Marketing – Chapter 1 Quiz Questions – Flashcards

Which of the following is NOT an accurate description of modern marketing? A) Marketing is the creation of value for customers B) Marketing involves managing profitable customer relationships C) Marketing emphasizes selling and advertising exclusively D) Marketing involves satisfying customers' needs E) Marketing is building value-laden exchange relationship with customers

According to management guru Peter Drucker, "The aim of marketing is to ______________."

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 adn exchange E) sales and revenur creation

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

According to the five-step model of the marketing process, a company should _______ before designing a customer-driven marketing strategy.

Per the text, what is the definition of marketing?

_________ are human needs that are shaped by culture and individual personality.

When backed by buying power, wants become ________.

Greg WIlliams now has the buying power to purchase teh desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ______________.

A _____________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Which of the following terms refers to sellers being preoccupied with their own products and losing sight og underlying consumer needs? A) vendor lock in B) social loafing C) value proposition D) marketing myopia E) conspicuous consumption

When marketers set low expectations for a market offering, they run the risk of __________.

____________ is the act of obtaining a desired object from someone by pffering something in return.

A(n) ________________ is the set of actual and potential buyers of a product or service.