9/5/24, 5:49 129336013 Principles of Marketing Test Bank
PM Chp 1
CHAPTER 1
MARKETING IN A CHANGING WORLD:
CREATING CUSTOMER VALUE AND SATISFACTION
MULTIPLE CHOICE QUESTIONS
1. Today’s successful companies at all levels have one thing in common. The common
theme can best be described as one where the companies are:
a. oriented around public service.
b. strongly customer focused and heavily committed to marketing.
c. moving toward globalization and socialization.
d. more interested in governmental regulation and control than ever before.
Answer: (b) Difficulty: (1) Page: 4
2. According to Bernie Marcus, cofounder of Home Depot, the Holy Grail of business
is:
a. the bottom line.
b. promotion, promotion, and more promotion.
c. an almost blind, passionate commitment to taking care of customers.
d. meet every competitive threat with strength, commitment, and the courage to win.
Answer: (c) Difficulty: (2) Page: 4
3. Creating is at the very heart of modern marketing thinking
and practice.
a. profit maximization
b. increased stock value
c. award winning products
d. customer value and satisfaction
Answer: (d) Difficulty: (2) Page: 4
4. The twofold goal of marketing is to attract new customers by promising superior
value and:
a. win advertising and industry awards for excellence.
b. to keep and grow current customers by delivering satisfaction.
c. enhance shareholder value.
d. pay as few taxes as possible.
Answer: (b) Difficulty: (1) Page: 4
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,9/5/24, 5:49 129336013 Principles of Marketing Test Bank
PM Chp 1
5. Wal-Mart has become the world’s largest retailer by delivering on its promise,
“Always low prices—always.” This would be an example of the marketing
philosophy that says:
a. “Take care of your customers, and market share and profits will follow.”
b. “Buy cheap, sell cheap.”
c. “Always take discounts and pass some of them on to consumers.”
d. “Distribution is the secret to all conquests in marketing.”
Answer: (a) Difficulty: (2) Page: 4
6. Today, marketing must be understood in a new sense that can be characterized as:
a. “telling and selling.”
b. “management of youth demand.”
c. “get there first with the most.”
d. “satisfying customer needs.”
Answer: (d) Difficulty: (2) Page: 5
7. is a social and managerial process by which individuals and
groups obtain what they need and want through creating and exchanging products and
value with others.
a. Management
b. Marketing
c. Econometrics
d. Demand
Answer: (b) Difficulty: (1) Page: 5
8. The most basic concept underlying marketing is that of:
a. products and services.
b. human needs.
c. barter.
d. transactions.
Answer: (b) Difficulty: (3) Page: 5
9. are states of felt deprivation.
a. Demands
b. Wants
c. Needs
d. Core transactions
Answer: (c) Difficulty: (1) Page: 5
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, 9/5/24, 5:49 129336013 Principles of Marketing Test Bank
PM Chp 1
10. Basic needs, such as those for food, clothing, and safety, refer to:
a. physical needs.
b. social needs.
c. individual needs.
d. physical wants.
Answer: (a) Difficulty: (2) Page: 5
11. are shaped by one’s society and are described in terms of objects.
a. Needs
b. Wants
c. Demands
d. Transactions
Answer: (b) Difficulty: (1) Page: 5
12. When backed by buying power, wants become:
a. needs.
b. relationships.
c. object relationships.
d. demands.
Answer: (d) Difficulty: (2) Page: 5
13. In outstanding companies, people at all levels, including top management,:
a. work more than eight hours a day.
b. are constantly inventing new products.
c. are addicted to time management.
d. stay close to customers.
Answer: (d) Difficulty: (2) Page: 6
14.Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need is called a:
a. demand.
b. basic staple.
c. product.
d. service.
Answer: (c) Difficulty: (2) Page: 7
about:bl 3/
PM Chp 1
CHAPTER 1
MARKETING IN A CHANGING WORLD:
CREATING CUSTOMER VALUE AND SATISFACTION
MULTIPLE CHOICE QUESTIONS
1. Today’s successful companies at all levels have one thing in common. The common
theme can best be described as one where the companies are:
a. oriented around public service.
b. strongly customer focused and heavily committed to marketing.
c. moving toward globalization and socialization.
d. more interested in governmental regulation and control than ever before.
Answer: (b) Difficulty: (1) Page: 4
2. According to Bernie Marcus, cofounder of Home Depot, the Holy Grail of business
is:
a. the bottom line.
b. promotion, promotion, and more promotion.
c. an almost blind, passionate commitment to taking care of customers.
d. meet every competitive threat with strength, commitment, and the courage to win.
Answer: (c) Difficulty: (2) Page: 4
3. Creating is at the very heart of modern marketing thinking
and practice.
a. profit maximization
b. increased stock value
c. award winning products
d. customer value and satisfaction
Answer: (d) Difficulty: (2) Page: 4
4. The twofold goal of marketing is to attract new customers by promising superior
value and:
a. win advertising and industry awards for excellence.
b. to keep and grow current customers by delivering satisfaction.
c. enhance shareholder value.
d. pay as few taxes as possible.
Answer: (b) Difficulty: (1) Page: 4
about:bl 1/
,9/5/24, 5:49 129336013 Principles of Marketing Test Bank
PM Chp 1
5. Wal-Mart has become the world’s largest retailer by delivering on its promise,
“Always low prices—always.” This would be an example of the marketing
philosophy that says:
a. “Take care of your customers, and market share and profits will follow.”
b. “Buy cheap, sell cheap.”
c. “Always take discounts and pass some of them on to consumers.”
d. “Distribution is the secret to all conquests in marketing.”
Answer: (a) Difficulty: (2) Page: 4
6. Today, marketing must be understood in a new sense that can be characterized as:
a. “telling and selling.”
b. “management of youth demand.”
c. “get there first with the most.”
d. “satisfying customer needs.”
Answer: (d) Difficulty: (2) Page: 5
7. is a social and managerial process by which individuals and
groups obtain what they need and want through creating and exchanging products and
value with others.
a. Management
b. Marketing
c. Econometrics
d. Demand
Answer: (b) Difficulty: (1) Page: 5
8. The most basic concept underlying marketing is that of:
a. products and services.
b. human needs.
c. barter.
d. transactions.
Answer: (b) Difficulty: (3) Page: 5
9. are states of felt deprivation.
a. Demands
b. Wants
c. Needs
d. Core transactions
Answer: (c) Difficulty: (1) Page: 5
about:bl 2/
, 9/5/24, 5:49 129336013 Principles of Marketing Test Bank
PM Chp 1
10. Basic needs, such as those for food, clothing, and safety, refer to:
a. physical needs.
b. social needs.
c. individual needs.
d. physical wants.
Answer: (a) Difficulty: (2) Page: 5
11. are shaped by one’s society and are described in terms of objects.
a. Needs
b. Wants
c. Demands
d. Transactions
Answer: (b) Difficulty: (1) Page: 5
12. When backed by buying power, wants become:
a. needs.
b. relationships.
c. object relationships.
d. demands.
Answer: (d) Difficulty: (2) Page: 5
13. In outstanding companies, people at all levels, including top management,:
a. work more than eight hours a day.
b. are constantly inventing new products.
c. are addicted to time management.
d. stay close to customers.
Answer: (d) Difficulty: (2) Page: 6
14.Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need is called a:
a. demand.
b. basic staple.
c. product.
d. service.
Answer: (c) Difficulty: (2) Page: 7
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