C1 Exam Flashcards
1) 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.
C) Marketing emphasizes selling and advertising exclusively.
2) According to management guru Peter Drucker, “The aim of marketing is to ________.”
A) maximize profits of the company
B) emphasize customer wants and not customer needs
C) make selling unnecessary
D) fulfill unrealistic customer expectations
E) sell products
C) make selling unnecessary
3) Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through \_\_\_\_\_\_\_\_. A) research and development B) innovation and creativity C) manufacturing efficiencies D) value creation and exchange E) sales and revenue creation
D) “value” creation and exchange (marketing - value)
5) 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 customers
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 an integrated marketing program
D) understand the marketplace and customer needs and wants (understand -> design -> construct -> engage -> capture)
7) \_\_\_\_\_\_\_\_ are human needs that are shaped by culture and individual personality. A) Necessities B) Wants C) Demands D) Values E) Exchanges
B) Wants
Human needs are shaped by culture and individual personality.-> FALSE
10) Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) \_\_\_\_\_\_\_\_. A) need B) necessity C) demand D) exchange E) transaction
C) demand
9) Needs include all of the following EXCEPT \_\_\_\_\_\_\_\_. A) food B) knowledge C) affection D) the newest iphone E) belonging
D) the newest iphone
11) A \_\_\_\_\_\_\_\_ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. A) market offering B) value proposition C) brand positioning D) market segment E) market mix
A) market offering
13) When marketers set low expectations for a market offering, they run the risk of ________.
A) disappointing loyal customers
B) having to use an outside-in rather than an inside-out perspective
C) failing to attract enough customers
D) failing to understand their customers’ needs
E) incorrectly identifying a target market
C) failing to attract enough customers
16) Consumer research, product development, communication, distribution, pricing, and service are all core \_\_\_\_\_\_\_\_ activities. A) positioning B) marketing C) outsourcing D) production E) logistics
B) marketing
The difference between human needs and wants is that needs are not created by marketers. (T/F)
T
Market offerings are limited to physical products. (T/F)
F
An experience such as a vacation can be defined as a market (T/F)
T
When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia. (T/F)
F
26) How do suppliers help companies like Walmart maintain consistently low prices?
Suppliers provide merchandise (hàng hóa) at low costs. Walmart has developed and managed relationships with its suppliers.
27) What should sellers consider if they wish to avoid marketing myopia?
Considering the particular “benefits and experiences desired” by their customers, and “not” just pay attention to the “specific products” they offer.
28) Briefly compare and contrast the concepts of needs, wants, and demands and provide examples to illustrate your answer. How do these three concepts relate to marketing practices?
- Human needs are states of felt deprivation. Needs are a basic part of the human makeup; 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;
+ a basic individual 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 soft drink.
- 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 at McDonald’s”.
Marketers conduct “extensive research to understand customers’ wants and demands”. They then attempt to “fulfill customers’ wants and demands through their market offerings.”
You are a manufacturer of “tents, sleeping bags, and outdoor cooking equipment”. How might you go about creating “brand experiences” for your customers?
Such manufacturers should focus on the benefits enjoyed through the use of their products, such as “arrangements to visit great outdoor locations”, chances for customers to “enjoy time with their families, and relive their memories of camping trips”.
Explain how and why marketers go beyond selling a product or service to create brand experiences.
HOW: Sellers are most effective when they “focus more on the benefits and experiences” produced by their products and services “than on the specific products and services themselves”. Smart marketers focus on creating a brand experience, incorporating several products and services for their customers.
WHY: By doing so, marketers hope to increase customer satisfaction. Satisfied customers buy again and tell others about their good experiences.
The art and science of choosing target markets and building profitable relationships with them is called \_\_\_\_\_\_\_\_. A) marketing management B) positioning C) marketing mix D) market offering E) differentiation
A) marketing management (art and science)
34) Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories 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 marketing B) social marketing C) societal marketing D) target marketing E) cause marketing
D) target marketing (aim at….)
36) Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs? A) customer lock-in B) a cartel C) marketing mix D) value proposition E) market segmentation
D) value proposition (set of benefits)
“Why should I buy your brand rather than a competitor’s?”
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
A) production concept (supply chain)
43) Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the \_\_\_\_\_\_\_\_ concept. A) product B) production C) selling D) marketing E) societal marketing
B) production (cost could be reduced)
45) Which of the following statements is true of the selling concept?
A) It requires minimum promotion efforts.
B) It creates long-term, profitable customer relationships.
C) It takes an outside-in perspective.
D) It is typically practiced with unsought goods.
E) It follows the customer-centered sense-and-respond philosophy.
D) It is typically practiced with unsought goods.
46) Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships? A) the marketing concept B) the production concept C) the product concept D) the selling concept E) the societal marketing concept
D) the selling concept
47) Jolene's firm markets preplanning services for a mortician. She finds that most of her target market "avoids discussing future funeral needs". She "convinces people to invest" in the firm's services through her large-scale "promotional efforts:. Jolene's firm most likely practices the \_\_\_\_\_\_\_\_. A) production concept B) marketing concept C) selling concept D) product concept E) societal marketing concept
C) selling concept
inside-out
49) Which of the following marketing orientations 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) the product concept B) the production concept C) the selling concept D) the marketing concept E) the societal marketing concept
D) the marketing concept
+ a customer-centered “sense-and-respond” philosophy
+ outside-in
+ Consider customer focus and value as the paths to sales and profits.
53) Which of the following is a characteristic of customer-driven marketing?
A) Companies understand customer needs even better than customers themselves do.
B) Customers are unaware of their needs.
C) Products are created that meet both existing and latent needs, now and in the future.
D) Customers know what they want.
E) Customers don’t know what is possible.
D) Customers know what they want.
54) \_\_\_\_\_\_\_\_ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs. A) Customer-driven B) Customer-driving C) Affinity D) Societal E) Ambush
B) Customer-driving
55) When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is \_\_\_\_\_\_\_\_ marketing. A) customer-driven B) customer-driving C) societal D) ambush E) affinity
B) customer-driving
6) The societal marketing concept seeks to establish a balance between ________.
A) customer lifetime value and customer equity
B) an inside-out perspective and an outside-in perspective
C) consumer short-run wants and consumer long-run welfare
D) marketing mixes and market offerings
E) customer-driven marketing and customer-driving marketing
C) consumer short-run wants and consumer long-run welfare
58) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the \_\_\_\_\_\_\_\_ philosophy. A) marketing concept B) product concept C) production concept D) societal marketing concept E) selling concept
D) societal marketing concept
59) 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) market offering E) marketing effort
C) marketing mix
62) Bead Beautiful is a jewelry brand targeted at "preteen girls". What needs do NOT fit with this audience, as the marketing team develops a value proposition for Bead Beautiful? A) variety of colors in products B) price C) quality of materials D) mature designs E) ease of availability
D) mature designs
64) At a local farmers' market, Molly Malone sells mussels while shouting to passersby, "Fresh seafood, get your fresh seafood here!" What kind of perspective is Molly taking? A) customer-driving B) inside-out C) customer-driven D) outside-in E) niche marketing
B) inside-out
65) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.
F
The production concept and the product concept are marketing management orientations that are more likely to lead to marketing myopia.
T
