MARK 3336 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Which of the following is NOT an accurate description of modern marketing?
A) Marketing is the creation of value for customers.
B) Marketing involves managing profitable customer relationships.
C) Marketing emphasizes selling and advertising exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is building value-laden exchange relationships with customers. - Answers Marketing
emphasizes selling and advertising exclusively.
According to management guru Peter Drucker, "The aim of marketing is to ________."
A) maximize profits of the company
B) emphasize customer wants and not customer needs
C) make selling unnecessary
D) fulfill unrealistic customer expectations
E) sell products - Answers make selling unnecessary
________ is defined as a social and managerial process by which individuals and organizations obtain
what they need and want through value creation and exchange.
A) Research
B) Innovation
C) Manufacturing
D) Marketing
E) Production - Answers Marketing
According to the five-step model of the marketing process, which of the following is the final step in
creating value for customers?
A) designing a customer-driven marketing strategy
B) understanding the marketplace and customer needs
C) constructing an integrated marketing program that delivers superior value
D) building profitable relationships and creating customer delight
E) capturing value from customers to create profit and customer equity - Answers building profitable
relationships and creating customer delight
According to the five-step model of the marketing process, a company should ________ before
designing a customer-driven marketing strategy.
A) determine how to deliver superior value to customers
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers
D) understand the marketplace and customer needs and wants
E) construct an integrated marketing program - Answers understand the marketplace and customer
needs and wants
________ are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges - Answers Wants
When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges - Answers demands
A ________ is some combination of products, services, information, or experiences provided to
consumers to satisfy a need or want.
A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix - Answers market offering
,Which of the following terms refers to sellers being preoccupied with their own products and losing
sight of underlying consumer needs?
A) vendor lock-in
B) social loafing
C) value proposition
D) marketing myopia
E) conspicuous consumption - Answers marketing myopia
When marketers set low expectations for a market offering, they run the risk of ________.
A) disappointing loyal customers
B) having to use an outside-in rather than an inside-out perspective
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - Answers failing to attract enough customers
________ is the act of obtaining a desired object from someone by offering something in return.
A) Valuation
B) Exchange
C) Market offering
D) Confiscation
E) Donation - Answers Exchange
A(n) ________ is the set of actual and potential buyers of a product.
A) market
B) control group
C) subsidiary
D) focus group
E) audience - Answers market
Consumer research, product development, communication, distribution, pricing, and service are all
core ________ activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics - Answers marketing
The art and science of choosing target markets and building profitable relationships with them is
called ________.
A) marketing management
B) positioning
C) marketing mix
D) market offering
E) differentiation - Answers marketing
Selecting which segments of a population to serve is called ________.
A) market segmentation
B) positioning
C) customization
D) target marketing
E) differentiation - Answers target marketing
Which of the following refers to a set of benefits that a company promises to deliver to customers to
satisfy their needs?
A) customer lock-in
B) a cartel
C) marketing mix
D) value proposition
E) market segmentation - Answers value proposition
Which of the following customer questions is answered by a company's value proposition?
A) "Why should I buy your brand rather than a competitor's?"
B) "What is your company's estimated customer equity?"
C) "What are the costs involved in the production of your brand?"
D) "What is the budget allocated by your company for research and development?"
,E) "What is the financial stability of your company?" - Answers "Why should I buy your brand rather
than a competitor's?"
Which of the following marketing management orientations focuses primarily on improving
efficiencies along the supply chain?
A) production concept
B) product concept
C) selling concept
D) marketing concept
E) societal marketing concept - Answers production concept
Which of the following marketing management concepts is most likely to lead to marketing myopia?
A) customer-driven marketing concept
B) customer-driving marketing concept
C) societal marketing concept
D) marketing concept
E) product concept - Answers product concept
Which of the following statements is true of the production concept?
A) It considers customer focus and value to be the paths to sales and profits.
B) It follows the customer-centered sense-and-respond philosophy.
C) It takes an outside-in perspective.
D) It calls for sustainable marketing.
E) It leads to companies focusing too narrowly on their own operations. - Answers It leads to
companies focusing too narrowly on their own operations.
The ________ concept is aligned with the philosophy of continuous product improvement and the
belief that customers will choose products that offer the most in quality, performance, and innovative
features.
A) product
B) production
C) societal marketing
D) marketing
E) selling - Answers product
Which of the following is the aim of the product concept?
A) improve the marketing of a firm's best products
B) market only those products with high customer appeal
C) focus on the target market and make products that meet those customers' demands
D) focus on making continuous product improvements
E) ensure that product promotion has the highest priority - Answers focus on making continuous
product improvements
Which of the following statements is true of the selling concept?
A) It requires minimum promotion efforts.
B) It creates long-term, profitable customer relationships.
C) It takes an outside-in perspective.
D) It is typically practiced with unsought goods.
E) It follows the customer-centered sense-and-respond philosophy. - Answers It is typically practiced
with unsought goods.
