Chap 1 - Creating Customer Value and Engagement

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.

Marketing is defined as a social and managerial process by which individuals and

organizations obtain what they need and want through ________.

• research and development

• innovation and creativity

• value creation and exchange

• sales and revenue creation

Needs include all of the following EXCEPT ________.

• food

• the newest iPhone

• belonging

• knowledge

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

• value proposition

• social loafing

• marketing management

• marketing myopia

The art and science of choosing target markets and building profitable relationships with

them is called ________.

• marketing management

• marketing mix

• market offering

• differentiation

Dividing the market into various groups of customers that a company may serve is called ________.

• positioning

• target marketing

• differentiation

• market segmentation

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and

accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic.

This is an example of ________.

• social marketing

• societal marketing

• target marketing

• cause marketing

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

• customer lock-in

• marketing mix

• value proposition

• market segmentation

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

• production concept

• product concept

• selling concept

• marketing concept

Which of the following marketing management concepts is most likely to lead to marketing myopia?

• societal marketing concept

• marketing concept

• product concept

• production concept