Marketing: An Introduction, 11e (Armstrong)
Chapter 1 Marketing: Creating and Capturing Customer Value
1) 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.
A) Value reengineering
B) Human resource management
C) Financing
D) Marketing
E) Root cause analysis
Answer: D
Page Ref: 5
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
2) The first step in the marketing process 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
Page Ref: 6
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
3) are states of felt deprivation.
A) Needs
B) Desires
C) Demands
D) Values
E) Exchanges
Answer: A
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
,4) are human needs as shaped by individual personality and culture.
A) Offerings
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
5) When backed by buying power, wants become .
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
6) Abel now has the buying power to purchase the computer that he wanted for the last six
months. Abel's want has now become a(n) .
A) need
B) necessity
C) demand
D) exigency
E) desire
Answer: C
Page Ref: 6
Difficulty: Challenging
Chapter LO: 2
AACSB: Analytic skills
Course LO: Discuss the fundamental concepts of marketing
, 7) refers to the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products.
A) Buyer's remorse
B) Out-of-home advertising
C) Caveat emptor
D) Marketing myopia
E) Winner's curse
Answer: D
Page Ref: 7
Difficulty: Moderate
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
8) The art and science of choosing target markets and building profitable relationships with them
is called .
A) marketing management
B) market capitalization
C) marketing liquidity
D) market buzz
E) marketing liberalization
Answer: A
Page Ref: 9
Difficulty: Easy
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
9) Selecting particular segments of a population of customers to serve is called .
A) value reengineering
B) brand synchronizing
C) mass customizing
D) target marketing
E) selective administering
Answer: D
Page Ref: 9
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
Chapter 1 Marketing: Creating and Capturing Customer Value
1) 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.
A) Value reengineering
B) Human resource management
C) Financing
D) Marketing
E) Root cause analysis
Answer: D
Page Ref: 5
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
2) The first step in the marketing process 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
Page Ref: 6
Difficulty: Moderate
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing
3) are states of felt deprivation.
A) Needs
B) Desires
C) Demands
D) Values
E) Exchanges
Answer: A
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
,4) are human needs as shaped by individual personality and culture.
A) Offerings
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
5) When backed by buying power, wants become .
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Page Ref: 6
Difficulty: Easy
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
6) Abel now has the buying power to purchase the computer that he wanted for the last six
months. Abel's want has now become a(n) .
A) need
B) necessity
C) demand
D) exigency
E) desire
Answer: C
Page Ref: 6
Difficulty: Challenging
Chapter LO: 2
AACSB: Analytic skills
Course LO: Discuss the fundamental concepts of marketing
, 7) refers to the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products.
A) Buyer's remorse
B) Out-of-home advertising
C) Caveat emptor
D) Marketing myopia
E) Winner's curse
Answer: D
Page Ref: 7
Difficulty: Moderate
Chapter LO: 2
Course LO: Discuss the fundamental concepts of marketing
8) The art and science of choosing target markets and building profitable relationships with them
is called .
A) marketing management
B) market capitalization
C) marketing liquidity
D) market buzz
E) marketing liberalization
Answer: A
Page Ref: 9
Difficulty: Easy
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
9) Selecting particular segments of a population of customers to serve is called .
A) value reengineering
B) brand synchronizing
C) mass customizing
D) target marketing
E) selective administering
Answer: D
Page Ref: 9
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing
