Q: Which of the following is included in a broad definition of marketing? a) selling, advertising, and promoting b) advertising, selling and developing quality products c) Creating customerâ value, building customerâ relationships, and engaging customers. d) Satisfyingâ customers, beatingâ competitors, and maximizing profits. e) Creating customerâ value, building customerâ relationships, and having a strong selling orientation.

c) Creating customerâ value, building customerâ relationships, and engaging customers

Q: The first step of the marketing process is toâ ___________________ A) design aâ customer-driven marketing strategy B) capture value from customers to create profits and customer equity. C) construct an integrated marketing program that delivers superior value D) understand theâ marketplace, which includes customer needs and wants. E) build profitable relationships

D) understand theâ marketplace, which includes customer needs and wants.

Q: Which of the following correctly identifies the five core customer and marketplaceâ concepts? A) Needs, wants, andâ demands; products;â value; customers; and competitors B) âNeeds, wants,â demands, marketâ offerings, and markets C) Needs, wants, andâ demands; marketâ offerings; value;â satisfaction; and markets D) Needs, wants, andâ demands; marketâ offerings; value andâ satisfaction; competitors; and profits E) âNeeds, wants, andâ demands; marketâ offerings; value andâ satisfaction; exchanges andâ relationships; and markets

E) Needs, wants, andâ demands; marketâ offerings; value andâ satisfaction; exchanges andâ relationships; and markets.

Q: Which of the following represent marketâ offerings? A) Products, services,â needs, and wants B) Value, satisfaction,â sales, and profits C) âProducts, services,â information, and experiences D) âProducts, services,â needs, and exchanges E) âNeeds, wants,â products, and advertisements

C) Products, services,â information, and experiences

Q: To design a winning marketingâ strategy, what are the two important questions a marketing manager mustâ answer? A) What customers will weâ serve? How can we serve these customersâ best? B) What customers will weâ serve? How can we maximizeâ profits? C) How can we serve our customersâ best? How can we maximizeâ profits? D) What markets should weâ enter? How do we maximize sales in thoseâ markets? E) Who are ourâ competitors? How can we beat ourâ competitors?

A) What customers will weâ serve? How can we serve these customersâ best?

Q: Digital marketing tools used in digital and social media marketing includeâ ________. A) mobileâ apps, onlineâ video, and personal selling B) âe-mail, telemarketing, and blogs C) socialâ media, onlineâ video, and newspaper coupons D) socialâ media, mobileâ apps, and blogs E) socialâ media, mobileâ apps, and television advertising

D) socialâ media, mobileâ apps, and blogs

Question 1

Which of the following is included in a broad definition of marketing? a) selling, advertising, and promoting b) advertising, selling and developing quality products  c) Creating customerâ value, building customerâ relationships, and engaging customers. d) Satisfyingâ customers, beatingâ competitors, and maximizing profits. e) Creating customerâ value, building customerâ relationships, and having a strong selling orientation.

Accepted Answer

c) Creating customerâ value, building customerâ relationships, and engaging customers

Question 2

The first step of the marketing process is toâ ___________________  A) design aâ customer-driven marketing strategy B) capture value from customers to create profits and customer equity. C) construct an integrated marketing program that delivers superior value D) understand theâ marketplace, which includes customer needs and wants.  E) build profitable relationships

Accepted Answer

D) understand theâ marketplace, which includes customer needs and wants.

Question 3

Which of the following correctly identifies the five core customer and marketplaceâ concepts?  A) Needs, wants, andâ demands; products;â value; customers; and competitors B) âNeeds, wants,â demands, marketâ offerings, and markets C) Needs, wants, andâ demands; marketâ offerings; value;â satisfaction; and markets D) Needs, wants, andâ demands; marketâ offerings; value andâ satisfaction; competitors; and profits E) âNeeds, wants, andâ demands; marketâ offerings; value andâ satisfaction; exchanges andâ relationships; and markets

Accepted Answer

E) Needs, wants, andâ demands; marketâ offerings; value andâ satisfaction; exchanges andâ relationships; and markets.

