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MARKETING CH 1: Marketing: Creating Customer Value and Engagement
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Questions in this quiz (69)
1How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?
- AThe new concept focuses on having a well-developed product.
- BThe new concept focuses on customer needs.
- CThe new concept requires less work from marketing executives.
- DThe new concept is more cost-efficient.
- EThe new concept focuses on making money.
2 The ultimate goal of the marketing process is which of the following?
- AReceiving value from customers
- BDetermining a target market
- CCreating a quality product
- DDeveloping relationships with customers
- EEvaluating customer needs
3How do market demands relate to needs and wants?
- ANeeds, wants, and demands all describe the same state in the customer.
- BNeeds are satisfied by wants, and buying power converts wants into demand.
- CDemands result in customers needing and wanting a particular product.
- DWants and demands are equivalent, and both satisfy needs at the same rate.
- ENeeds and wants outweigh demands in the customer's mind.
4What is the main problem that sellers suffering from marketing myopia face?
- AThey focus on brand image to the detriment of quality.
- BThey focus more on profit than on the customer's benefit.
- CThey focus more on the customer's experience than on the product itself.
- DThey focus more on products than on the customer's underlying need.
- EThey focus on customer wants instead of demands.
5 Which of the following is NOT one of the four Ps of the marketing mix?
- AProduct
- BPrice
- CPlace
- DProduction
- EPromotion
6When a company chooses a group of customers to serve, it is engaging in which of the following?
- ASocietal marketing
- BMarket segmentation
- CTarget marketing
- DDemand management
- EDifferentiation
7Which BEST expresses the goal of effective marketing management?
- ARefusing to limit a company's efforts to chosen segments of the market
- BFinding as many customers as possible and increasing demand
- CFocusing only on affluent customers
- DTrying to serve all customers in every way
- ESelecting only customers a company can serve well and profitably
8Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
- AFrequency marketing program
- BConsumer-generated marketing
- CCustomer-perceived value
- DDirect marketing
- EMass-media marketing
9 Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as ________.
- Ashare of customer
- Bpartner relationship management
- C.
customer lifetime value - Dcustomer brand advocacy
- Ecustomer equity
10The profound effect of the COVID-19 pandemic is evidenced in all of the following EXCEPT ________.
- Aaccelerating the shift to online shopping by an estimated 5 to 10 years
- Bquickening the shift from digital-first consumer engagement strategies to in-store connections
- Cincreasing to 25% the amount of sales moving through online channels
- Dboosting brands' use of online, mobile, social media, and other digital platforms to connect with consumers
- Ehastening the transition to digital in almost every area of human activity
11Amazon Echo's Alexa is an example of a(n) ________-powered application.
- Asocial media
- Bmobile marketing
- Cartificial intelligence (AI)
- DInternet of Things (IoT)
- Ebig data
12Which of the following represent market offerings?
- AProducts, services, needs, and exchanges
- BValue, satisfaction, sales, and profits
- CNeeds, wants, products, and advertisements
- DProducts, services, needs, and wants
- EProducts, services, information, and experiences
13Which of the following correctly identifies the five core customer and marketplace concepts?
- ANeeds, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
- BNeeds, wants, and demands; market offerings; value; satisfaction; and markets
- CNeeds, wants, and demands; products; value; customers; and competitors
- DNeeds, wants, and demands; market offerings; value and satisfaction; competitors; and profits
- ENeeds, wants, demands, market offerings, and markets
14Outstanding marketing companies go to great lengths to learn about and understand their customers' ________.
- Adecision making, buying, and purchasing processes
- Bproducts and services
- Cdistribution methods and channels
- Dneeds, wants, and demands
- Emarketplace challenges
15Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture ____________.
- Agreater customer equity and greater share of market
- Bcustomer lifetime value and greater share of customer equity
- Ca greater share of customer and greater share of customer equity
- Dgreat international market share and greater customer equity
- Ecustomer lifetime value and greater share of customer
16Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on?
- AMarkets
- BCustomer expectations
- CExchange
- DCustomer referrals
- E.
Product price
17What is the most basic concept underlying marketing?
- AMarket offerings
- BWants
- CNeeds
- DMarkets
- EDemands
18Which of the following is included in a broad definition of marketing?
- ASelling, advertising, and promoting
- BCreating customer value, building customer relationships, and having a strong selling orientation
- CSatisfying customers, beating competitors, and maximizing profits
- DCreating customer value, building customer relationships, and engaging customers
- EAdvertising, selling, and developing quality products
19In the 5-step marketing process model, what occurs after the marketer identifies customer needs and wants in the marketplace and understands them?
- AConstructing an integrated marketing program that delivers superior value
- BBeginning advertising and promotion to sell the product
- CDesigning a customer-driven marketing strategy
- DBuilding profitable relationships with customers
- ECapturing value from customers to create profits and customer equity
20Marketing is the process by which companies ________ and build strong customer relationships in order to ________.
- Acreate value for customers; capture revenue from customers
- Bcapture value from customers; capture future revenue
- Ccreate value for customers; capture value from customers in return
- Dsell products and services; obtain revenue
- Ecapture current revenue; gain future revenue
21In the final step of the marketing process, companies focus on ________.
