Marketing: An Introduction, 8th
Canadian Edition by Gary T. Armstrong,
updated for a 2026/2027 syllabus
Part 1: Defining Marketing and the Marketing Process (Chapters
1-2)
1. What is the definition of marketing as per the 8th Canadian Edition?
ANSWER ✓ Marketing is the process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in
return.
2. What are the five core customer and marketplace concepts?
ANSWER ✓ Needs, wants, and demands; market offerings (products, services, and
experiences); value and satisfaction; exchanges and relationships; markets.
3. What is the difference between a need, a want, and a demand?
ANSWER ✓ Needs are states of felt deprivation (e.g., hunger), wants are the form
human needs take as shaped by culture and personality (e.g., a burger), and demands
are wants backed by buying power.
4. According to the textbook, what is the marketing myopia?
ANSWER ✓ Paying more attention to the specific products a company offers than to
the benefits and experiences produced by those products.
5. What is a market offering?
ANSWER ✓ A product, service, or experience that is offered to a market to satisfy a
need or want.
6. What are the five alternative concepts under which organizations design and carry out
their marketing strategies?
ANSWER ✓ Production concept, product concept, selling concept, marketing concept,
and societal marketing concept.
7. Describe the selling concept.
ANSWER ✓ The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort.
8. Describe the marketing concept.
ANSWER ✓ Achieving organizational goals depends on knowing the needs and wants
of target markets and delivering satisfaction better than competitors do.
, 9. What is the societal marketing concept?
ANSWER ✓ The principle that marketing strategy should deliver value to customers in
a way that maintains or improves both the consumer’s and society’s well-being.
10. What is customer-perceived value?
ANSWER ✓ The customer’s evaluation of the difference between all the benefits and all
the costs of a market offering relative to competing offers.
11. What is customer satisfaction?
ANSWER ✓ The extent to which a product’s perceived performance matches a buyer’s
expectations.
12. Define customer relationship management (CRM).
ANSWER ✓ The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction.
13. What is customer lifetime value?
ANSWER ✓ The value of the entire stream of purchases a customer makes over a
lifetime of patronage.
14. What is share of customer?
ANSWER ✓ The portion of the customer’s purchasing that a company gets in its
product categories.
15. What is customer equity?
ANSWER ✓ The total combined customer lifetime values of all the company’s current
and potential customers.
16. What are the four major customer relationship groups based on profitability and
projected loyalty?
ANSWER ✓ Strangers (low profitability, low loyalty), Butterflies (high profitability, low
loyalty), True Friends (high profitability, high loyalty), Barnacles (low profitability, high
loyalty).
17. What is a marketing strategy?
ANSWER ✓ The marketing logic by which a company hopes to create customer value
and achieve profitable customer relationships.
18. What is market segmentation?
ANSWER ✓ Dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviours.
19. What is market targeting?
ANSWER ✓ Evaluating each market segment’s attractiveness and selecting one or more
segments to enter.
20. What is a value proposition?
ANSWER ✓ The set of benefits or values a company promises to deliver to customers
to satisfy their needs.
Canadian Edition by Gary T. Armstrong,
updated for a 2026/2027 syllabus
Part 1: Defining Marketing and the Marketing Process (Chapters
1-2)
1. What is the definition of marketing as per the 8th Canadian Edition?
ANSWER ✓ Marketing is the process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in
return.
2. What are the five core customer and marketplace concepts?
ANSWER ✓ Needs, wants, and demands; market offerings (products, services, and
experiences); value and satisfaction; exchanges and relationships; markets.
3. What is the difference between a need, a want, and a demand?
ANSWER ✓ Needs are states of felt deprivation (e.g., hunger), wants are the form
human needs take as shaped by culture and personality (e.g., a burger), and demands
are wants backed by buying power.
4. According to the textbook, what is the marketing myopia?
ANSWER ✓ Paying more attention to the specific products a company offers than to
the benefits and experiences produced by those products.
5. What is a market offering?
ANSWER ✓ A product, service, or experience that is offered to a market to satisfy a
need or want.
6. What are the five alternative concepts under which organizations design and carry out
their marketing strategies?
ANSWER ✓ Production concept, product concept, selling concept, marketing concept,
and societal marketing concept.
7. Describe the selling concept.
ANSWER ✓ The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort.
8. Describe the marketing concept.
ANSWER ✓ Achieving organizational goals depends on knowing the needs and wants
of target markets and delivering satisfaction better than competitors do.
, 9. What is the societal marketing concept?
ANSWER ✓ The principle that marketing strategy should deliver value to customers in
a way that maintains or improves both the consumer’s and society’s well-being.
10. What is customer-perceived value?
ANSWER ✓ The customer’s evaluation of the difference between all the benefits and all
the costs of a market offering relative to competing offers.
11. What is customer satisfaction?
ANSWER ✓ The extent to which a product’s perceived performance matches a buyer’s
expectations.
12. Define customer relationship management (CRM).
ANSWER ✓ The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction.
13. What is customer lifetime value?
ANSWER ✓ The value of the entire stream of purchases a customer makes over a
lifetime of patronage.
14. What is share of customer?
ANSWER ✓ The portion of the customer’s purchasing that a company gets in its
product categories.
15. What is customer equity?
ANSWER ✓ The total combined customer lifetime values of all the company’s current
and potential customers.
16. What are the four major customer relationship groups based on profitability and
projected loyalty?
ANSWER ✓ Strangers (low profitability, low loyalty), Butterflies (high profitability, low
loyalty), True Friends (high profitability, high loyalty), Barnacles (low profitability, high
loyalty).
17. What is a marketing strategy?
ANSWER ✓ The marketing logic by which a company hopes to create customer value
and achieve profitable customer relationships.
18. What is market segmentation?
ANSWER ✓ Dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviours.
19. What is market targeting?
ANSWER ✓ Evaluating each market segment’s attractiveness and selecting one or more
segments to enter.
20. What is a value proposition?
ANSWER ✓ The set of benefits or values a company promises to deliver to customers
to satisfy their needs.
