MARKETING CH 1: Marketing: Creating Customer Value and Engagement

Description

EXAM PREP
itachi uchiha
Quiz by itachi uchiha, updated more than 1 year ago
itachi uchiha
Created by itachi uchiha over 1 year ago
1146
0

Resource summary

Question 1

Question
How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")?
Answer
  • The new concept focuses on having a​ well-developed product.
  • The new concept focuses on customer needs.
  • The new concept requires less work from marketing executives.
  • The new concept is more cost-efficient.
  • The new concept focuses on making money.

Question 2

Question
The ultimate goal of the marketing process is which of the​ following?
Answer
  • Receiving value from customers
  • Determining a target market
  • Creating a quality product
  • Developing relationships with customers
  • Evaluating customer needs

Question 3

Question
How do market demands relate to needs and​ wants?
Answer
  • Needs, wants, and demands all describe the same state in the customer.
  • Needs are satisfied by​ wants, and buying power converts wants into demand.
  • Demands result in customers needing and wanting a particular product.
  • Wants and demands are​ equivalent, and both satisfy needs at the same rate.
  • Needs and wants outweigh demands in the​ customer's mind.

Question 4

Question
What is the main problem that sellers suffering from marketing myopia​ face?
Answer
  • They focus on brand image to the detriment of quality.
  • They focus more on profit than on the​ customer's benefit.
  • They focus more on the​ customer's experience than on the product itself.
  • They focus more on products than on the​ customer's underlying need.
  • They focus on customer wants instead of demands.

Question 5

Question
Which of the following is NOT one of the four Ps of the marketing​ mix?
Answer
  • Product
  • Price
  • Place
  • Production
  • Promotion

Question 6

Question
When a company chooses a group of customers to​ serve, it is engaging in which of the​ following?
Answer
  • Societal marketing
  • Market segmentation
  • Target marketing
  • Demand management
  • Differentiation

Question 7

Question
Which BEST expresses the goal of effective marketing​ management?
Answer
  • Refusing to limit a​ company's efforts to chosen segments of the market
  • Finding as many customers as possible and increasing demand
  • Focusing only on affluent customers
  • Trying to serve all customers in every way
  • Selecting only customers a company can serve well and profitably

Question 8

Question
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using?
Answer
  • Frequency marketing program
  • Consumer-generated marketing
  • ​Customer-perceived value
  • Direct marketing
  • Mass-media marketing

Question 9

Question
Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as​ ________.
Answer
  • share of customer
  • partner relationship management
  • . customer lifetime value
  • customer brand advocacy
  • customer equity

Question 10

Question
The profound effect of the​ COVID-19 pandemic is evidenced in all of the following EXCEPT​ ________.
Answer
  • accelerating the shift to online shopping by an estimated 5 to 10 years
  • quickening the shift from​ digital-first consumer engagement strategies to​ in-store connections
  • increasing to​ 25% the amount of sales moving through online channels
  • boosting​ brands' use of​ online, mobile, social​ media, and other digital platforms to connect with consumers
  • hastening the transition to digital in almost every area of human activity

Question 11

Question
Amazon​ Echo's Alexa is an example of​ a(n) ________-powered application.
Answer
  • social media
  • mobile marketing
  • artificial intelligence​ (AI)
  • Internet of Things​ (IoT)
  • big data

Question 12

Question
Which of the following represent market​ offerings?
Answer
  • Products, services,​ needs, and exchanges
  • Value, satisfaction,​ sales, and profits
  • Needs, wants,​ products, and advertisements
  • ​Products, services,​ needs, and wants
  • ​Products, services,​ information, and experiences

Question 13

Question
Which of the following correctly identifies the five core customer and marketplace​ concepts?
Answer
  • Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets
  • ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets
  • Needs, wants, and​ demands; products;​ value; customers; and competitors
  • Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits
  • Needs, wants,​ demands, market​ offerings, and markets

Question 14

Question
Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ​________.
Answer
  • decision​ making, buying, and purchasing processes
  • products and services
  • distribution methods and channels
  • needs​, wants​, and demands
  • marketplace challenges

Question 15

Question
Understanding​ needs, wants, and demands helps companies to design market offerings and build​ value-laden customer relationships through which they can capture​ ____________.
Answer
  • greater customer equity and greater share of market
  • customer lifetime value and greater share of customer equity
  • a greater share of customer and greater share of customer equity
  • great international market share and greater customer equity
  • customer lifetime value and greater share of customer

Question 16

Question
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based​ on?
Answer
  • Markets
  • Customer expectations
  • Exchange
  • Customer referrals
  • . Product price

Question 17

Question
What is the most basic concept underlying​ marketing?
Answer
  • Market offerings
  • Wants
  • Needs
  • Markets
  • Demands

Question 18

Question
Which of the following is included in a broad definition of​ marketing?
Answer
  • Selling, advertising, and promoting
  • Creating customer​ value, building customer​ relationships, and having a strong selling orientation
  • Satisfying​ customers, beating​ competitors, and maximizing profits
  • Creating customer​ value, building customer​ relationships, and engaging customers
  • ​Advertising, selling, and developing quality products

Question 19

Question
In the​ 5-step marketing process​ model, what occurs after the marketer identifies customer needs and wants in the marketplace and understands​ them?
Answer
  • Constructing an integrated marketing program that delivers superior value
  • Beginning advertising and promotion to sell the product
  • Designing a​ customer-driven marketing strategy
  • Building profitable relationships with customers
  • Capturing value from customers to create profits and customer equity

Question 20

Question
Marketing is the process by which companies​ ________ and build strong customer relationships in order to​ ________.
Answer
  • create value for​ customers; capture revenue from customers
  • capture value from​ customers; capture future revenue
  • create value for​ customers; capture value from customers in return
  • sell products and​ services; obtain revenue
  • capture current​ revenue; gain future revenue

Question 21

Question
In the final step of the marketing​ process, companies focus on​ ________.
Answer
  • capturing value from customers
  • creating value for customers
  • designing a customer​ value-driven marketing strategy
  • constructing an integrated marketing program
  • understanding customer needs and wants

Question 22

Question
The marketing process consists of five key steps. Which is the first​ step?
Answer
  • Construct a marketing program that actually delivers superior value
  • Understand the marketplace and customer needs and wants
  • ​Get, engage, and grow target customers
  • Design a customer​ value-driven marketing strategy
  • Understand customer needs and wants

Question 23

Question
According to Peter​ Drucker, what is the aim of modern​ marketing?
Answer
  • To price products as low as possible
  • To drive competitors out of business
  • To maximize company profits
  • To make selling unnecessary
  • To develop innovative products

Question 24

Question
To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer?
Answer
  • How can we serve our customers​ best? How can we maximize​ profits?
  • Who are our​ competitors? How can we beat our​ competitors?
  • What customers will we​ serve? How can we maximize​ profits?
  • What markets should we​ enter? How do we maximize sales in those​ markets?
  • What customers will we​ serve? How can we serve these customers​ best?

Question 25

Question
What are the three considerations underlying the Societal Marketing​ Concept?
Answer
  • Society's interests,​ society's welfare, and a sustainable environment
  • Society's interests, company​ sales, and consumer wants
  • ​Society's interests, consumer​ wants, and company profits
  • Company​ sales, company​ profits, and customer satisfaction
  • Society's interests, consumer​ wants, and identifying competitors

Question 26

Question
_______ companies research customers deeply to learn about their​ desires, gather new product​ ideas, and test product improvements.
Answer
  • Customer-driven
  • Market​ research-oriented
  • Product​ development-driven
  • ​Customer-conscious
  • ​Product-driven

Question 27

Question
When a company is deciding which customers to​ cultivate, it is engaging in​ ________.
Answer
  • target marketing
  • market segmentation
  • value proposition
  • production concept
  • marketing management orientation

Question 28

Question
Marketing management can adopt one of five competing market​ orientations, which are​ _________.
Answer
  • the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept
  • the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal and cultural marketing concept
  • the production​ concept, the product development​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept
  • the production​ concept, the selling​ concept, the marketing​ concept, the economic​ concept, and the societal marketing concept
  • the production​ concept, the product​ concept, the​ market-driven concept, the selling​ concept, and the societal marketing concept

Question 29

Question
The marketing concept holds that successful marketing strategies are based on​ _______.
Answer
  • products that are affordable and available
  • ​large-scale selling efforts
  • . sustainable marketing strategies
  • continually improving products in quality and performance
  • customer satisfaction and value

Question 30

Question
What is the key to building lasting customer​ relationships?
Answer
  • Creating superior customer value and satisfaction
  • Developing innovative products
  • Delivering excellent customer service
  • Offering frequent sales promotions
  • Developing quality products

Question 31

Question
What is the overall goal of​ customer-engagement marketing?
Answer
  • To jointly bring greater value to customers by working closely with partners in other company departments and outside the company
  • To make the brand a meaningful part of​ consumers' conversations and lives
  • To minimize customer equity
  • To allow for consumers themselves to play roles in shaping their own brand experiences and those of others
  • To satisfy customers while maximizing profits

Question 32

Question
______ is the overall process of building and maintaining profitable customer connections by delivering superior customer value and satisfaction.
Answer
  • Customer engagement
  • Customer acquisition
  • Customer satisfaction
  • Customer relationship management
  • Customer growth

Question 33

Question
Customer brand advocacy refers to​ ________.
Answer
  • the portion of the​ customer's purchasing that a company gets in its product categories
  • offering frequency marketing programs that reward customers who buy frequently or in large amounts
  • actions through which satisfied customers initiate favorable interactions with others about a brand
  • the value of the entire stream of purchases a customer makes over a lifetime of patronage
  • the reliance on marketing through intrusion

Question 34

Question
A strategy for creating value and building strong customer relationships includes​ ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.
Answer
  • customer relationship management
  • customer engagement marketing
  • joint venturing
  • strategic vendor management
  • partner relationship management

Question 35

Question
The ultimate aim of customer relationship management is to produce high​ ________.
Answer
  • satisfaction
  • customer equity
  • share of customer
  • sales volume
  • customer-engagement marketing

Question 36

Question
Which of the following BEST describes the Internet of Things​ (IoT)?
Answer
  • The IoT is a data analytics technique to track sales made over the internet.
  • The IoT is a mobile shopping app.
  • The IoT is a global environment where everything and everyone is digitally connected to everything and everyone else.
  • The IoT refers to the ability for consumers to buy things over the internet.
  • The IoT is a social media site that allows consumers to buy and sell merchandise.

Question 37

Question
With so many information sources available​ digitally, companies can collect mountains of data called​ ________ and make sense of it using​ ________.
Answer
  • big​ data; the Internet of Things
  • marketing​ analytics; big data
  • big​ data; marketing analytics
  • big​ data; real-time marketing
  • marketing​ analytics; artificial intelligence

Question 38

Question
Advances in​ ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.
Answer
  • ​online, mobile, and social media
  • visualization software technologies
  • ​e-commerce and mobile payment technologies
  • big data and analytics
  • digital media streaming technologies

Question 39

Question
Which major trend is ideal for engaging customers​ anytime, anywhere, as they move through the buying​ process?
Answer
  • Big data
  • Growth of​ not-for-profit marketing
  • Globalization
  • Mobile marketing
  • Sustainable marketing

Question 40

Question
______ is the term used to describe a global environment where everything and everyone is digitally connected to everything and everyone else.
Answer
  • Artificial intelligence
  • Mobile marketing
  • Internet of Things
  • Digital marketing tools
  • Social media marketing

Question 41

Question
Marketing tools used in digital and social media marketing include​ ________.
Answer
  • Social​ media, online​ video, and newspaper coupons
  • ​email, telemarketing, and blogs
  • social​ media, mobile​ apps, and blogs
  • social​ media, mobile​ apps, and television advertising
  • mobile​ apps, online​ video, and personal selling

Question 42

Question
Wants are __________.
Answer
  • the form human needs take as they are shaped by culture and individual personality
  • states of felt deprivation
  • human wants that are backed by buying power
  • some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 43

Question
What is the marketing concept?
Answer
  • The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
  • A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
  • The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
  • The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

Question 44

Question
What is marketing management?
Answer
  • The art and science of choosing target markets and building profitable relationships with them
  • The act of obtaining a desired object from someone by offering something in return
  • The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
  • The mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

Question 45

Question
Customer equity is the __________.
Answer
  • customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
  • value of the entire stream of purchases a customer makes during a lifetime of patronage
  • a portion of the customer’s purchasing that a company gets in its product categories
  • total combined customer lifetime values of all of the company’s customers

Question 46

Question
The __________ is the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
Answer
  • societal marketing concept
  • product concept
  • selling concept
  • marketing concept

Question 47

Question
The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Answer
  • marketing concept
  • selling concept
  • product concept
  • production concept

