MKT101 TUTORIAL 1 (CHAPTER 1)
True or False
1. Marketing is managing profitable customer relationships.
2. The difference between human needs and wants is that needs are not created by
marketers.
3. A market is the set of actual and potential buyers of a product or service.
4. Human needs are shaped by culture and individual personality.
5. Market offerings are limited to physical products.
6. Market segmentation is the process of seeking fewer customers and reduced demand
for profit maximization only.
Multiple Choice Questions
1. Which of the following is NOT an accurate description of modern marketing?
A) Marketing is the creation of value for customers.
B) Marketing involves managing profitable customer relationships.
C) Marketing emphasizes selling and advertising exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is building value-laden exchange relationships with customers.
2. Needs include all of the following EXCEPT ________.
A) food
B) knowledge
C) affection
D) the newest iphone
E) belonging
3. Which of the following terms refers to sellers being preoccupied with their own products
and losing sight of underlying consumer needs?
A) vendor lock-in
B) social loafing
C) value proposition
D) marketing myopia
E) conspicuous consumption
4. When are sellers most effective?
A) when they focus more on their specific products and services
B) when they focus more on the price of their products and services
C) when they focus more on the benefits and experiences produced by their products and
services
D) when they focus more on where their products and services can be purchased
E) when they focus more on cost to produce the product or service
5. Dividing the market into various groups of customers that a company may serve is called
________.
A) market segmentation
B) positioning
C) customization
D) target marketing
