TEST BANK Introduction to Marketing
test 1 EXAM 2024
,According to management guru Peter Drucker, "The aim of marketing is to ________."
A) create customer value
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products - CORRECT ANSWERS-make selling unnecessary
________ 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) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating - CORRECT ANSWERS-Marketing
Which steps of the five-step marketing process are about understanding customers,
creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only - CORRECT ANSWERS-the first four only
According to the simple five-step model of the marketing process, a company needs to
________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
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 key components of a marketing program - CORRECT ANSWERS-
understand the marketplace and customer needs and wants
________ are human needs as shaped by individual personality and culture.
A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges - CORRECT ANSWERS-Wants
When backed by buying power, wants become ________.
A) social needs
, B) demands
C) physical needs
D) self-esteem needs
E) exchanges - CORRECT ANSWERS-Demands
A(n) ________ is some combination of products, services, information, or experiences
offered to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set - CORRECT ANSWERS-Market Offering
Which of the following refers to sellers being preoccupied with their own products and
losing sight of underlying consumer needs?
A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept - CORRECT ANSWERS-Marketing Myopia
When marketers set low expectations for a market offering, the biggest risk they run is
________.
A) disappointing loyal customers
B) decreasing customer satisfaction
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - CORRECT ANSWERS-failing to attract
enough customers
________ is the act of obtaining a desired object from someone by offering something
in return.
A) Valuation
B) Exchange
C) Bribery
D) Value creation
E) Donation - CORRECT ANSWERS-Exchange
A(n) ________ is the set of actual and potential buyers of a product.
A) market
B) audience
C) group
D) segment
E) exchange - CORRECT ANSWERS-market
test 1 EXAM 2024
,According to management guru Peter Drucker, "The aim of marketing is to ________."
A) create customer value
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products - CORRECT ANSWERS-make selling unnecessary
________ 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) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating - CORRECT ANSWERS-Marketing
Which steps of the five-step marketing process are about understanding customers,
creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only - CORRECT ANSWERS-the first four only
According to the simple five-step model of the marketing process, a company needs to
________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
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 key components of a marketing program - CORRECT ANSWERS-
understand the marketplace and customer needs and wants
________ are human needs as shaped by individual personality and culture.
A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges - CORRECT ANSWERS-Wants
When backed by buying power, wants become ________.
A) social needs
, B) demands
C) physical needs
D) self-esteem needs
E) exchanges - CORRECT ANSWERS-Demands
A(n) ________ is some combination of products, services, information, or experiences
offered to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set - CORRECT ANSWERS-Market Offering
Which of the following refers to sellers being preoccupied with their own products and
losing sight of underlying consumer needs?
A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept - CORRECT ANSWERS-Marketing Myopia
When marketers set low expectations for a market offering, the biggest risk they run is
________.
A) disappointing loyal customers
B) decreasing customer satisfaction
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - CORRECT ANSWERS-failing to attract
enough customers
________ is the act of obtaining a desired object from someone by offering something
in return.
A) Valuation
B) Exchange
C) Bribery
D) Value creation
E) Donation - CORRECT ANSWERS-Exchange
A(n) ________ is the set of actual and potential buyers of a product.
A) market
B) audience
C) group
D) segment
E) exchange - CORRECT ANSWERS-market
