Principles of Marketing, 19th Edition, Kotler, Armstrong - Test Bank For Principles of Marketing 19E - All Chapters Covered

TEST BANK

PRINCIPLES OF MARKETING
19TH EDITION

CHAPTER NO. 01: MARKETING: CREATING CUSTOMER VALUE AND
ENGAGEMENT
1) Which of these statements reflects Amazon founder Jeff Bezos’s opinion on the firm’s success
and modern marketing?
A) Focus on the bottom line
B) Hire the right people
C) Obsess over customers
D) Sell everything to anybody
E) Deliver savings
Answer: C
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate


2) 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
Answer: C
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Easy


3) Marketing is defined as a set of strategies and activities by which companies acquire and

,engage customers, build strong customer and client relationships, and create superior customer
value in order to ________.
A) enhance research and development efforts
B) maintain or gain the leading market position
C) profit from the sale of products
D) capture value from customers in return
E) increase the firm’s revenue
Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate


4) According to the five-step model of the marketing process, which of the following is the last
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 profits and customer equity
Answer: E
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate


5) 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

,Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate


6) Which of these objectives is one of the threefold goals of marketing?
A) attract new customers by promising superior value
B) extract as much profit as possible from the market segment
C) focus on growing the firm’s market share
D) create new products through extensive research and development
E) partner with supply chain members to deliver low-cost products
Answer: A
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate
7) Marketing is managing profitable customer relationships.
Answer: TRUE
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Easy


8) One of the threefold goals of marketing is to eliminate unprofitable customers.
Answer: FALSE
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Moderate


9) Marketing is a social and managerial process by which entities obtain what they need or want
by creating and exchanging value with others.

, Answer: TRUE
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Easy


10) List the five steps of the marketing process.
Answer:
Step 1: Understand the marketplace and customer needs and wants.
Step 2:Design a customer value-driven marketing strategy.
Step 3: Construct an integrated marketing mix that delivers superior value.
Step 4: Engage customers, build profitable relationships, and create customer delight.
Step 5: Capture value from customers to create profits and customer equity.
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
Difficulty: Easy




11) ________ are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy