Principles of Marketing - Chapter 1 Creating Customer Value and Engagement

Question 1

Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

Accepted Answer

False

Question 2

A(n) ________ is the set of actual and potential buyers of a product or service.

Accepted Answer

market

Question 3

The marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.

Accepted Answer

True

Question 4

The primary key to delivering customer satisfaction is to match product performance with ________.

Accepted Answer

customer expectations

Question 5

Needs include all of the following EXCEPT ________.

Accepted Answer

the newest iPhone

Question 6

Dividing the market into various groups of customers that a company may serve is called ________.

Accepted Answer

market segmentation

Question 7

Marketing is managing profitable customer relationships.

Accepted Answer

True

Question 8

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Accepted Answer

marketing mix

Question 9

Which of the following marketing management concepts is most likely to lead to marketing myopia?

Accepted Answer

product concept

Question 10

Customer equity refers to ________.

Accepted Answer

total combined customer lifetime value of all of the company&#x27;s customers

Question 11

Which of the following is NOT an accurate description of modern marketing?

Accepted Answer

Marketing emphasizes selling and advertising exclusively.

Question 12

When marketers set low expectations for a market offering, they run the risk of ________.

Accepted Answer

failing to attract enough customers

Question 13

Marketing in the non-profit sector is applied in all but which of these ways?

Accepted Answer

to publicize the organization&#x27;s supporters

Question 14

________ are human needs that are shaped by culture and individual personality.

Accepted Answer

Wants

Question 15

The 4 Ps of the Marketing Mix are Product, Price, Place and Promotion.

Accepted Answer

True

Question 16

The meaning of value is perceived identically by all consumers.

Accepted Answer

False

Question 17

________ is the act of obtaining a desired object from someone by offering something in return.

Accepted Answer

Exchange

Question 18

When backed by buying power, wants become ________.

Accepted Answer

demands

Question 19

According to management guru Peter Drucker, "The aim of marketing is to ________."

Accepted Answer

make selling unnecessary

Question 20

The technology that involves machines that think and learn like humans is known as

Accepted Answer

artificial intelligence

Question 21

An experience such as a vacation can be defined as a market offering.

Accepted Answer

True

Question 22

For most marketers, customer relationship management is exclusively a matter of customer data management.

Accepted Answer

False

Question 23

Selecting which segments of a population to serve is called ________.

Accepted Answer

target marketing

Question 24

Human needs are shaped by culture and individual personality.

Accepted Answer

False

Question 25

The difference between human needs and wants is that needs are not created by marketers.

Accepted Answer

True

Principles of Marketing - Chapter 1 Creating Customer Value and Engagement

Questions 25

Principles of Marketing - Chapter 1 Creating Customer Value and Engagement

Questions 25