Chapter 1 revision (1) MCQ: 1. Creating __________________ is at the very heart of modern marketing thinking and practice. a. profit maximization b. increased stock value c. award winning products d. customer value and satisfaction. e. none of the above 2. Today, marketing must be understood in a new sense that can be characterized as: a. “telling and selling.” b. “management of youth demand.” c. “get there first with the most.” d. “satisfying customer needs.” e. none of the above. 3. _________________ is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. a. Management b. Marketing c. Econometrics d. Demand e. none of the above. 4. ____________ are states of felt deprivation. a. Demands b. Wants c. Needs d. Core transactions 5. Basic needs, such as those for food, clothing, and safety, refer to: a. physical needs. b. social needs. c. individual needs. d. physical wants. 6. If a company is guilty of “marketing myopia,” then it is: a. in danger of having dangerous cost overruns because it is trying to please too many diverse customer groups. b. so taken with its products that it focuses only on existing wants and loses sight of underlying consumer needs. c. guilty of prejudice toward certain customer groups. d. falling into the trap of “copying” rather than “inventing” products. 7. Marketing occurs when people decide to satisfy needs and wants through ________. a. selling b. exchange c. transaction d. relationships 8. The main actors in a modern marketing system would include all of the following EXCEPT: (Select the LEAST LIKELY.) a. suppliers. b. marketing intermediaries. c. the end user. d. tourism agency. True or false with correction: 1- The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. 2- Marketing is really only selling and advertising. 3- Human wants that are backed by buying power are called demands. 4- In outstanding companies, people at all levels—including top management—stay close to customers. 5- Marketing myopia occurs when sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs. 6- marketing management is the art and science of choosing target markets and building profitable relationships with them. 7- when customers search for satisfaction and value and marketers try to give them, so it is named a balanced relationship between customers and marketers. 8- market offering is the act of obtaining a desired object from someone by offering something in return.