Test Bank for Marketing: An Introduction, 14th Edition

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1Marketing: An Introduction, 14e(Armstrong/Kotler)Chapter 1Marketing: Creating Customer Value and Engagement1) Marketing, more than any other business function, deals with ________.A) customersB) salesC) advertisingD) new productsE) brandsAnswer: ADiff: 1LO: 1-1: Define marketing and outline the steps in the marketing process.AACSB: Application of knowledge2) According to the five-step model of the marketing process, the first step in marketing is________.A) capturing value from customers to create profits and customer equityB) constructing an integrated marketing program that delivers superior valueC) engaging customers, building profitable relationships, and creating customer delightD) understanding the marketplace and customerneeds and wantsE) designing a customer-driven marketing strategyAnswer: DDiff: 2LO: 1-1: Define marketing and outline the steps in the marketing process.AACSB: Analytical thinking3) Today, marketing must not be understood in the old sense of ________.A) creating a buying experienceB) helping people connect with the people in their livesC) telling and sellingD) creating a culture of warmth and belongingE) delivering value and satisfactionAnswer: CDiff: 3LO: 1-1: Define marketing and outline the steps in the marketing process.AACSB: Analytical thinking4) Marketing is primarily concerned with engaging customers and secondarily with managingprofitable customer relationships.Answer: FALSEDiff: 2LO: 1-1: Define marketing and outlinethe steps in the marketing process.AACSB: Analytical thinking

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25) What is marketing? Briefly describe the marketing process.Answer: Marketing can be defined as the process by which companies create value forcustomers and build strong customer relationships in order to capture value from customers inreturn. The marketing process consists of five steps. In the first four steps, companies work tounderstand consumers, create customer value, and build strong customer relationships. In thefinal step, companies reap the rewards of creating superior customer value. By creating value forconsumers, they in turn capture value from consumers in the form of sales, profits, and long-termcustomer equity.Diff: 2LO: 1-1: Define marketing and outline the steps inthe marketing process.AACSB: Analytical thinking6) ________ are defined as states of felt deprivation.A) NeedsB) IdeasC) DemandsD) ValuesE) ExchangesAnswer: ADiff: 1LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking7) ________ are the form human needs take as they are shaped by culture and individualpersonality.A) WantsB) NecessitiesC) ServicesD) BenefitsE) RisksAnswer: ADiff: 1LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking

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38) Consumers' needs and wants are fulfilled through ________.A) valueB) demandC) desireD) market offeringsE) ideasAnswer: DDiff: 1LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking9) Abel now has the buying power to purchase the computer that he wanted to buy six monthsago. Abel's want has most likely become a ________.A) needB) valueC) demandD) market offeringE) desireAnswer: CDiff: 3LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking10) To market the cause of suicide prevention, rapper Logic worked with the National SuicidePrevent Lifeline (NSPL) to create a video embedded with his song "1-800-273-8255," the NSPLphone number. This is an example of a marketing offering for a(n) ________.A) productB) personC) ideaD) placeE) exchangeAnswer: CDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplaceconcepts.AACSB: Analytical thinking

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411) Marketers are said to suffer from marketing myopia when they ignore underlying consumerneeds and focus excessively on ________.A) consumers' brand experiencesB) competitors' threatsC) consumers' existing wantsD) competitors' strengthsE) consumers' future demandsAnswer: CDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Application of knowledge12) The Walt Disney World Resort doesn't just offer amusement park rides, it uses its famedDisney magic to create carefully orchestrated ________.A) service offeringsB) benefitsC) wantsD) valuesE) experiencesAnswer: EDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking13) ________ is the act of obtaining a desired object from someone by offering something inreturn.A) TargetingB) SegmentationC) DifferentiationD) ExchangeE) PositioningAnswer: DDiff: 1LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking14) When backed by buying power, wants become needs.Answer: FALSEDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking

