Test Bank for Principles of Marketing, 18th Edition

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Principles of MarketingEighteenth EditionPhilip KotlerGary ArmstrongTest Bank (Download Only)for Principles of MarketingRevised by Michael Casey

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1Principles of Marketing, 18e(Kotler)Chapter 1Marketing: Creating Customer Value and Engagement1) Which of the following is NOT an accurate description of modern marketing?A) Marketing is the creation of value for customers.B) Marketing involves managing profitable customer relationships.C) Marketing emphasizes selling and advertising exclusively.D) Marketing involves satisfying customers' needs.E) Marketing is building value-laden exchange relationships with customers.Answer:CAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Moderate2) According to management guru Peter Drucker, "The aim of marketing is to ________."A) maximize profits of the companyB) emphasize customer wants and not customer needsC) make selling unnecessaryD) fulfill unrealistic customer expectationsE) sell productsAnswer:CAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Easy3) Marketing is defined as a social and managerial process by which individuals andorganizations obtain what they need and want through ________.A) research and developmentB) innovation and creativityC) manufacturing efficienciesD) value creation and exchangeE) sales and revenue creationAnswer:DAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Moderate

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24) According to the five-step model of the marketing process, which of the following is the finalstep in creating value for customers?A) designing a customer-driven marketing strategyB) understanding the marketplace and customer needsC) constructing an integrated marketing program that delivers superior valueD) building profitable relationships and creating customer delightE) capturing value from customers to create profit and customer equityAnswer:EAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Moderate5) According to the five-step model of the marketing process, a company should ________before designing a customer-driven marketing strategy.A) determine how to deliver superior value to customersB) 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 an integrated marketing programAnswer:DAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Moderate6) Marketing is managing profitable customer relationships.Answer:TRUEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.1: Define marketing and outline the steps in the marketing process.Difficulty:Easy7) ________ are human needs that are shaped by culture and individual personality.A) NecessitiesB) WantsC) DemandsD) ValuesE) ExchangesAnswer:BAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy

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38) When backed by buying power, wants become ________.A) social needsB) demandsC) physical needsD) self-esteem needsE) exchangesAnswer:BAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy9) Needs include all of the following EXCEPT ________.A) foodB) knowledgeC) affectionD) the newest iPhoneE) belongingAnswer:DAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy10) Greg Williams now has the buying power to purchase the desktop computer that he haswanted for the last six months. Greg's want now has become a(n) ________.A) needB) necessityC) demandD) exchangeE) transactionAnswer:CAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate

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411) A ________ is some combination of products, services, information, or experiences providedto consumers to satisfy a need or want.A) market offeringB) value propositionC) brand positioningD) market segmentE) market mixAnswer:AAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy12) Which of the following terms refers to sellers being preoccupied with their own products andlosing sight of underlying consumer needs?A) vendor lock-inB) social loafingC) value propositionD) marketing myopiaE) conspicuous consumptionAnswer:DAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate13) When marketers set low expectations for a market offering, they run the risk of ________.A) disappointing loyal customersB) having to use an outside-in rather than an inside-out perspectiveC) failing to attract enough customersD) failing to understand their customers' needsE) incorrectly identifying a target marketAnswer:CAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy

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514) ________ is the act of obtaining a desired object from someone by offering something inreturn.A) ValuationB) ExchangeC) Market offeringD) ConfiscationE) DonationAnswer:BAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy15) A(n) ________ is the set of actual and potential buyers of a product or service.A) marketB) control groupC) subsidiaryD) focus groupE) audienceAnswer:AAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy16) Consumer research, product development, communication, distribution, pricing, and serviceare all core ________ activities.A) positioningB) marketingC) outsourcingD) productionE) logisticsAnswer:BAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy

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617) When are sellers most effective?A) when they focus more on their specific products and servicesB) when they focus more on the price of their products and servicesC) when they focus more on the benefits and experiences produced by their products andservicesD) when they focus more on where their products and services can be purchasedE) when they focus more on cost to produce the product or serviceAnswer:CAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy

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7Refer to the scenario below to answer the following question(s).Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motelto a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast,Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendousdownturn in business during winter. "But, given the established industries in the nearby towns,very little year-round competition, and our close proximity to Portland," Carol added, "I couldn'tunderstand why seasonality had to hit Seagull Terrace so hard!"So Carol spent her first winter devising a new marketing plan. She put together a promotionalpackage designed to attract business travelers year-round. Carol's plan also involved a seasonalpromotional gimmick–to be implemented from early winter to late spring–that would attract thesame numbers as the large summer crowd. Her idea worked! During her second winter, Carolgreeted numerous business travelers–both satisfied repeat guests as well as new guests who hadbeen snagged by her promotional appeals."We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a partof the local cuisine, but we'd like to expand that. We provide health club privileges off-site, butwe'd like to eventually provide our own. These are goals I hope to achieve in a few years. Ourfirst project, however, included a renovation of our guest rooms and I'm quite proud of theresults." Carol then added, "Actually there are so many possibilities. With an indoor pool area, Iwill eventually offer weekend getaways throughout winter."18) Seagull Terrace offers its customers good accommodations, local delicacies, and amazingseaside views. The overall experience provided at the motel is a part of its ________.A) market offeringB) target marketC) market segmentD) product positioningE) marketing mixAnswer:AAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Challenging19) Human needs are shaped by culture and individual personality.Answer:FALSEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy

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820) The difference between human needs and wants is that needs are not created by marketers.Answer:TRUEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate21) When backed by buying power, needs become wants.Answer:FALSEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy22) Market offerings are limited to physical products.Answer:FALSEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy23) An experience such as a vacation can be defined as a market offering.Answer:TRUEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy24) When sellers focus on existing needs and lose sight of underlying customer wants, theysuffer from marketing myopia.Answer:FALSEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate

