Test Bank for Marketing: An Introduction, 8th Canadian Edition by Gary T. Armstrong All Chapters || Complete Guide A+

1 Test Bank for Marketing: An Introduction, 8th Canadian Edition by Gary T. Armstrong Marketing: An Introduction, 8Ce (Armstrong) VERIFIED CHAPTERS Chapter 1 Marketing: Creating Consumer Value and Engagement 1) Simply put, marketing is . A) the act of selling products B) building a recognizable and remembered brand C) building and nurturing relationships with consumers in order to create profit for businesses D) creating new products Answer: C Diff: 1 Type: MC LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Application of knowledge 2) Amazon, like many other successful companies, is driven by one primary objective, namely . A) putting the consumer experience at the centre of all that they do B) providing shareholders with healthy returns on their investments C) acquiring companies in order to add to its many product offerings D) acquiring market share from industry leader, Walmart Answer: A Diff: 1 Type: MC LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Application of knowledge 3) 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) engaging customers, building profitable relationships, and creating customer delight C) understanding the marketplace and consumer needs and wants D) designing a customer -driven marketing strategy Answer: C Diff: 2 Type: MC LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Analytical thinking 4) In recent years, marketers have leveraged various forms of social media and other technologies to advance their primary goal of . A) gaining favourable media attention B) being better able to reach the customer directly, personally, and interactively C) gathering more sales data (big data) D) finding less expensive ways to operate thus driving higher levels of profitability Answer: B 2 Diff: 2 Type: MC LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Analytical thinking 3 5) Management guru Peter Drucker stated, "The aim of marketing is to make selling unnecessary." Answer: TRUE Diff: 1 Type: TF LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Analytical thinking 6) What is marketing? Briefly describe the marketing process. Answer: Marketing can be defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process consists of five steps. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity. Diff: 2 Type: ES LO: 1-1: Define marketing and outline the steps in the marketing process. AACSB: Analytical thinking 7) As described in the text, the CEOs of both Airbnb and Target share a practice that they believe makes them more capable leaders of their company. This practice involves more frequent . A) interviews with the media (Fortune Magazine , Wall Street Journal ) B) blog posts on how to run a company (Jeff Bullas, James Altucher) C) visits to their locations (Airbnb hosts and Target stores) D) personal vacations to ensure they get rested while enjoying time away from their role Answer: C Diff: 2 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking 8) are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values Answer: A Diff: 1 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking 4 9) are the form human needs take as they are shaped by culture and individual personality. A) Wants B) Necessities C) Benefits D) Risks Answer: A Diff: 1 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking 10) Consumers' needs and wants are fulfilled through . A) value B) demand C) desire D) market offerings Answer: D Diff: 1 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking 11) 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 . A) need B) value C) demand D) market offering Answer: C Diff: 3 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking 12) Canadian telecommunications giant Bell has committed resources to continue its annual, "Let's Talk" day to promote greater awareness in mental health. This is an example of a marketing offering for a(n) . A) product B) exchange C) idea D) place Answer: C Diff: 2 Type: MC LO: 1-2: Explain the importance of understanding the marketplace and consumers and identify the five core marketplace concepts. AACSB: Analytical thinking