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Principle of marketing chap 1, Exercises of Marketing

Principle of marketing tutorial chap 1 Creating Customer Value and Engagement

Typology: Exercises

2023/2024

Uploaded on 04/07/2024

vy-phan-9
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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
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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
  7. 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.
  8. Needs include all of the following EXCEPT ________. A) food B) knowledge C) affection D) the newest iphone E) belonging
  9. 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
  10. 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
  11. 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

E) differentiation

  1. Selecting which segments of a population to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) differentiation
  2. Which of the following statements is true of the production concept? A) It considers customer focus and value to be the paths to sales and profits. B) It follows the customer-centered sense-and-respond philosophy. C) It takes an outside-in perspective. D) It calls for sustainable marketing. E) It leads to companies focusing too narrowly on their own operations.
  3. Which of the following statements is true of the selling concept? A) It requires minimum promotion efforts. B) It creates long-term, profitable customer relationships. C) It takes an outside-in perspective. D) It is typically practiced with unsought goods. E) It follows the customer-centered sense-and-respond philosophy.
  4. Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? A) the product concept B) the production concept C) the selling concept D) the marketing concept E) the societal marketing concept
  5. Digital technology allows companies to reach out to customers in numerous ways. Which of the following is NOT the purpose of a company reaching out using digital and social media? A) solving consumer problems B) building customer relationships C) helping customers shop D) providing product information E) working with suppliers Essay Questions
  6. Briefly compare and contrast the concepts of needs, wants, and demands and provide examples to illustrate your answer. How do these three concepts relate to marketing practices?
  7. Compare the selling and marketing concepts, listing the key components of each philosophy.