Marketing An Introduction, 12e, Chapter 1 Marketing Creating and Capturing Customer Valu

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
Answer: D
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing

2) ________ are defined as states of felt deprivation.
A) Needs
B) Ideas
C) Demands
D) Values
E) Exchanges
Answer: A
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

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
Answer: A
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

4) When backed by buying power, wants become ________.
A) needs
B) demands
C) offerings
D) values
E) ideas
Answer: B
Difficulty: Easy

,Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

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
Answer: C
Difficulty: Difficult
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
AACSB: Analytic thinking

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
Answer: C
Difficulty: Moderate
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

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
Answer: D
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing

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
Answer: C

,Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of 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
Answer: D
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

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
Answer: D
Difficulty: Difficult
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
AACSB: Analytic thinking

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
Answer: D
Difficulty: Easy
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

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
Answer: E
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

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
Answer: C
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

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
Answer: E
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

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
Answer: D
Difficulty: Difficult
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
AACSB: Analytic thinking