1) Which of the following is most essential to even the simplest definition of marketing?
A) demand management
B) the production concept
C) customer rel
... [Show More] ationships
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
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
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 app
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