) Which of the following is NOT an accurate description of modern marketing?
A) Marketing is the creation of value for customers.
B) Marketing involves
... [Show More] 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
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
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
D) value creation and exchange
E) sales and revenue creation
Answer: D
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
D) building profitable relationships and creating customer delight
E) capturing value from customers to create profit and customer equity
Answer: D
5) According to the five-step model of the marketing process, a company should ________
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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
D) understand the marketplace and customer needs and wants
E) construct an integrated marketing program
Answer: D
6) Marketing is managing profitable customer relationships.
Answer: TRUE
7) ________ are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
8) When backed by buying power, wants to become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
9) 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) ________.
A) need
B) necessity
C) demand
D) exchange
E) transaction
Answer: C
10) A ________ is some combination of products, services, information, or experiences
provided to consumers to satisfy a need or want.
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A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix
Answer: A
11) 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
D) marketing myopia
E) conspicuous consumption
Answer: D
12) 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
13) ________ is the act of obtaining a desired object from someone by offering something in
return.
A) Valuation
B) Exchange
C) Market offering
D) Confiscation
E) Donation
Answer: B
14) A(n) ________ is the set of actual and potential buyers of a product or service.
A) market
B) control group
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C) subsidiary
D) focus group
E) audience
Answer: A
15) Consumer research, product development, communication, distribution, pricing, and
service are all core ________ activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics
Answer: B
Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside
motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine
coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a
tremendous downturn in business during winter. "But, given the established industries in the
nearby towns, very little year-round competition, and our close proximity to Portland," Carol
added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional
package designed to attract business travelers year-round. Carol's plan also involved a
seasonal promotional gimmick—to be implemented from early winter to late spring—that
would attract the same numbers as the large summer crowd. Her idea worked! During her
second winter, Carol greeted numerous business travelers—both satisfied repeat guests as
well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a
part of the local cuisine, but we'd like to expand that. We provide health club privileges offsite, but we'd like to eventually provide our own. These are goals I hope to achieve in a few
years. Our first project, however, included a renovation of our guest rooms and I'm quite
proud of the results." Carol then added, "Actually there are so many possibilities. With an
indoor pool area, I will eventually offer weekend getaways throughout winter."
16) Seagull Terrace offers its customers good accommodations, local delicacies, and amazing
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seaside views. The overall experience provided at the motel is a part of its ________.
A) market offering
B) target market
C) market segment
D) product positioning
E) marketing mix
Answer: A
17) Human needs are shaped by culture and individual personality.
Answer: FALSE
18) The difference between human needs and wants is that needs are not created by marketers.
True
19) When backed by buying power, needs become wants.
Answer: FALSE
20) Market offerings are limited to physical products.
Answer: FALSE
21) An experience such as a vacation can be defined as a market offering.
Answer: TRUE
22) When sellers focus on existing needs and lose sight of underlying customer wants, they
suffer from marketing myopia.
Answer: FALSE
23) A market is the set of actual and potential buyers of a product or service.
Answer: TRUE
29) The art and science of choosing target markets and building profitable relationships with
them is called ________.
A) marketing management
B) positioning
C) marketing mix
D) market offering
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E) differentiation
Answer: A
30) Selecting which segments of a population to serve is called ________.
A) market segmentation
B) positioning
C) customization
D) target marketing
E) differentiation
Answer: D [Show Less]