Question 1

The concept of shared value focuses on ________.
A) creating economic value in a way that also creates value for society
B) maximizing profits to satisfy shareholders
C) creating sales transactions instead of long-term customer relationships
D) building strategic supplier partnerships to create more value for investors
E) providing more financial incentives to sales team members

Accepted Answer

The concept of shared value is about creating economic value in a way that also creates value for society, such as by addressing societal and environmental issues through business practices. It goes beyond simply maximizing profits for shareholders or focusing solely on sales transactions. Building strategic supplier partnerships may be a part of creating shared value, but it is not the primary focus. Providing financial incentives to sales team members does not necessarily relate to the concept of shared value.

Question 2

When customers don't know what they want or don't even know what's possible,the most effective strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) functional
E) product

Accepted Answer

Customer-driving marketing involves understanding customer needs better than they do themselves and creating products or services that fulfill those needs, often introducing them to possibilities they weren't aware of.

Question 3

Some fast food restaurants offer tasty and convenient food at affordable prices,but in doing so they contribute to the soaring obesity rates and environmental problems.In this case,these fast-food restaurants have overlooked the ________ concept.
A) marketing
B) product
C) production
D) societal marketing
E) selling

Accepted Answer

The societal marketing concept focuses not only on customer satisfaction and profits but also on social and environmental responsibility. In this case, fast-food restaurants that contribute to obesity and environmental problems have overlooked this concept.

Question 4

________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
A) Customer-driven
B) Mass
C) Sustainable
D) Customer-driving
E) Ambush

Accepted Answer

The definition best matches the concept of sustainable marketing, which involves balancing the needs of present and future generations while also considering environmental and social factors. Option A (customer-driven) is a broader concept that applies to any marketing strategy that seeks to meet the needs and preferences of customers. Option B (mass) refers to a type of marketing that targets a broad audience, without considering sustainability or social responsibility. Option D (customer-driving) is not a recognized term in marketing. Option E (ambush) refers to a strategy where a brand illegally associates itself with an event or another brand to gain attention.

Question 5

The ________ concept 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) marketing
B) product
C) production
D) selling
E) societal marketing

Accepted Answer

The given definition matches with the concept of marketing, which is focused on satisfying the needs and wants of the target market through delivering better value than competitors. The other options such as product, production, selling, or societal marketing do not fully capture the essence of this concept.

Question 6

Sally purchased a newly introduced moisturizing lotion.By attempting to find out if the lotion's perceived performance matched her expectations,Sally was measuring her level of customer ________.
A) loyalty
B) satisfaction
C) equity
D) engagement
E) lifetime value

Accepted Answer

Sally is measuring her level of satisfaction with the newly introduced moisturizing lotion.

Question 7

Cylog,a leading provider of personal computer systems,began manufacturing tablet devices after predicting a future consumer need for portability.Which of the following was most likely implemented by Cylog?
A) the selling concept
B) customer-driving marketing
C) the product concept
D) sustainable marketing
E) the production concept

Accepted Answer

Customer-driving marketing is most likely implemented by Cylog as they anticipated a future consumer need (for portability) and developed a product (tablet devices) to meet that future need. This approach focuses on understanding and addressing the future needs of customers, rather than just selling existing products.

Question 8

Customer-driven marketing is most effective when ________.
A) a clear need exists among customers, but the need is difficult to identify
B) customers do not know what they want but are easily persuaded
C) customers seek new products and technological innovations
D) clear needs exist and customers know what their needs are
E) customers have wants but cannot afford them

Accepted Answer

Customer-driven marketing is most effective when there are clear needs among customers and they know what their needs are. This allows companies to develop tailored marketing strategies that directly address the customer's needs and desires.

Question 9

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
A) when the market has few customers and high margins
B) when the market has a huge number of customers
C) when the firm has a frequency marketing program
D) when the firm has a large number of low-margin customers
E) when the firm has few marketing resources at its disposal

Accepted Answer

The answer of In which of the following circumstances is...

Question 10

Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) production
E) product

Accepted Answer

Customer-driving marketing involves understanding and anticipating customer needs and directing them towards products and services that fulfill those needs, even if the customers are not yet aware of them.

Question 11

Customer evangelists are those who ________.
A) use personal selling methods to market products and services
B) tell others about their good experiences with a brand or product
C) use their expertise to influence people about specific products
D) work with quality-assurance teams to improve product safety
E) evaluate newly launched products in the marketplace

Accepted Answer

Customer evangelists are people who spread positive word-of-mouth about a brand or product because they have had good experiences with it. They may do so through social media, online reviews, or personal recommendations to friends and family.

Question 12

Fine Corp.,a consumer electronics manufacturer,targets a market with many low-margin customers.Which of the following types of associations would be most profitable for the firm to develop with these customers?
A) full partnerships
B) basic relationships
C) joint ventures
D) strategic alliances
E) business partnering

Accepted Answer

Basic relationships would be the most profitable type of association for Fine Corp. These customers have low margins, which means that they do not have a lot of money to spare. Therefore, developing a basic relationship with these customers would be the most cost-effective approach for the company. A basic relationship involves providing good customer service, offering discounts or promotions, and maintaining a consistent level of quality. This way the company can retain customers and build brand loyalty without incurring significant expenses.

