marketing principleMultiple Choice Questions

marketing principleMultiple Choice QuestionsWhich 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 relationships with customers.According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.A) determine how to deliver superior value to customersB) build profitable relationships with customersC) use customer relationship management to create full partnerships with key customersD) understand the marketplace and customer needs and wantsE) construct an integrated marketing program________ are human needs that are shaped by culture and individual personality.A) NecessitiesB) WantsC) DemandsD) ValuesE) ExchangesWhen marketers set low expectations for a market offering, they run the risk of ________.A) disappointing loyal customersB) having to use an outside-in rather than an inside-out perspectiveC) failing to attract enough customersD) failing to understand their customers’ needsE) incorrectly identifying a target marketSelecting which segments of a population to serve is called ________.A) market segmentationB) positioningC) customizationD) target marketingE) differentiationWhich of the following statements is true of the production concept?A) It considers customer focus and value to be the paths to sales and profits.B) It follows the customer-centered sense-and-respond philosophy.C) It takes an outside-in perspective.D) It calls for sustainable marketing.E) It leads to companies focusing too narrowly on their own operations.Which of the following marketing orientations 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) the product conceptB) the production conceptC) the selling conceptD) the marketing conceptE) the societal marketing conceptWhich of the following is a characteristic of customer-driven marketing?A) Companies understand customer needs even better than customers themselves do.B) Customers are unaware of their needs.C) Products are created that meet both existing and latent needs, now and in the future.D) Customers know what they want.E) Customers don’t know what is possible.The set of marketing tools a firm uses to implement its marketing strategy is called the ________.A) promotion mixB) product mixC) marketing mixD) market offeringE) marketing effortThe primary key to delivering customer satisfaction is to match product performance with ________.A) the competitor products’ performanceB) competitive pricesC) aggressive advertisingD) limited customer servicesE) customer expectationsThe marketing world is most likely embracing ________ because consumers wield greater power nowadays with a wealth of platforms for airing and sharing their brand views with other consumers.A) partner relationship managementB) supply chain managementC) customer-managed relationshipsD) market segmentationE) consumer ethnocentrismThe portion of the customer’s purchasing that a company gets in its product categories is known as ________.A) customer-perceived valueB) share of customerC) customer insightD) consumption functionE) induced consumptionIn the context of customer relationship groups, a potentially profitable and short-term customer is referred to as a ________.A) true friendB) butterflyC) strangerD) barnacleE) market mavenWhich of the following statements about the Internet is most accurate?A) Companies are relying less on the Internet to build relationships with customers and marketing partners.B) After the dot-com meltdown of 2000, fewer consumers are using the Internet to buy products and services.C) The Internet makes it easy for consumers to view, respond to, and create marketing content.D) Consumer e-commerce looks promising, but business-to-business e-commerce is declining.E) The digital shift means that marketers can always control conversations about their brands.An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.A) marketing mixesB) market segmentsC) value propositionsD) market offeringsE) marketing intermediariesFedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.A) brand loyaltyB) customer equityC) customer-perceived valueD) customer lifetime valueE) a societal marketing campaignKao Corp., a deodorant-manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________.A) societal marketingB) the production conceptC) the selling conceptD) partner relationship managementE) consumer-generated marketingWhich of the following statements reflects the marketing concept?A) focusing on making continuous product improvementsB) undertaking a large-scale selling and promotion effortC) emphasizing an inside-out perspectiveD) considering customer focus and value as the paths to sales and profitsE) focusing on a product-centered make-and-sell philosophyTrue or False QuestionsWhen backed by buying power, needs become wants( ).The selling concept holds that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort( ).Customer-perceived value is defined as the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers( ).To increase its “share of customer,” a firm concentrates on retaining as many customers as possible over its lifetime.( )Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.( )