Which of the following is included in a broad definition of marketing? A. Creating customer value, building customer relationships, and having a strong selling orientation |
C |
The first step of the marketing process is to ___________________. A. understand the marketplace, which includes customer needs and wants. |
A |
Which of the following correctly identifies the five core customer and marketplace concepts? A. Needs, wants, and demands; market offerings; value; satisfaction; and markets |
D |
Which of the following represent market offerings? A. Needs, wants, products, and advertisements |
E |
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A. What customers will we serve? How can we maximize profits? |
D |
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A. The product concept |
D |
What are the two keys to building lasting customer relationships? A. Innovative products and low prices |
D |
A company rarely gets 100% of a customer’s purchases for a product category. The share it does get of the customer’s purchasing in its product categories is called ________. A. share of market |
C |
Which of the following statements regarding the changing marketing landscape is correct? A. The Great Recession caused consumers to rethink their buying priorities. |
A |
Digital marketing tools used in digital and social media marketing include ________. A. e-mail, telemarketing, and blogs |
D |
__________ are human wants that are backed by buying power.
A. Demands |
A |
The __________ is the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort. A. product concept |
D |
__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products. A. Marketing myopia |
A |
Needs are __________. A. shaped by culture and individual personality |
D |
__________ is the extent to which a product’s perceived performance matches a buyer’s expectations. A. Customer relationship management |
D |
__________ are the form human needs take as they are shaped by culture and individual personality.
A. Needs |
C |
__________ is the art and science of choosing target markets and building profitable relationships with them. A. Exchange |
B |
The marketing process captures value from customers by __________.
A. understanding the marketplace and customers’ needs and wants |
D |
__________ is the total combined values of all of the company’s customers. A. Share of customers |
… |
__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage. A. Customer-perceived value |
C |
The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
A. marketing concept |
C |
The __________ is the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. A. selling concept |
B |
The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. product concept |
D |
__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. A. Marketing myopia |
C |
__________ is the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. A. Share of customers |
B |
__________ is the act of obtaining a desired object from someone by offering something in return.
A. Marketing myopia |
C |
__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
A. Demands |
B |
The production concept is __________. A. the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency B. the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements C. the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort D. a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
A |
__________ is the total combined values of all of the company’s customers.
A. Customer equity |
A |
__________ is the art and science of choosing target markets and building profitable relationships with them.
A. Exchange |
C |
Customer relationship management is __________. A. the extent to which a product’s perceived performance matches a buyer’s expectations B. the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers C. the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction D. the portion of the customer’s purchasing that a company gets in its product categories |
C |
__________ is the portion of the customer’s purchasing that a company gets in its product categories. A. Customer-perceived value |
D |
The ultimate goal of the marketing process is to do which of the following? A.Determine a target market. |
E |
How does the new concept of marketing differ from the old concept of marketing? A. The new concept requires less work from marketing executives. |
C |
When is the selling concept typically used by marketers? A. When the product is of high quality |
D |
The act of obtaining a desired object from someone by offering something in return is known as which of the following? A. A barter |
C |
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Beatrice believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation? A. Should Junbee Inc. follow a product or selling concept? |
B |
A local theatre group wants to increase the membership and attendance at its performances. To do so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school. In what is the theatre group engaging? A. Market exchange |
A |
How do market demands relate to needs and wants? A. Wants and demands are equivalent, and both satisfy needs at the same rate. |
D |
What is the main problem that sellers suffering from marketing myopia face? A. They focus more on brand image than the quality. |
D |
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as _____________. A. market offerings |
B |
When a company divides the market into groups of customers, it is engaging in which of the following? A. Societal marketing |
D |
Which of the following is NOT one of the four Ps of the marketing mix? A. Promotion |
C |
Which marketing philosophy holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort? A. Societal marketing concept |
C |
Which of the following scenarios BEST describes the societal marketing concept? A. Wendy’s Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising. |
E |
Why is good marketing management critical? A. To ensure that products are promoted well enough to encourage a large flow of customers |
C |
What is the ultimate aim of customer relationship management? A. Establish brand equity. |
B |
Bob’s Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the FIRST thing Bob’s Bicycle Sales and Repair needs to do? A. Develop the best bicycle selection to sell. |
B |
Advantage Airlines has instituted a loyalty rewards program that rewards customers with free Wi-Fi, seat upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines using? A. Club marketing program |
B |
What is MOST likely to cause a variation in customer-perceived value? A. The cost of advertising to the target market |
B |
Scott Frost has been coming to Adeline’s Diner for 20 years and refuses to go anywhere else. Ada, the owner of Adeline’s, loves Scott’s loyalty but admits he purchases only a cup of cappuccino each visit. Scott would BEST be described as which of the following? A. True believer |
C |
Craig’s Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Craig’s Craft Beer attempting to build? A. Customer lifetime value |
E |
Which of the following describes the current trend in businesses regarding relationships with customers? A. Maintain strong relationships with as many customers as possible. |
E |
You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and long-term interests but not necessarily be a practice of sustainable marketing? A. Seek ways to profit by serving the long-run interests of customers and communities. |
E |
Vince’s Video has suffered in the current economy because fewer people have the money for videos and because people utilize available technology, including online streaming sites like YouTube and Hulu. The videos Vince’s Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected Vince’s Video? A. The changing economic environment |
C |
How has the Internet MOST affected companies and customers? A. The Internet has increased the potential customer base. |
E |
How has the Great Recession of 2008dash-2009 affected consumers’ attitudes? A. Consumers’ attitudes have not been affected by the recession. |
C |
Chapter 1 Practice
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