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TEST BANK
Principles of Marketing, Global Edition, 19th edition
By Kotler, Armstrong, Balasubramanian Chapter 1-20
1
Copyright © 2023 Pearson Education, Ltd.
1 of 1038 7/14/2024, 6:18
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TABLE OF CONTENTS
PART 1: DEFINING MARKETING AND THE MARKETING PROCESS
1. Marketing: Creating Customer Value and Engagement
2. Company and Marketing Strategy: Partnering to Build Customer Engagement,
Value, and Relationships
PART 2: UNDERSTANDING THE MARKETPLACE AND CONSUMER VALUE
3. Analyzing the Marketing Environment
4. Managing Marketing Information to Gain Customer Insights
5. Consumer Markets and Buyer Behavior
6. Business Markets and Business Buyer Behavior
PART 3: DESIGNING A CUSTOMER VALUE-DRIVEN STRATEGY AND MIX
7. Customer Value-Driven Marketing Strategy: Creating Value for Target
Customers
8. Products, Services, and Brands: Building Customer Value
9. Developing New Products and Managing the Product Life Cycle
10. Pricing: Understanding and Capturing Customer Value
11. Pricing Strategies: Additional Considerations
12. Marketing Channels: Delivering Customer Value
13. Retailing and Wholesaling
14. Engaging Consumers and Communicating Customer Value: Integrated Marketing
Communications Strategy
15. Advertising and Public Relations
16. Personal Selling and Sales Promotion
17. Digital Marketing
PART 4: EXTENDING MARKETING
18. Creating Competitive Advantage
19. The Global Marketplace
20. Sustainable Marketing: Social Responsibility and Ethics
2
Copyright © 2023 Pearson Education, Ltd.
2 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
Principles of Marketing, 19e, Global Edition (Kotler/Armstrong)
Chapter 1 Marketing: Creating Customer Value and Engagement
1) 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: 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 Skill:
Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Easy
3) Marketing is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through .
A) research and development
B) innovation and creativity
C) manufacturing efficiencies
D) value creation and exchange
E) sales and revenue creation
Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Moderate
3
Copyright © 2023 Pearson Education, Ltd.
3 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
4) 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: E
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
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Moderate
6) Marketing is managing profitable customer relationships.
Answer: TRUE
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Easy
7) are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
4
Copyright © 2023 Pearson Education, Ltd.
4 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
8) When backed by buying power, wants become .
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
9) Needs include all of the following EXCEPT .
A) food
B) knowledge
C) affection
D) the newest iphone
E) belonging
Answer: D
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
10) Greg Williams now has the buying power to purchase the desktop computer that he has
wanted for the last six months. Greg's want now has become a(n) .
A) need
B) necessity
C) demand
D) exchange
E) transaction
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
5
Copyright © 2023 Pearson Education, Ltd.
5 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
11) 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: A
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
12) 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: D
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
13) 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: C
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
6
Copyright © 2023 Pearson Education, Ltd.
6 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
14) 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: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
15) A(n) is the set of actual and potential buyers of a product or service.A)
market
B) control group
C) subsidiary
D) focus group
E) audience
Answer: A
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
16) Consumer research, product development, communication, distribution, pricing, and
service are all core activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
7
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7 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
17) When are sellers most effective?
A) when they focus more on their specific products and services
B) when they focus more on the price of their products and services
C) when they focus more on the benefits and experiences produced by their products and
services
D) when they focus more on where their products and services can be purchased
E) when they focus more on cost to produce the product or service
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
8
Copyright © 2023 Pearson Education, Ltd.
8 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel
to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast,
Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous
downturn in business during winter. "But, given the established industries in the nearby towns,
very little year-round competition, and our close proximity to Portland," Caroladded, "I couldn't
understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional
package designed to attract business travelers year-round. Carol's plan also involved a seasonal
promotional gimmick—to be implemented from early winter to late spring—that would attractthe
same numbers as the large summer crowd. Her idea worked! During her second winter, Carol
greeted numerous business travelers—both satisfied repeat guests as well as new guests who had
been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a partof
the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd
like to eventually provide our own. These are goals I hope to achieve in a few years. Our first
project, however, included a renovation of our guest rooms and I'm quite proud of the results."
Carol then added, "Actually there are so many possibilities. With an indoor pool area, Iwill
eventually offer weekend getaways throughout winter."
18) Seagull Terrace offers its customers good accommodations, local delicacies, and amazing
seaside views. The overall experience provided at the motel is a part of its .
A) market offering
B) target market
C) market segment
D) product positioning
E) marketing mix
Answer: A
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Challenging
19) Human needs are shaped by culture and individual personality.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
9
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9 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
20) The difference between human needs and wants is that needs are not created by marketers.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
21) When backed by buying power, needs become wants.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
22) Market offerings are limited to physical products.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
23) An experience such as a vacation can be defined as a market offering.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
24) When sellers focus on existing needs and lose sight of underlying customer wants, they
suffer from marketing myopia.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
25) A market is the set of actual and potential buyers of a product or service.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
10
Copyright © 2023 Pearson Education, Ltd.
10 of 1038 7/14/2024, 6:18
TEST BANK
Principles of Marketing, Global Edition, 19th edition
By Kotler, Armstrong, Balasubramanian Chapter 1-20
1
Copyright © 2023 Pearson Education, Ltd.
