Marketing Midterm:

1- Customer perceived value is defined as the customers evaluation of the difference

between all the benefits and all the cost of a marker offering relative to those of
competing offers
True
False
2- The difference between human needs and wants is that needs are not created by
marketers
True
False
3- Social marketing concept links among ____________.
Society, retailers, and wholesalers
Social, consumer, and company
Government, retailer and wholesalers
Society, consumer and government
4- Marketing is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through ________________.
Research and development
Manufacturing efficiencies
Innovation and creativity
Sales and revenue creation
Value creation and exchange
5- Customer equity is known as is the portion of the customer’s purchasing that a company
gets in its product categories.
True
False
6- Marketing is managing profitable customer relationships.
True
False
7- When marketers set low expectations for a market offering, they run the risk of
___________.
Failing to attract enough customers
Failing to understand their customers’ needs
Having to use outside- in rather than an inside-out perspective
Disappointing loyal customers.
Incorrectly identifying a target market
8- Partner relationship management can be seen as working closely with partners in other
company departments and outside the company to jointly bring value to customers.
True
False
9- ___________ are human needs that are shaped by culture and individual personality.
Exchange
Wants
 Necessities
Wants
Values
10- When sellers focus on existing needs and lose sight of underlying customer wants, they
suffer from marketing myopia.
True
False
11- Which of the following refers to a set of benefits that a company promises to deliver to
customers to satisfy their needs?
A cratel
Market segmentation
Marketing mix
Value proposition
Customer lock- in
12- When backed by buying power, needs become wants.
True
false
13- A ___________ is some combination of products, services, information, or experience
provided to consumers to satisfy a need or want.
Value proposition
Market mix
Brand positioning
Market segment
Market offering
14- The societal marketing concept calls on marketers to balance consumer wants and
desires, company profits, and society’s interests.
True
False
15- The meaning of value is perceived identically by all consumers.
True
False
16- The art and science of choosing target markets and building profitable relationships with
them is called_____________.
Marketing mix
Differentiation
Marketing offering
Marketing management
Positioning
17- Which of the following refers to a set of benefits that a company promises to deliver to
customers to satisfy their needs?
Value proposition
Customer lock -in
A cartel
Marketing mix
 Market segmentation
18- Comsumer research, product development, communication, distribution, pricing, and
services are all core ___________ activities.
Marketing
Production
Outsourcing
Logistics
Positioning
19- An experience such as a vacation can be defined as a marketing offering.
True
false

20- a __________ documents an organizations purpose – what it wants to accoumplish

Business portfolio
Vision statement
Product strategy
Value proposition
Mission statement