Adv Mkt Chap 1 Quizzz

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

• make selling unnecessary

• increase sales at any cost

• focus on advertising

• maximize profit margins

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 ________.

• capture value from customers in return

• increase production costs

• reduce employee benefits

• focus solely on product features

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.

• understand the marketplace and customer needs and wants

• develop a marketing mix

• create a customer loyalty program

• establish a brand identity

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

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

• Wants

• Desires

• Habits

• Preferences

When backed by buying power, wants become ________.

• demands

• needs

• wishes

• desires

________ are states of felt deprivation.

• Needs

• Wants

• Desires

• Preferences

Venus Williams now has the buying power to purchase an island in the Bahamas that she has wanted for several years. Venus's want is now a(n) ________.

• demand

• wish

• desire

• dream

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