TEST BANK For Principles of Marketing 19e Global Edition By Kotler, Armstrong, Balasubramanian, Verified Chapters 1 - 20, Complete Newest Version

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,Principles of Marketing, 17e, Global Edition (Kotler/Armstrong)
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Chapter 1 Marketing: Creating Customer Value and Engagement
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1) Which of the following is NOT an accurate description of modern marketing?
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A) Marketing is the creation of value for customers.
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B) Marketing involves managing profitable customer relationships.
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C) Marketing emphasizes selling and advertising exclusively.
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D) Marketing involves satisfying customers' needs.
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E) Marketing is building value-laden exchange relationships with customers.
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Answer: C
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AACSB: Analytical thinking
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Skill: Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Moderate
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2) According to management guru Peter Drucker, "The aim of marketing is to
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A) maximize profits of the company iv iv iv iv



B) emphasize customer wants and not customer needs
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C) make selling unnecessary
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D) fulfill unrealistic customer expectations
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E) sell products
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Answer: C
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Skill:
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Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Easy
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3) Marketing is defined as a social and managerial process by which individuals and
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organizations obtain what they need and want through
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A) research and development iv iv



B) innovation and creativity iv iv



C) manufacturing efficiencies iv



D) value creation and exchange
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E) sales and revenue creation
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Answer: D
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AACSB: Application of knowledge
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Skill: Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Moderate
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,4) According to the five-step model of the marketing process, which of the following is the
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final step in creating value for customers?
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A) designing a customer-driven marketing strategy
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B) understanding the marketplace and customer needs iv iv iv iv iv



C) constructing an integrated marketing program that delivers superior value
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D) building profitable relationships and creating customer delight
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E) capturing value from customers to create profit and customer equity
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Answer: E
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Skill: Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Moderate
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5) According to the five-step model of the marketing process, a company should
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before designing a customer-driven marketing strategy.
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A) determine how to deliver superior value to customers
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B) build profitable relationships with customers
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C) use customer relationship management to create full partnerships with key customers
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D) understand the marketplace and customer needs and wants
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E) construct an integrated marketing program
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Answer: D
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Skill: Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Moderate
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6) Marketing is managing profitable customer relationships.
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Answer: TRUE
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Skill: Concept
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Objective: LO 1.1: Define marketing and outline the steps in the marketing process.
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Difficulty: Easy
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7) are human needs that are shaped by culture and individual personality.
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A) Necessities
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
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Skill:
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Concept
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Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
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identify the five core marketplace concepts.
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Difficulty: Easy i v




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, 8) When backed by buying power, wants become
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A) social needs iv



B) demands
C) physical needs iv



D) self-esteem needs iv



E) exchanges
Answer: B
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Skill:
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Concept
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Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
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identify the five core marketplace concepts.
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Difficulty: Easy i v




9) Needs include all of the following EXCEPT
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A) food
B) knowledge
C) affection
D) the newest iphone
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E) belonging
Answer: D
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Skill:
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Concept
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Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
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identify the five core marketplace concepts.
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Difficulty: Easy i v




10) Greg Williams now has the buying power to purchase the desktop computer that he has
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wanted for the last six months. Greg's want now has become a(n)
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A) need
B) necessity
C) demand
D) exchange
E) transaction
Answer: C
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AACSB: Analytical thinking i v iv



Skill: Application
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Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and
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identify the five core marketplace concepts.
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Difficulty: Moderate i v




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