Buad 3010 Text Bank Chp 1 Essay

7594 Words Mar 16th, 2013 31 Pages
Marketing: An Introduction, 11e (Armstrong)
Chapter 1 Marketing: Creating and Capturing Customer Value

1) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
A) Value reengineering
B) Human resource management
C) Financing
D) Marketing
E) Root cause analysis
Answer: D
Page Ref: 5
Difficulty: Easy
Chapter LO: 1
Course LO: Discuss the fundamental concepts of marketing

2) The first step in the marketing process is ________.
A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) building profitable
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A) the customer-driven marketing concept
B) the customer-driving marketing concept
C) the societal marketing concept
D) the selling concept
E) the production concept
Answer: E
Page Ref: 10
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

13) The production concept holds that ________.
A) consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
C) consumers will favor products that are available and highly affordable
D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
E) consumers will favor products that offer the most in quality, performance, and innovative features
Answer: C
Page Ref: 10
Difficulty: Moderate
Chapter LO: 3
Course LO: Discuss the fundamental concepts of marketing

14) Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________.
A) customer-driving marketing concept
B)

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