Test Bank Latest Edition 2023-24, Grade A, 100 Verified

Principles of Marketing Nineteenth Edition Philip Kotler Gary Armstrong Sridhar Balasubramanian Test Bank for Principles of Marketing Revised by Michael Casey and Susan Leshnower (Test Bank Latest Edition 2023-24, Grade A+, 100% Verified) 1 / 4

1 Copyright © 2024 Pearson Education, Inc.Principles of Marketing, 19e (Kotler)

Chapter 1 Marketing: Creating Customer Value and Engagement

1) Which of these statements reflects Amazon founder Jeff Bezos's opinion on the firm's success and modern marketing?

• Focus on the bottom line
• Hire the right people
• Obsess over customers
• Sell everything to anybody
• Deliver savings

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
• make selling unnecessary
• fulfill unrealistic customer expectations
• sell products

Answer: C

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Easy

3) Marketing is defined as a set of strategies and activities by which companies acquire and engage customers, build strong customer and client relationships, and create superior customer value in order to ________.

• enhance research and development efforts
• maintain or gain the leading market position
• profit from the sale of products
• capture value from customers in return
• increase the firm's revenue

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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2 Copyright © 2024 Pearson Education, Inc.4) According to the five-step model of the marketing process, which of the following is the last 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 profits and customer equity

Answer: E

AACSB: Application of knowledge

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

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Moderate

6) Which of these objectives is one of the threefold goals of marketing?

• attract new customers by promising superior value
• extract as much profit as possible from the market segment
• focus on growing the firm's market share
• create new products through extensive research and development
• partner with supply chain members to deliver low-cost products

Answer: A

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Moderate

7) Marketing is managing profitable customer relationships.

Answer: TRUE

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Easy

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3 Copyright © 2024 Pearson Education, Inc.8) One of the threefold goals of marketing is to eliminate unprofitable customers.

Answer: FALSE

AACSB: Analytical thinking

Skill: Concept

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

Difficulty: Moderate

9) Marketing is a social and managerial process by which entities obtain what they need or want by creating and exchanging value with others.

Answer: TRUE

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Easy

10) List the five steps of the marketing process.Answer: Step 1: Understand the marketplace and customer needs and wants.

Step 2: Design a customer value-driven marketing strategy.

Step 3: Construct an integrated marketing mix that delivers superior value.

Step 4: Engage customers, build profitable relationships, and create customer delight.

Step 5: Capture value from customers to create profits and customer equity.

AACSB: Application of knowledge

Skill: Concept

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

Difficulty: Easy

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

• Necessities
• Wants
• Demands
• Values
• Exchanges

Answer: B

AACSB: Application of knowledge

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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