Test Bank of marketing 1. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the four Ps (product, price, place, promotion) d. an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders e. improving the quality of life for consumers. 2. Marketing management is ________. a. managing the marketing process b. monitoring the profitability of the company’s products and services c. selecting target markets d. developing marketing strategies to move the company forward e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. 3. Marketers often use the term ________ to cover various groupings of customers. a. people b. buying power c. demographic segment d. social class position e. market 4. ________ are basic human requirements; ________ are the ways in which we satisfy those requirements, and they are shaped by our society. a. Wants; needs b. Demands; wants c. Needs; wants d. Needs; demands e. Demands; needs 5. The identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________. a. segmentation b. integration c. disintermediation d. targeting e. partner relationship management 6. Companies address needs by putting forth a(n) ________, a set of benefits that they offer to customers to satisfy their needs. a. brand b. value proposition c. offering d. target market e. demand 7. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________. a. target markets b. primary markets c. tertiary markets d. demographic markets e. focused markets 8. ________ reflects a customer’s judgment of a product’s performance in relation to his or her expectations. a. Loyalty b. Satisfaction c. Value d. Expectations e. Comparison shopping 9. Value reflects ________. a. the price consumers are charged for a product b. the cost of manufacturing a product c. the degree to which consumer demand for the product is positive d. the sum of the perceived tangible and intangible benefits and costs to customers e. all of the above 10. ________ includes all the actual and potential rival offerings and substitutes that a buyer might consider. a. Competition b. The product offering c. A value proposition d. The supply chain e. The marketing environment 11. One traditional depiction of marketing activities is in terms of the marketing mix or four Ps. The four Ps are characterized as being ________. a. product, positioning, place, and price b. product, production, price, and place c. promotion, place, positioning, and price d. place, promotion, production, and positioning e. product, price, promotion, and place 12. From a buyer’s point of view, each marketing tool is designed to deliver a customer benefit. The SIVA customer-centric breakdown of marketing activities includes ________. a. sale, interaction, voice, and availability b. solution, information, value, and access c. satisfaction, intention, value, and account d. situation, importance, variability, and awareness e. none of the above. 13. The task of any business is to deliver ________ at a profit. a. customer needs b. products c. customer value d. products and services e. improved quality. 14. The first phase of the value creation and delivery sequence is ________ that represents the “homework” marketing must do before any product exists. a. choosing the value b. market research c. target marketing d. service consideration e. projective thinking. 15. With the rapidly changing global picture, the firm must monitor six major forces. All of the following would be among those forces EXCEPT ________. a. demographic b. economic c. social-cultural d. natural e. promotional. 16. The main demographic force that marketers monitor is ________. f. suppliers g. competitors h. communication (such as advertising) i. government reports dealing with birth rates j. population. 17. A ________ consists of a group of customers who share a similar set of needs and wants. a. market target b. market group c. market slice d. market segment e. market level. 18. The five product levels constitute a ________. At each level more customer value is added. a. customer-augmented product b. customer consumption system c. customer value-hierarchy d. customer-perceived value e. customer hierarchy. 19. Traditionally, ________ has operated as the major determinant of buyer choice. a. promotion b. packaging c. placement d. distribution e. price. 20 any consumers use price as an indicator of ________. Image pricing is especially effective with ego-sensitive products such as perfumes and expensive cars. f. status g. quality h. ability i. capability j. size. True/False 1. A short definition of marketing is “meeting needs profitably.” 2. Value marketing is the “art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.” 3. Wants are basic human requirements such as food or air. 4. Demands are wants for specific products backed by an ability to pay. 5. The marketing-mix component called promotion includes such items as product variety, design, packaging, services, and warranties. Answer the following questions: 1. What is marketing? 2. Define marketing management. 3. What is marketed? 4. Compare between needs and wants, or needs and demands. 5. Find the relationship that connects needs, wants and demand. How do marketers affect each of these elements? 6. How do marketers build value and satisfaction? 7. Explain how a company builds core competencies. 8. Talk about the four C`s elements. 9. What are the common segmentation objectives.