- Acapturing value from customers
- Bcreating value for customers
- Cdesigning a customer value-driven marketing strategy
- Dconstructing an integrated marketing program
- Eunderstanding customer needs and wants
22The marketing process consists of five key steps. Which is the first step?
- AConstruct a marketing program that actually delivers superior value
- BUnderstand the marketplace and customer needs and wants
- CGet, engage, and grow target customers
- DDesign a customer value-driven marketing strategy
- EUnderstand customer needs and wants
23According to Peter Drucker, what is the aim of modern marketing?
- ATo price products as low as possible
- BTo drive competitors out of business
- CTo maximize company profits
- DTo make selling unnecessary
- ETo develop innovative products
24 To design a winning marketing strategy, what are the two important questions a marketing manager must answer?
- AHow can we serve our customers best? How can we maximize profits?
- BWho are our competitors? How can we beat our competitors?
- CWhat customers will we serve? How can we maximize profits?
- DWhat markets should we enter? How do we maximize sales in those markets?
- EWhat customers will we serve? How can we serve these customers best?
25What are the three considerations underlying the Societal Marketing Concept?
- ASociety's interests, society's welfare, and a sustainable environment
- BSociety's interests, company sales, and consumer wants
- CSociety's interests, consumer wants, and company profits
- DCompany sales, company profits, and customer satisfaction
- ESociety's interests, consumer wants, and identifying competitors
26_______ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.
- ACustomer-driven
- BMarket research-oriented
- CProduct development-driven
- DCustomer-conscious
- EProduct-driven
27When a company is deciding which customers to cultivate, it is engaging in ________.
- Atarget marketing
- Bmarket segmentation
- Cvalue proposition
- Dproduction concept
- Emarketing management orientation
28Marketing management can adopt one of five competing market orientations, which are _________.
- Athe production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
- Bthe production concept, the product concept, the selling concept, the marketing concept, and the societal and cultural marketing concept
- Cthe production concept, the product development concept, the selling concept, the marketing concept, and the societal marketing concept
- Dthe production concept, the selling concept, the marketing concept, the economic concept, and the societal marketing concept
- Ethe production concept, the product concept, the market-driven concept, the selling concept, and the societal marketing concept
29The marketing concept holds that successful marketing strategies are based on _______.
- Aproducts that are affordable and available
- Blarge-scale selling efforts
- C.
sustainable marketing strategies - Dcontinually improving products in quality and performance
- Ecustomer satisfaction and value
30What is the key to building lasting customer relationships?
- ACreating superior customer value and satisfaction
- BDeveloping innovative products
- CDelivering excellent customer service
- DOffering frequent sales promotions
- EDeveloping quality products
31What is the overall goal of customer-engagement marketing?
- ATo jointly bring greater value to customers by working closely with partners in other company departments and outside the company
- BTo make the brand a meaningful part of consumers' conversations and lives
- CTo minimize customer equity
- DTo allow for consumers themselves to play roles in shaping their own brand experiences and those of others
- ETo satisfy customers while maximizing profits
32 ______ is the overall process of building and maintaining profitable customer connections by delivering superior customer value and satisfaction.
- ACustomer engagement
- BCustomer acquisition
- CCustomer satisfaction
- DCustomer relationship management
- ECustomer growth
33Customer brand advocacy refers to ________.
- Athe portion of the customer's purchasing that a company gets in its product categories
- Boffering frequency marketing programs that reward customers who buy frequently or in large amounts
- Cactions through which satisfied customers initiate favorable interactions with others about a brand
- Dthe value of the entire stream of purchases a customer makes over a lifetime of patronage
- Ethe reliance on marketing through intrusion
34A strategy for creating value and building strong customer relationships includes ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.
- Acustomer relationship management
- Bcustomer engagement marketing
- Cjoint venturing
- Dstrategic vendor management
- Epartner relationship management
35The ultimate aim of customer relationship management is to produce high ________.
- Asatisfaction
- Bcustomer equity
- Cshare of customer
- Dsales volume
- Ecustomer-engagement marketing
36Which of the following BEST describes the Internet of Things (IoT)?
- AThe IoT is a data analytics technique to track sales made over the internet.
- BThe IoT is a mobile shopping app.
- CThe IoT is a global environment where everything and everyone is digitally connected to everything and everyone else.
- DThe IoT refers to the ability for consumers to buy things over the internet.
- EThe IoT is a social media site that allows consumers to buy and sell merchandise.
37With so many information sources available digitally, companies can collect mountains of data called ________ and make sense of it using ________.
- Abig data; the Internet of Things
- Bmarketing analytics; big data
- Cbig data; marketing analytics
- Dbig data; real-time marketing
- Emarketing analytics; artificial intelligence
38Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.
- Aonline, mobile, and social media
- Bvisualization software technologies
- Ce-commerce and mobile payment technologies
- Dbig data and analytics
- Edigital media streaming technologies
39Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process?
- ABig data
- BGrowth of not-for-profit marketing
- CGlobalization
- DMobile marketing
- ESustainable marketing
40______ is the term used to describe a global environment where everything and everyone is digitally connected to everything and everyone else.