Which of the following marketing orientations calls for aggressive promotional efforts and focuses on
creating transactions rather than long-term customer relationships?
A) the marketing concept
B) the production concept
C) the product concept
D) the selling concept
E) the societal marketing concept - Answers the selling concept
Which of the following marketing orientations holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better than
competitors do?
A) the product concept
B) the production concept
C) the selling concept
, D) the marketing concept
E) the societal marketing concept - Answers the marketing concept
Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a
product-centered "make-and-sell" philosophy?
A) market segmentation
B) the production concept
C) the marketing concept
D) the inside-out perspective
E) marketing myopia - Answers the marketing concept
A firm that uses the selling concept takes a(n) ________ approach.
A) outside-in
B) niche marketing
C) inside-out
D) societal marketing
E) customer-driven - Answers inside-out
The marketing concept that starts with a well-defined market, focuses on customer needs, and
integrates all the marketing activities that affect customers takes a(n) ________.
A) outside-in perspective
B) product-centered make-and-sell philosophy
C) inside-out perspective
D) consumer-generated marketing approach
E) telling-and-selling approach - Answers outside-in perspective
The selling concept is typically practiced ________.
A) to balance consumers' wants, company's requirements, and the society's long-run interests
B) with products that offer the most in terms of quality, performance, and innovative features
C) when the company focuses on building long-term customer relationships
D) with goods that buyers normally do not think of buying
E) by customer-driven companies - Answers with goods that buyers normally do not think of buying
Which of the following is a characteristic of customer-driven marketing?
A) Companies understand customer needs even better than customers themselves do.
B) Customers are unaware of their needs.
C) Products are created that meet both existing and latent needs, now and in the future.
D) Customers know what they want.
E) Customers don't know what is possible. - Answers Customers know what they want.
An organization that understands and anticipates customer needs even better than customers
themselves do and creates products and services to meet current and future needs is said to practice
________ marketing.
A) customer-driven
B) customer-driving
C) affinity
D) societal
E) ambush - Answers customer-driving
When customers don't know what they want or don't even know what's possible, the most effective
marketing strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) ambush
E) affinity - Answers customer-driving
The societal marketing concept seeks to establish a balance between ________.
A) customer lifetime value and customer equity
B) an inside-out perspective and an outside-in perspective
C) consumer short-run wants and consumer long-run welfare
D) marketing mixes and market offerings
E) customer-driven marketing and customer-driving marketing - Answers consumer short-run wants
and consumer long-run welfare
Which of the following is NOT an accurate description of modern marketing?
A) Marketing is the creation of value for customers.
B) Marketing involves managing profitable customer relationships.
C) Marketing emphasizes selling and advertising exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is building value-laden exchange relationships with customers. - Answers Marketing
emphasizes selling and advertising exclusively.
According to management guru Peter Drucker, "The aim of marketing is to ________."
A) maximize profits of the company
B) emphasize customer wants and not customer needs
C) make selling unnecessary
D) fulfill unrealistic customer expectations
E) sell products - Answers make selling unnecessary
________ is defined as a social and managerial process by which individuals and organizations obtain
what they need and want through value creation and exchange.
A) Research
B) Innovation
C) Manufacturing
D) Marketing
E) Production - Answers Marketing
According to the five-step model of the marketing process, which of the following is the final step in
creating value for customers?
A) designing a customer-driven marketing strategy
B) understanding the marketplace and customer needs
C) constructing an integrated marketing program that delivers superior value
D) building profitable relationships and creating customer delight
E) capturing value from customers to create profit and customer equity - Answers building profitable
relationships and creating customer delight
According to the five-step model of the marketing process, a company should ________ before
designing a customer-driven marketing strategy.
A) determine how to deliver superior value to customers
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers
D) understand the marketplace and customer needs and wants
E) construct an integrated marketing program - Answers understand the marketplace and customer
needs and wants
________ are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges - Answers Wants
When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges - Answers demands
A ________ is some combination of products, services, information, or experiences provided to
consumers to satisfy a need or want.
A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix - Answers market offering
,Which of the following terms refers to sellers being preoccupied with their own products and losing
sight of underlying consumer needs?
A) vendor lock-in
B) social loafing
C) value proposition
D) marketing myopia
E) conspicuous consumption - Answers marketing myopia
When marketers set low expectations for a market offering, they run the risk of ________.
A) disappointing loyal customers
B) having to use an outside-in rather than an inside-out perspective
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - Answers failing to attract enough customers
________ is the act of obtaining a desired object from someone by offering something in return.
A) Valuation
B) Exchange
C) Market offering
D) Confiscation
E) Donation - Answers Exchange
A(n) ________ is the set of actual and potential buyers of a product.
A) market
B) control group
C) subsidiary
D) focus group
E) audience - Answers market
Consumer research, product development, communication, distribution, pricing, and service are all
core ________ activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics - Answers marketing
The art and science of choosing target markets and building profitable relationships with them is
called ________.