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515) Market offerings are limited to physical products.Answer:FALSEDiff: 1LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Application of knowledge16) Market offerings include entities such as people, places, information, and ideas.Answer: TRUEDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking17) When sellers pay less attention to the specific products they offer and more attention to thebenefits and experiences produced by these products, they suffer from marketing myopia.Answer: FALSEDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Application of knowledge18) A greater focus on underlying customer needs than on existing customer wants leads tomarketing myopia.Answer: FALSEDiff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Application of knowledge19) A market is a segment of potential consumers who share a common need or want.Answer: TRUEDiff: 1LO: 1-2: Explain the importance of understanding the marketplaceand customers and identifythe five core marketplace concepts.AACSB: Analytical thinking

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620) Using suitable examples, briefly compare and contrast the concepts of needs, wants, anddemands. Discuss how these concepts relate to marketing practices.Answer: Human needs are states of felt deprivation. Needs are part of the human make-up; theyare not created by external forces. Humans have a basic physical need for food, clothing,warmth, and safety, a basic social need for belonging and affection, and abasic individual needfor knowledge and self-expression. Unlike needs, wants are not innate. Instead, wants are needsshaped by culture, society, and individual personality. For example, an American needs food,wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demandswhen they are backed by consumers' buying power. Marketers conduct extensive research tounderstand customers' needs, wants, and demands. They then attempt to fulfill customers' needs,wants, and demands through their market offerings.Diff: 3LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Analytical thinking21) Explain market offerings and marketing myopia.Answer: Consumers'needs and wants are fulfilled through market offerings–some combinationof products, services, information, or experiences offered to a market to satisfy a need or a want.Market offerings are not limited to physical products. They also include services–activities orbenefits offered for sale that are essentially intangible and do not result in the ownership ofanything. Examples include banking, airline, hotel, retailing, and home repair services. Morebroadly, market offerings also include other entities, such as persons, places, organizations,information, and ideas. Many sellers make the mistake of paying more attention to the specificproducts they offer than to the benefits and experiences produced by these products. Thesesellers suffer from marketing myopia. They are so taken with their products that they focus onlyon existing wants and lose sight of underlying customer needs. They forget that a product is onlya tool to solve a consumer problem. A manufacturer of quarter-inch drill bits may think that thecustomer needs a drill bit but what the customer really needs is a quarter-inch hole. These sellerswill have trouble if a new product comes along that serves the customer's need better or lessexpensively. The customer will have the same needbut will want the new product.Diff: 2LO: 1-2: Explain the importance of understanding the marketplace and customers and identifythe five core marketplace concepts.AACSB: Application of knowledge

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722) ________ is the art and science of choosing targetmarkets and building profitablerelationships with them.A) DifferentiationB) Marketing managementC) PositioningD) SegmentationE) Customer-perceived valueAnswer: BDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking23) Dividing a market into several sections of customers is known as ________.A) mass customizationB) market positioningC) market segmentationD) value engineeringE) undifferentiated marketingAnswer: CDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analyticalthinking24) Dollar General profitably appeals to families with more modest means. The retailer'sapproach is most likely referred to as ________.A) mass distributionB) cost leadershipC) consumer-generated marketingD) target marketingE) undifferentiated marketingAnswer: DDiff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking

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825) A brand's ________is theset of benefits that it promises to deliver to consumers to satisfytheir needs.A) dominant effectB) fringe benefitC) perquisiteD) value propositionE) dividend yieldAnswer: DDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking26) JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their________.A) value propositionB) segmentation strategyC) market offeringD) selling conceptE) production conceptAnswer: ADiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking27) The ________ concept holds that consumers will favor goods and services that offer themost in quality, performance, and innovative features.A) societal marketingB) marketingC) sellingD) productionE) productAnswer: EDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking

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928) PC manufacturer, Lenovo, focuses on low laborcosts and mass distribution to ensure thecontinuous availability of its products at reasonable prices. Lenovo most likely follows the________.A) customer-driving marketing conceptB) marketing conceptC) societal marketing conceptD) production conceptE) selling conceptAnswer: DDiff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking29) Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced furtherfor increased consumer affordability. This most likely reflects the ________.A) customer-driving marketing conceptB) marketing conceptC) societal marketing conceptD) production conceptE) selling conceptAnswer: DDiff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking30) The selling conceptholds that ________.A) consumers will not buy enough of a firm's products unless the firm undertakes large-scalepersuasion and promotion effortsB) a company's marketing decisions should consider consumers' wants, the company'srequirements, consumers'long-run interests, and society's long-run interestsC) consumers will only favor products that are available and highly affordableD) achieving organizational goals depends on knowing the needs and wants of target marketsand delivering the desired satisfactions better than competitors doE) consumers will favor products that offer the most in quality, performance, and innovativefeaturesAnswer: ADiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking

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1031) Which of the following is a difference between the marketing concept and the sellingconcept?A) The marketing concept focuses on customer needs, whereas the selling concept focuses onexisting products.B) The marketing concept focuses on customer conquest, whereas the selling concept focuses ontargeting the right customers.C) The marketing concept takes an inside-out perspective, whereas the selling concepttakes anoutside-in perspective.D) The marketing concept is product-centered, whereas the selling concept is production-centered.E) The marketing concept focuses on short-term sales, whereas the selling concept strives tobuild long-term customer relationships.Answer: ADiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking32) The ________ concept holds that achieving organizational goals depends on knowing theneeds and wants of target markets and delivering the desired satisfactions better than competitorsdo.A) marketingB) productC) productionD) sellingE) societal marketingAnswer: ADiff: 1LO: 1-3:Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking33) Which of the following concepts is based on a customer-centered philosophy?A) the product conceptB) the marketing conceptC) the production conceptD) the selling conceptE) the distribution conceptAnswer: BDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketingmanagement orientations that guide marketing strategy.AACSB: Application of knowledge

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1134) Customer-driven marketing is most effective when ________.A) a clear need exists among customers, but the need is difficult to identifyB) customers do not knowwhat they want but are easily persuadedC) customers seek new products and technological innovationsD) clear needs exist and customers know what they wantE) customers have wants but cannot afford themAnswer: DDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Reflective thinking35) ________ companies research customers deeply to learn about their desires, gather newproductideas, and test product improvements.A) Production-orientedB) Customer-drivingC) Customer-drivenD) FunctionalE) SocietalAnswer: CDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking36) The ABC, a leading provider of personal computer systems, began manufacturing tabletdevices after predicting a future consumer need for portability. Which of the following was mostlikely implemented by the ABC company?A) the selling conceptB) customer-driving marketingC) the product conceptD) sustainable marketingE) the production conceptAnswer: BDiff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking

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1237) The societal marketing concept holds that ________.A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scaleselling and promotion effortB) a company's marketing decisions should focus on creating economic value in a way that alsocreates value for the surrounding environmentC) the society will only favor products that are availableand highly affordableD) achieving organizational goals depends on knowing the needs and wants of target marketsand delivering the desired satisfactions better than competitors doE) consumers will favor products that offer the most in quality, performance, and innovativefeaturesAnswer: BDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking38) Many leading business and marketing thinkers are now preaching the concept of "sharedvalue" which recognizes that ________ needs, not just economic needs, define markets.A) functionalB) marketingC) individualD) societalE) physicalAnswer: DDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking; Ethical understanding and reasoning39) Which of the following concepts callsfor sustainable marketing?A) the societal marketing conceptB) the marketing conceptC) the selling conceptD) the production conceptE) the product conceptAnswer: ADiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking; Ethical understanding and reasoning

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1340) Cosmetic retailer Lush knows that doing what's right benefits both customers and thecompany. Their premium beauty products are made by hand from the freshest possible naturalingredients. This is an example of the ________ concept.A) marketingB) productC) productionD) societal marketingE) sellingAnswer: DDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking; Ethical understanding and reasoning41) ________ marketing is defined as socially and environmentally responsible marketing thatmeets the present needs of consumers and businesses while also preserving or enhancing theability of future generations to meet their needs.A) Customer-drivenB) MassC) SustainableD) Customer-drivingE) AmbushAnswer: CDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking; Ethical understanding and reasoning42) The product concept is a customer-centered, sense-and-respond philosophy.Answer: FALSEDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking43) A brand's value proposition is the set of benefits or values it promises to deliver toconsumers to satisfy their needs.Answer: TRUEDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Application of knowledge

