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Chapter 1 Marketing: Creating and Capturing Customer Value

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1Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 1 Marketing: Creating and Capturing Customer Value

1) All of the following are accurate descriptions of modern marketing, EXCEPT which one?A)
Marketing is the creation of value for customers.B) Marketing is managing profitable customer
relationships.C) Selling and advertising are synonymous with marketing.D) Marketing involves
satisfying customers' needs.E) Marketing is used by for-profit and not-for-profit
organizations.Answer: CDiff: 2 Page Ref: 2 and 4Skill: ConceptObjective: 1-12) According to the
opening scenario, the Tide marketing team is MOST concerned about whichof the following?A)
maintaining its brand shareB) fostering customers' emotional connections with their productC)
advertising their product's benefitsD) comparing the effectiveness of their product to other brandsE)
incorporating consumer-generated marketing in the marketing mixAnswer: BDiff: 2 Page Ref: 2Skill:
ConceptObjective: 1-13) According to management guru Peter Drucker, "The aim of marketing is to
________."A) create customer valueB) identify customer demandsC) make selling unnecessaryD) set
realistic customer expectationsE) sell productsAnswer: CDiff: 2 Page Ref: 5Skill: ConceptObjective: 1-
1

2Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

4) ________ is defined as a social and managerial process by which individuals andorganizations

obtain what they need and want through value creation and exchange.A) SellingB) AdvertisingC)
BarteringD) MarketingE) NegotiatingAnswer: DDiff: 2 Page Ref: 5Skill: ConceptObjective: 1-15) Which
steps of the five-step marketing process are about understanding customers, creatingcustomer
value, and building strong customer relationships?A) the first two onlyB) the first three onlyC) the
first four onlyD) the last three onlyE) the last four onlyAnswer: CDiff: 2 Page Ref: 5AACSB:
CommunicationSkill: ConceptObjective: 1-16) According to the simple five-step model of the
marketing process, a company needs to ________ before designing a customer-driven marketing
strategy.A) determine how to deliver superior valueB) build profitable relationships with
customersC) use customer relationship management to create full partnerships with key
customersD) understand the marketplace and customer needs and wantsE) construct key
components of a marketing programAnswer: DDiff: 2 Page Ref: 5AACSB: CommunicationSkill:
ConceptObjective: 1-2

3Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

7) ________ are human needs as shaped by individual personality and culture.A) NeedsB) WantsC)
DemandsD) ValuesE) ExchangesAnswer: BDiff: 2 Page Ref: 6Skill: ConceptObjective: 1-28) When
backed by buying power, wants become ________.A) social needsB) demandsC) physical needsD)
self-esteem needsE) exchangesAnswer: BDiff: 1 Page Ref: 6Skill: ConceptObjective: 1-29) What do
companies call a set of benefits that they promise to consumers to satisfy their needs?A) market
offeringB) value propositionC) demand satisfactionD) need propositionE) evoked setAnswer: ADiff: 1
Page Ref: 6Skill: ConceptObjective: 1-210) Which of the following refers to sellers being preoccupied
with their own products andlosing sight of underlying consumer needs?A) selling myopiaB)
marketing managementC) value propositionD) marketing myopiaE) the product conceptAnswer:
DDiff: 1 Page Ref: 6Skill: ConceptObjective: 1-2

4Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

11) When marketers set low expectations for a market offering, the biggest risk they run is
________.A) disappointing loyal customersB) decreasing customer satisfactionC) failing to attract
enough customersD) failing to understand their customers' needsE) incorrectly identifying a target
marketAnswer: CDiff: 1 Page Ref: 7Skill: ConceptObjective: 1-212) ________ is the act of obtaining a
desired object from someone by offering something inreturn.A) A value propositionB) ExchangeC)
BriberyD) Value creationE) DonationAnswer: BDiff: 1 Page Ref: 7Skill: ConceptObjective: 1-213) A(n)
________ is the set of actual and potential buyers of a product.A) marketB) audienceC) groupD)
segmentE) exchangeAnswer: ADiff: 1 Page Ref: 7Skill: ConceptObjective: 1-214) Consumer research,
product development, communication, distribution, pricing, and serviceare all core ________
activities.A) exchangeB) marketingC) managementD) productionE) customer relationship
managementAnswer: BDiff: 1 Page Ref: 7AACSB: CommunicationSkill: ConceptObjective: 1-2

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