MARK 3336 EXAM 1 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS (3)

MARK 3336 EXAM 1 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS (3)
Question:
Which of the following is NOT an accurate description of
modern marketing?
A) Marketing is the creation of value for customers.
B) Marketing involves managing profitable customer
relationships.
C) Marketing emphasizes selling and advertising
exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is building value-laden exchange
relationships with customers.
Answer:
Marketing emphasizes selling and advertising exclusively.

Question:
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:
make selling unnecessary

Question:
________ is defined as a social and managerial process by
which individuals and organizations obtain what they
need and want through value creation and exchange.
A) Research
B) Innovation
C) Manufacturing
D) Marketing
E) Production
Answer:
Marketing

Question:
According to the five-step model of the marketing
process, which of the following is the final 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 profit and
customer equity
Answer:
building profitable relationships and creating customer delight

Question:
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:
understand the marketplace and customer needs and wants

Question:
________ are human needs that are shaped by culture and
individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer:
Wants

Question:
When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer:
demands

Question:
A ________ is some combination of products, services,
information, or experiences provided to consumers to

, satisfy a need or want.
A) market offering
B) value proposition
C) brand positioning
D) market segment
E) market mix
Answer:
market offering

Question:
Which of the following terms refers to sellers being
preoccupied with their own products and losing sight of
underlying consumer needs?
A) vendor lock-in
B) social loafing
C) value proposition
D) marketing myopia
E) conspicuous consumption
Answer:
marketing myopia

Question:
When marketers set low expectations for a market
offering, they run the risk of ________.
A) disappointing loyal customers
B) having to use an outside-in rather than an inside-out
perspective
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market
Answer:
failing to attract enough customers

Question:
________ is the act of obtaining a desired object from
someone by offering something in return.
A) Valuation
B) Exchange
C) Market offering
D) Confiscation
E) Donation
Answer:
Exchange

Question:
A(n) ________ is the set of actual and potential buyers of a
product.