Topic 1 - An overview of Marketing

Which of the following is NOT an accurate description of modern marketing?

• Marketing is the creation of value for customers

• Marketing involves managing profitable customer relationships.

• Marketing emphasizes selling and advertising exclusively.

• Marketing involves satisfying customers' needs.

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

• determine how to deliver superior value to customers

• build profitable relationships with customers

• use customer relationship management to create full partnerships with key customers

• understand the marketplace and customer needs and wants

________ are human needs that are shaped by culture and individual personality.

• Necessities

• Wants

• Demands

• Values

When backed by buying power, wants become ________.

• social needs

• demands

• physical needs

• self-esteem needs

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

• market offering

• value proposition

• brand positioning

• market mix

A(n) ________ is the set of actual and potential buyers of a product or service.

• market

• control group

• subsidiary

• focus group

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 ________.

• marketing mixes

• market segments

• value propositions

• market offerings

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.

• product

• production

• societal marketing

• marketing

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.

• product

• production

• selling

• marketing

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

• marketing concept

• product concept

• production concept

• societal marketing concept