MKT1001- Topic 1.1 and 1.2

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 building value-laden exchange relationships with customers.

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

• manufacturing efficiencies

• value creation and exchange

• sales and revenue creation

According to the five-step model of the marketing process, which of the following is the final

step in creating value for customers?

• designing a customer-driven marketing strategy

• understanding the marketplace and customer needs

• constructing an integrated marketing program that delivers superior value

• building profitable relationships and creating customer delight

• capturing value from customers to create profit and customer equity

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

• construct an integrated marketing program

Marketing is managing profitable customer relationships.

• True

• False

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

• Necessities

• Wants

• Demands

• Values

• Exchanges

When backed by buying power, wants become ________.

• social needs

• demands

• physical needs

• self-esteem needs

• exchanges

Needs include all of the following EXCEPT ________.

• food

• knowledge

• affection

• the newest iPhone

• belonging

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 segment

• market mix

Which of the following terms refers to sellers being preoccupied with their own products and

losing sight of underlying consumer needs?

• vendor lock-in

• social loafing

• value proposition

• marketing myopia

• conspicuous consumption