Objective: LO 1.2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.Ĩ) When backed by buying power, wants become _.ĩ) Needs include all of the following EXCEPT _.ġ0) Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months.
Objective: LO 1.1: Define marketing and outline the steps in the marketing process.Ģ) According to management guru Peter Drucker, "The aim of marketing is to _."ī) emphasize customer wants and not customer needsĭ) fulfill unrealistic customer expectationsģ) Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through _.Ĥ) According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?Ī) designing a customer-driven marketing strategyī) understanding the marketplace and customer needsĬ) constructing an integrated marketing program that delivers superior valueĭ) building profitable relationships and creating customer delightĮ) capturing value from customers to create profit and customer equityĥ) According to the five-step model of the marketing process, a company should _ before designing a customer-driven marketing strategy.Ī) determine how to deliver superior value to customersī) build profitable relationships with customersĬ) use customer relationship management to create full partnerships with key customersĭ) understand the marketplace and customer needs and wantsĮ) construct an integrated marketing programĦ) Marketing is managing profitable customer relationships.ħ) _ are human needs that are shaped by culture and individual personality. Principles of Marketing, 17e, Global Edition (Kotler/Armstrong)Ĭhapter 1 Marketing: Creating Customer Value and Engagementġ) Which of the following is NOT an accurate description of modern marketing?Ī) Marketing is the creation of value for customers.ī) Marketing involves managing profitable customer relationships.Ĭ) Marketing emphasizes selling and advertising exclusively.ĭ) Marketing involves satisfying customers' needs.Į) Marketing is building value-laden exchange relationships with customers. Description Test Bank Principles of Marketing, Global Edition, 17th Edition Philip T.