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lOM oA RcPSD |266 833 4 Principles of Marketing (Kotler/Armstrong)

Chapter 1 Marketing: Creating and Capturing Customer Value

1)Which of the following is NOT an accurate description of modern marketing?A)Marketing is the creation of value for customers.B)Marketing involves managing profitable customer relationships. C) Marketing emphasizes selling and advertising exclusively.D)Marketing involves satisfying customers' needs.E)Marketing is building value-laden exchange relationships with

customers. Answer:C

Skill:Concept

Objective:1-1

Difficulty:Moderate

2)According to management guru Peter Drucker, "The aim of marketing is to ." A)maximize profits of the company B)emphasize customer wants and not customer needs C) make selling unnecessary D)fulfill unrealistic customer expectations E)sell products+++

Answer:C

Skill:Concept

Objective:1-1

Difficulty:Easy

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)Research B)Innovation C)Manufacturing

• Marketing
• Production

Answer:D

Skill:Concept

Objective:1-1

Difficulty:Easy 2 / 4

lOM oA RcPSD |266 833 4 4)According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?A)designing a customer-driven marketing strategy B)understanding the marketplace and customer needs C)constructing an integrated marketing program that delivers superior value

• building profitable relationships and creating customer delight
• capturing value from customers to create profit and customer equity

Answer:D

Skill:Concept

Objective:1-1

Difficulty:Easy

5)According to the five-step model of the marketing process, a company should before designing a customer-driven marketing strategy.A)determine how to deliver superior value to customers B)build profitable relationships with customers C)use customer relationship management to create full partnerships with key customers

• understand the marketplace and customer needs and wants
• construct an integrated marketing program

Answer:D

Skill:Concept

Objective:1-1

Difficulty:Easy

6) are human needs that are shaped by culture and individual personality.A)Necessities

• Wants

C)Demands D)Values E)Exchanges

Answer:B

Skill:Concept

Objective:1-2

Difficulty:Easy

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

Answer:B

Skill:Concept

Objective:1-2 3 / 4

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Difficulty:Easy

8)A is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.A)market offering B)value proposition C)brand positioning D)market segment E)market mix

Answer:A

Skill:Concept

Objective:1-2

Difficulty:Easy

9)Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?A)vendor lock-in B)social loafing C)value proposition

• marketing myopia
• conspicuous consumption

Answer:D

Skill:Concept

Objective:1-2

Difficulty:Moderate

10)When marketers set low expectations for a market offering, they run the risk of .A)disappointing loyal customers B)having to use an outside-in rather than an inside-out perspective C)failing to attract enough customers D)failing to understand their customers' needs E)incorrectly identifying a target

market Answer: C

Skill:Concept

Objective:1-2

Difficulty:Easy

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