armstrong01_tif - Chapter 1 Marketing: Managing Profitable...

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Chapter 1 Marketing: Managing Profitable Customer Relationships Multiple-Choice 1. Central to any definition of marketing is _____. a. demand management b transactions c. customer relationships d. making a sale Answer: (c) Difficulty (1) Page: 6 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. Answer: (c) Difficulty: (1) Page: 6 3. According to Jeff Bezos, CEO of Amazon.com, a crucial dimension of an outstanding marketing company is_____. a. to create genuine value for customers b. a relentless pursuit of customer needs c. to build on customer relationships and profits will follow d. all of the above are correct Answer: (d) Difficulty: (2) Page: 4 4. _____ is defined as a social and managerial process by which individuals and groups obtain what they need and want through value creation. a, Selling b Advertising c. Barter d. None of the above are correct Answer: (d) Difficulty: (3) Page: 6 5. Society and culture shape the basic form of human needs called _____. a. needs b. wants c. demands d. value Answer: (b) Difficulty: (2) Page: 7 1
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6. When backed by buying power, wants become _____. a. social needs b. demands c. physical needs d. self-esteem needs Answer: (b) Difficulty (1) Page: 7 7. The fundamental reason America’s most admired firms, including Wal-Mart, a. maximize profits b. increase market share c. increase sales d. understand customer’s needs, wants and demands Answer: (d) Difficulty: (2) Page: 7 8. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. a. Selling myopia b. Marketing c. Selling d. Marketing myopia Answer: (d) Difficulty (2) Page: 13 9. American brand icons, including Harley Davidson, Coca-Cola and Nike, create deep brand meanings for consumers and do not suffer from _____. a. short-term losses b. long-term losses c. competitive threats d. marketing myopia Answer: (d) Difficulty (2) Page: 13 10. _____ are key building blocks for developing and managing customer relationships. a. Consumer expectations and customer satisfaction b. Customer choices and product offers c. Product performance and customer value d. Customer value and customer satisfaction Answer: (d) Difficulty: (3) Page: 11 2
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11. The response to the well-known Wal-Mart cheer which always ends with the closing question, “Who’s number 1?” is_____. a. low prices, always low prices b. Wal-Mart, Always! c.
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armstrong01_tif - Chapter 1 Marketing: Managing Profitable...

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