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Marketing Essay

7722 words - 31 pages

Chapter 1
Marketing: Managing Profitable Customer Relationships

GENERAL CONTENT: Multiple-Choice Questions

1. Central to any definition of marketing is _____.
a. demand management
b. transactions
c. customer relationships
d. making a sale
e. making a profit
(Answer: c; p. 5; Easy)

2. All of the following are accurate descriptions of modern marketing today, except which one?
a. Marketing is creation of value for customers.
b. Marketing is customer satisfaction at a profit.
c. Selling and advertising are synonymous with marketing.
d. Marketing involves building and managing profitable customer relationships.
e. None of the above statements ...view middle of the document...

increase market share
c. increase sales
d. understand customers’ needs, wants, and demands
e. undermine competitors
(Answer: d; p. 6; Moderate)

8. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs.
a. Selling myopia
b. Marketing
c. Selling
d. Marketing myopia
e. Share of customer
(Answer: d; p. 7; Moderate)

9. American brand icons, including Harley-Davidson, Coca-Cola, and Nike, create deep brand meanings for consumers and do not suffer from _____.
a. short-term losses
b. long-term losses
c. competitive threats
d. marketing myopia
e. planning problems
(Answer: d; p. 7; Moderate)

10. _____ are key building blocks for developing and managing customer relationships.
a. Consumer expectations and customer satisfaction
b. Customer choices and product offers
c. Product performance and customer value
d. Customer value and customer satisfaction
e. Strategic plans
(Answer: d; p. 8; Challenging)

11. NASCAR’s primary obsession is to deliver a special _____ to every customer.
a. assortment of products
b. book store
c. experience
d. set of recommendations
e. car
(Answer: c; p. 7; Moderate)

12. All of the following phrases reflect the marketing concept, except which one?
a. We don’t have a Marketing Department, we have a Customer Department.
b. We make it happen for you.
c. We stay close to customers.
d. Putting profits ahead of customer needs is critical to the health of the firm.
e. Customers are important.
(Answer: d; p. 11; Easy)

13. An example of a(n) _____ is when a customer pays Circuit City $250 and receives a television set in return.
a. exchange
b. transaction
c. market
d. segment
e. scam
(Answer: b; p. 9; Easy)

14. _____ is the set of actual and potential buyers of a product.
a. A market
b. An audience
c. A group
d. A segment
e. An exchange
(Answer: a; p. 8; Moderate)

15. Which of the following phrases reflects the marketing concept?
a. The supplier is king.
b. Marketing should be viewed as hunting and not gardening.
c. This is what I make, won’t you please buy it?
d. This is what I want, won’t you please make it?
e. None of the above.
(Answer: d; p. 11; Challenging)

16. The art and science of choosing target markets and building profitable relationships with them is called _____.
a. marketing management
b. positioning
c. segmentation
d. selling
e. managing the marketing effort
(Answer: a; p. 9; Moderate)

17. _____ is(are) the set of benefits a company promises to deliver its consumers to satisfy their needs.
a. A money-back guarantee
b. Low prices
c. Good customer service
d. A value proposition
e. An attribute
(Answer: d; p. 9; Moderate)

18. All of the following phrases reflect a firm’s value proposition, except which...

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