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925) A market is the set of actual and potential buyers of a product or service.Answer:TRUEAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy26) How do suppliers help companies like Walmart maintain consistently low prices?Answer:Walmart has been able to maintain its promise of providing low prices to its customersonly because of its suppliers who provide merchandise at low costs. Walmart has developed andmanaged relationships with its suppliers.AACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate27) What should sellers consider if they wish to avoid marketing myopia?Answer:Sellers should consider the particular benefits and experiences desired by theircustomers, and not just pay attention to the specific products they offer.AACSB:Application of knowledgeSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Easy28) Briefly compare and contrast the concepts of needs, wants, and demands and provideexamples to illustrate your answer. How do these three concepts relate to marketing practices?Answer:Human needs are states of felt deprivation. Needs are a basic part of the humanmakeup; they are not created by marketers. Humans have a basic physical need for food,clothing, warmth, and safety; a basic social need for belonging and affection; and a basicindividual need for knowledge and self-expression. Wants are needs shaped by culture, society,and individual personality. For example, an American needs food but wants a Big Mac and a softdrink. Wants become demands when they are backed by consumers' buying power. For example,an American with ten dollars needs food, wants a Big Mac and soft drink, and demands lunch atMcDonald's. Marketers conduct extensive research to understand customers' wants and demands.They then attempt to fulfill customers' wants and demands through their market offerings.AACSB:Written and oral communicationSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate

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1029) You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How mightyou go about creating brand experiences for your customers?Answer:Such manufacturers should focus on the benefits enjoyed through the use of theirproducts, such as arrangements to visit great outdoor locations, chances for customers to enjoytime with their families, and relive their memories of camping trips.AACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Challenging30) Explain how and why marketers go beyond selling a product or service to create brandexperiences.Answer:Sellers are most effective when they focus more on the benefits and experiencesproduced by their products and services than on the specific products and services themselves.Smart marketers focus on creating a brand experience, incorporating several products andservices for their customers. By doing so, marketers hope to increase customer satisfaction.Satisfied customers buy again and tell others about their good experiences.AACSB:Written and oral communicationSkill:ConceptObjective:LO 1.2: Explain the importance of understanding the marketplace and customers andidentify the five core marketplace concepts.Difficulty:Moderate31) The art and science of choosing target markets and building profitable relationships withthem is called ________.A) marketing managementB) positioningC) marketing mixD) market offeringE) differentiationAnswer:AAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy

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1132) Selecting which segments of a population to serve is called ________.A) market segmentationB) positioningC) customizationD) target marketingE) differentiationAnswer:DAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy33) Dividing the market into various groups of customers that a company may serve is called________.A) market segmentationB) positioningC) customizationD) target marketingE) differentiationAnswer:AAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy34) Cathy's Clothes is a small yet successful retail chain that sells women's clothing andaccessories with a focus on buyers who have relatively modest means. For this specific purpose,the firm has rolled out several marketing initiatives aimed at women of a specific demographic.This is an example of ________.A) ambush marketingB) social marketingC) societal marketingD) target marketingE) cause marketingAnswer:DAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Challenging

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1235) An organic farmer has identified three distinct groups that might be interested in hisproducts: vegetarians, health-conscious individuals, and people identified as trendsetters who tryout new products in the market before others. These three groups are examples of ________.A) marketing mixesB) market segmentsC) value propositionsD) market offeringsE) marketing intermediariesAnswer:BAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Challenging36) Which of the following refers to a set of benefits that a company promises to deliver tocustomers to satisfy their needs?A) customer lock-inB) a cartelC) marketing mixD) value propositionE) market segmentationAnswer:DAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy37) Which of the following customer questions is answered by a company's value proposition?A) "Why should I buy your brand rather than a competitor's?"B) "What is your company's estimated customer equity?"C) "What are the costs involved in the production of your brand?"D) "What is the budget allocated by your company for research and development?"E) "What is the financial stability of your company?"Answer:AAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Moderate

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1338) Which of the following marketing management orientations focuses primarily on improvingefficiencies along the supply chain?A) production conceptB) product conceptC) selling conceptD) marketing conceptE) societal marketing conceptAnswer:AAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy39) Which of the following marketing management concepts is most likely to lead to marketingmyopia?A) customer-driven marketing conceptB) customer-driving marketing conceptC) societal marketing conceptD) marketing conceptE) product conceptAnswer:EAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy40) Which of the following statements is true of the production concept?A) It considers customer focus and value to be the paths to sales and profits.B) It follows the customer-centered sense-and-respond philosophy.C) It takes an outside-in perspective.D) It calls for sustainable marketing.E) It leads to companies focusing too narrowly on their own operations.Answer:EAACSB:Analytical thinkingSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Moderate

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1441) The ________ concept is aligned with the philosophy of continuous product improvementand the belief that customers will choose products that offer the most in quality, performance,and innovative features.A) productB) productionC) societal marketingD) marketingE) sellingAnswer:AAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Easy42) Which of the following is the aim of the product concept?A) improve the marketing of a firm's best productsB) market only those products with high customer appealC) focus on the target market and make products that meet those customers' demandsD) focus on making continuous product improvementsE) ensure that product promotion has the highest priorityAnswer:DAACSB:Application of knowledgeSkill:ConceptObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Moderate43) Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced furtherfor increased consumer affordability. This reflects the ________ concept.A) productB) productionC) sellingD) marketingE) societal marketingAnswer:BAACSB:Analytical thinkingSkill:ApplicationObjective:LO 1.3: Identify the key elements of a customer value-driven marketing strategy anddiscuss the marketing management orientations that guide marketing strategy.Difficulty:Challenging

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