Question 1

________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products.
Selling myopia
Marketing management
Value proposition
Marketing myopia
The product concept

Accepted Answer

Marketing myopia

Question 2

The art and science of choosing target markets and building profitable relationships with them is called ________.
marketing management
positioning
segmentation
selling
societal marketing

Accepted Answer

marketing management

Question 3

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers?
All customers will be delighted.
Customer-perceived value will be increased.
Customer evangelists will become unpaid salespersons for the service or product.
Few customers will be satisfied.
The company will likely need to follow up with a demarketing campaign.

Accepted Answer

Few customers will be satisfied.

Question 4

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
determine how to deliver superior value
build profitable relationships with customers
use customer relationship management to create full partnerships with key customers
understand the marketplace and customer needs and wants
construct key components of a marketing program

Accepted Answer

The answer of According to the simple five-step model of...

Question 5

________ is the set of actual and potential buyers of a product.
A market
An audience
A group
A segment
An exchange

Accepted Answer

The answer of ________ is the set of actual and...

Question 6

________ are human needs as shaped by individual personality and culture.
Deprivations
Wants
Demands
Values
Exchanges

Accepted Answer

The answer of ________ are human needs as shaped by...

Question 7

Which of the following is most essential to any definition of marketing?
demand management
the production concept
customer relationships
making a sale
making a profit

Accepted Answer

The answer of Which of the following is most essential...

Question 8

In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow the company's business.
encourage
entertain
retain
recognize
educate

Accepted Answer

The answer of In addition to attracting new customers and...

Question 9

Which of the following best encompasses market offerings?
products
people, places, and ideas
products and information
products and experiences
persons, places, organizations, information, and ideas

Accepted Answer

The answer of Which of the following best encompasses market...

Question 10

Dollarama stores focus on serving buyers who have relatively modest means.This is an example of ________.
convenience
value pricing
market segmentation
target marketing
value packing

Accepted Answer

The answer of Dollarama stores focus on serving buyers who...

Question 11

________ is the act of obtaining a desired object from someone by offering something in return.
A value proposition
Exchange
Bribery
Value
Donation

Accepted Answer

The answer of ________ is the act of obtaining a...

Question 12

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?
disappointing loyal buyers
decreasing buyers satisfaction
failing to attract enough buyers
failing to understand their buyers' needs
incorrectly identifying a target market

Accepted Answer

The answer of When marketers set low expectations for a...

Question 13

Selecting which segments of a population of customers to serve is called ________.
market segmentation
positioning
customization
target marketing
choosing a value proposition

Accepted Answer

The answer of Selecting which segments of a population of...

Question 14

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
Selling
Advertising
Bartering
Marketing
Negotiating

Accepted Answer

The answer of ________ is defined as a social and...

Question 15

According to management guru Peter Drucker, "The aim of marketing is to ________."
create customer demands
identify customer demands
make selling unnecessary
set realistic customer expectations
sell products

Accepted Answer

The answer of According to management guru Peter Drucker, "The...

Question 16

The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships.
first two
first three
first four
last three
last four

Accepted Answer

The answer of The ________ steps of the five-step marketing...

Question 17

Which of the following is an accurate description of modern marketing today?
Marketing is the creation of products for customers.
Marketing is managing profitable customer relationships.
Selling and advertising are synonymous with marketing.
Marketing involves satisfying producers' needs first.
Marketing is used by for-profit organizations only.

Accepted Answer

The answer of Which of the following is an accurate...

Question 18

When it comes to communicating with customers, marketers have traditionally asked the question, "How can we reach our customers?" Because of new interactive media, effective marketers now ask:
"How can we apply the production concept?"
"How can we reach our customers and how should they reach us?"
"How can we apply the selling concept online?"
"How can we apply the selling concept using social media?"
"How can we apply the product concept online?"

Accepted Answer

The answer of When it comes to communicating with customers,...

Question 19

When backed by buying power, wants become ________.
social needs
demands
physical needs
self-esteem needs
exchanges

Accepted Answer

The answer of When backed by buying power, wants become...

Question 20

Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core ________ activities.
exchange
marketing
management
production
customer relationship management

Accepted Answer

The answer of Consumer research, product development, communication, distribution, pricing,...

Quiz 1: Marketing: Creating and Capturing Customer Value

________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products. Selling myopia Marketing management Value proposition Marketing myopia The product concept

The art and science of choosing target markets and building profitable relationships with them is called ________. marketing management positioning segmentation selling societal marketing

________ is the set of actual and potential buyers of a product. A market An audience A group A segment An exchange

________ are human needs as shaped by individual personality and culture. Deprivations Wants Demands Values Exchanges

Which of the following is most essential to any definition of marketing? demand management the production concept customer relationships making a sale making a profit

In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow the company's business. encourage entertain retain recognize educate

Which of the following best encompasses market offerings? products people, places, and ideas products and information products and experiences persons, places, organizations, information, and ideas

Dollarama stores focus on serving buyers who have relatively modest means.This is an example of ________. convenience value pricing market segmentation target marketing value packing

________ is the act of obtaining a desired object from someone by offering something in return. A value proposition Exchange Bribery Value Donation

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following? disappointing loyal buyers decreasing buyers satisfaction failing to attract enough buyers failing to understand their buyers' needs incorrectly identifying a target market

Selecting which segments of a population of customers to serve is called ________. market segmentation positioning customization target marketing choosing a value proposition

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Selling Advertising Bartering Marketing Negotiating

According to management guru Peter Drucker, "The aim of marketing is to ________." create customer demands identify customer demands make selling unnecessary set realistic customer expectations sell products

The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. first two first three first four last three last four

When backed by buying power, wants become ________. social needs demands physical needs self-esteem needs exchanges

Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core ________ activities. exchange marketing management production customer relationship management