Armstrong; Marketing, Fifth Canadian Edition Test Item File questions with correct answers latest update.

Chapter 01: Marketing: Creating and Capturing Customer Value 1. Which of the following is most essential to any definition of marketing? demand management the production concept customer relationships making a sale making a profit 2. Which of the following is an accurate description of modern marketing today? Marketing is the creation of products for customers. Marketing is managing profitable customer relationships. Selling and advertising are synonymous with marketing. Marketing involves satisfying producers' needs first. Marketing is used by for-profit organizations only. 3. According to management guru Peter Drucker, "The aim of marketing is to ." create customer demands identify customer demands make selling unnecessary set realistic customer expectations sell products 4. is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Selling Advertising Bartering Marketing Negotiating 5. The steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. first two first three first four last three last four 6. According to the simple five-step model of the marketing process, a company needs to before designing a customer-driven marketing strategy. determine how to deliver superior value build profitable relationships with customers use customer relationship management to create full partnerships with key customers understand the marketplace and customer needs and wants construct key components of a marketing program 7. are human needs as shaped by individual personality and culture. Deprivations Wants Demands Values Exchanges 8. When backed by buying power, wants become . social needs demands physical needs self-esteem needs exchanges 9. Which of the following best encompasses market offerings? products people, places, and ideas products and information products and experiences persons, places, organizations, information, and ideas 10. refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products. Selling myopia Marketing management Value proposition Marketing myopia The product concept 11. When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following? disappointing loyal buyers decreasing buyers satisfaction failing to attract enough buyers failing to understand their buyers' needs incorrectly identifying a target market 12. is the act of obtaining a desired object from someone by offering something in return. A value proposition Exchange Bribery Value Donation 13. In addition to attracting new customers and creating transactions, the goal of marketing is to customers and grow the company's business. encourage entertain retain recognize educate 14. is the set of actual and potential buyers of a product. A market An audience A group A segment An exchange 15. Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core activities. exchange marketing management production customer relationship management 16. When it comes to communicating with customers, marketers have traditionally asked the question, "How can we reach our customers?" Because of new interactive media, effective marketers now ask: "How can we apply the production concept?" "How can we reach our customers and how should they reach us?" "How can we apply the selling concept online?" "How can we apply the selling concept using social media?" "How can we apply the product concept online?" 17. Which of the following is the most likely result of a marketing strategy that attempts to serve all customers? All customers will be delighted. Customer-perceived value will be increased. Customer evangelists will become unpaid salespersons for the service or product. Few customers will be satisfied. The company will likely need to follow up with a demarketing campaign. ............................................continued......................................................