Question 1

Bill recently bought a BMW M3.Bill had several preconceived notions on the elegance and reliability of the car.After the purchase,he discovered that the car had a lot more attributes than he initially perceived.Hence,it created an emotional relationship with the car resulting in ________.

Accepted Answer

A) customer delight 
B) customer satiety 
C) customer equity 
D) customer value 
E) customer engagement

Question 2

If marketers set consumer expectations too low,they may satisfy those who buy but fail to attract enough buyers.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following has been the most common consumer response to the economic downturn that began in 2008?

Accepted Answer

A) spending more on luxury items 
B) discontinuing any spending on luxury items 
C) spending less and choosing products more carefully 
D) spending more on leisure and travel 
E) saving more and spending more on grocery items

Question 4

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Accepted Answer

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

Question 5

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

Accepted Answer

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

Question 6

Which of the following is an example of consumer-generated marketing?

Accepted Answer

A) Toyota's page on Facebook which provides information about its upcoming cars to its customers 
B) Nike's Nike Plus Web site which helps its customers to customize their shoes 
C) BMW's use of brand-related videos posted on video-sharing Web sites by its customers 
D) Neiman Marcus's InCircle Rewards program for its best customers 
E) the Lexus Covenant aimed at creating customer delight

Question 7

Customer-perceived value depends on the product's perceived performance relative to a buyer's expectations.

Accepted Answer

A) True 
 B)False

Question 8

Nickson Cameras has developed a new design for cameras that their staff believes will offer the most in terms of quality,performance,and innovative features.Nickson Cameras is practicing the production concept here.

Accepted Answer

A) True 
 B)False

Question 9

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.Based on this classification,you should avoid ________ and shouldn't invest anything in them.

Accepted Answer

A) barnacles 
B) strangers 
C) butterflies 
D) true believers 
E) true friends

Question 10

________ refers to the portion of the customer's purchase that a company gets in its product categories.

Accepted Answer

A) Value proposition 
B) Share of customer 
C) Brand equity 
D) Customer ownership 
E) Customer equity

Question 11

________ marketing is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Accepted Answer

A) Customer-driven 
B) Mass 
C) Sustainable 
D) Customer-driving 
E) Differential

Question 12

The societal marketing concept holds that ________.

Accepted Answer

A) consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort 
B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests 
C) the society will favor products that are available and highly affordable 
D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do 
E) consumers will favor products that offer the most in quality, performance, and innovative features

Question 13

Product,price,place,and promotion make up the elements of a firm's marketing mix.

Accepted Answer

A) True 
 B)False

Question 14

Customer-driven marketing is most likely to work well when ________ and when customers ________.

Accepted Answer

A) a clear need exists; are difficult to identify 
B) customers do not know what they want; have limited budgets 
C) there are few competitors; are concerned about their long-run welfare 
D) a clear need exists; know what they want 
E) a want exists; cannot afford it

Question 15

A brand's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Accepted Answer

A) dominant affect 
B) fringe benefit 
C) cardinality 
D) value proposition 
E) fundamental benefit

Question 16

The art and science of choosing target markets and building profitable relationships with them is called ________.

Accepted Answer

A) marketing management 
B) market capitalization 
C) marketing liquidity 
D) market buzz 
E) marketing liberalization

Question 17

Wants are the form human needs take as they are shaped by culture and individual personality.

Accepted Answer

A) True 
 B)False

Question 18

Customer value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Accepted Answer

A) True 
 B)False

Question 19

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products,they suffer from marketing myopia.

Accepted Answer

A) True 
 B)False

Exam 1: Marketing Creating and Capturing Customer Value

Bill recently bought a BMW M3.Bill had several preconceived notions on the elegance and reliability of the car.After the purchase,he discovered that the car had a lot more attributes than he initially perceived.Hence,it created an emotional relationship with the car resulting in ________.

If marketers set consumer expectations too low,they may satisfy those who buy but fail to attract enough buyers.

Which of the following has been the most common consumer response to the economic downturn that began in 2008?

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

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

Which of the following is an example of consumer-generated marketing?

Customer-perceived value depends on the product's perceived performance relative to a buyer's expectations.

Nickson Cameras has developed a new design for cameras that their staff believes will offer the most in terms of quality,performance,and innovative features.Nickson Cameras is practicing the production concept here.

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.Based on this classification,you should avoid ________ and shouldn't invest anything in them.

________ refers to the portion of the customer's purchase that a company gets in its product categories.

________ marketing is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

The societal marketing concept holds that ________.

Product,price,place,and promotion make up the elements of a firm's marketing mix.

Customer-driven marketing is most likely to work well when and when customers .

A brand's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

The art and science of choosing target markets and building profitable relationships with them is called ________.

Wants are the form human needs take as they are shaped by culture and individual personality.

Customer value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products,they suffer from marketing myopia.