BUS 130 Marketing: An Introduction, 12e (Armstrong/Kotler) chapter 1- 16 questions and answers solutions docs

BUS 130 Marketing: An Introduction, 12e (Armstrong/Kotler) Chapter 1 Marketing: Creating and Capturing Customer Value 1) According to the five-step model of the marketing process, the first step in marketing is . A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy 2) are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges 3) are the form human needs take as they are shaped by culture and individual personality. A) Wants B) Necessities C) Services D) Benefits E) Risks 4) When backed by buying power, wants become . A) needs B) demands C) offerings D) values E) ideas 5) Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a(n) . A) need B) value C) demand D) offering E) desire 6) Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on . A) consumers' brand experiences B) competitors' threats C) consumers' existing wants D) competitors' strengths E) consumers' future demands 7) is the act of obtaining a desired object from someone by offering something in return. A) Targeting B) Segmentation C) Differentiation D) Exchange E) Positioning 8) Dividing a market into several sections of customers is known as . A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing 9) Selecting particular segments of a population of customers to serve is called . A) process reengineering B) brand synchronizing C) mass customizing D) target marketing E) market positioning 10) GT Grand, a manufacturer of ultra-luxury cars, supplies customized vehicles based on the specific demands of customers in affluent market segments. The company's approach is most likely referred to as . A) mass distribution B) cost leadership C) consumer-generated marketing D) target marketing E) undifferentiated marketing 11) A brand's is the set of benefits that it promises to deliver to consumers to satisfy their needs. A) dominant effect B) fringe benefit C) perquisite D) value proposition E) dividend yield 12) Which of the following concepts holds that consumers will favor products that are available and highly affordable? A) the marketing concept B) the product concept C) the societal marketing concept D) the selling concept E) the production concept 13) The production concept holds that . A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests C) consumers will favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features 14) The concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features. A) societal marketing B) marketing C) selling D) production E) product 15) Voize, a leading mobile phone manufacturer, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Voize most likely follows the . A) customer-driving marketing concept B) marketing concept C) societal marketing concept D) production concept E) selling concept 16) According to the product concept, a company should . A) make products that contribute to the long-term welfare of society B) market only those products that have high customer appeal C) focus on a target market and make products that meet those customers' demands D) devote its energy to making continuous product improvements E) make product promotion a top priority 17) Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the . A) customer-driving marketing concept B) marketing concept C) societal marketing concept D) production concept E) selling concept 18) The selling concept holds that . A) consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests C) consumers will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features 19) The selling concept is typically practiced with . A) industrial products B) unsought goods C) specialty products D) convenience products E) essential goods 20) Which of the following is a difference between the marketing concept and the selling concept? A) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products. B) The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers. C) The marketing concept takes an inside-out perspective, whereas the selling concept takes an outside-in perspective. D) The marketing concept is product-centered, whereas the selling concept is production- centered. E) The marketing concept focuses on short-term sales, whereas the selling concept strives to build long-term customer relationships. 21) The concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A) marketing B) product C) production D) selling E) societal marketing 22) Which of the following concepts is based on a customer-centered philosophy? A) the product concept B) the marketing concept C) the production concept D) the selling concept E) the distribution concept 23) Customer-driven marketing is most effective when . A) a clear need exists among customers, but the need is difficult to identify B) customers do not know what they want but are easily persuaded C) customers seek new products and technological innovations D) clear needs exist and customers know what their needs are E) customers have wants but cannot afford them 24) Directing consumers toward products and services that meet their present and future needs is referred to as marketing. A) customer-driven B) customer-driving C) societal D) production E) product 25) When customers don't know what they want or don't even know what's possible, the most effective strategy is marketing. A) customer-driven B) customer-driving C) societal D) functional E) product 26) Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog? A) the selling concept B) customer-driving marketing C) the product concept D) sustainable marketing E) the production concept 27) Futuristic Designs Inc., a furniture retail chain, understands and anticipates customer needs even better than customers themselves do and creates products and services to meet their existing and future needs. Which of the following has Futuristic Designs followed in this case? A) the product concept B) customer-driving marketing C) the societal marketing concept D) customer-driven marketing E) the production concept 28) The societal marketing concept holds that . A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment C) the society will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features 29) Which of the following concepts calls for sustainable marketing? A) the societal marketing concept B) the marketing concept C) the selling concept D) the production concept E) the product concept 30) Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the concept. A) marketing B) product C) production D) societal marketing E) selling 31) marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A) Customer-driven B) Mass C) Sustainable D) Customer-driving E) Ambush 32) The concept of shared value focuses on . A) creating economic value in a way that also creates value for society B) maximizing profits to satisfy shareholders C) creating sales transactions instead of long-term customer relationships D) building strategic supplier partnerships to create more value for investors E) providing more financial incentives to sales team members 33) The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as . A) perceived-value management B) societal marketing C) customer relationship management D) partner relationship management E) enterprise resource planning 34) Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? A) customer-perceived value B) customer equity C) share of customer D) customer profitability E) customer lifetime value 35) Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer . A) loyalty B) satisfaction C) equity D) engagement E) lifetime value 36) Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition. Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand. Raymond's relationship with Honda is best referred to as . A) customer delight B) customer lifetime value C) customer equity D) customer share E) customer-perceived value 37) Customer evangelists are those who . A) use personal selling methods to market products and services B) tell others about their good experiences with a brand or product C) use their expertise to influence people about specific products D) work with quality-assurance teams to improve product safety E) evaluate newly launched products in the marketplace