Marketing

Chapter 1 Marketing Creating and Capturing Customer Value 1) According to the five-step model of the marketing process, the first step in marketing is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy Answer D Difficulty Moderate Chapter LO 1 Course LO Discuss the fundamental concepts of marketing 2) ________ are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges Answer A Difficulty Easy Chapter LO 2 Course LO Discuss the fundamental concepts of marketing 3) ________ are the form human needs take as they are shaped by culture and individual personality. A) Wants B) Necessities C) Services D) Benefits E) Risks Answer A Difficulty Easy Chapter LO 2 Course LO Discuss the fundamental concepts of marketing 4) When backed by buying power, wants become ________. A) needs B) demands C) offerings D) values E) ideas Answer B Difficulty Easy Chapter LO 2 Course LO Discuss the fundamental concepts of marketing 5) Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abels want has most likely become a(n) ________. A) need B) value C) demand D) offering E) desire Answer C Difficulty Difficult Chapter LO 2 Course LO Discuss the fundamental concepts of marketing AACSB Analytic thinking 6) Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________. A) consumers brand experiences B) competitors threats C) consumers existing wants D) competitors strengths E) consumers future demands Answer C Difficulty Moderate Chapter LO 2 Course LO Discuss the fundamental concepts of marketing 7) ________ is the act of obtaining a