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1444) The selling concept holds that consumers will favor products that offer the most in quality,performance, and innovative features.Answer: FALSEDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking45) Xenon Corp. releases frequent updates to improve its expensive software products. Thismarketing approach used by the firm is most likely based on the production concept.Answer: FALSEDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking46) Organizations that follow the production concept most likely practice socially andenvironmentally responsible marketing.Answer: FALSEDiff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking47) Product, price, place, and promotion make up the elements of a firm's marketing mix.Answer: TRUEDiff: 1LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking48) Why do companies generally divide a market into segments of customers?Answer: A company decides whom it will serve by dividing the market into segments ofcustomers and selecting which segments it will go after. Some people think of marketingmanagement as finding as many customers as possibleand increasing demand. But marketingmanagers know that they cannot serve all customers in every way. By trying to serve allcustomers, they may not serve any customer well. Hence, companies usually want to select onlycustomers that they can serve well and profitably. Ultimately, marketing managers must decidewhich customers they want to target and on the level, timing, and nature of their demand.Diff: 2LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Application of knowledge

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1549) Compare and contrast the product and production concepts.Answer: The production concept holds that consumers will favor products that are available andhighly affordable. Therefore, it dictates that management should focus on improving productionand distribution efficiency. This concept is one of the oldest orientations that guides sellers. Theproduction concept is still a useful philosophy in some situations. For example, both personalcomputer maker Lenovo and home appliance maker Haier dominate the highly competitive,price-sensitive Chinese market through low labor costs, high production efficiency, and massdistribution. However, although useful in some situations, the production concept can lead tomarketing myopia. Companies adopting this orientation run a major risk of focusing toonarrowly on their own operations and losing sight of the real objective–satisfying customerneeds and building customer relationships. The product concept holds that consumers will favorproducts that offer the most in quality, performance, and innovative features. Under this concept,marketing strategy focuses on making continuous product improvements. Product quality andimprovement are important parts of most marketing strategies. However, focusing only onproducts can also lead to marketing myopia. For example, manufacturers of mousetraps mightbelieve that if they can build a better mousetrap, their profits will soarbut they are often rudelyshocked. Buyers may be looking for a better solution to a mouse problem but not necessarily fora better mousetrap. The better solution might be a chemical spray, an exterminating service, ahouse cat, or something else that suits their needs even better than a mousetrap. Furthermore, abetter mousetrap will not sell unless the manufacturer designs, packages, and prices itattractively, places it in convenient distribution channels, brings it to the attention of people whoneed it, and convinces buyers that it is a better product.Diff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB: Analytical thinking50)Compare the selling and marketing concepts, and list the key components of each concept.Answer: The selling concept reflects an inside-out perspective, while the marketing concepttakes an outside-in perspective. The selling concept is typically practiced when an organizationmarkets products or services that buyers do not normally think of purchasing, such as insuranceor blood donation. Aggressive selling focuses on creating sales transaction rather than onbuilding long-term relationships with customers, with the aim of selling what a company makesrather than making what the customer wants. The marketing concept, on the other hand, is basedon identifying the needs and wants of target markets and then satisfying those needs and wantsbetter than competitors do. Under the marketing concept, customer focus and value are the pathsto sales and profits. Instead of a product-centered make-and-sell philosophy, the marketingconcept is a customer-centered sense-and-respond philosophy. The job is not to find the rightcustomers for a product but to find the right products for customers.Diff: 3LO: 1-3: Identify the key elements of a customer value-driven marketing strategy and discussthe marketing management orientations that guide marketing strategy.AACSB:Analytical thinking

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