketers learn about and interact with​ customers? A. Social media analytics B. Big data and marketing analytics Your answer is correct. C. Machine learning D. New digital devices E. Big data and social media

B

​Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do? A. Develop a plan to sell as many jump ropes as possible B. Determine who in the community wants or needs a jump rope Your answer is correct. C. Develop the best jump rope possible D. Develop relationships with the customers who come to purchase jump ropes E. Advertise the company as a location in which to purchase jump ropes

B

3. Marketing is the process by which companies​ ________ and build strong customer relationships in order to​ ________. A. create value for​ customers; capture revenue from customers B. capture current​ revenue; gain future revenue C. create value for​ customers; capture value from customers in return D. sell products and​ services; obtain revenue E. capture value from​ customers; capture future revenue

C

30. Marketing tools used in digital and social media marketing include​ _______. A. mobile​ apps, online​ video, and personal selling B. ​email, telemarketing, and blogs C. social​ media, mobile​ apps, and blogs D. social​ media, mobile​ apps, and television advertising E. social​ media, online​ video, and newspaper coupons

C

Ethel and Jan have just started a new​ company, Jantel,​ Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Jan believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes this​ situation? A. Should​ Jantel, Inc., follow a societal marketing or production​ concept? B. Should​ Jantel, Inc., follow a production or selling​ concept? C. Should​ Jantel, Inc., follow a product or marketing​ concept? Your answer is correct. D. Should​ Jantel, Inc., follow a product or selling​ concept? E. Should​ Jantel, Inc., follow a marketing concept or a societal marketing​ concept?

C

The ultimate goal of the marketing process is to do which of the​ following? A. Develop relationships with customers B. Create a quality product C. Receive value from customers Your answer is correct. D. Evaluate customer needs E. Determine a target market

C

What is MOST likely to cause a variation in​ customer-perceived value? A. The popularity of a product to the customer B. The cost to produce a product C. The​ customer's opinion of what constitutes value Your answer is correct. D. The​ customer's satisfaction with a product E. The cost of advertising to the target market

C

16. The first four steps of the marketing process focus on creating value for customers. The next step is designing a​ ________. A. process improvement plan B. sales strategy plan C. customer relationship strategy D. customer​ value-driven marketing strategy E. marketing plan

D

18. The marketing concept holds that successful marketing strategies are based on​ _______. A. ​large-scale selling efforts B. products that are affordable and available C. continually improving products in quality and performance D. customer satisfaction and value E. sustainable marketing strategies

D

2. The first step of the marketing process is to​ ___________________. A. capture value from customers to create profits and customer equity B. construct an integrated marketing program that delivers superior value C. build profitable relationships D. understand the​ marketplace, which includes customer needs and wants E. design a​ customer-driven marketing strategy

D

23. Another strategy for creating value and building strong customer relationships includes​ ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers. A. customer relationship management B. strategic vendor management C. joint venturing D. partner relationship management E. customer engagement marketing

D

6. According to Peter​ Drucker, what is the aim of modern​ marketing? A. To drive competitors out of business B. To develop innovative products C. To price products as low as possible D. To make selling unnecessary E. To maximize company profits

D

8. Which of the following represent market​ offerings? A. ​Products, services,​ needs, and wants B. ​Products, services,​ needs, and exchanges C. ​Needs, wants,​ products, and advertisements D. ​Products, services,​ information, and experiences E. ​Value, satisfaction,​ sales, and profits

D

9. Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ________. A. distribution methods and channels B. products and services C. decision​ making, buying, and purchasing processes D. needs​, wants​, and demands E. marketplace challenges

D

How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")? A. The new concept focuses on having a​ well-developed product. B. The new concept requires less work from marketing executives. C. The new concept focuses on making money. D. The new concept focuses on customer needs. Your answer is correct. E. The new concept is more cost efficient

D

How has the internet MOST affected companies and​ customers? A. The internet has made advertising easier. B. The internet has increased the potential customer base. C. The internet has lowered prices. D. The internet has allowed consumers to take marketing content and share it. Your answer is correct. E. The internet has made creating an image more important.

D

Scott Frost has been coming to​ Aldwin's Diner for 20 years and refuses to go anywhere else.​ Joseph, the owner of​ Aldwin's, loves​ Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the​ following? A. Butterfly B. True friend C. True believer D. Barnacle Your answer is correct. E. Stranger

D

What is the ultimate aim of customer relationship​ management? A. To increase share of customer B. To establish brand equity C. To maintain high customer loyalty D. To produce high customer equity Your answer is correct. E. To produce high customer profitability

D

Which of the following describes the current trend in businesses regarding relationships with​ customers? A. Avoid developing relationships with customers at all. B. Find a few customers and develop strong relationships with them. C. Gather as many customers as possible on a surface level. D. ​Hand-pick the most profitable customers and allow them more input. Your answer is correct. E. Maintain strong relationships with as many customers as possible.