- AArtificial intelligence
- BMobile marketing
- CInternet of Things
- DDigital marketing tools
- ESocial media marketing
41Marketing tools used in digital and social media marketing include ________.
- ASocial media, online video, and newspaper coupons
- Bemail, telemarketing, and blogs
- Csocial media, mobile apps, and blogs
- Dsocial media, mobile apps, and television advertising
- Emobile apps, online video, and personal selling
42Wants are __________.
- Athe form human needs take as they are shaped by culture and individual personality
- Bstates of felt deprivation
- Chuman wants that are backed by buying power
- Dsome combination of products, services, information, or experiences offered to a market to satisfy a need or want
43What is the marketing concept?
- AThe idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
- BA philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
- CThe idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
- DThe idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
44What is marketing management?
- AThe art and science of choosing target markets and building profitable relationships with them
- BThe act of obtaining a desired object from someone by offering something in return
- CThe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
- DThe mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products
45Customer equity is the __________.
- Acustomer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
- Bvalue of the entire stream of purchases a customer makes during a lifetime of patronage
- Ca portion of the customer’s purchasing that a company gets in its product categories
- Dtotal combined customer lifetime values of all of the company’s customers
46The __________ is the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
- Asocietal marketing concept
- Bproduct concept
- Cselling concept
- Dmarketing concept
47The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
- Amarketing concept
- Bselling concept
- Cproduct concept
- Dproduction concept
48The marketing process captures value from customers by __________.
- Acreating profits and customer equity
- Bunderstanding the marketplace and customers’ needs and wants
- Cconstructing an integrated marketing program that delivers superior value
- Dbuilding profitable relationships and creating customer delight
49What is share of customer?
- AThe customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
- BThe portion of the customer’s purchasing that a company gets in its product categories
- CThe extent to which a product’s perceived performance matches a buyer’s expectations
- DThe overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
50__________ is the portion of the customer’s purchasing that a company gets in its product categories.
- AShare of customer
- BCustomer satisfaction
- CCustomer-perceived value
- DCustomer relationship management
51
__________ is the art and science of choosing target markets and building profitable relationships with them.- AMarketing management
- BMarketing
- CExchange
- DMarketing myopia
52__________ are the form human needs take as they are shaped by culture and individual personality.
- AWants
- BNeeds
- CDemands
- DMarketing offerings
53What is customer-perceived value?
- AThe customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
- BThe overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
- CThe extent to which a product’s perceived performance matches a buyer’s expectations
- DThe portion of the customer’s purchasing that a company gets in its product categories
54__________ captures value from customers by creating profits and customer equity.
- AThe marketing process
- BCustomer satisfaction
- CShare of customer
- DCustomer relationship management
55The societal marketing concept is __________.
- Athe idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
- Bthe idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
- Cthe idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
- Da philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
56Marketing myopia is __________.
- Awhen sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs.
- Bobtaining a desired object from someone by offering something in return
- Cthe art and science of choosing target markets and building profitable relationships with them
- Dthe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
57__________ is the act of obtaining a desired object from someone by offering something in return.
- AExchange
- BMarketing management
- CMarketing
- DMarketing myopia
58
The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.- Aproduct concept
- Bproduction concept
- Cselling concept
- Dmarketing concept
59__________ is the extent to which a product’s perceived performance matches a buyer’s expectations.
- ACustomer satisfaction
- BCustomer-perceived value
- CCustomer relationship management
- DShare of customer
60What is the selling concept?
- Aidea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
- BThe idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
- CThe idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
- DA philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
61__________ is the total combined customer lifetime values of all of the company’s customers.
- ACustomer equity
- BCustomer lifetime value
- CShare of customer
- DCustomer-perceived value
62The production concept is __________.
- Athe idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
- Bthe idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
- Cthe idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
- Da philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
63What are demands?
- AHuman wants that are backed by buying power
- BThe form human needs take as they are shaped by culture and individual personality
- CStates of felt deprivation
- DSome combination of products, services, information, or experiences offered to a market to satisfy a need or want
64______is the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
- ACustomer-perceived value
- BCustomer relationship management
- CCustomer satisfaction
- DShare of customer
65Marketing is __________.
- Athe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
- Bthe art and science of choosing target markets and building profitable relationships with them
- Cthe act of obtaining a desired object from someone by offering something in return
- Dthe mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products
66__________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- ACustomer relationship management
- BCustomer-perceived value
- CCustomer satisfaction
- DShare of customer
67Customer lifetime value is the __________.
- Avalue of the entire stream of purchases a customer makes during a lifetime of patronage
- Btotal combined customer lifetime values of all of the company’s customers
- Cportion of the customer’s purchasing that a company gets in its product categories
- Dcustomer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
68Needs are __________.
- Astates of felt deprivation
- Bshaped by culture and individual personality
- Chuman wants that are backed by buying power
- Dsome combination of products, services, information, or experiences offered to a market to satisfy a need or want
69____ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
- AMarketing offerings
- BDemands
- CWants
- DNeeds
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- itachi uchiha
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