Question101)Marketing is managing profitable customer relationships.

101)Marketing is managing profitable customer relationships.

102) Human needs are shaped by culture and individual personality. Answer: FALSE103) The difference between human needs and wants is that needs are not influenced by marketers.

104) When backed by buying power, needs become wants.

105) Market offerings are limited to physical products.

106) When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

107) Only sellers of products, services, and ideas practice marketing; buyers do not. Answer: FALSE

108) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

109)The selling concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

110)Your department holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Your department is practicing the selling concept.

111)The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society’s interests.112)The marketing mix includes production, price, promotion, and packaging; they are known as the four Ps of marketing.

113)For most marketers, customer relationship management (CRM) is exclusively a matter of customer data management.

114)Customer-perceived value is defined as the customer’s evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

115)Value has different meanings to and is perceived differently by different consumers. Answer: TRUE

116)Many companies now use customer profitability analysis to identify and weed out unprofitable customers.

117)Customer-managed relationships are marketing relationships that are initiated by and controlled by customers, not by marketers.

118)Consumer-generated marketing has yet to have much impact as a marketing force. Answer: FALSE

119)To increase its “share of customer,” a firm concentrates on retaining as many customers as possible over their lifetimes.

120)Web 1.0 connected people with information, and Web 2.0 is connecting people to multifunction mobile devices.

121) An experience such as a vacation can be defined as a market offering. Answer: TRUE

122)Amy’s law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

123)The production concept and product concept are orientations that are more likely to lead to marketing myopia than the marketing concept and the societal marketing concept are.

124)Fast Food, Inc. views marketing as the science and art of finding, retaining, and growing profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.

125)Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.

126) Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices.

127) In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences.

128) Compare the selling and marketing concepts, listing the key components of each philosophy.

129)Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept.

130)Define Customer Relationship Management and explain its associated tools and levels of relationships.

131)Explain why the aim of customer relationship management is to create not just customer satisfaction, but also customer delight.

132)In a short essay, discuss the challenges and advantages of new communication technologies for marketers as they work to build relationships with their customers..

133)Define customer equity and explain how a company can increase it..

134)In a short essay, describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customergo beyond satisfying and to delight these customers. A company should try to convert true friends into customer evangelists who tell others about their good experiences with the company.

135)Explain how the Internet has transformed the way in which we do business today.

136) What should sellers consider if they wish to avoid marketing myopia?

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137) You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

138) Think about suppliers and other marketing partners. A modern marketing system relies on profitable relationships all along the way. How might Walmart rely on its marketing partners in order to offer low prices

139) The marketing team at Bead Beautiful, a line of jewelry targeted at preteen girls, is meeting to formulate the products’ value proposition. What should team members consider as they define a value proposition for Bead Beautiful?

140) When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up. Compare the actions of these manufacturers to the production concept.

141)Company X carries organizational and office supplies and follows the selling concept. Explain how Company X may lose sight of customer relationships with their marketing orientation.

142)In nineteenth-century Dublin, Molly Malone sold cockles and mussels while shouting topassers-by, “alive-alive-oh.” Was Molly taking an outside-in or inside-out perspective? Explain

143)Explain why electronics and pharmaceuticals manufacturers may use customer-drivingmarketing.

144)Explain how storing customer information in a database might better prepare car-makerSaturn in customer relationship management (CRM).

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145)What determines whether sellers pursue basic relationships or full partnerships with customers?

146)How can a marketer increase “share of customer”?

147) Explain what marketers can expect from individuals in the customer relationship group classified as “butterflies.”

148)Able works in the marketing department of an international company. In what ways might Able use modern technologies to conduct market research in order to learn more about and better serve his company’s customers?

149)In what ways might even a local retailer find itself touched by global competition? Answer: A local retailer might have global suppliers and customers. The retailer’s goods may come from abroad, or components of those goods may be produced or assembled abroad. In addition, a local retailer may also sell goods over the Internet to international customers.

150)How is marketing being applied in the not-for-profit sector?

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Principles of Marketing, 14e (Kotler)

Chapter 2 Company and Marketing Strategy: Partnering to Build

Customer Relationships

1)Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

A) long-range planning B) short-range planning C) media planning

D) strategic planning E) annual planning

2)When a firm develops and maintains a strategic fit between its goals and capabilities, it is

performing ________.

A)mission planning

B)values planning

C)strategic planning

D)business-portfolio planning

E)operations planning

3) Which of the following is the first step in strategic planning?

A)set objectives and goals

B)develop the business portfolio

C)define the company mission

D)plan marketing strategies

E)identify threats and weaknesses

4)Which of the following is NOT a step in the strategic planning process? A) defining the company mission

B) setting company objectives and goals C) designing the business portfolio

D) planning marketing and other functional strategies E) evaluating all members of the value chain Answer: E

5)Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?

A) objectives and goals B) a mission statement C) a business portfolio

D) marketing and functional strategies E) operational strategies

6)________ should be market oriented and defined in terms of ________.

A)Annual plans; product needs

B)Strategic plans; company needs

C)Long-range plans; company needs

D)Mission statements; customers’ needs

E)Objectives; competitors’ threats

7) A company’s mission statement serves as a statement of ________.

A)fact

B)sustainability

C)purpose

D)financial goals

E)employee commitment

8)Which of the following is NOT a market-oriented business definition? A) “to nourish lives by making them healthier, easier, and richer”

B) “to sell tools and home repair and improvement items” C) “to deliver low prices every day”

D) “to be the guardian of our customers’ financial dreams”

E) “to bring inspiration and innovation to every athlete in the world” Answer: B

9)All of the following are examples of product-oriented mission statements EXCEPT which one?

A) “We are an online video service.” B) “We run theme parks.”

C) “We sell shoes.”

D) “We sell lifestyle and self-expression; success and status; memories, hopes, and dreams.” E) “We rent hotel rooms.”

10)Which of the following is the principle objective of a market-oriented mission statement?

A)to satisfy basic customer needs

B)to satisfy basic supplier needs

C)to satisfy basic stockholder needs

D)to satisfy basic owner needs

E)to satisfy basic partnership needs:

11) All of the following are accurate guidelines for a company’s mission statement EXCEPT which one?

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