Marketing: Managing Profitable Customer...

Concept Check
1.

What is the goal of marketing?

to attract new customers
to keep current
customers
to grow current customers
all of the above

2.

________ is the world's largest retailer.

Wal-Mart
K-Mart
Target
Sears

3.

________ is a social and managerial process by which individuals and groups obtain what they
need and want through creating and exchanging value with others.
Management
Marketing
Customer relationship
management
Consumer psychology

4.

Which of the following is not one of the major steps involved in the marketing process?
understand the marketplace and customer needs and
wants
design a customer-driven marketing strategy
increase profitability through pricing strategy
construct a marketing program that delivers superior value

5.

Marketing offers may include _____.

physical products
services
ideas
all of the above

6.

When sellers make the mistake of paying more attention to the specific products they offer than
to the benefits and experiences produced by these products, they are experiencing _____.
marketing wants
marketing myopia
exchange
none of the above

7.

A(n) _____is a trade of values between two parties.

transaction
exchange
experience
market

8.

_____ is defined as the art and science of choosing target markets and building profitable
relationships with them.
Marketing
Target marketing
Marketing management

9.

Customer relationship
management
Which of the following is not one of the main elements in a modern marketing system?
suppliers
competitors
marketing
intermediaries
all of the above

10
.

Which of the following orientations holds that consumers will favor products that are available
and highly affordable?
production concept
product concept
selling concept
marketing concept

11
.

Marketing is primarily concerned with selling and advertising.

True
False

12
.

Needs are shaped by culture and individual personality.

True
False

13
.

Market segmentation involves dividing the market into segments of customers.

True
False

14
.

The product concept holds that achieving organizational goals depends on knowing the needs
and wants of target markets and delivering the desired satisfactions better than competitors do.
True
False

15
.

The selling concept holds that consumers will not buy enough of the firm's products unless it
undertakes a large-scale promotional effort.
True
False

16
.

The marketing concept is the most enlightened orientation in use.

True
False

17
.

The marketing mix includes the five Ps of product, place, public relations, promotion, and price.
True
False

18
.

Customer relationship management is the overall process of building and maintaining profitable
customer relationships by delivering superior customer value and satisfaction.
True
False

19
.

Customer satisfaction depends on the product's perceived performance relative to a buyer's

expectations.
True
False

20
.

Companies may use customer profitability analysis to weed out unprofitable customers and
identify profitable customers.
True
False

21
.

What is included in a marketing offer?

22
.

Explain the difference between wants and needs.

1.

What is the goal of marketing?

Correct Answer:

2.

all of the above

________ is the world's largest retailer.

Your Answer: Wal-Mart

3.

________ is a social and managerial process by which individuals and groups obtain
what they need and want through creating and exchanging value with others.
Correct Answer:

4.

Which of the following is not one of the major steps involved in the marketing
process?
Correct Answer:

5.

all of the above

When sellers make the mistake of paying more attention to the specific products
they offer than to the benefits and experiences produced by these products, they are
experiencing _____.
Correct Answer:

7.

increase profitability through pricing strategy

Marketing offers may include _____.

Correct Answer:

6.

Marketing

marketing myopia

A(n) _____is a trade of values between two parties.

Your Answer: transaction

8.

_____ is defined as the art and science of choosing target markets and building
profitable relationships with them.
Correct Answer:

9.

Which of the following is not one of the main elements in a modern marketing
system?
Correct Answer:

10.

Marketing management

all of the above

Which of the following orientations holds that consumers will favor products that are
available and highly affordable?
Your Answer: Product concept

11.

Marketing is primarily concerned with selling and advertising.

Correct Answer:

12.

Needs are shaped by culture and individual personality.

Correct Answer:

13.

False

False

Market segmentation involves dividing the market into segments of customers.

Your Answer: True

14.

The product concept holds that achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better
than competitors do.
Correct Answer:

15.

False

The selling concept holds that consumers will not buy enough of the firm's products
unless it undertakes a large-scale promotional effort.
Your Answer: True

16.

The marketing concept is the most enlightened orientation in use.

Correct Answer:

17.

The marketing mix includes the five Ps of product, place, public relations, promotion,
and price.
Correct Answer:

18.

False

False

Customer relationship management is the overall process of building and

maintaining profitable customer relationships by delivering superior customer value
and satisfaction.
Your Answer: True

19.

Customer satisfaction depends on the product's perceived performance relative to a

buyer's expectations.
Your Answer: True

20.

Companies may use customer profitability analysis to weed out unprofitable

customers and identify profitable customers.
Your Answer: True

21.

What is included in a marketing offer?

Your Answer:
The marketing offer is some combination of products, services, information,
experiences, or ideas offered to a market to satisfy a need or want.

22.

Explain the difference between wants and needs.

Your Answer:
Needs are states of felt deprivation. They include basic physical needs for food,
clothing, warmth, safety; social needs for belonging and affection; and individual
needs for knowledge and self-expression. Wants are the form human needs take as
they are shaped by culture and individual personality.