1. MKT 201 - Chapter 1 - Marketing: Creating Customer Value

Marketing is a process by which companies create ____ for customers and build strong customer ____ in order to capture value from customers in return. 

• demand, networks

• offers, satisfaction

• awareness, connections

• value, relationships

Which of the following is incorrect?

• Needs are states of felt deprivation.

• Wants are the form human needs take as they are shaped by culture and individual personality.

• The difference between a need and a want is not fully clear.

• Demands are human needs that are not backed by buying power.

Marketing is the link between the company and its users (final consumers), which of the following is not part of the major environmental forces?

• Suppliers

• Competitors

• Governmental Regulations

• Marketing Intermediaries

What was the idea behind the selling concept?

• Convincing consumers to buy the company's products that people do not have much of an interest in

• Prioritizing customer needs to create products that naturally appeal to them

• Focusing on producing high-quality goods to meet market demand

• Building long-term relationships with customers through personalized engagement

What was the idea behind the marketing concept?

• Producing as many goods as possible to dominate the market

• Observing what the customer needs and wants, then developing a product that meets them

• Creating a product first and then finding ways to generate demand for it

• Persuading customers to buy products they don’t necessarily need

The marketing mix is comprised of a set of tools known as the four Ps, which of the following is not part of the four Ps?

• Product

• Price

• Promotion

• Place

• People

Why is creating customer relationships important to a company?

• It helps the company avoid spending money on advertising and marketing, especially on new products

• It allows the company to charge higher prices for its products

• Long-term loyalty is more important than short-term because long-term customers will keep buying products for a long time

• Long-term customers rarely impact the company's overall revenue

The customer relationship groups are split into 4, which category does a company most prefer its customers to be?

• Butterflies

• True Friends

• Strangers

• Barnacles

The term 'barnacles' in the customer relationship groups refers to?

• High potential profitability and short-term projected loyalty

• High potential profitability and long-term projected loyalty

• Low potential profitability and long-term projected loyalty

• Low potential profitability and short-term projected loyalty

Which of the following statements regarding digital and social media marketing is incorrect?

• Digital and social media marketing involve using digital marketing tools such as websites, social media, etc. that engage customers anywhere, at any time, via their digital devices

• Some of the key benefits to the buyer include saving time, convenience, and providing easy access to information

• Some of the key benefits to the firm include easier contact to customers, easier to access a wide range of customers, and cheaper

• There are no negative aspects as negative words cannot spread very quickly through word-of-mouth