Question 1

The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large- scale selling and promotion effort.

Accepted Answer

The selling concept is based on the idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. This approach is characterized by a heavy reliance on advertising and personal selling to convince customers to buy the firm's products.

Question 2

Market offerings are limited to physical products.

Accepted Answer

Market offerings can include both physical products and intangible services.

Question 3

For most marketers,customer relationship management (CRM)is exclusively a matter of customer data management.

Accepted Answer

While data management is certainly an important aspect of CRM, it is not the only focus. CRM also involves developing and maintaining positive relationships with customers through communication, personalized experiences, and addressing their needs and concerns.

Question 4

Customer- perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Accepted Answer

Customer-perceived value is indeed defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Question 5

Amy's law office has developed a new format and wording for wills.The staff believes they offer the most in quality,performance,and innovative features.Her law office is practicing the production concept.

Accepted Answer

The production concept focuses on high production efficiency and wide distribution, not on quality, performance, or innovation, which are more aligned with the product concept.

Question 6

The production concept and product concept are orientations that are more likely to lead to marketing myopia than the marketing concept and the societal marketing concept are.

Accepted Answer

The production and product concepts focus on the company's internal capabilities and product features rather than on meeting the needs and wants of customers. This narrow focus can lead to marketing myopia, which is a short-sighted approach that emphasizes selling products rather than creating value for customers. In contrast, the marketing concept and the societal marketing concept are more customer-focused and take a broader view of the role of marketing in society, which can help prevent marketing myopia.

Question 7

Fast Food,Inc.views marketing as the science and art of finding,retaining,and growing profitable customers by providing them with the food they want.Fast Food,Inc.practices societal marketing.

Accepted Answer

Societal marketing focuses on the well-being of society and consumers, not just on finding and retaining profitable customers.

Question 8

An experience such as a vacation can be defined as a market offering.

Accepted Answer

A vacation is a market offering because it is a product or service that is offered to consumers in exchange for payment. It involves a value proposition, pricing, distribution channels, and promotion just like any other product or service in the market.

Question 9

Consumer- generated marketing has yet to have much impact as a marketing force.

Accepted Answer

Consumer-generated marketing, also known as user-generated content, has already had a significant impact as a marketing force. Many companies have leveraged user-generated content for their marketing campaigns and have found it to be a cost-effective and authentic way to engage with their target audience.

Question 10

The difference between human needs and wants is that needs are not influenced by marketers.

Accepted Answer

Human needs are essential for survival and are not influenced by marketing tactics. Wants, on the other hand, are shaped by societal and cultural values and are often influenced by marketing messages.

Question 11

The marketing mix includes production,price,promotion,and packaging;they are known as the four Ps of marketing.

Accepted Answer

The marketing mix includes product, price, promotion, and place; they are known as the four Ps of marketing. Packaging is not one of the original four Ps.

Question 12

When backed by buying power,needs become wants.

Accepted Answer

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

Question 13

The societal marketing concept calls on marketers to balance consumer wants and desires,company profits,and society's interests.

Accepted Answer

The statement is true. The societal marketing concept emphasizes a triple bottom line approach that takes into account the satisfaction of customer needs, the achievement of company goals, and the well-being of society as a whole.

Question 14

Marketing is managing profitable customer relationships.

Accepted Answer

This statement is the definition of marketing as established by the American Marketing Association. It emphasizes the importance of building relationships with customers in order to generate profits.

Question 15

Many companies now use customer profitability analysis to identify and weed out unprofitable customers.

Accepted Answer

Customer profitability analysis is a commonly used method in business to identify and evaluate the profitability of individual customers or customer segments. It helps companies to focus on the most profitable customers and allocate resources accordingly, while minimizing their interactions with unprofitable customers.

Question 16

Your department holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.Your department is practicing the selling concept.

Accepted Answer

The description aligns with the marketing concept, which focuses on understanding and meeting the needs and wants of target markets better than competitors, rather than the selling concept, which emphasizes aggressive sales techniques.

Question 17

Large- scale marketing approaches that foster two- way customer relationships are made possible by new communication technologies.

Accepted Answer

New communication technologies, such as social media and online forums, allow for large-scale marketing approaches that encourage customer engagement and foster two-way relationships.

Question 18

When sellers focus on existing needs and lose sight of underlying customer wants,they suffer from marketing myopia.

Accepted Answer

The answer of When sellers focus on existing needs and...

Question 19

Customer- managed relationships are marketing relationships that are initiated by and controlled by customers,not by marketers.

Accepted Answer

The answer of Customer- managed relationships are marketing relationships that...

Question 20

Human needs are shaped by culture and individual personality.

Accepted Answer

The answer of Human needs are shaped by culture and...

Quiz 1: Marketing: Creating and Capturing Customer Value