101-150 MKT

101.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.

102.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

103.________ 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

104.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

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

• A) determine how to deliver superior value
  

• B) build profitable relationships with customers

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

• D) understand the marketplace and customer needs and wants

• E) construct key components of a marketing program

106.________ are human needs as shaped by individual personality and culture.

• A) Needs
  

• B) Wants

• C) Demands

• D) Values

• E) Exchanges

107.When backed by buying power, wants become ________.

• A) social needs
  

• B) demands

• C) physical needs

• D) self-esteem needs

• E) exchanges

108.A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.

• A) market offering

• B) value proposition

• C) demand satisfaction

• D) need proposition

• E) evoked set

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

• A) selling myopia
  
  

• B) marketing management

• C) value proposition

• D) marketing myopia

• E) the product concept

110.When marketers set low expectations for a market offering, the biggest risk they run is ________.

• A) disappointing loyal customers

• B) decreasing customer satisfaction

• C) failing to attract enough customers

• D) failing to understand their customers' need

• E) incorrectly identifying a target market