Marketing: An Introduction, 14e (Armstrong/Kotler)
Chapter 1 Marketing: Creating Customer Value and Engagement
1) Marketing, more than any other business function, deals with ________.
A) customers
B) sales
C) advertising
D) new products
E) brands
Answer: A
Diff: 1
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Application of knowledge
2) According to the five-step model of the marketing process, the first step in marketing is ________.
A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) engaging customers, building profitable relationships, and creating customer delight
D) understanding the marketplace and customer needs and wants
E) designing a customer-driven marketing strategy
Answer: D
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
3) Today, marketing must not be understood in the old sense of ________.
A) creating a buying experience
B) helping people connect with the people in their lives
C) telling and selling
D) creating a culture of warmth and belonging
E) delivering value and satisfaction
Answer: C
Diff: 3
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
4) Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships.
Answer: FALSE
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
5) What is marketing? Briefly describe the marketing process.
Answer: Marketing can be defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process consists of five steps. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.
Diff: 2
LO: 1-1: Define marketing and outline the steps in the marketing process.
AACSB: Analytical thinking
6) ________ are defined as states of felt deprivation.
A) Needs
B) Ideas
C) Demands
D) Values
E) Exchanges
Answer: A
Diff: 1
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
AACSB: Analytical thinking
7) ________ are the form human needs take as they are shaped by culture and individual personality.
A) Wants
B) Necessities
C) Services
D) Benefits
E) Risks
Answer: A
Diff: 1
LO: 1-2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
AACSB: Analytical thinking
8) Consumers' needs and wants are fulfilled through ________.
A) value
B) demand
C) desire
D) market offerings