Test Bank for Marketing Management 15th Edition by Keller & Kotler Complete All Chapters (Revised Version)

Test Bank for Marketing Management 15th Edition by Keller & Kotler Complete All Chapters (Revised Version). Marketing Management, 15e (Kotler) Chapter 2 Developing Marketing Strategies and Plans B) strategic marketing plan C) corporate tactical plan D) corporate 1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 2) What is the traditional view of marketing? A) Firms should just focus on production because if the products are good then they will automatically sell. B) Firms should just focus on production and selling because marketing occurs as a part of the selling process. C) Firms should have a proper marketing team that can increase consumers' awareness of their products and rouse their interest in them. D) Firms should price their products as low as possible so that marketing them becomes easy. E) Firms should remember that promotion is the most important of the four Ps. Answer: B Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 3) The value delivery process can be divided into three phases, out of which "choosing the value" implies ________, which is the essence of strategic marketing. 2 A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Answer: D Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 3 4) Apex Corporation is one of the best in its industry in terms of costs and performance. Many companies in its industry will probably consider Apex as a ________. A) pioneer B) benchmark C) target for acquisition D) future supplier E) sounding board for ideas Answer: B Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Application of knowledge 5) James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process. A) market-sensing B) new-offering realization C) customer acquisition D) customer relationship management E) fulfillment management Answer: A Diff: 3 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking; Application of knowledge 6) When a customer places an order at BookB, the company processes the customer's payment information, sends the order to the nearest warehouse, and ships the order via FedEx. This is best described as the ________ process. A) market-sensing B) customer acquisition C) customer relationship management D) fulfillment management E) new-offering realization Test Bank for Marketing Management 15th Edition by Keller & Kotler 4 Answer: D Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking; Application of knowledge Test Bank for Marketing Management 15th Edition by Keller & Kotler 5 7) Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________. A) the traditional marketing approach would be the best approach to follow B) the producers must consider themselves as a part of the value-chain process C) the producers should focus on niche markets D) all market segments are equally profitable E) target market strategies are no longer effective Answer: B Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking 8) The first phase of the value creation and delivery sequence is ________ the value that represents the "homework" marketing must do before any product exists. A) choosing B) providing C) communicating D) considering E) acquiring Answer: A Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 9) What is the second phase of the value creation and delivery sequence? A) choosing the value B) providing the value C) communicating the value D) calculating the value E) calibrating the value Answer: B Diff: 2 LO: 2.1: How does marketing affect customer value? Test Bank for Marketing Management 15th Edition by Keller & Kotler 6 AACSB: Reflective thinking 10) The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product. A) developing B) positioning C) communicating D) reversing E) researching Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? 11) Angelo made the decision to outsource the software components of his consulting company so he could focus on the company's ________, which are sources of competitive advantage, make a contribution to perceived customer benefits, have application in a wide variety of markets, and are difficult to imitate. A) core competencies B) infrastructure C) market-sensing processes D) fulfillment management processes E) outbound logistics Answer: A Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Application of knowledge 12) The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service). A) operations processes B) manufacturing processes Test Bank for Marketing Management 15th Edition by Keller & Kotler 7 C) primary activities D) secondary activities E) tertiary activities Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 13) Michael Porter's value chain would identify which of the following as a support activity? A) shipping out final products B) marketing products C) procurement D) servicing products E) operations Answer: C Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking Test Bank for Marketing Management 15th Edition by Keller & Kotler 8 14) Which of the following can be considered a primary activity in the value chain process? A) procurement B) human resource management C) technology development D) inbound logistics E) firm infrastructure Answer: D Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking 15) The fulfillment management process includes all the activities in ________. A) gathering and acting upon information about the market B) researching, developing, and launching new high-quality offerings quickly and within budget standards C) defining target markets and prospecting for new customers D) building deeper understanding, relationships, and offerings to individual customers E) receiving and approving orders, shipping the goods on time, and collecting payment Answer: E Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 16) With respect to core business processes, the ________ process includes all the activities involved in gathering external information, disseminating it within the organization, and acting on the information. A) market-sensing B) market research C) target marketing D) market pulse E) deployment Test Bank for Marketing Management 15th Edition by Keller & Kotler 9 Answer: A Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking 17) With respect to core business processes, the ________ process includes all the activities involved in developing and launching high-quality products quickly and within budget. A) market-sensing B) new-offering realization C) fulfillment management D) customer acquisition E) customer relationship management Answer: B Diff: 1 LO: 2.1: How does marketing affect customer value? AACSB: Analytical thinking 18) Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process. A) customer acquisition B) customer relationship management C) customer prospecting D) customer integrating management E) customer equity Answer: B Diff: 2 LO: 2.1: How does marketing affect customer value? AACSB: Reflective thinking 19) ________ management allows the company to discover who its target markets are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities. A) Network Test Bank for Marketing Management 15th Edition by Keller & Kotler