1. All of the following are accurate descriptions of modern marketing, EXCEPT which one? A. A) Selling and advertising are synonymous with marketing. B. B) Marketing is the creation of value for customers. C. C) Marketing involves satisfying customers' needs. D. D) Marketing is managing profitable customer relationships. E. E)
Marketing is used by for-profit and not-for-profit organizations.
2. According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A. A) maintaining its brand share B. B) advertising their product's benefits C. C) comparing the effectiveness of their product to other brands D. D)incorporating
consumer-generated marketing in the marketing mix E. E) fostering customers' emotional connections with their product
3. According to management guru Peter Drucker, "The aim of marketing is to ________." A. A) make selling unnecessary B. B) create customer value C. C) sell products D. D) identify customer demands E. E) set realistic customer expectations
4. ________ 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. A) Selling B. B) Negotiating C. C) Bartering D. D) Advertising E. E) Marketing
5. Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A. A) the first three only B. B) the first four only C. C) the first two only D. D) the last four only E. E) the last three only
6. According to
the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy A. A) construct key components of a marketing program B. B) build profitable relationships with customers C. C) use customer relationship management to create full partnerships with key customers D. D) determine how to deliver superior value -
E. E) understand the marketplace and customer needs and wants 1
7. ________ are human needs as shaped by individual personality and culture. A. A) Values B. B) Needs C. C) Demands D. D) Wants E. E) Exchanges
8. When backed by buying power, wants become ________.
A. A) exchanges B. B) social needs C. C) physical needs D. D) demands E. E) self-esteem needs 9. What do companies call a set of benefits that they promise to consumers to satisfy their needs? A. A) value proposition B. B) demand satisfaction C. C)
need proposition D. D) evoked set E. E) market offering
10. Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A. A) selling myopia B. B) the product concept C. C) marketing management D. D) marketing myopia E. E) value proposition
11. When marketers set low expectations for a market offering, the biggest risk they run is ________. A. A) failing to attract enough customers B. B) failing to understand their customers' needs C. C) incorrectly identifying a target market D. D) decreasing customer satisfaction E.
E) disappointing loyal customers
12. ________ is the act of obtaining a desired object from someone by offering something in return. A. A) Exchange B. B) Donation C. C) Value creation D. D) A value proposition E. E) Bribery
13. A(n) ________ is the set of actual and potential buyers
of a product. A. A) segment B. B) group C. C) audience D. D) market E. E) exchange
14. Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. 15. Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A. A) Customer evangelists will become unpaid salespersons for the service or product. B. B) All customers will be delighted. C.
C) Customer-perceived value will increase. D. D) The company will need to follow up with a demarketing campaign. E. E) Not all customers will be satisfied.
16. In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently. A. A) demarketing B. B) marketing C.
C) surplusing D. D) value marketing E. E) negotiating
17. The art and science of choosing target markets and building profitable relationships with them is called ________. A. A) positioning B. B) selling C. C) marketing management D. D) differentiation E. E)
segmentation
18. Selecting which segments of a population of customers to serve is called ________. 19. Which of the following is the set of benefits a company
promises to deliver to the customer to satisfy their needs? 20. Which customer question is answered by a company's value proposition? A. A) "How does your brand benefit me and
society?" B. B) "What are the benefits of being a loyal consumer of your brand?" C. C) "What kind of experience will I have with products and services associated with this brand?" D. D) "What are the costs and benefits of your brand?" E. E) "Why should I buy your brand rather than a competitor's?"
21. Which of the following marketing management
orientations focuses primarily on improving efficiencies along the supply chain? 22. Which of the following marketing management concepts is most likely to lead to marketing myopia? 23. The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. A.
A) promotion B. B) production C. C) customer D. D) marketing E. E) product
24. The product concept says that a company should do which of the following? A. A) make promoting products the top priority B. B) focus on the target market and make products that meet those customers' demands
C. C) focus on making continuous product improvements D. D) market only those products with high customer appeal E. E) improve marketing of its best products
25. "Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept. A. A) selling B. B) target marketing C.
C) marketing D. D) production E. E) product
What is the Build a better mousetrap fallacy?
The “better mousetrap fallacy” is the mistaken belief that a superior product will automatically generate customers, which would remove the need for building that “path to your door” through a strong marketing plan.
Who said if you build a better mousetrap?
Legend has it that that Ralph Waldo Emerson once said, “If you build a better mousetrap, the world will beat a path to your door.” The Sage of Concord actually said, “If a man has good corn or wood, or boards, or pigs to sell, or can make better chairs or knives, crucibles or church organs, than anybody else, you will ...
What does mousetrap mean in business?
the mistaken notion that if a company produces a technically better product than its competitors it will be more successful in the marketplace.
Who needs a better mousetrap?
Have you ever heard this quote: “Build a better mousetrap, and the world will beat a path to your door.” In the United States, these words are commonly credited to Ralph Waldo Emerson, one of the great American thinkers of the 19th century.
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