Question 4

Which of the following represent marketâ offerings?  A) Products, services,â needs, and wants B) Value, satisfaction,â sales, and profits C) âProducts, services,â information, and experiences D) âProducts, services,â needs, and exchanges E) âNeeds, wants,â products, and advertisements

Accepted Answer

C) Products, services,â information, and experiences

Question 5

To design a winning marketingâ strategy, what are the two important questions a marketing manager mustâ answer?  A) What customers will weâ serve? How can we serve these customersâ best? B) What customers will weâ serve? How can we maximizeâ profits? C) How can we serve our customersâ best? How can we maximizeâ profits? D) What markets should weâ enter? How do we maximize sales in thoseâ markets? E) Who are ourâ competitors? How can we beat ourâ competitors?

Accepted Answer

A) What customers will weâ serve? How can we serve these customersâ best?

Question 6

Which marketing management orientation holds that a firm should have a customer focus to achieve sales andâ profits?  A) The production concept B) The societal marketing concept C) The marketing concept D) The product concept E) The selling concept

Accepted Answer

C) The marketing concept

Question 7

What are the two keys to building lasting customerâ relationships?  A) Satisfaction and sales promotions B) Value and satisfaction C) Value and customer service D) Innovative products and low prices E) Customer service and quality products

Accepted Answer

B) Value and satisfaction

Question 8

A company rarely getsâ 100% of aâ customer\'s purchases for a product category. The share it does get of theâ customer\'s purchasing in its product categories is calledâ ________.  A) customer defections B) share of customer C) customer lifetime value D) share of market E.customer equity

Accepted Answer

B) share of customer

Question 9

Which of the following statements regarding the changing marketing landscape isâ correct?  A) Today\'s post-recession era consumers buyâ more, use fewerâ coupons, use their credit cardsâ more, and save less. B) The Great Recession caused consumers to rethink their buying priorities. C) Global competition affects only large companies. D) Companies can safely ignore the environmental movement. E) Digital technology has had little impact on the way we live.

Accepted Answer

B) The Great Recession caused consumers to rethink their buying priorities.

Question 10

Digital marketing tools used in digital and social media marketing includeâ ________.  A) mobileâ apps, onlineâ video, and personal selling B) âe-mail, telemarketing, and blogs C) socialâ media, onlineâ video, and newspaper coupons D) socialâ media, mobileâ apps, and blogs E) socialâ media, mobileâ apps, and television advertising

Accepted Answer

D) socialâ media, mobileâ apps, and blogs

Question 11

The marketing process captures value from customers by __________  A) creating profits and customer equity B) understanding the marketplace and customers\' needs and wants C) constructing an integrated marketing program that delivers superior value D) building profitable relationships and creating customer delight

Accepted Answer

creating profits and customer equity

Question 12

__________ is the art and science of choosing target markets and building profitable relationships with them.  A) Marketing management B) Marketing C) Exchange D) Marketing myopia

Accepted Answer

A) Marketing management

Question 13

The state of felt deprivation is known as __________. A) needs B) wants C) demands D) marketing offerings

Accepted Answer

A) needs

Question 14

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

Accepted Answer

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

Question 15

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) selling concept B) product concept C) production concept D) marketing concept

Accepted Answer

A) selling concept

Question 16

__________ is the extent to which a product\'s perceived performance matches a buyer\'s expectations.  A) Customer satisfaction B) Customer-perceived value C) Customer relationship management D) Share of customers

Accepted Answer

A) Customer satisfaction

Question 17

__________ is the total combined values of all of the company\'s customers.  A) Customer equity B) Customer lifetime value C) Share of customers D) Customer-perceived value

Accepted Answer

A) Customer equity

Question 18

__________ is the portion of the customer\'s purchasing that a company gets in its product categories   A) Share of customers B) Customer satisfaction C) Customer-perceived value D) Customer relationship management

Accepted Answer

A) Share of customers

Question 19

Marketing is __________.  A) the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return  B) the art and science of choosing target markets and building profitable relationships with them  C) the act of obtaining a desired object from someone by offering something in return  D) the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

Accepted Answer

A) the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question 20

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) product concept B) production concept C) selling concept D) marketing concept

Accepted Answer

A) product concept

Question 21

The __________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.  A) production concept B) product concept C) selling concept D) marketing concept

Accepted Answer

A) production concept

Question 22

__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want   A) Marketing offerings B) Demands C) Wants D) Needs

Accepted Answer

A) Marketing offerings

Question 23

Needs are __________.  A) states of felt deprivation B) shaped by culture and individual personality C) human wants that are backed by buying power D) some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Accepted Answer

