MKT101 CHAPTER 1

Selecting which segments of a population of customers to serve is called ________.

• A) market segmentation
• B) positioning
• C) customization
• D) target marketing
• E) managing the marketing effort

The art and science of choosing target markets and building profitable relationships with them is called ________.

• A) marketing management
• B) positioning
• C) segmentation
• D) selling
• E) differentiation

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

• A) a money-back guarantee
• B) low pricing
• C) customer service
• D) a value proposition
• E) an attribute

Which customer question is answered by a company's value proposition?

• A) "Why should I buy your brand rather than a competitor's?
• B) "How does your brand benefit society?"
• C) "What are the costs and benefits of your brand?"
• D) "What kind of experience will I have with products and services associated with this brand?"
• E) "What are the benefits of being a loyal consumer of your brand?

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

• A) production concept
• B) product concept
• C) selling concept
• D) marketing concept
• E) societal marketing concept

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

• A) customer-driven marketing
• C) societal marketing
• C) societal marketing
• D) marketing
• E) product

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

• A) Marketing is the creation of value for customers.
• B) Marketing is managing profitable customer relationships
• C) Selling and advertising are synonymous with marketing
• D) Marketing involves satisfying customers' needs.
• E) Marketing is used by for-profit and not-for-profit organizations

2) According to management guru Peter Drucker, "The aim of marketing is to _______

• A) create customer value
• B) identify customer demands
• C) make selling unnecessary
• D) set realistic customer expectations
• E) sell products

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

• A) Selling
• B) Advertising
• C) Bartering
• D) Marketing
• E) Negotiating

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

• A) the first two only
• B) the first three only
• C) the first four only
• D) the last three only
• E) the last four only