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Download the full ﬁle instantly at hp://testbankinstant.com Principles of Marketing, 15e (Kotler/Armstrong) Chapter 1 Marketing: Creating and Capturing Customer Value 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. Answer: C Page Ref: 4-5 Skill: Concept Objective: 1-1 Difficulty: Moderate 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+++ Answer: C Page Ref: 5 Skill: Concept Objective: 1-1 Difficulty: Easy 3) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Research B) Innovation C) Manufacturing D) Marketing E) Production Answer: D Page Ref: 5 Skill: Concept Objective: 1-1 Difficulty: Easy Download the full ﬁle instantly at hp://testbankinstant.com Download the full ﬁle instantly at hp://testbankinstant.com 4) According to the five-step model of the marketing process, which of the following is the final step in creating value for customers? A) designing a customer-driven marketing strategy B) understanding the marketplace and customer needs C) constructing an integrated marketing program that delivers superior value D) building profitable relationships and creating customer delight E) capturing value from customers to create profit and customer equity Answer: D Skill: Concept Objective: 1-1 Difficulty: Easy 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 Answer: D Page Ref: 5 Skill: Concept Objective: 1-1 Difficulty: Easy 6) ________ are human needs that are shaped by culture and individual personality. A) Necessities B) Wants C) Demands D) Values E) Exchanges Answer: B Page Ref: 6 Skill: Concept Objective: 1-2 Difficulty: Easy 7) When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges Answer: B Page Ref: 6 Skill: Concept Objective: 1-2 Download the full ﬁle instantly at hp://testbankinstant.com

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