Chapter 1 Marketing: Creating and Capturing Customer Value1) All of the following are accurate descriptions of modern marketing, EXCEPT which one?A) Marketing is the creation of value for customers.B) Marketing is managing profitable customer relationships.C) Selling and advertising are synonymous with marketing.D) Marketing involves satisfying customers needs.E) Marketing is used by for-profit and not-for-profit organizations.Answer: CDiff: 2Page Ref: 2 and 4Skill: ConceptObjective: 1-12) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following?A) maintaining its brand shareB) fostering customers emotional connections with their productC) advertising their products benefitsD) comparing the effectiveness of their product to other brandsE) incorporating consumer-generated marketing in the marketing mixAnswer: BDiff: 2Page Ref: 2Skill: ConceptObjective: 1-13) According to management guru Peter Drucker, The aim of marketing is to _.A) create customer valueB) identify customer demandsC) make selling unnecessaryD) set realistic customer expectationsE) sell productsAnswer: CDiff: 2Page Ref: 5Skill: ConceptObjective: 1-14) _ 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) SellingB) AdvertisingC) BarteringD) MarketingE) NegotiatingAnswer: DDiff: 2Page Ref: 5Skill: ConceptObjective: 1-15) 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 valueB) build profitable relationships with customersC) use customer relationship management to create full partnerships with key customersD) understand the marketplace and customer needs and wantsE) construct key components of a marketing programAnswer: DDiff: 2Page Ref: 5AACSB: CommunicationSkill: ConceptObjective: 1-26) _ are human needs as shaped by individual personality and culture.A) NeedsB) WantsC) DemandsD) ValuesE) ExchangesAnswer: BDiff: 2Page Ref: 6Skill: ConceptObjective: 1-27) When backed by buying power, wants become _.A) social needsB) demandsC) physical needsD) self-esteem needsE) exchangesAnswer: BDiff: 1Page Ref: 6Skill: ConceptObjective: 1-28) What do companies call a set of benefits that they promise to consumers to satisfy their needs?A) market offeringB) value propositionC) demand satisfactionD) need propositionE) evoked setAnswer: ADiff: 1Page Ref: 6Skill: ConceptObjective: 1-29) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?A) selling myopiaB) marketing managementC) value propositionD) marketing myopiaE) the product conceptAnswer: DDiff: 1Page Ref: 6Skill: ConceptObjective: 1-210) When marketers set low expectations for a market offering, the biggest risk they run is _.A) disappointing loyal customersB) decreasing customer satisfactionC) failing to attract enough customersD) failing to understand their customers needsE) incorrectly identifying a target marketAnswer: CDiff: 1Page Ref: 7Skill: ConceptObjective: 1-211) _ is the act of obtaining a desired object from someone by offering something in return.A) A value propositionB) ExchangeC) BriberyD) Value creationE) DonationAnswer: BDiff: 1Page Ref: 7Skill: ConceptObjective: 1-212) Consumer research, product development, communication, distribution, pricing, and service are all core _ activities.A) exchangeB) marketingC) managementD) productionE) customer relationship managementAnswer: BDiff: 1Page Ref: 7AACSB: CommunicationSkill: ConceptObjective: 1-213) In the case of excess demand, _ may be required to reduce the number of customers or to shift demand temporarily or permanently.A) marketingB) demarketingC) value marketingD) surplusingE) negotiatingAnswer: BDiff: 1Page Ref: 9Skill: ConceptObjective: 1-314) The art and science of choosing target markets and building profitable relationships with them is called _.A) marketing managementB) positioningC) segmentationD) sellingE) differentiationAnswer: ADiff: 1Page Ref: 8Skill: ConceptObjective: 1-315) Selecting which segments of a population of customers to serve is called _.A) market segmentationB) positioningC) customizationD) target marketingE) managing the marketing effortAnswer: DDiff: 1Page Ref: 8Skill: ConceptObjective: 1-316) Which of the following is the set of benefits a company promises to deliver the custo