BUSINESS 396. KINGS UNIVERSITY. mid term 1.docx. GRADEDE A+. Marketing: An Introduction, 6e (Armstrong et al.) Chapter 1 Marketing: Creating and Capturing Customer Value

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Marketing: An Introduction, 6e (Armstrong et al.) Chapter 1 Marketing: Creating and Capturing Customer Value 1) Which of the following is most essential to even the simplest definition of marketing?... A) demand management B) the production concept C) customer relationships D) making a sale E) making a profit Answer: C Diff: 1 Type: MC Page Ref: 5 Skill: Concept Objective: 1-1 2) Which of the following is an accurate description of modern marketing today? A) Marketing is the creation of products for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying producers' needs first. E) Marketing is used by for-profit organizations only. Answer: B Diff: 1 Type: MC Page Ref: 5 Skill: Concept Objective: 1-1 3) According to management guru Peter Drucker, "The aim of marketing is to ________." A) create customer demands B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products Answer: C Diff: 1 Type: MC Page Ref: 6 Skill: Concept Objective: 1-1 4) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating Answer: D Diff: 2 Type: MC Page Ref: 6 Skill: Concept Objective: 1-1 5) The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. A) first two B) first three C) first four D) last three E) last four Answer: C Diff: 2 Type: MC Page Ref: 7 Skill: Concept Objective: 1-2 6) According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants E) construct key components of a marketing program Answer: D Diff: 1 Type: MC Page Ref: 7 Skill: Concept Objective: 1-2 7) ________ are human needs as shaped by individual personality and culture. A) Deprivations B) Wants C) Demands D) Values E) Exchanges Answer: B Diff: 1 Type: MC Page Ref: 7 Skill: Concept Objective: 1-2 8) When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges Answer: B Diff: 1 Type: MC Page Ref: 7 Skill: Concept Objective: 1-2 9) Which of the following best encompasses market offerings? A) products B) people, places, and ideas C) products and information D) products and experiences E) persons, places, organizations, information, and ideas Answer: E Diff: 1 Type: MC Page Ref: 8 Skill: Concept Objective: 1-2 10) ________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products. A) Selling myopia B) Marketing management C) Value proposition D) Marketing myopia E) The product concept Answer: D Diff: 1 Type: MC Page Ref: 8 Skill: Concept Objective: 1-2 11) When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following? A) disappointing loyal buyers B) decreasing buyers satisfaction C) failing to attract enough buyers D) failing to understand their buyers' needs E) incorrectly identifying a target market Answer: C Diff: 2 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 12) ________ 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 E) Donation Answer: B Diff: 1 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 13) In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow the company's business. A) reward loyal B) sell more to C) build relationships with D) recognize loyal E) educate new Answer: C Diff: 2 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 14) ________ is the set of actual and potential buyers of a product. A) A market B) An audience C) A group D) A segment E) An exchange Answer: A Diff: 1 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 15) Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core ________ activities. A) exchange B) marketing C) management D) production E) customer relationship management Answer: B Diff: 1 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 16) When it comes to communicating with customers, marketers have traditionally asked the question, "How can we influence our customers?" Effective marketers now ask, ________. A) "How can we apply the production concept?" B) "How can our customers influence us?" C) "How can we apply the selling concept?" D) "How can we apply the selling concept using social media?" E) "How can we apply the product concept?" Answer: B Diff: 2 Type: MC Page Ref: 9 Skill: Concept Objective: 1-2 17) Which of the following is the most likely result of a marketing strategy that attempts to serve all customers? A) All customers will be delighted. B) Customer-perceived value will be increased. C) Customer evangelists will become unpaid salespersons for the service or product. D) Perhaps no customers will be satisfied. E) The company will likely need to follow up with a demarketing campaign. Answer: D Diff: 2 Type: MC Page Ref: 10 Skill: Concept Objective: 1-3 18) 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) societal marketing Answer: A Diff: 1 Type: MC Page Ref: 10 Skill: Concept Objective: 1-3 19) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) choosing a value proposition Answer: D Diff: 1 Type: MC Page Ref: 10 Skill: Concept Objective: 1-3 20) Dollarama stores focus on serving buyers who have relatively modest means. This is an example of ________. A) convenience B) value pricing C) market segmentation D) target marketing E) value packing Answer: D Diff: 1 Type: MC Page Ref: 10 Skill: Concept Objective: 1-3 21) ________ is the set of