Download Quize Ch1

Concept Check
This activity contains 22 questions.
What is the definition of marketing?
coordinating production assembly lines
selling products that the company wants to sell
the process by which products are developed and produced
the process of designing new products and selling them
the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
What is the first step of the marketing process?
capturing value from customers
setting the advertising budget
deciding what products to produce and sell
understanding the marketplace and customer needs and wants
ensuring that the salesforce can sell the company's products
What is marketing myopia?
putting customer satisfaction above a company's desire to produce a certain
product
focusing on customer value
paying more attention to the products a company offers than to the benefits
produced by these products
performing marketing research regularly in order to understand customer
needs
ensuring that customer needs and wants are considered before products are
developed
What is a market?
a chain of organizations such as manufacturers, distributors, and retailers
any place were buyers and sellers come together
a group of products that are similar to each other
a physical place where products are bought
the set of actual and potential buyers of a product
Marketing management may be defined as ____________.
the process of understanding customer wants and needs
the process of planning and coordinating the production and distribution of
goods and services
the art and science of choosing target markets and building profitable
relationships with them
managing all aspects of advertising and selling products
combining company goals with profit objectives in order to ensure
maximum revenue
Which of the following is NOT one of the alternative concepts under
which organizations design and carry out their marketing
strategies?
production concept
marketing concept
distribution concept
product concept
selling concept
Which of the following in the best description of the marketing
concept?
building a better mousetrap is the key to success
achieving organizational goals requires that an organization understands the
wants and needs of target markets and designs products based on
technological specifications
achieving organizational goals requires that a company understands the
wants and needs of target markets and delivers satisfactions better than
competitors do
companies that succeed in today's marketplace focus their efforts on profit
maximization
in order to maximize profits, production efficiencies must be realized
Which of the following best describes customer satisfaction?
customer satisfaction is an enduring disposition to act favorably toward a
product
customer satisfaction is an assessment of the overall superiority of a product
customer satisfaction is the customer's evaluation of the difference between
all the benefits and all the costs of a marketing offer
customer satisfaction is the extent to which a product's performance
matches a buyer's expectations
customer satisfaction is an overall evaluation of the feelings associated with
a product
What is customer lifetime value?
the value that a customer perceives from buying a product throughout their
lifetime
the assessment of satisfaction that a customer experiences through all of
their purchasing experiences
the portion of a customer's purchases that a company gets in a product
category
the total combined value of all of a company's customers
the value of the entire stream of purchases that a customer will make over a
lifetime of patronage
Which of the following is NOT one of the major developments in the
changing marketing landscape?
the call for more ethics and social responsibility
rapid globalization
the growth in not-for-profit marketing
the new digital age
rapid changes in human needs
In the first four steps of the marketing process, companies work to
understand customers, create customer value, and build strong
customer relationships.
True
False
The marketing process seeks to create value for customers and to
build customer relationships.
True
False
Exchange is the act of obtaining a desired object from someone by
offering something in return.
True
False
A value proposition is the set of benefits or values a company
promises to deliver consumers to satisfy their needs.
True
False
The marketing concept holds that consumers will not buy enough of
a product unless a company undertakes large-scale selling and
promotion efforts.
True
False
Customer relationship management is one of the most important
concepts in modern marketing.
True
False
Retaining current customers is not a marketing objective.
True
False
Working closely with partners outside of the firm is an important
part of delivering customer value.
True
False
Share of customer is the total combined lifetime values of all the
company's customers.
True
False
The use of marketing in not-for-profit organizations is decreasing.
True
False
How can companies build profitable relationships with customers?
To create paragraphs in your essay response, type <p> at the beginning of the
paragraph, and </p> at the end.
Describe the forces that are affecting marketers in the new
marketing landscape.
To create paragraphs in your essay response, type <p> at the beginning of the
paragraph, and </p> at the end.
Concept Challenge
This activity contains 22 questions.
Identify the final step in the marketing process model
construct integrated marketing programs
capture value from customers to create profits and customer equity
build profitable relationships and create customer delight
perform market research
understand customer wants and needs
A marketing offer combines products, services, information, or
experiences to a market in order to ____________.
identify market segments
prevent marketing myopia
ensure maximum profitability
fulfill the needs and wants of consumers
capture value from customers
Beyond attracting new customers, the goal of marketers is to
____________.
lower consumer expectations so that they can be easily met
obtain maximum short-term profitability for the firm
maximize market share by offering low-cost products and services
retain existing customers and grow their business with the company
create a sufficient number of consumer transactions
Which of the following concepts takes an "inside-out" view of the
firm?
societal marketing concept
value proposition
selling concept
marketing concept
market offering
What three considerations should firms balance in setting their
marketing strategies?
company profits, customer wants, distributor demands
consumer wants, distributor demands, market share
consumer wants, distributor demands, competitors actions
consumer wants, society interests, media perceptions
consumer wants, society interests, company profits
The building blocks of customer relationships are ____________.
customer value and satisfaction
profitability and sales volume
customer value and customer share
customer value and perceived quality
customer value and lifetime value
____________ offer members special benefits and create member
communities.
Niche markets
Club marketing programs
Frequency marketing programs
Full partnerships
Affinity groups
The more loyal the company's profitable customers, the
____________.
the higher the firm's market share
the lower the firm's customer equity
the lower the firm's market share
the higher the firm's customer equity
the less profitable the firm
Which group of consumers shows low profitability and little
projected loyalty?
barnacles
strangers
loyalists
true friends
butterflies
What are the four elements of the marketing mix?
product, place, price, and loyalty
product, place, price, and promotion
product, place, price, and research
product, place, price, and segmentation
product, place, price, and R&D
The five core customer and marketplace concepts include needs,
marketing offers, value, exchanges, and markets.
True
False
Given their wants and resources, people demand products with
benefits that add up to the most value and satisfaction.
True
False
Smart marketers keep the sole focus of their efforts on the
attributes of the products and services that they sell.
True
False
Consumers do not perform marketing activities.
True
False
The production concept is not useful in today's business
environment.
True
False
Marketing mix tools can be classified into four groups.
True
False
In markets with few customers and high margins, marketers should
focus on establishing basic relationships with these customers.
True
False
Direct marketing has decreased in popularity.
True
False
Customer relationship management takes a long-term view.
True
False
In addition to selling products internationally, many of today's
companies are buying more supplies and components from abroad.
True
False
Distinguish the differences between a company that follows the
selling concept and a company that follows the marketing concept.
To create paragraphs in your essay response, type <p> at the beginning of the
paragraph, and </p> at the end.
Describe the four elements of the marketing mix.
To create paragraphs in your essay response, type <p> at the beginning of the
paragraph, and </p> at the end.