TESTBANK FOR MARKETING CHAPTERS 1-16 QUESTIONS AND ANSWERS

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