Mkt chap 1

All of the following are accurate descriptions of modern marketing, EXCEPT which one?

• Marketing is the creation of value for customers

• Marketing is managing profitable customer relationships

• Selling and advertising are synonymous with marketing.

• Marketing involves satisfying customers' needs.

• Marketing is used by for-profit and not-for-profit organizations.

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

• Selling

• Advertising

• Bartering

• Marketing

• Negotiating

Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships?

• the first two only

• the first three only

• the first four only

• the last three only

• the last four only

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

......are human needs as shaped by individual personality and culture.

• Needs

• Wants

• Demands

• Values

• Exchanges

When backed by buying power, wants become ________.

• social needs

• demands

• physical needs

• self-esteem needs

• exchanges

What do companies call a set of benefits that they promise to consumers to satisfy their needs?

• market offering

• value proposition

• demand satisfaction

• need proposition

• evoked set

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

• selling myopia

• marketing management

• value proposition

• marketing myopia

• the product concept

When marketers set low expectations for a market offering, the biggest risk they run is ________.

A) disappointing loyal customers

B) decreasing customer satisfaction

C) failing to attract enough customers

D) failing to understand their customers' needs

E) incorrectly identifying a target market

• disappointing loyal customers

• decreasing customer satisfaction

• failing to attract enough customers

• failing to understand their customers' needs

• incorrectly identifying a target market

________ is the act of obtaining a desired object from someone by offering something in return.

• Valuation

• Exchange

• Market offering

• Confiscation

• Donation