Principles of Marketing Midterm Revision.docx - Principles...

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Principles of MarketingMid-Term RevisionChapter 1Multiple Choice Questions:1) All of the following are accurate descriptions of modern marketing, EXCEPT whichone?A) Marketing is the creation of value for customers.B) Marketing is managing profitable customer relationships.C) Selling and advertising are Compatible with marketing.D) Marketing involves satisfying customers' needs.Answer:C
2) ________ is defined as a social and managerial process by which individuals andorganizations obtain what they need and want through value creation and exchange.D
3) According to the simple five-step model of the marketing process, a company needs to________ before designing a customer-driven marketing strategy.D
4) ________ are human needs as shaped by individual personality and culture.B
5) When backed by buying power, wants become ________.A) Social needsB) DemandsC) Physical needs
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D) Self-esteem needsE) ExchangesAnswer:B6) What do companies call a set of benefits that they promise to consumers to satisfy theirneeds?A
7) Which of the following refers to sellers being preoccupied with their own products andlosing sight of underlying consumer needs?D
8) A (n) ________ is the set of actual and potential buyers of a product.A
9) The art and science of choosing target markets and building profitable relationshipswith them is called ________.A) Marketing managementB) PositioningC) SegmentationD) SellingE) DifferentiationAnswer:A
10) Selecting which segments of a population of customers to serve is called ________.
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D
11) Which of the following is the set of benefits a company promises to deliver thecustomer to satisfy their needs?D
12) Which customer question is answered by a company's value proposition?A

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Term
Spring
Professor
Mohamed batoor

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