 Show 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff: 2Page Ref: 2 and 4 Skill: Concept 2) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A) maintaining its brand share B) fostering customers' emotional connections with their product C) advertising their product's benefits D) comparing the effectiveness of their product to other brands E) incorporating consumer-generated marketing in the marketing mix Answer: B 3) According to management guru Peter Drucker, "The aim of marketing is to ________." A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products Answer: C Diff: 2Page Ref: 5 Skill: Concept 4) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating Answer: D Diff: 2Page Ref: 5 Skill: Concept 5) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? 1 Quiz #1 Marketing Management Section E and F Date:__________________ Roll No:_____________________ Circle the correct option. 1) When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges 2) A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want. A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set 3) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia B) marketing management C) value proposition D) marketing myopia E) the product concept 4) When marketers set low expectations for a market offering, the biggest risk they run is ________. A) disappointing loyal customers B) decreasing customer satisfaction C) failing to attract enough customers D) failing to understand their customers' needs E) incorrectly identifying a target market 5) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange B) marketing C) management D) production E) customer relationship management 6) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort Why should marketers be cautious in setting the right level of expectations for their market offerings justify your answer by providing an example?Marketers must be careful to set the right level of expectations. If they set expectations too low they may satisfy those who buy, but fail to attract enough buyers. Consumer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass consumer expectation.
What are expectations marketing?What are customer expectations? Generally, customer expectations are a set of ideas about a product, service or a brand that a customer holds in their mind. For example, customers that buy an Apple iPhone over another phone brand have a set of expectations about that product.
What is the marketing concept?The marketing concept is the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also the accomplish the goals of the organization.
When backed by buying power wants become what?A want becomes a demand only when it is backed by the ability of purchase. Demand of a commodity refers to the desire to buy the commodity backed with the purchasing power.
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When marketers set low expectations for a market offering, the biggest risk they run is
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