Question 1

According to management guru Peter Drucker, "The aim of marketing is to ________."

Accepted Answer

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 
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

Question 2

Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

Accepted Answer

A)  market segmentation 
B)  the production concept 
C)  the marketing concept 
D)  the inside-out perspective 
E)  marketing myopia 
A)  market segmentation 
B)  the production concept 
C)  the marketing concept 
D)  the inside-out perspective 
E)  marketing myopia

Question 3

A marketer wants to increase its "share of customer." It can do this by offering a greater variety to customers, or by ________.

Accepted Answer

A)  decreasing prices 
B)  increasing discounts and coupons 
C)  sending samples directly to customers 
D)  introducing customers to "brand evangelists" 
E)  creating programs to cross-sell and up-sell to market more products and service to existing customers 
A)  decreasing prices 
B)  increasing discounts and coupons 
C)  sending samples directly to customers 
D)  introducing customers to "brand evangelists" 
E)  creating programs to cross-sell and up-sell to market more products and service to existing customers

Question 4

A market is the set of actual and potential buyers of a product or service.

Accepted Answer

A) True 
 B)False

Question 5

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

Accepted Answer

A)  brand loyalty 
B)  customer equity 
C)  customer-perceived value 
D)  customer lifetime value 
E)  a societal marketing campaign 
A)  brand loyalty 
B)  customer equity 
C)  customer-perceived value 
D)  customer lifetime value 
E)  a societal marketing campaign

Question 6

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Accepted Answer

A)  full partnerships 
B)  basic relationships 
C)  causal relationships 
D)  club marketing programs 
E)  inverse relationships 
A)  full partnerships 
B)  basic relationships 
C)  causal relationships 
D)  club marketing programs 
E)  inverse relationships

Question 7

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

Accepted Answer

A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept 
A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept

Question 8

Which of the following customer questions is answered by a company's value proposition?

Accepted Answer

A)  "Why should I buy your brand rather than a competitor's?" 
B)  "What is your company's estimated customer equity?" 
C)  "What are the costs involved in the production of your brand?" 
D)  "What is the budget allocated by your company for research and development?" 
E)  "What is the financial stability of your company?" 
A)  "Why should I buy your brand rather than a competitor's?" 
B)  "What is your company's estimated customer equity?" 
C)  "What are the costs involved in the production of your brand?" 
D)  "What is the budget allocated by your company for research and development?" 
E)  "What is the financial stability of your company?"

Question 9

An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.

Accepted Answer

A) True 
 B)False

Question 10

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

Accepted Answer

A)  barnacles 
B)  strangers 
C)  butterflies 
D)  true friends 
E)  cash cows 
A)  barnacles 
B)  strangers 
C)  butterflies 
D)  true friends 
E)  cash cows

Question 11

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________.

Accepted Answer

A)  customer-perceived value 
B)  marketing offerings 
C)  partner relationship management 
D)  customer lifetime value 
E)  value proposition 
A)  customer-perceived value 
B)  marketing offerings 
C)  partner relationship management 
D)  customer lifetime value 
E)  value proposition

Question 12

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

Accepted Answer

Managing detailed information about cust

Question 13

________ are human needs that are shaped by culture and individual personality.

Accepted Answer

A)  Necessities 
B)  Wants 
C)  Demands 
D)  Values 
E)  Exchanges 
A)  Necessities 
B)  Wants 
C)  Demands 
D)  Values 
E)  Exchanges

Question 14

________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs.

Accepted Answer

A)  Customer-driven 
B)  Customer-driving 
C)  Affinity 
D)  Societal 
E)  Ambush 
A)  Customer-driven 
B)  Customer-driving 
C)  Affinity 
D)  Societal 
E)  Ambush

Question 15

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Accepted Answer

A)  customer lock-in 
B)  a cartel 
C)  marketing mix 
D)  value proposition 
E)  market segmentation 
A)  customer lock-in 
B)  a cartel 
C)  marketing mix 
D)  value proposition 
E)  market segmentation

Question 16

Marketers use mobile channels for several purposes. Which of the following is least likely to be one of those purposes?

Accepted Answer

A)  Enrich the brand experience. 
B)  Send billing statement. 
C)  Stimulate immediate buying. 
D)  Make shopping easier. 
E)  Boost sampling. 
A)  Enrich the brand experience. 
B)  Send billing statement. 
C)  Stimulate immediate buying. 
D)  Make shopping easier. 
E)  Boost sampling.

Question 17

When are sellers most effective?

Accepted Answer

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 
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

Question 18

Which of the following is a characteristic of customer-driven marketing?

Accepted Answer

A)  Companies understand customer needs even better than customers themselves do. 
B)  Customers are unaware of their needs. 
C)  Products are created that meet both existing and latent needs, now and in the future. 
D)  Customers know what they want. 
E)  Customers don't know what is possible. 
A)  Companies understand customer needs even better than customers themselves do. 
B)  Customers are unaware of their needs. 
C)  Products are created that meet both existing and latent needs, now and in the future. 
D)  Customers know what they want. 
E)  Customers don't know what is possible.

Question 19

________ is the act of obtaining a desired object from someone by offering something in return.

Accepted Answer

A)  Valuation 
B)  Exchange 
C)  Market offering 
D)  Confiscation 
E)  Donation 
A)  Valuation 
B)  Exchange 
C)  Market offering 
D)  Confiscation 
E)  Donation

Question 20

The societal marketing concept seeks to establish a balance between ________.

Accepted Answer

A)  customer lifetime value and customer equity 
B)  an inside-out perspective and an outside-in perspective 
C)  consumer short-run wants and consumer long-run welfare 
D)  marketing mixes and market offerings 
E)  customer-driven marketing and customer-driving marketing 
A)  customer lifetime value and customer equity 
B)  an inside-out perspective and an outside-in perspective 
C)  consumer short-run wants and consumer long-run welfare 
D)  marketing mixes and market offerings 
E)  customer-driven marketing and customer-driving marketing

According to management guru Peter Drucker, "The aim of marketing is to ________."

Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

A marketer wants to increase its "share of customer." It can do this by offering a greater variety to customers, or by ________.

A market is the set of actual and potential buyers of a product or service.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

Which of the following customer questions is answered by a company's value proposition?

An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________.

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

________ are human needs that are shaped by culture and individual personality.

________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs.

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Marketers use mobile channels for several purposes. Which of the following is least likely to be one of those purposes?

When are sellers most effective?

Which of the following is a characteristic of customer-driven marketing?

________ is the act of obtaining a desired object from someone by offering something in return.

The societal marketing concept seeks to establish a balance between ________.

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 1: Marketing: Creating Customer Value and Engagement

According to management guru Peter Drucker, "The aim of marketing is to ________."

Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

A marketer wants to increase its "share of customer." It can do this by offering a greater variety to customers, or by ________.

A market is the set of actual and potential buyers of a product or service.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.

Which of the following customer questions is answered by a company's value proposition?

An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________.

Explain how storing customer information in a database might better prepare carmaker Kia in customer relationship management.

________ are human needs that are shaped by culture and individual personality.

________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs.

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Marketers use mobile channels for several purposes. Which of the following is least likely to be one of those purposes?

When are sellers most effective?

Which of the following is a characteristic of customer-driven marketing?

________ is the act of obtaining a desired object from someone by offering something in return.

The societal marketing concept seeks to establish a balance between ________.

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters