TEST BANK Introduction to Marketing test 1 EXAM 2024

According to management guru Peter Drucker, "The aim of marketing is to ________."
A) create customer value
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products - CORRECT ANSWERS-make selling unnecessary

________ 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) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating - CORRECT ANSWERS-Marketing

Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only - CORRECT ANSWERS-the first four only

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers
D) understand the marketplace and customer needs and wants
E) construct key components of a marketing program - CORRECT ANSWERS-understand the marketplace and customer needs and wants

________ are human needs as shaped by individual personality and culture.
A) Needs
B) Wants
C) Demands
D) Values
E) Exchanges - CORRECT ANSWERS-Wants

When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges - CORRECT ANSWERS-Demands

A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition
E) evoked set - CORRECT ANSWERS-Market Offering

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
A) selling myopia
B) marketing management
C) value proposition
D) marketing myopia
E) the product concept - CORRECT ANSWERS-Marketing Myopia

When marketers set low expectations for a market offering, the biggest risk they run is ________.
A) disappointing loyal customers
B) decreasing customer satisfaction
C) failing to attract enough customers
D) failing to understand their customers' needs
E) incorrectly identifying a target market - CORRECT ANSWERS-failing to attract enough customers

________ is the act of obtaining a desired object from someone by offering something in return.
A) Valuation
B) Exchange
C) Bribery
D) Value creation
E) Donation - CORRECT ANSWERS-Exchange

A(n) ________ is the set of actual and potential buyers of a product.
A) market
B) audience
C) group