1) 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.

2) ________ 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

3) 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

4) 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

5) ________ are human needs as shaped by individual personality and culture.

A) Needs

B) Wants

C) Demands

D) Values

E) Exchanges

6) When backed by buying power, wants become ________.

A) social needs

B) demands

C) physical needs

D) self-esteem needs

E) exchanges

7) 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

8) 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

9) 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

10) ________ 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

11) A(n) ________ is the set of actual and potential buyers of a product.

A) market

B) audience

C) group

D) segment

E) exchange

12) The art and science of choosing target markets and building profitable relationships with

them is called ________.

A) marketing management

B) positioning

C) segmentation

D) selling

E) differentiation

13) Selecting which segments of a population of customers to serve is called ________.

A) market segmentation

B) positioning

C) customization

D) target marketing

E) managing the marketing effort

14) Which of the following is the set of benefits a company promises to deliver to customers to

satisfy their needs?

A) a money-back guarantee

B) low pricing

C) customer service

D) a value proposition

E) an attribute

15) Which of the following marketing management orientations focuses primarily on improving

efficiencies along the supply chain?

A) production concept

B) product concept

C) selling concept

D) marketing concept

E) societal marketing concept

16) According to the production concept, consumers will favor products that are ________ and

________.

A) satisfying; quality focused

B) advertised; affordable

C) in high demand; hard to find

D) segmented; convenient

E) available; affordable

17) 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)customer

B) production

C)product

D) marketing

E) promotion

18) The product concept says that a company should do which of the following?

A) improve marketing of its best products

B) market only those products with high customer appeal

C) focus on the target market and make products that meet those customers' demands

D) focus on making continuous product improvements

E) make promoting products the top priority

19) Which marketing orientation calls for aggressive promotional efforts and focuses on

generating transactions to obtain profitable sales?

A) marketing concept

B)selling concept

C) product concept

D) production concept

E) societal marketing concept

20) Which marketing orientation holds that achieving organizational goals depends on knowing

the needs and wants of target markets and delivering the desired satisfactions better than

competitors do?

A) product concept

B) production concept

C) selling concept

D) marketing concept

E) societal marketing concept

21) Customer-driven marketing usually works well when ________ and when customers

________.

A) a clear need exists; are difficult to identify

B) customers know what they want; are loyal to the brand

C)a clear need exists; know what they want

D)a firm can deliver the goods desired; are thoroughly researched

E) a need exists; don't know what they want

22) The societal marketing concept seeks to establish a balance between consumer short-run

wants and consumer ________.

A) short-run costs and profits

B) short-run ethics

C) long-run welfare

D) immediate health

E) value propositions

23) Which marketing orientation holds that firms must strive to deliver value to customers in a

way that maintains or improves the consumer's and society's well-being?

A) marketing concept

B) selling concept

C) product concept

D) societal marketing concept

E) equity concept

24) The set of marketing tools a firm uses to implement its marketing strategy is called the

________.

A) promotion mix

B) product mix

C) marketing mix

D) TQM

E) marketing effort

25) Building, keeping, and growing profitable relationships by delivering customer value and

satisfaction is called ________.

A) customer lifetime value

B) customer perceived value

C) customer relationship management

D) database marketing

E) societal marketing

26)Which of the following provides an answer to these questions: What is our business? Who are

our customers? What do our customers value? What should our business be?

A) objectives and goals

B) a mission statement

C) a business portfolio

D) marketing and functional strategies

E) operational strategies

27)The collection of businesses and products that make up a company is called its ________.

A) business portfolio

B)strategic business unit

C) mission statement

D)strategic plan

E) operational factor

28)Low-growth, high share businesses or productsthatgenerate a lot of cash that the firm uses

topay its bills and support other SBUs that need investmentareknown as __________.

A) Stars

B) Cats

C) Question marks

D) Dogs

E) Cash cows

29)When dealing with a(n) ________, managers must decide whether to invest in it in an

attemptto build it into a star or cash cow or whether to phase it out.

A) exclamation mark

B) dog

C) question mark

D) cash cow

E) cat

30)Which of the following is a useful tool for identifying growth opportunities?

A) the BCG matrix

B) the business portfolio

C) the product/market expansion grid

D) the value chain

E) the value delivery network

31)Makingmore sales to current customers without changing a firm's products is ________.

A) market penetration

B)market attractiveness

C) market development

D) product development

E) diversification

32)Your firm is attempting to divide up the total market to determine the best segments it can

serve. Which is the correct order of doing so?

A) market segmentation then market targeting

B) differentiation then market targeting

C) positioning then differentiation

D) market segmentation then positioning

E) market targeting then differentiation

33)You are directed to study the demographic, economic, natural, technological, political, and

cultural factors that are larger societal forces affecting your company. What are you

studying?

A) the internal environment

B) the microenvironment

C) the macroenvironment

D) the marketing mix

E) the global environment

34)Which of the following is NOT a type of factor in a company's macroenvironment?

A) demographic

B) economic

C) technological

D) competitive

E) political

35)Organizationswhichhelp companies to stock and move goods from their points of

origin to their destinationare known as _______________.

A) financial intermediaries

B) physical distribution firms

C) marketing services agencies

D) resellers

E) suppliers

36) If aconsumer organization, environmental group, or minority group has challenged your

firm's standon a local issue, your firm is being challenged by a ________ public.

A) local

B) general

C) government

D) citizen-action

E) media

Question37

Visit Wendy's website (www.wendys.com).

1.How is this company attempting to set themselves apart from their primary competitors of McDonald's (www.mcdonalds.com) and Burger King (www.burgerking.com)?

2.What publics do they appear to be concentrating on? Why do you believe this is the case?Do you agree with their strategy?