Principles of Marketing, 17e, Global Edition KotlerArmstrong

Principles of Marketing, 17e, Global Edition (Kotler/Armstrong)

Chapter 1 Marketing: Creating Customer Value and Engagement

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

• Marketing is the creation of value for customers.
• Marketing involves managing profitable customer relationships.
• Marketing emphasizes selling and advertising exclusively.
• Marketing involves satisfying customers' needs.
• Marketing is building value-laden exchange relationships with customers.

Answer: C

AACSB: Analytical thinking

Skill: Concept

Objective: LO 1.1: Define marketing and outline the steps in the marketing process.

Difficulty: Moderate

2) According to management guru Peter Drucker, "The aim of marketing is to ________."

• maximize profits of the company
• emphasize customer wants and not customer needs C) make selling unnecessary D) fulfill unrealistic customer expectations E) sell products Answer: C Skill: Concept Objective: LO 1.1: Define marketing and outline the steps in the marketing process.

Difficulty: Easy

3) Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________. A) research and development B) innovation and creativity C) manufacturing efficiencies

• value creation and exchange E) sales and revenue creation Answer: D AACSB: Application of knowledge Skill: Concept Objective: LO 1.1: Define marketing and outline the steps in the marketing process. Difficulty: Moderate

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4) According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

• designing a customer-driven marketing strategy
• understanding the marketplace and customer needs
• 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: E

Skill: Concept

Objective: LO 1.1: Define marketing and outline the steps in the marketing process.

Difficulty: Moderate

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

• determine how to deliver superior value to customers
• build profitable relationships with customers
• 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: LO 1.1: Define marketing and outline the steps in the marketing process.

Difficulty: Moderate

6) Marketing is managing profitable customer relationships.Answer: TRUE Skill: Concept Objective: LO 1.1: Define marketing and outline the steps in the marketing process.

Difficulty: Easy

7) ________ are human needs that are shaped by culture and individual personality.

• Necessities B) Wants C) Demands D) Values E) Exchanges Answer: B Skill: Concept Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and

identify the five core marketplace concepts. Difficulty: Easy

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8) When backed by buying power, wants become ________.

• social needs
• demands
• physical needs
• self-esteem needs
• exchanges

Answer: B

Skill: Concept

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Easy

9) Needs include all of the following EXCEPT ________.

• food
• knowledge
• affection
• the newest iphone
• belonging

Answer: D

Skill: Concept

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Easy

10) 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) ________.

• need
• necessity
• demand
• exchange
• transaction

Answer: C

AACSB: Analytical thinking

Skill: Application

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Moderate

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11) A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

• market offering
• value proposition
• brand positioning
• market segment
• market mix

Answer: A

AACSB: Analytical thinking

Skill: Concept

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Easy

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

• vendor lock- in
• social loafing
• value proposition
• marketing myopia
• conspicuous consumption

Answer: D

AACSB: Analytical thinking

Skill: Concept

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Moderate

13) When marketers set low expectations for a market offering, they run the risk of ________.

• disappointing loyal customers
• having to use an outside-in rather than an inside-out perspective
• failing to attract enough customers
• failing to understand their customers' needs
• incorrectly identifying a target market

Answer: C

Skill: Concept

Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.

Difficulty: Easy

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