Question 1

Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers?

Accepted Answer

A) customer-perceived value 
B) customer satisfaction 
C) customer-perceived performance 
D) customer relationship management 
E) market segmentation

Question 2

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Accepted Answer

A) True 
 B)False

Question 3

Customer satisfaction is said to occur when ________.

Accepted Answer

A) a product's performance falls short of customer expectations 
B) a product's performance matches or exceeds customer expectations 
C) a product's price was heavily discounted 
D) the product was well designed 
E) the customer's benefits outweighed the costs of purchasing the product

Question 4

Which of the following statements is NOT correct?

Accepted Answer

A) It is always appropriate to create a sense of excitement from buying,using and experiencing products. 
B) Marketing managers retain customers by ensuring that branded goods,services and experiences offer intrinsic value. 
C) There are instances where creating excitement might be inappropriate. 
D) All of the above. 
E) None of the above.

Question 5

You have just taken a new position in an organisation and you're learning about the job functions of your new colleagues.You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships,and frequently speaks about the need to deliver superior customer value and satisfaction.Your manager is concerned with which one of the following?

Accepted Answer

A) database management 
B) website hits 
C) the societal marketing concept 
D) not-for-profit marketing 
E) customer relationship management

Question 6

During the recent economic downturn,marketers have been emphasising the ________ of their products more than ever.

Accepted Answer

A) image 
B) value 
C) safety 
D) uniqueness 
E) quality

Question 7

Marketers should look beyond the attributes of the products and services that they sell in order to also create brand experiences for consumers.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) A value proposition 
B) Exchange 
C) Bribery 
D) Value 
E) Donation

Question 9

When backed by buying power,needs become wants.

Accepted Answer

A) True 
 B)False

Question 10

The marketing task known as demarketing involves ________.

Accepted Answer

A) reducing demand,either temporarily or permanently 
B) adopting a low price position for a product or brand 
C) preventing competitors from imitating a product or brand 
D) reducing the value embedded in a product or brand 
E) eliminating the product from the offerings

Question 11

The ________ marketing concept questions whether the pure marketing concept is adequate in the age of environmental problems,resource shortages,rapid population growth,worldwide economic problems and neglected social services.

Accepted Answer

The answer of The ________ marketing concept questions whether the...

Question 12

The ________ concept holds that consumers will favour products that offer the most quality,performance and innovative features.

Accepted Answer

The answer of The ________ concept holds that consumers will...

Question 13

Which of the following is most likely true of a global firm?

Accepted Answer

A) A global firm typically operates from one country. 
B) A global firm engages in joint partnerships overseas. 
C) A global firm sees the world as many different markets. 
D) A global firm manufactures and markets goods wherever it can do the best job. 
E) None of the above.

Question 14

Market offerings can include products,services,information or experiences offered to a market to satisfy a need or want.

Accepted Answer

A) True 
 B)False

Question 15

________ refers to sellers being preoccupied with their own products and losing sight of underlying potential consumer and market needs.

Accepted Answer

A) Marketing management 
B) Value proposition 
C) Marketing myopia 
D) The product concept 
E) The production concept

Question 16

Two important questions underlying marketing strategy are: 'Who is our target market?' and 'What's our value proposition?'

Accepted Answer

A) True 
 B)False

Question 17

The elements of the extended marketing mix are the 4 Ps plus people,process and physical evidence.

Accepted Answer

A) True 
 B)False

Question 18

Selecting which segments of a population of customers to serve is called ________.

Accepted Answer

A) market segmentation 
B) market positioning 
C) customisation 
D) target marketing 
E) choosing a value proposition

Question 19

If a product's performance falls short of the customer's expectations,the buyer will be dissatisfied.

Accepted Answer

A) True 
 B)False

Question 20

Which customer question is answered by a company's value proposition?

Accepted Answer

A) 'Why should I buy your brand rather than a competitor's?' 
B) 'How does your brand benefit me and society?' 
C) 'What are the costs and benefits of your brand?' 
D) 'What kind of experience will I have with products and services associated with this brand?' 
E) 'What are the benefits of being a loyal consumer of your brand?'

Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers?

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Customer satisfaction is said to occur when ________.

Which of the following statements is NOT correct?

During the recent economic downturn,marketers have been emphasising the ________ of their products more than ever.

Marketers should look beyond the attributes of the products and services that they sell in order to also create brand experiences for consumers.

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

When backed by buying power,needs become wants.

The marketing task known as demarketing involves ________.

The ________ marketing concept questions whether the pure marketing concept is adequate in the age of environmental problems,resource shortages,rapid population growth,worldwide economic problems and neglected social services.

The ________ concept holds that consumers will favour products that offer the most quality,performance and innovative features.

Which of the following is most likely true of a global firm?

Market offerings can include products,services,information or experiences offered to a market to satisfy a need or want.

________ refers to sellers being preoccupied with their own products and losing sight of underlying potential consumer and market needs.

Two important questions underlying marketing strategy are: 'Who is our target market?' and 'What's our value proposition?'

The elements of the extended marketing mix are the 4 Ps plus people,process and physical evidence.

Selecting which segments of a population of customers to serve is called ________.

If a product's performance falls short of the customer's expectations,the buyer will be dissatisfied.

Which customer question is answered by a company's value proposition?