A) marketing management
B) positioning
C) marketing mix
D) market offering
E) differentiation - Answers marketing
Selecting which segments of a population to serve is called ________.
A) market segmentation
B) positioning
C) customization
D) target marketing
E) differentiation - Answers target marketing
Which of the following refers to a set of benefits that a company promises to deliver to customers to
satisfy their needs?
A) customer lock-in
B) a cartel
C) marketing mix
D) value proposition
E) market segmentation - Answers value proposition
Which of the following customer questions is answered by a company's value proposition?
A) "Why should I buy your brand rather than a competitor's?"
B) "What is your company's estimated customer equity?"
C) "What are the costs involved in the production of your brand?"
D) "What is the budget allocated by your company for research and development?"
,E) "What is the financial stability of your company?" - Answers "Why should I buy your brand rather
than a competitor's?"
Which of the following marketing management orientations focuses primarily on improving
efficiencies along the supply chain?
A) production concept
B) product concept
C) selling concept
D) marketing concept
E) societal marketing concept - Answers production concept
Which of the following marketing management concepts is most likely to lead to marketing myopia?
A) customer-driven marketing concept
B) customer-driving marketing concept
C) societal marketing concept
D) marketing concept
E) product concept - Answers product concept
Which of the following statements is true of the production concept?
A) It considers customer focus and value to be the paths to sales and profits.
B) It follows the customer-centered sense-and-respond philosophy.
C) It takes an outside-in perspective.
D) It calls for sustainable marketing.
E) It leads to companies focusing too narrowly on their own operations. - Answers It leads to
companies focusing too narrowly on their own operations.
The ________ concept is aligned with the philosophy of continuous product improvement and the
belief that customers will choose products that offer the most in quality, performance, and innovative
features.
A) product
B) production
C) societal marketing
D) marketing
E) selling - Answers product
Which of the following is the aim of the product concept?
A) improve the marketing of a firm's best products
B) market only those products with high customer appeal
C) focus on the target market and make products that meet those customers' demands
D) focus on making continuous product improvements
E) ensure that product promotion has the highest priority - Answers focus on making continuous
product improvements
Which of the following statements is true of the selling concept?
A) It requires minimum promotion efforts.
B) It creates long-term, profitable customer relationships.
C) It takes an outside-in perspective.
D) It is typically practiced with unsought goods.
E) It follows the customer-centered sense-and-respond philosophy. - Answers It is typically practiced
with unsought goods.
Which of the following marketing orientations calls for aggressive promotional efforts and focuses on
creating transactions rather than long-term customer relationships?
A) the marketing concept
B) the production concept
C) the product concept
D) the selling concept
E) the societal marketing concept - Answers the selling concept
Which of the following marketing orientations holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better than
competitors do?
A) the product concept
B) the production concept
C) the selling concept
, D) the marketing concept
E) the societal marketing concept - Answers the marketing concept
Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a
product-centered "make-and-sell" philosophy?
A) market segmentation
B) the production concept
C) the marketing concept
D) the inside-out perspective
E) marketing myopia - Answers the marketing concept
A firm that uses the selling concept takes a(n) ________ approach.
A) outside-in
B) niche marketing
C) inside-out
D) societal marketing
E) customer-driven - Answers inside-out
The marketing concept that starts with a well-defined market, focuses on customer needs, and
integrates all the marketing activities that affect customers takes a(n) ________.
A) outside-in perspective
B) product-centered make-and-sell philosophy
C) inside-out perspective
D) consumer-generated marketing approach
E) telling-and-selling approach - Answers outside-in perspective
The selling concept is typically practiced ________.
A) to balance consumers' wants, company's requirements, and the society's long-run interests
B) with products that offer the most in terms of quality, performance, and innovative features
C) when the company focuses on building long-term customer relationships
D) with goods that buyers normally do not think of buying
E) by customer-driven companies - Answers with goods that buyers normally do not think of buying
Which of the following is a characteristic of customer-driven marketing?
A) Companies understand customer needs even better than customers themselves do.
B) Customers are unaware of their needs.
C) Products are created that meet both existing and latent needs, now and in the future.
D) Customers know what they want.
E) Customers don't know what is possible. - Answers Customers know what they want.
An organization that understands and anticipates customer needs even better than customers
themselves do and creates products and services to meet current and future needs is said to practice
________ marketing.
A) customer-driven
B) customer-driving
C) affinity
D) societal
E) ambush - Answers customer-driving
When customers don't know what they want or don't even know what's possible, the most effective
marketing strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) ambush
E) affinity - Answers customer-driving
The societal marketing concept seeks to establish a balance between ________.
A) customer lifetime value and customer equity
B) an inside-out perspective and an outside-in perspective
C) consumer short-run wants and consumer long-run welfare
D) marketing mixes and market offerings
E) customer-driven marketing and customer-driving marketing - Answers consumer short-run wants
and consumer long-run welfare
