Armstrong/Kotler) Chapter 1 Marketing: Creating and Capturing Customer Value Exam (Questions & Answers) A rated - $17.49   Add to cart

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Armstrong/Kotler) Chapter 1 Marketing: Creating and Capturing Customer Value Exam (Questions & Answers) A rated

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

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