A) states of felt deprivation

Question 24

__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage.  A) Customer lifetime value B) Customer equity C) Share of customers D) Customer-perceived value

Accepted Answer

A) Customer lifetime value

Question 25

The societal marketing concept is __________.   A) 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  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

Accepted Answer

A) 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

Question 26

__________ 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 B) Exchange C) Marketing management D) Marketing

Accepted Answer

A) Marketing myopia

Question 27

__________ is the act of obtaining a desired object from someone by offering something in return.  A) Exchange B) Marketing management C) Marketing D) Marketing myopia

Accepted Answer

A) Exchange

Question 28

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) marketing concept B) selling concept C) product concept D) production concept

Accepted Answer

A) marketing concept

Question 29

__________ 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) Customer-perceived value B) Customer relationship management C) Customer satisfaction D) Share of customers

Accepted Answer

A) Customer-perceived value

Question 30

__________ are human wants that are backed by buying power.   A) Demands B) Wants C) Needs D) Marketing offerings

Accepted Answer

A) Demands

Question 31

__________ are the form human needs take as they are shaped by culture and individual personality.  A) Wants B) Needs C) Demands D) Marketing offerings

Accepted Answer

A) Wants

Question 32

Customer relationship management is __________.  A) the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction  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 extent to which a product\'s perceived performance matches a buyer\'s expectations  D) the portion of the customer\'s purchasing that a company gets in its product categories

Accepted Answer

A) the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 33

Marketers consider five core concepts when considering their consumer base. Which of the following is not considered one of the five coreâ concepts?  A) Advertising B) Market offerings C) Needs, wants, and demands  D) Exchanges and relationships E) Markets

Accepted Answer

A) Advertising

Question 34

Through the customer experiences of itsâ products, hotels, themeâ parks, and other packaged valueâ items, Disney has been quite successful in creating highâ ________________  A) âcustomer-perceived value  B) customer satisfaction  C) customer engagement D) customer demand E) customer lifetime value

Accepted Answer

B) customer satisfaction

Question 35

Disney has created aâ strong, memorable brand with itsâ customers, which in turn keeps customers returning to the brand overâ time, known asâ ___________  A) needs, wants, and demands  B) customer lifetime value  C) customer relationship value  D) customer retention E) value and satisfaction

Accepted Answer

B) customer lifetime value

Question 36

Disney offers its products to families and children who desire the Disney experience and subsequently purchase products and experiences. Disney and its customers are engaged inâ _________  A) marketing B) exchange C) customer lifetime value  D) demand E) engagement

Accepted Answer

B) exchange

Question 37

Disney has chosen families and children as the segment of the market to sellâ to, which is the process known asâ ___________.  A) marketing paranoia B) exchange  C) demand  D) target marketing  E) the production concept

Accepted Answer

D) target marketing

Question 38

Zappos createsâ __________ for its customers by offering a wideâ selection, higher levels ofâ service, andâ customer-friendly return policies  A) value B) equity C) exchanges D) demands E) satisfaction

Accepted Answer

A) value

Question 39

Although Zappos was not legally bound to fulfill customer orders following its pricingâ snafu, failure to do so would have significantly loweredâ __________, which is based on aâ company\'s performance relative to theâ customers\' expectations  A) customer demand B) customer-perceived value C) customer lifetime value D) customer engagement E) customer satisfaction

Accepted Answer

E) customer satisfaction

Question 40

Whileâ Zappos\' pricing snafu cost the company nearlyâ $1.6 millionâ dollars, the company chose to fulfill all the orders because it realized theâ long-term loss of patronage from these customers could be even more expensive. A key metric that measures theâ long-term profitability of individual customers or groups of customers is known asâ __________  A) customer satisfaction B) customer retention C) customer relationship value D) ROI E) customer lifetime value

Accepted Answer

E) customer lifetime value

Question 41

Zappos offers customers wideâ selection, excellentâ service, andâ customer-friendly return policies. Inâ return, customers are willing to pay more for theâ company\'s offerings. This act of obtaining a desired object from someone by offering something in return is known asâ __________.  A) satisfaction B) engagement C) marketing D) exchange E) value

Accepted Answer

D) exchange

Question 42

Many ofâ Zappos\' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to asâ __________.  A) marketing paranoia B) marketing malpractice C) the production concept D) marketing management E) marketing myopia

Accepted Answer

E) marketing myopia

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