Marketing: Creating Customer Value And Engagement

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Question 1
Free
Multiple Choice

Which of the following is NOT an accurate description of modern marketing?

Choose correct answer/s
A

Marketing is the creation of value for customers.

B

Marketing involves managing profitable customer relationships.

C

Marketing emphasizes selling and advertising exclusively.

D

Marketing involves satisfying customers' needs.

E

Marketing is building value-laden exchange relationships with customers.

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Question 2
Free
Multiple Choice

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

Choose correct answer/s
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

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Question 3
Free
Multiple Choice

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________ .

Choose correct answer/s
A

research and development

B

innovation and creativity

C

manufacturing efficiencies

D

value creation and exchange

E

sales and revenue creation

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Question 4
Free
Multiple Choice

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Choose correct answer/s
A

designing a customer-driven marketing strategy

B

understanding the marketplace and customer needs

C

constructing an integrated marketing program that delivers superior value

D

building profitable relationships and creating customer delight

E

capturing value from customers to create profit and customer equity

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Question 5
Free
Multiple Choice

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

Choose correct answer/s
A

determine how to deliver superior value to customers

B

build profitable relationships with customers

C

use customer relationship management to create full partnerships with key customers

D

understand the marketplace and customer needs and wants

E

construct an integrated marketing program

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Question 6
True/False

Marketing is managing profitable customer relationships.

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True
False
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Question 7
Multiple Choice

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

Choose correct answer/s
A
Necessities
B
Wants
C
Demands
D
Values
E
Exchanges
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Question 8
Multiple Choice

When backed by buying power, wants become ________ .

Choose correct answer/s
A
social needs
B
demands
C
physical needs
D
self-esteem needs
E
exchanges
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Question 9
Multiple Choice

Needs include all of the following EXCEPT ________ .

Choose correct answer/s
A
food
B
knowledge
C
affection
D
the newest iphone
E
belonging
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Question 10
Multiple Choice

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________ .

Choose correct answer/s
A
need
B
necessity
C
demand
D
exchange
E
transaction
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Question 11
Multiple Choice

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Choose correct answer/s
A
market offering
B
value proposition
C
brand positioning
D
market segment
E
market mix
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Question 12
Multiple Choice

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Choose correct answer/s
A
vendor lock-in
B
social loafing
C
value proposition
D
marketing myopia
E
conspicuous consumption
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Question 13
Multiple Choice

When marketers set low expectations for a market offering, they run the risk of ________ .

Choose correct answer/s
A
disappointing loyal customers
B
having to use an outside-in rather than an inside-out perspective
C
failing to attract enough customers
D
failing to understand their customers' needs
E
incorrectly identifying a target market
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Question 14
Multiple Choice

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

Choose correct answer/s
A
Valuation
B
Exchange
C
Market offering
D
Confiscation
E
Donation
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Question 15
Multiple Choice

A(n) ________ is the set of actual and potential buyers of a product or service.

Choose correct answer/s
A
market
B
control group
C
subsidiary
D
focus group
E
audience
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Question 16
Multiple Choice

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

Choose correct answer/s
A
positioning
B
marketing
C
outsourcing
D
production
E
logistics
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Question 17
Multiple Choice

When are sellers most effective?

Choose correct answer/s
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
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Question 18
Multiple Choice

Refer to the scenario below to answer the following question(s).
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."
-Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________ .

Choose correct answer/s
A
market offering
B
target market
C
market segment
D
product positioning
E
marketing mix
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Question 19
True/False

Human needs are shaped by culture and individual personality.

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True
False
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Question 20
True/False

The difference between human needs and wants is that needs are not created by marketers.

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True
False
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