1 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
TABLE OF CONTENTS
PART 1: DEFINING MARKETING AND THE MARKETING PROCESS
1. Marketing: Creating Customer Value and Engagement
2. Company and Marketing Strategy: Partnering to Build Customer Engagement,
Value, and Relationships
PART 2: UNDERSTANDING THE MARKETPLACE AND CONSUMER VALUE
3. Analyzing the Marketing Environment
4. Managing Marketing Information to Gain Customer Insights
5. Consumer Markets and Buyer Behavior
6. Business Markets and Business Buyer Behavior
PART 3: DESIGNING A CUSTOMER VALUE-DRIVEN STRATEGY AND MIX
7. Customer Value-Driven Marketing Strategy: Creating Value for Target
Customers
8. Products, Services, and Brands: Building Customer Value
9. Developing New Products and Managing the Product Life Cycle
10. Pricing: Understanding and Capturing Customer Value
11. Pricing Strategies: Additional Considerations
12. Marketing Channels: Delivering Customer Value
13. Retailing and Wholesaling
14. Engaging Consumers and Communicating Customer Value: Integrated Marketing
Communications Strategy
15. Advertising and Public Relations
16. Personal Selling and Sales Promotion
17. Digital Marketing
PART 4: EXTENDING MARKETING
18. Creating Competitive Advantage
19. The Global Marketplace
20. Sustainable Marketing: Social Responsibility and Ethics
2
Copyright © 2023 Pearson Education, Ltd.
2 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
Principles of Marketing, 19e, Global Edition (Kotler/Armstrong)
Chapter 1 Marketing: Creating Customer Value and Engagement
1) 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: 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 Skill:
Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Easy
3) Marketing is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through .
A) research and development
B) innovation and creativity
C) manufacturing efficiencies
D) value creation and exchange
E) sales and revenue creation
Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Moderate
3
Copyright © 2023 Pearson Education, Ltd.
3 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
4) 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: E
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
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Moderate
6) Marketing is managing profitable customer relationships.
Answer: TRUE
Skill: Concept
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:
Easy
7) are human needs that are shaped by culture and individual personality.
A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
4
Copyright © 2023 Pearson Education, Ltd.
4 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
8) When backed by buying power, wants become .
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
9) Needs include all of the following EXCEPT .
A) food
B) knowledge
C) affection
D) the newest iphone
E) belonging
Answer: D
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
10) Greg Williams now has the buying power to purchase the desktop computer that he has
wanted for the last six months. Greg's want now has become a(n) .
A) need
B) necessity
C) demand
D) exchange
E) transaction
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
5
Copyright © 2023 Pearson Education, Ltd.
5 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
11) 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: A
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
12) 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: D
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
13) 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: C
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
6
Copyright © 2023 Pearson Education, Ltd.
6 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
14) 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: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
15) A(n) is the set of actual and potential buyers of a product or service.A)
market
B) control group
C) subsidiary
D) focus group
E) audience
Answer: A
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
16) Consumer research, product development, communication, distribution, pricing, and
service are all core activities.
A) positioning
B) marketing
C) outsourcing
D) production
E) logistics
Answer: B
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
7
Copyright © 2023 Pearson Education, Ltd.
7 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
17) When are sellers most effective?
A) when they focus more on their specific products and services
B) when they focus more on the price of their products and services
C) when they focus more on the benefits and experiences produced by their products and
services
D) when they focus more on where their products and services can be purchased
E) when they focus more on cost to produce the product or service
Answer: C
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
8
Copyright © 2023 Pearson Education, Ltd.
8 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel
to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast,
Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous
downturn in business during winter. "But, given the established industries in the nearby towns,
very little year-round competition, and our close proximity to Portland," Caroladded, "I couldn't
understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional
package designed to attract business travelers year-round. Carol's plan also involved a seasonal
promotional gimmick—to be implemented from early winter to late spring—that would attractthe
same numbers as the large summer crowd. Her idea worked! During her second winter, Carol
greeted numerous business travelers—both satisfied repeat guests as well as new guests who had
been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a partof
the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd
like to eventually provide our own. These are goals I hope to achieve in a few years. Our first
project, however, included a renovation of our guest rooms and I'm quite proud of the results."
Carol then added, "Actually there are so many possibilities. With an indoor pool area, Iwill
eventually offer weekend getaways throughout winter."
18) Seagull Terrace offers its customers good accommodations, local delicacies, and amazing
seaside views. The overall experience provided at the motel is a part of its .
A) market offering
B) target market
C) market segment
D) product positioning
E) marketing mix
Answer: A
AACSB: Analytical thinking
Skill: Application
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Challenging
19) Human needs are shaped by culture and individual personality.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
9
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9 of 1038 7/14/2024, 6:18
,Microsoft Word - 9b2e73934610867-1.doc - Testbank principle of mark... file:///C:/Users/EliteBook%20840/Downloads/Testbank%20principle
20) The difference between human needs and wants is that needs are not created by marketers.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
21) When backed by buying power, needs become wants.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
22) Market offerings are limited to physical products.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
23) An experience such as a vacation can be defined as a market offering.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
24) When sellers focus on existing needs and lose sight of underlying customer wants, they
suffer from marketing myopia.
Answer: FALSE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Moderate
25) A market is the set of actual and potential buyers of a product or service.
Answer: TRUE
Skill: Concept
Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Difficulty: Easy
10
Copyright © 2023 Pearson Education, Ltd.
10 of 1038 7/14/2024, 6:18
