kotler / armstrong 11e, chapter 1 marketing is _____. 1.another word for advertising and sales...

Kotler / Armstrong 11e, Chapter 1

Marketing is _____.

1.another word for advertising and sales

2.only used by major corporations

3.about satisfying customer needs

4.about simply making a profit

Marketing is _____.

1.another word for advertising and sales

2.only used by major corporations

3.about satisfying customer needs

4.about simply making a profit

The first step in the marketing process is to work to understand customers.

1.True

2.False

The first step in the marketing process is to work to understand customers.

1.True

2.False

Once we have created value for customers, the final step in the marketing process is to capture value from them.

1.True

2.False

Once we have created value for customers, the final step in the marketing process is to capture value from them.

1.True

2.False

The most basic concept underlying marketing is that of _____.

1.profits

2.products

3.human needs

4.services

The most basic concept underlying marketing is that of _____.

1.profits

2.products

3.human needs

4.services

Marketers create social needs in consumers.

1.True

2.False

Marketers create social needs in consumers.

1.True

2.False (Marketers do not create customer needs, whether social, physical or individual. Needs are a basic part of the human makeup.)

The act of obtaining a desired object from someone by offering something in return is called a(n) _____.

1.exchange

2.switch

3.market

4.sale

The act of obtaining a desired object from someone by offering something in return is called a(n) _____.

1.exchange

2.switch

3.market

4.sale

The art and science of choosing target markets and building profitable relationships with them is called _____.

1.marketing profiles

2.marketing maneuvers

3.marketing selection

4.marketing management

The art and science of choosing target markets and building profitable relationships with them is called _____.

1.marketing profiles

2.marketing maneuvers

3.marketing selection

4.marketing management

Which marketing philosophy listed below is useful when supply exceeds demand and when production costs are too high and need to be reduced?

1.production concept

2.product concept

3.selling concept

4.marketing concept

Which marketing philosophy listed below is useful when supply exceeds demand and when production costs are too high and need to be reduced?

2.product concept

3.selling concept

4.marketing concept

Which marketing philosophy believes that an organization can achieve its goals if it knows the needs of its target market well and delivers satisfaction better than its competition?

2.product concept

3.selling concept

4.marketing concept

Which marketing philosophy believes that an organization can achieve its goals if it knows the needs of its target market well and delivers satisfaction better than its competition?

2.product concept

3.selling concept

4.marketing concept

Customer relationship management (CRM) is solely about acquiring and keeping customers.

1.True

2.False

Customer relationship management (CRM) is solely about acquiring and keeping customers.

1.True

2.False (CRM is about acquiring, keeping and growing customers.)

To build lasting customer relationships, firms should focus on delivering _____ and _____.

1.high quality products; low prices

2.customer value; customer satisfaction

3.customer satisfaction; customer growth

4.customer value; high profits

To build lasting customer relationships, firms should focus on delivering _____ and _____.

1.high quality products; low prices

2.customer value; customer satisfaction

3.customer satisfaction; customer growth

4.customer value; high profits

It costs 5 to 10 times more to find a new customer than to keep a current one happy.

1.True

2.False

It costs 5 to 10 times more to find a new customer than to keep a current one happy.

1.True (Due to changing demographics, more competition, and overcapacity in many industries, the cost of finding new customers is rising.)

2.False

The aim of customer relationship management is to _____.

1.create customer satisfaction

2.create customer profits

3.create customer delight

4.create customer longing

The aim of customer relationship management is to _____.

1.create customer satisfaction

2.create customer profits

3.create customer delight

4.create customer longing

The portion of the customer’s purchasing power that a company gets in its product categories is called its _____.

1.customer equity

2.share of customer

3.customer quotient

4.customer lifetime value

The portion of the customer’s purchasing power that a company gets in its product categories is called its _____.

1.customer equity

2.share of customer

3.customer quotient

4.customer lifetime value

Customers that are a good fit between a company’s offerings and that are expected to be loyal over the long term are called _____.

1.butterflies

2.barnacles

3.true friends

4.strangers

Customers that are a good fit between a company’s offerings and that are expected to be loyal over the long term are called _____.

1.butterflies

2.barnacles

3.true friends

4.strangers

The most dramatic new technology is the Internet.

1.True

2.False

The most dramatic new technology is the Internet.

1.True

2.False

The _____ is the nation’s 24th largest advertiser with an annual budget of over $1 billion.

1.Procter and Gamble Co.

2.Boeing Co.

3.Levi Strauss Co.

4.U.S. Government

The _____ is the nation’s 24th largest advertiser with an annual budget of over $1 billion.

1.Procter and Gamble Co.

2.Boeing Co.

3.Levi Strauss Co.

4.U.S. Government

Which of the first four steps of the marketing process asks, “What consumers will we serve?” and “How can we best serve targeted customers?”1.Step 1: Understanding the marketplace2.Step 2: Designing the marketing strategy3.Step 3: Constructing the marketing program4.Step 4: Building profitable relationships with

customers

Which of the first four steps of the marketing process asks, “What consumers will we serve?” and “How can we best serve targeted customers?”1.Step 1: Understanding the marketplace2.Step 2: Designing the marketing strategy3.Step 3: Constructing the marketing program4.Step 4: Building profitable relationships with

customers

Which step of the marketing process is the most important?

1.Step 1: Understanding the marketplace

2.Step 2: Designing the marketing strategy

3.Step 3: Constructing the marketing program

4.Step 4: Building profitable relationships with customers

Which step of the marketing process is the most important?

1.Step 1: Understanding the marketplace

2.Step 2: Designing the marketing strategy

3.Step 3: Constructing the marketing program

4.Step 4: Building profitable relationships with customers

In addition to delighting customers, companies today must also harness technology, think globally and be ethically and socially responsible.

1.True

2.False

In addition to delighting customers, companies today must also harness technology, think globally and be ethically and socially responsible.

1.True

2.False

kotler / armstrong 11e, chapter 1 marketing is _____. 1.another word for advertising and sales...

Documents

marketing process

customer needsabout

social needs

lasting customer relationships

production costs

growing customers

final step

profitable relationships