Buad 3010 Text Bank Chp 1

7600 WordsMar 25, 201331 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…show more content…
A) improve marketing of its best products only B) market only those products that have high customer appeal C) focus on the target market and make products that meet those customers' demands D) devote its energy to making continuous product improvements E) make promoting products the company's top priority Answer: D Page Ref: 10 Difficulty: Moderate Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 16) The selling 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: A Page Ref: 10 Difficulty: Moderate Chapter LO: 3 Course LO: Discuss the fundamental concepts of marketing 17) Which of the following reflects the marketing

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