Chapter 1 Marketing: Creating and Capturing Customer
Value
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.
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
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
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
5)
________ are human needs as shaped by individual personality and culture.
A)
Needs
B)
Wants
C)
Demands
D)
Values
E)
Exchanges
6)
When backed by buying power, wants become ________.
A)
social needs
B)
demands
C)
physical needs
D)
self-esteem needs
E)
exchanges
7)
What do companies call a set of benefits that they promise to consumers to
satisfy their needs?
A)
market offering
B)
value proposition
C)
demand satisfaction
D)
need proposition
E)
evoked set
8)
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
9)
________ is the act of obtaining a desired object from someone by offering
something in return.
A)
A value proposition
B)
Exchange
C)
Bribery
D)
Value creation
E)
Donation
10)
A(n) ________ is the set of actual and potential buyers of a product.
A)
market
B)
audience
C)
group
D)
segment
E)
exchange
11)
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
12)
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
13)
Which of the following is the set of benefits a company promises to deliver the
customer to satisfy their needs?
A)
a money-back guarantee
B)
low pricing
C)
good customer service
D)
a value proposition
E)
an attribute
14)
Which of the following marketing management concepts is most likely to lead to
marketing myopia?
A)
customer-driven marketing
B)
customer-driving marketing
C)
social marketing
D)
selling
E)
production
15)
The ________ concept is aligned with the philosophy of continuous product
improvement and the belief that customers will choose products that offer the
most in quality, performance, and innovative features.
A)
product
B)
production
C)
customer
D)
marketing
E)
promotion
16)
Which concept calls for aggressive selling and focuses on generating
transactions to obtain profitable sales?
A)
marketing
B)
production
C)
product
D)
selling
E)
societal marketing
17)
Which concept 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)
product
B)
production
C)
selling
D)
marketing
E)
equity
18)
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
19) Air Asia Airlines used the marketing concept in his
successful organization. Having a customer department rather than a marketing
department, as suggested by Kelleher, is an example of a(n) ________
perspective.
A)
outside-in
B)
external
C)
inside-out
D)
modern
E)
traditional
20)
Which of the following reflects the marketing concept philosophy?
A)
"We don't have a marketing department; we have a customer
department."
B)
"We're in the business of making and selling superior products."
C)
"We build them so you can buy them."
D)
"When it's profits versus customers' needs, profits will always win
out."
E)
"You won't find a better deal anywhere."
21)
The societal marketing concept seeks to establish a balance between consumer
short-run wants and consumer ________.
A)
short-run costs and profits
B)
short-run ethics
C)
long-run welfare
D)
immediate health
E)
value propositions
22)
Which concept holds that firms must strive to deliver value to customers in a
way that maintains or improves the consumer's and society's well-being?
A)
marketing
B)
selling
C)
product
D)
societal marketing
E)
equity
23)
The three areas of consideration that should be balanced in the societal
marketing concept are consumer wants, society's interests, and ________.
A)
human welfare
B)
want satisfaction
C)
company profits
D)
short-run wants
E)
long-term needs
24)
The set of marketing tools a firm uses to implement its marketing strategy is
called the ________.
A)
promotion mix
B)
product mix
C)
marketing mix
D)
TQM
E)
marketing effort
25)
Customer-perceived value is determined by a customer's ________ of the benefits
and costs of a market offering relative to those of competing offers.
A)
personal assessment
B)
rational expectations
C)
accurate assessment
D)
objective evaluation
E)
emotional understanding
26)
It is most accurate to say that customers buy from stores and firms that offer
which of the following?
A)
the highest value for the dollar
B)
the highest customer-perceived value
C)
the highest level of customer satisfaction
D)
the most attractive company image
E)
the most concern for society's interests
27)
________ is defined as the customer's evaluation of the differences between all
the benefits and all the costs of a marketing offer relative to those of
competing offers.
A)
Customer equity
B)
Customer satisfaction
C)
Customer evangelism
D)
Customer-perceived value
E)
Marketing myopia
28)
Which of the following best explains why consumers have greater power and control
in today's marketplace?
A)
The production concept and competition have lowered prices.
B)
Implementation of the product concept has resulted in continually improving
products.
C)
Customer-driven marketing creates products and services that meet customers'
future needs.
D)
More companies are implementing social marketing and weighing long-term costs
and benefits.
E)
Through new communication technologies, customers have more access to
information and more methods of sharing their opinions with other customers.
29)
The final step in the marketing process is ________.
A)
capturing value from customers
B)
creating customer loyalty
C)
creating customer lifetime value
D)
understanding the marketplace
E)
designing a customer-driven marketing strategy
30)
The ultimate aim of customer relationship management is to produce ________.
A)
customer equity
B)
market share
C)
sales volume
D)
a reliable database
E)
higher profit margins
31)
Which of the following is currently the fastest-growing form of marketing?
A)
consumer-generated marketing
B)
online marketing
C)
mass media marketing
D)
social marketing
E)
word-of-mouth marketing
32)
Today almost every company, small and large, is affected in some way by which
of the following?
A)
the societal marketing concept
B)
not-for-profit marketing
C)
global competition
D)
customer-generated marketing
E)
caring capitalism
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