Principles of Marketing 15th Global Edition by Gary Armstrong Test bank

Exam

Name___________________________________

 

1.
 

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

A)
 

Marketing involves managing profitable customer relationships.

B)
 

Marketing is building value-laden exchange relationships with customers.

C)
 

Marketing emphasizes selling and advertising exclusively.

D)
 

Marketing involves satisfying customers' needs.

E)
 

Marketing is the creation of value for customers.

Page Ref: 27

AACSB: 

Skill: Concept

Objective: 1-1

Difficulty: Moderate

 

 

2.
 

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

A)
 

maximize profits of the company

B)
 

make selling unnecessary

C)
 

emphasize customer wants and not customer needs

D)
 

sell products

E)
 

fulfill unrealistic customer expectations

Page Ref: 27

AACSB: 

Skill: Concept

Objective: 1-1

Difficulty: Easy

 

 

3.
 

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

A)
 

Research 

B)
 

Manufacturing

C)
 

Marketing

D)
 

Innovation

E)
 

Production

Page Ref: 27

AACSB: 

Skill: Concept

Objective: 1-1

Difficulty: Easy

 

 

4.
 

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

A)
 

constructing an integrated marketing program that delivers superior value

B)
 

understanding the marketplace and customer needs

C)
 

designing a customer-driven marketing strategy

D)
 

building profitable relationships and creating customer delight

E)
 

capturing value from customers to create profit and customer equity