Question 13

Which of the following concepts calls for sustainable marketing?
A) the societal marketing concept
B) the marketing concept
C) the selling concept
D) the production concept
E) the product concept

Accepted Answer

The societal marketing concept calls for sustainable marketing by balancing company profits with consumer and societal well-being. This concept reflects the idea that companies can and should make decisions that fulfill the needs of consumers, while also benefiting society as a whole. This can be achieved by creating products that are environmentally friendly, reducing waste, and supporting social causes.

Question 14

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?
A) customer-perceived value
B) customer equity
C) share of customer
D) customer profitability
E) customer lifetime value

Accepted Answer

Customer-perceived value refers to the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

Question 15

The societal marketing concept holds that ________.
A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort
B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
C) the society will only 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

Accepted Answer

The societal marketing concept focuses on creating economic value while also creating value for the surrounding environment. This means that a company's marketing decisions should consider the impact on society and the environment, not just on the company's profits. This concept recognizes that long-term sustainability and the well-being of society and the environment are important factors in creating a successful business.

Question 16

The overall process of dealing with all aspects of acquiring,keeping,and growing customers is referred to as ________.
A) perceived-value management
B) societal marketing
C) customer relationship management
D) partner relationship management
E) enterprise resource planning

Accepted Answer

Customer relationship management (CRM) is the process of dealing with acquiring, retaining and growing customers. It involves using technology to manage interactions with customers and analyzing customer data to improve business relationships. Perceived-value management, societal marketing, partner relationship management, and enterprise resource planning are all related to marketing but do not specifically encompass the overall process of dealing with customers.

Question 17

Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition.Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand.Raymond's relationship with Honda is best referred to as ________.
A) customer delight
B) customer lifetime value
C) customer equity
D) customer share
E) customer-perceived value

Accepted Answer

Raymond's emotional relationship and satisfaction with the Honda brand after his purchase is best described as customer delight, which goes beyond satisfaction and involves a strong emotional connection with the brand.

Question 18

Futuristic Designs Inc.,a furniture retail chain,understands and anticipates customer needs even better than customers themselves do and creates products and services to meet their existing and future needs.Which of the following has Futuristic Designs followed in this case?
A) the product concept
B) customer-driving marketing
C) the societal marketing concept
D) customer-driven marketing
E) the production concept

Accepted Answer

Futuristic Designs Inc. is engaging in customer-driving marketing, which involves understanding and anticipating customer needs, even those that customers may not be aware of themselves, and creating products and services to meet those needs.

Question 19

The Niketown running community organizes bimonthly athletic training programs for Nike buyers.This is an example of a ________.
A) business partnership program
B) joint venture
C) club marketing program
D) consumer-generated marketing program
E) strategic alliance

Accepted Answer

The Niketown running community organizing bimonthly athletic training programs for Nike buyers is an example of a club marketing program, as it creates a community of customers with shared interests and promotes loyalty to the brand.

Question 20

Which of the following concepts is based on a customer-centered philosophy?
A) the product concept
B) the marketing concept
C) the production concept
D) the selling concept
E) the distribution concept

Accepted Answer

The marketing concept is based on a customer-centered philosophy. It focuses on meeting the needs and wants of the customer, rather than just producing a product and hoping it will sell (product concept), producing as much as possible at a low cost (production concept), aggressively pushing sales (selling concept), or simply getting the product out to the market (distribution concept).

Quiz 1: Marketing: Creating and Capturing Customer Value

The concept of shared value focuses on ________.

When customers don't know what they want or don't even know what's possible,the most effective strategy is ________ marketing.

Some fast food restaurants offer tasty and convenient food at affordable prices,but in doing so they contribute to the soaring obesity rates and environmental problems.In this case,these fast-food restaurants have overlooked the ________ concept.

________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Sally purchased a newly introduced moisturizing lotion.By attempting to find out if the lotion's perceived performance matched her expectations,Sally was measuring her level of customer ________.

Cylog,a leading provider of personal computer systems,began manufacturing tablet devices after predicting a future consumer need for portability.Which of the following was most likely implemented by Cylog?

Customer-driven marketing is most effective when ________.

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?

Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.

Customer evangelists are those who ________.

Fine Corp.,a consumer electronics manufacturer,targets a market with many low-margin customers.Which of the following types of associations would be most profitable for the firm to develop with these customers?

Which of the following concepts calls for sustainable marketing?

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

The societal marketing concept holds that ________.

The overall process of dealing with all aspects of acquiring,keeping,and growing customers is referred to as ________.

Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition.Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand.Raymond's relationship with Honda is best referred to as ________.

Futuristic Designs Inc.,a furniture retail chain,understands and anticipates customer needs even better than customers themselves do and creates products and services to meet their existing and future needs.Which of the following has Futuristic Designs followed in this case?

The Niketown running community organizes bimonthly athletic training programs for Nike buyers.This is an example of a ________.

Which of the following concepts is based on a customer-centered philosophy?