question

1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations.

answer

C) Selling and advertising are synonymous with marketing.

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According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A) maintaining its brand share B) fostering customers' emotional connections with their product C) advertising their product's benefits D) comparing the effectiveness of their product to other brands E) incorporating consumer-generated marketing in the marketing mix

answer

B) fostering customers' emotional connections with their product

question

According to management guru Peter Drucker, "The aim of marketing is to ________." A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products

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C) make selling unnecessary

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________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating

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D) Marketing

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Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only B) the first three only C) the first four only D) the last three only E) the last four only

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C) the first four only

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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

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D) understand the marketplace and customer needs and wants

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________ are human needs as shaped by individual personality and culture. A) Needs B) Wants C) Demands D) Values E) Exchanges

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B) Wants

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When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges

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B) demands

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What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set

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A) market offering

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Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia B) marketing management C) value proposition D) marketing myopia E) the product concept

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D) marketing myopia

question

When marketers set low expectations for a market offering, the biggest risk they run is ________. A) disappointing loyal customers B) decreasing customer satisfaction C) failing to attract enough customers D) failing to understand their customers' needs E) incorrectly identifying a target market

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C) failing to attract enough customers

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________ 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 creation E) Donation

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B) Exchange

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A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) group D) segment E) exchange

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A) market

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Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange B) marketing C) management D) production E) customer relationship management

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B) marketing

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Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A) All customers will be delighted. B) Customer-perceived value will increase. C) Customer evangelists will become unpaid salespersons for the service or product. D) Not all customers will be satisfied. E) The company will need to follow up with a demarketing campaign.

answer

D) Not all customers will be satisfied.

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In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently. A) marketing B) demarketing C) value marketing D) surplusing E) negotiating

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B) demarketing

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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) differentiation

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A) marketing management

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Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort

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D) target marketing

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Which of the following is the set of benefits a company promises to deliver the customer to satisfy their needs? A) a money-back guarantee B) low pricing C) good customer service D) a value proposition E) an attribute

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D) a value proposition

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Which customer question is answered by a company's value proposition? 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) "Why should I buy your brand rather than a competitor's?"

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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) social marketing concept

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A) production concept

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Which of the following marketing management concepts is most likely to lead to marketing myopia? A) customer-driven marketing B) customer-driving marketing C) social marketing D) selling E) production

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E) production

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The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. A) product B) production C) customer D) marketing E) promotion

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A) product

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The product concept says that a company should do which of the following? 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) focus on making continuous product improvements E) make promoting products the top priority

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D) focus on making continuous product improvements

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"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

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D) product

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Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales? A) marketing B) production C) product D) selling E) societal marketing

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D) selling

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Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? A) product B) production C) selling D) marketing E) equity

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D) marketing

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A firm that uses the selling concept takes a(n) ________ approach. A) outside-in B) myopic C) inside-out D) societal E) customer service

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C) inside-out

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) According to the production concept, consumers will favor products that are ________ and ________. A) satisfying; quality focused B) advertised; affordable C) in high demand; hard to find D) segmented; convenient E) available; affordable

answer

E) available; affordable

question

) Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization. Having a customer department rather than a marketing department, as suggested by Kelleher, is an example of a(n) ________ perspective. A) outside-in B) external C) inside-out D) modern E) traditional

answer

A) outside-in

question

Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products? A) convenience B) shopping C) specialty D) unsought E) demarketed

answer

D) unsought

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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) "We don't have a marketing department; we have a customer department."

question

Customer-driven marketing usually works well when ________ and when customers ________. A) a clear need exists; are difficult to identify B) customers know what they want; are loyal to the brand C) a firm can deliver the goods desired; are thoroughly researched D) a clear need exists; know what they want E) a need exists; don't know what they want

answer

D) a clear need exists; know what they want

question

Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing. A) customer-driven B) customer-driving C) relationship D) donor E) social

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B) customer-driving

question

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

B) customer-driving

question

) 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) long-run welfare

question

Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being? A) marketing B) selling C) product D) societal marketing E) equity

answer

D) societal marketing

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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

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C) company profits

question

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) marketing mix

question

Of the following, which is the most important concept of modern marketing? A) customer relationship management B) societal marketing C) consumer-generated marketing D) properly trained salespeople E) low prices

answer

A) customer relationship

question

Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________. A) customer lifetime value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing

answer

C) customer relationship management

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