D

Which of the following is NOT one of the four Ps of the marketing​ mix? A. Promotion B. Price C. Place D. Production Your answer is correct. E. Product

D

Why is good marketing management​ critical? A. To ensure that products are promoted well enough to encourage a large flow of customers B. To ensure that the company has a positive image in the eyes of the community C. To ensure that investments are properly spent in order to maximize profits D. To ensure that the company serves as many customers as it can and as well as it can Your answer is correct. E. To ensure that the company is always on the cutting edge of product development

D

​Vaughn's Video has suffered because more people are subscribing to online streaming sites such as​ Netflix, YouTube,​ iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected​ Vaughn's Video? A. Rapid globalization B. The digital age C. Sustainable marketability D. ​Not-for-profit marketing Your answer is correct. E. The changing economic environment

D

28. Which major trend is ideal for engaging customers​ anytime, anywhere, as they move through the buying​ process? A. Big data B. Sustainable marketing C. Growth of​ not-for-profit marketing D. Globalization E. Mobile marketing

E

31. What is the importance of selling and advertising in​ marketing? A. They emphasize the need for marketing myopia. B. They work only with product placement and promotion. C. They can substitute for a faulty product. D. They are not essential if the product is good. E. They work in tandem with building customer relationships.

E

4. The marketing process involves five steps. The first four steps focus on​ ________. A. understanding the marketplace B. implementing a market strategy C. revenue generation D. ​getting, engaging, and growing target customers E. creating value for customers

E

5. The marketing process consists of five key steps. Which of the following is the first​ step? A. Understand customer needs and wants B. Design a​ customer-driven marketing strategy C. Construct a marketing program that actually delivers superior value D. ​Get, engage, and grow target customers E. Understand the marketplace and customer needs and wants

E

7. Which of the following correctly identifies the five core customer and marketplace​ concepts? A. ​Needs, wants,​ demands, market​ offerings, and markets B. ​Needs, wants, and​ demands; products;​ value; customers; and competitors C. ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets D. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits E. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

E

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using? A. ​Customer-perceived value B. Direct marketing C. ​Mass-media marketing D. ​Consumer-generated marketing E. Frequency marketing program

E

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ ________. A. ​customer-engagement marketing B. the marketing concept C. customer equity D. market offerings E. the marketing mix

E

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following? A. Market segmentation B. Differentiation C. Societal marketing D. Demand management E. Target marketing

E

Market Offerings

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Customer-perceived value

the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

Customer satisfaction

the extent to which a product's perceived performance matches a buyer's expectations

Wants

the form human needs take as they are shaped by culture and individual personality

Societal marketing concept

the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

Production Concept

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Selling Concept

the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

Marketing concept

the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

Market Myopia

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

share of customer

the portion of the customer's purchasing that a company gets in its product categories

Marketing

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

market

the set of all actual and potential buyers of a product or service

Customer equity

the total combined customer lifetime values of all of the company's customers

customer lifetime value

the value of the entire stream of purchases a customer makes over a lifetime of patronage

partner relationship management

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

10. Understanding​ needs, wants, and demands helps companies to design market offerings and build​ value-laden customer relationships through which they can capture​ ____________________________. A. greater customer equity and greater share of market B. customer lifetime value and greater share of customer C. customer lifetime value and greater share of customer equity D. a greater share of customer and greater share of customer equity E. great international market share and greater customer equity

B

25. Which of the following enhances how marketers learn about and interact with​ customers? A. New digital devices B. Machine learning C. Social media analytics D. Big data and social media E. Big data and marketing analytics

B

26. The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create​ _______________________. A. ​customer-focused digital applications B. a smoothly integrated marketing strategy and mix C. comprehensive marketing plans D. promotions with wide customer appeal E. superior social​ media, mobile​ apps, and television advertising

B

All of the following are aspects of sustainable marketing EXCEPT which​ one? A. Practice caring capitalism by being​ civic-minded and responsible. B. Observe environmental legislation as it is instituted. Your answer is correct. C. Help protect the natural environment. D. Deliver value in a socially and environmentally responsible way. E. Seek ways to profit by serving the​ long-run interests of customers and communities.

B

24. The ultimate aim of customer relationship management is to produce high​ _____. A. sales volume B. share of customer C. customer equity D. ​customer-engagement marketing E. satisfaction

C

11. Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based​ on? A. customer referrals B. markets C. product price D. exchange E. customer expectations

E

12. The core marketplace concepts are​ ________. A. market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets B. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); exchange and​ relationships; and markets C. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; and markets D. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); and value and satisfaction E. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets

E

13. To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? A. What markets should we​ enter? How do we maximize sales in those​ markets? B. What customers will we​ serve? How can we maximize​ profits? C. Who are our​ competitors? How can we beat our​ competitors? D. How can we serve our customers​ best? How can we maximize​ profits? E. What customers will we​ serve? How can we serve these customers​ best?

E

14. Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits? A. The production concept B. The product concept C. The societal marketing concept D. The selling concept E. The marketing concept

E

17. Marketing management can adopt one of five competing market​ orientations, which include​ _________. A. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal and cultural marketing concept B. the production​ concept, the product​ concept, the​ market-driven concept, the selling​ concept, and the societal marketing concept C. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept D. the production​ concept, the selling​ concept, the marketing​ concept, the economic​ concept, and the societal marketing concept E. the production​ concept, the product development​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept

E

22. The marketing process consists of five distinct​ steps, with four of them focused on creating value for customers. One strategy for creating value for customers is​ ________, which fosters direct and continuous customer involvement in shaping brand​ conversations, brand​ experiences, and brand community. A. mass marketing B. telemarketing C. intrusion marketing D. advertising and sales promotion E. ​customer-engagement marketing

E

Demands

Human wants that are backed by buying power

Needs

states of felt deprivation