Chapter 1 Marketing: Creating and Capturing Customer Value

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.

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

• Research

• Innovation

• Manufacturing

• Marketing

• Production

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

• designing a customer-driven marketing strategy

• understanding the marketplace and customer needs

• constructing an integrated marketing program that delivers superior value

• building profitable relationships and creating customer delight

• capturing value from customers to create profit and customer equity

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

• determine how to deliver superior value to customers

• build profitable relationships with customers

• use customer relationship management to create full partnerships with key customers

• understand the marketplace and customer needs and wants

• construct an integrated marketing program

________ are human needs that are shaped by culture and individual personality.

• Necessities

• Wants

• Demands

• Values

• Exchanges

When backed by buying power, wants become ________.

• social needs

• demands

• physical needs

• self-esteem needs

• exchanges

A _______ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

• market offering

• value proposition

• brand positioning

• market segment

• market mix

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

• vendor lock-in

• social loafing

• value proposition

• marketing myopia

• conspicuous consumption

When marketers set low expectations for a market offering, they run the risk of _______.

• disappointing loyal customers

• having to use an outside-in rather than an inside-out perspective

• failing to attract enough customers

• failing to understand their customers' needs

• incorrectly identifying a target market

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

• positioning

• marketing

• outsourcing

• production

• logistics