benefits or values a company promises to deliver to its consumers to satisfy their needs. A) A money-back guarantee B) Low pricing C) Good customer service D) A value proposition E) An attribute Answer: D Diff: 1 Type: MC Page Ref: 11 Skill: Concept Objective: 1-3 22) An effective value proposition answers the question ________. A) "Why should I buy your brand rather than a competitor's?" B) "How does your brand benefit me and society?" C) "What are the costs and benefits of your brand?" D) "What kind of experience will I have with products and services associated with this brand?" E) "What are the benefits of being a loyal consumer of your brand?" Answer: A Diff: 2 Type: MC Page Ref: 11 Skill: Concept Objective: 1-3 23) Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) production concept B) product concept C) selling concept D) marketing concept E) societal marketing concept Answer: A Diff: 3 Type: MC Page Ref: 11 Skill: Concept Objective: 1-3 24) Which one marketing management concept, if the only one adopted, can lead manufacturers to develop marketing myopia? A) customer-driven marketing B) customer-driving marketing C) societal marketing D) selling E) product concept Answer: E Diff: 2 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 25) Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features? A) product B) production C) customer D) marketing E) promotion Answer: A Diff: 2 Type: MC Page Ref: 11 Skill: Concept Objective: 1-3 26) The product concept says that a company should ________. A) improve marketing of its best products B) market only those products with high customer appeal C) focus on the target market and make products that meet those customers' demands D) devote its energy to making continuous product improvements E) make promoting products the top priority Answer: D Diff: 2 Type: MC Page Ref: 11 Skill: Concept Objective: 1-3 27) "Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept. A) production B) marketing C) selling D) product E) target marketing Answer: D Diff: 2 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 28) The ________ concept calls for aggressive selling and promotion effort. A) marketing B) production C) product D) selling E) societal marketing Answer: D Diff: 1 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 29) The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. A) product B) production C) selling D) equity E) marketing Answer: E Diff: 1 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 30) According to the authors of your text, the ________ concept is a "sense and respond" philosophy rather than a "make and sell" philosophy. A) product B) production C) marketing D) retailing E) societal marketing Answer: C Diff: 2 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 31) Which of the following consumer products would likely be marketed using the selling concept? A) laundry detergent B) funeral services C) chocolate bars D) hair stylist services E) computer tablets Answer: B Diff: 3 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 32) 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." Answer: A Diff: 2 Type: MC Page Ref: 12 Skill: Concept Objective: 1-3 33) Customer-driven marketing is most likely to work well when ________ and when customers ________. A) a clear need exists; are difficult to identify B) customers do not know what they want; have limited budgets C) there are few competitors; are concerned about their long-run welfare D) a clear need exists; know what they want E) a want exists; cannot afford it Answer: D Diff: 2 Type: MC Page Ref: 13 Skill: Concept Objective: 1-3 34) When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. A) customer-driven B) customer-driving C) societal D) production E) product Answer: A Diff: 2 Type: MC Page Ref: 13 Skill: Concept Objective: 1-3 35) 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 Answer: C Diff: 2 Type: MC Page Ref: 13 Skill: Concept Objective: 1-3 36) The ________ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being. A) marketing B) selling C) product D) societal marketing E) equity Answer: D Diff: 1 Type: MC Page Ref: 13 Skill: Concept Objective: 1-3 37) 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 Answer: C Diff: 2 Type: MC Page Ref: 14 Skill: Concept Objective: 1-3 38) 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 Answer: C Diff: 2 Type: MC Page Ref: 14 Skill: Concept Objective: 1-3 39) The authors of the text would argue that ________ is the most fundamental concept of modern marketing. A) customer relationship management B) social media C) broadcast advertising D) properly trained sales people E) low prices Answer: A Diff: 2 Type: MC Page Ref: 14 Skill: Concept Objective: 1-4 40) Building and maintaining profitable value-laden relationships with satisfied customers of a company is called ________. A) customer lifetime value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing Answer: C Diff: 2 Type: MC Page Ref: 15 Skill: Concept Objective: 1-4 41) Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers? A) customer-perceived value B) customer satisfaction C) customer-perceived performance D) customer relationship management E) market segmentation Answer: A Diff: 2 Type: MC Page [Show More]

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