Principles of Marketing Quiz

According to management guru Peter Drucker, 'The aim of marketing is to ________.'

• maximize profits of the company

• emphasize customer wants and not customer needs

• make selling unnecessary

• fulfill unrealistic customer expectations

• sell products

Marketing is defined as a set of strategies and activities by which companies acquire and engage customers, build strong customer and client relationships, and create superior customer value in order to ________.

• enhance research and development efforts

• maintain or gain the leading market position

• profit from the sale of products

• capture value from customers in return

• increase the firm's revenue

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

Which of these objectives is one of the threefold goals of marketing?

• attract new customers by promising superior value

• extract as much profit as possible from the market segment

• focus on growing the firm's market share

• create new products through extensive research and development

• partner with supply chain members to deliver low-cost products

One of the threefold goals of marketing is to eliminate unprofitable customers.

______ 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

______ are states of felt deprivation.

• Value exchanges

• Market offerings

• Demands

• Needs

• Wants

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