Marketing An Introduction, 12e (Armstrong/Kotler) TEST BANK San Jose State University

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 6) Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________. A) consumers' brand experiences B) competitors' threats C) consumers' existing wants D) competitors' strengths E) consumers' future demands Answer: C Difficulty: Moderate Chapter LO: 2 Course LO: Discuss the fundamental concepts of marketing 7) ________ is the act of obtaining a desired object from someone by offering something in return. A) Targeting B) Segmentation C) Differentiation D) Exchange E) Positioning Answer: D Difficulty: Easy Chapter LO: 2 Course LO: Discuss the fundamental concepts of marketing 8) Dividing a market into several sections of customers is known as ________. A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing Answer: C Difficulty: Easy Chapter LO: 2 Course LO: Discuss the fundamental concepts of marketing 9) Selecting particular segments of a population of customers to serve is called ________. A) process reengineering B) brand synchronizing C) mass customizing D) target marketing E) market positioning Answer: D Difficulty: Moderate Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 10) GT Grand, a manufacturer of ultra-luxury cars, supplies customized vehicles based on the specific demands of customers in affluent market segments. The company's approach is most likely referred to as ________. A) mass distribution B) cost leadership C) consumer-generated marketing D) target marketing E) undifferentiated marketing Answer: D Difficulty: Difficult Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing AACSB: Analytic thinking 11) A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs. A) dominant effect B) fringe benefit C) perquisite D) value proposition E) dividend yield Answer: D Difficulty: Easy Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 12) Which of the following concepts holds that consumers will favor products that are available and highly affordable? A) the marketing concept B) the product concept C) the societal marketing concept D) the selling concept E) the production concept Answer: E Difficulty: Moderate Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 13) The production concept holds that ________. A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests C) consumers will favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features Answer: C Difficulty: Moderate Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 14) The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features. A) societal marketing B) marketing C) selling D) productio