Question 48

Question
The marketing process captures value from customers by __________.
Answer
  • creating profits and customer equity
  • understanding the marketplace and customers’ needs and wants
  • constructing an integrated marketing program that delivers superior value
  • building profitable relationships and creating customer delight

Question 49

Question
What is share of customer?
Answer
  • The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
  • The portion of the customer’s purchasing that a company gets in its product categories
  • The extent to which a product’s perceived performance matches a buyer’s expectations
  • The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 50

Question
__________ is the portion of the customer’s purchasing that a company gets in its product categories.
Answer
  • Share of customer
  • Customer satisfaction
  • Customer-perceived value
  • Customer relationship management

Question 51

Question
__________ is the art and science of choosing target markets and building profitable relationships with them.
Answer
  • Marketing management
  • Marketing
  • Exchange
  • Marketing myopia

Question 52

Question
__________ are the form human needs take as they are shaped by culture and individual personality.
Answer
  • Wants
  • Needs
  • Demands
  • Marketing offerings

Question 53

Question
What is customer-perceived value?
Answer
  • The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
  • The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
  • The extent to which a product’s perceived performance matches a buyer’s expectations
  • The portion of the customer’s purchasing that a company gets in its product categories

Question 54

Question
__________ captures value from customers by creating profits and customer equity.
Answer
  • The marketing process
  • Customer satisfaction
  • Share of customer
  • Customer relationship management

Question 55

Question
The societal marketing concept is __________.
Answer
  • the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
  • the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
  • the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
  • a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Question 56

Question
Marketing myopia is __________.
Answer
  • when sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs.
  • obtaining a desired object from someone by offering something in return
  • the art and science of choosing target markets and building profitable relationships with them
  • the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question 57

Question
__________ is the act of obtaining a desired object from someone by offering something in return.
Answer
  • Exchange
  • Marketing management
  • Marketing
  • Marketing myopia

Question 58

Question
The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
Answer
  • product concept
  • production concept
  • selling concept
  • marketing concept

Question 59

Question
__________ is the extent to which a product’s perceived performance matches a buyer’s expectations.
Answer
  • Customer satisfaction
  • Customer-perceived value
  • Customer relationship management
  • Share of customer

Question 60

Question
What is the selling concept?
Answer
  • idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
  • The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
  • The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
  • A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Question 61

Question
__________ is the total combined customer lifetime values of all of the company’s customers.
Answer
  • Customer equity
  • Customer lifetime value
  • Share of customer
  • Customer-perceived value

Question 62

Question
The production concept is __________.
Answer
  • the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
  • the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
  • the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
  • a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Question 63

Question
What are demands?
Answer
  • Human wants that are backed by buying power
  • The form human needs take as they are shaped by culture and individual personality
  • States of felt deprivation
  • Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 64

Question
______is the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Answer
  • Customer-perceived value
  • Customer relationship management
  • Customer satisfaction
  • Share of customer

Question 65

Question
Marketing is __________.
Answer
  • the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
  • the art and science of choosing target markets and building profitable relationships with them
  • the act of obtaining a desired object from someone by offering something in return
  • the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

Question 66

Question
__________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Answer
  • Customer relationship management
  • Customer-perceived value
  • Customer satisfaction
  • Share of customer

Question 67

Question
Customer lifetime value is the __________.
Answer
  • value of the entire stream of purchases a customer makes during a lifetime of patronage
  • total combined customer lifetime values of all of the company’s customers
  • portion of the customer’s purchasing that a company gets in its product categories
  • customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

Question 68

Question
Needs are __________.
Answer
  • states of felt deprivation
  • shaped by culture and individual personality
  • human wants that are backed by buying power
  • some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 69

Question
____ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Answer
  • Marketing offerings
  • Demands
  • Wants
  • Needs
Show full summary Hide full summary

Similar

3.1 Keywords - Marketing
Mr_Lambert_Hungerhil
Digital Marketing Strategy - The Essentials
Micheal Heffernan
What is Marketing?
Stephanie Natasha
Marketing and Distributing
Shannon Clarke
Design Tips for Non-Designers
Micheal Heffernan
Business Studies: Marketing
Harriet Glover
Calculating Content Marketing Strategy ROI
Rebecca Tarpey
Sensory Marketing
Paisley Williams
Unit 3.1: Marketing
nk_
Chief Marketing Officer (CMO)
takhmina1995
Market & Technology Dynamics
Tris Stindt