Question 1

When backed by buying power,needs become wants.

Accepted Answer

The answer of When backed by buying power,needs become wants....

Question 2

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

Accepted Answer

The answer of When sellers focus on existing needs and...

Question 3

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

Accepted Answer

The answer of Customer-managed relationships are marketing relationships that are...

Question 4

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.

Accepted Answer

The selling concept is based on the assumption that consumers will not buy enough of the firm's products without a large-scale selling and promotion effort. The focus of the selling concept is on aggressive tactics to push products to customers through advertising, personal selling, and other promotional efforts.

Question 5

Market offerings are limited to physical products.

Accepted Answer

Market offerings can also include services, experiences, events, and ideas in addition to physical products.

Question 6

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.

Accepted Answer

This is the generally accepted definition of customer-perceived value in marketing.

Question 7

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

Accepted Answer

The answer of For most marketers,customer relationship management (CRM)is exclusively...

Question 8

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

Accepted Answer

Market segmentation is the process of dividing a larger market into smaller groups or segments based on similar characteristics, needs, or behaviors. The goal is to identify different groups of customers and tailor marketing efforts and products to their specific needs and preferences in order to maximize profits. It does not necessarily involve seeking fewer customers or reduced demand.

Question 9

Today,the Internet links individuals and businesses of all types to one another and to information all around the world..

Accepted Answer

The statement is true. The Internet has revolutionized the way people and businesses communicate and interact with each other, enabling a global exchange of information and ideas.

Question 10

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

Accepted Answer

The answer of To increase its "share of customer," a...

Question 11

The marketing mix includes production,price,promotion,and packaging; they are known as the four Ps of marketing.

Accepted Answer

The answer of The marketing mix includes production,price,promotion,and packaging; they...

Question 12

Marketing is managing profitable customer relationships.

Accepted Answer

This is the definition of marketing according to the American Marketing Association.

Question 13

The societal marketing concept calls on marketers to balance consumer wants and desires,company profits,and society's interests.

Accepted Answer

The societal marketing concept emphasizes the importance of considering and addressing society's interests and needs, in addition to satisfying consumer wants and achieving company profits.

Question 14

Human needs are shaped by culture and individual personality.

Accepted Answer

The answer of Human needs are shaped by culture and...

Question 15

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.

Accepted Answer

The answer of Your department holds that achieving organizational goals...

Question 16

Only sellers of products,services,and ideas practice marketing; buyers do not.

Accepted Answer

Both sellers and buyers engage in marketing activities. Buyers research and evaluate products, negotiate prices, and ultimately make purchasing decisions. This process is a form of personal or consumer marketing. Additionally, buyers in the business-to-business (B2B) market engage in marketing activities such as vendor qualification, procurement, and supply chain management.

Question 17

Consumer-generated marketing has yet to have much impact as a marketing force.

Accepted Answer

Consumer-generated marketing, also known as user-generated content, has had a significant impact as a marketing force in recent years. Social media platforms and online review sites have given consumers a powerful voice to share their opinions and experiences with brands, and many companies have embraced this trend by incorporating user-generated content into their marketing strategies. Studies have shown that consumer-generated content can be more effective than traditional advertising in building brand trust and driving sales.

Question 18

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

Accepted Answer

Customer profitability analysis is a common practice used by companies to determine which customers are profitable and which are not. By identifying unprofitable customers, companies can make strategic decisions such as terminating the relationship or changing the pricing and service structure to improve profitability.

Question 19

The difference between human needs and wants is that needs are not influenced by marketers.

Accepted Answer

Needs are necessities for survival, such as food, water, shelter, and clothing. Wants, on the other hand, are desires for things that are not essential for survival, such as luxury items or entertainment. Marketers can influence wants through advertising and various marketing tactics, but they have no control over our basic needs.

Question 20

Value has different meanings to and is perceived differently by different consumers.

Accepted Answer

Value is a subjective concept and can vary based on personal needs, preferences, and past experiences. Therefore, different consumers may perceive value differently for the same product or service.

Quiz 1: Marketing: Managing Profitable Customer Relationships