BUS 343 Study Guide - Midterm Guide: Marketing Myopia, Peter Drucker, Pearson Education

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Published on 30 Nov 2016
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Copyright © 2017 Pearson Canada Inc.
Marketing: An Introduction, 6e (Armstrong et al.)
Chapter 1 Marketing: Creating and Capturing Customer Value
1) Which of the following is most essential to even the simplest definition of marketing?
A) demand management
B) the production concept
C) customer relationships
D) making a sale
E) making a profit
Answer: C
Diff: 1 Type: MC Page Ref: 5
Skill: Concept
Objective: 1-1
2) Which of the following is an accurate description of modern marketing today?
A) Marketing is the creation of products for customers.
B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying producers' needs first.
E) Marketing is used by for-profit organizations only.
Answer: B
Diff: 1 Type: MC Page Ref: 5
Skill: Concept
Objective: 1-1
3) According to management guru Peter Drucker, "The aim of marketing is to ________."
A) create customer demands
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products
Answer: C
Diff: 1 Type: MC Page Ref: 6
Skill: Concept
Objective: 1-1
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Copyright © 2017 Pearson Canada Inc.
4) ________ is defined as a social and managerial process by which individuals and
organizations obtain what they need and want through creating and exchanging value with
others.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 2 Type: MC Page Ref: 6
Skill: Concept
Objective: 1-1
5) The ________ steps of the five-step marketing process are about understanding customers,
creating customer value, and building strong customer relationships.
A) first two
B) first three
C) first four
D) last three
E) last four
Answer: C
Diff: 2 Type: MC Page Ref: 7
Skill: Concept
Objective: 1-2
6) According to the simple five-step model of the marketing process, a company needs to
________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
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 key components of a marketing program
Answer: D
Diff: 1 Type: MC Page Ref: 7
Skill: Concept
Objective: 1-2
7) ________ are human needs as shaped by individual personality and culture.
A) Deprivations
B) Wants
C) Demands
D) Values
E) Exchanges
Answer: B
Diff: 1 Type: MC Page Ref: 7
Skill: Concept
Objective: 1-2
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Copyright © 2017 Pearson Canada Inc.
8) When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges
Answer: B
Diff: 1 Type: MC Page Ref: 7
Skill: Concept
Objective: 1-2
9) Which of the following best encompasses market offerings?
A) products
B) people, places, and ideas
C) products and information
D) products and experiences
E) persons, places, organizations, information, and ideas
Answer: E
Diff: 1 Type: MC Page Ref: 8
Skill: Concept
Objective: 1-2
10) ________ refers to sellers that pay more attention to their own products than to the benefits
and experiences produced by these products.
A) Selling myopia
B) Marketing management
C) Value proposition
D) Marketing myopia
E) The product concept
Answer: D
Diff: 1 Type: MC Page Ref: 8
Skill: Concept
Objective: 1-2
11) When marketers set low expectations for a market offering, they are most likely to run the
risk of which of the following?
A) disappointing loyal buyers
B) decreasing buyers satisfaction
C) failing to attract enough buyers
D) failing to understand their buyers' needs
E) incorrectly identifying a target market
Answer: C
Diff: 2 Type: MC Page Ref: 9
Skill: Concept
Objective: 1-2
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