1chapter ne exercise.docVIP

Chapter one Multiple-Choice Questions All of the following are correct descriptions of modern marketing, except which one? Marketing is creation of value for customers. Marketing is managing profitable customer relationships. Selling and advertising equal marketing. Marketing is used both by for-profit and not-for-profit organizations. Henry Ford’s philosophy was to perfect the Model-T so that its cost could be reduced and more people could afford it. This reflects the ________. product concept marketing concept production concept selling concept Which of the following sentence reflects the marketing concept? “We don’t have a marketing department, we have a customer department.” “We’re in the business of making and selling superior products.” “When it’s profits versus customers’ needs, profits will always win out.” “You won’t find a better deal anywhere.” The Body Shop urges all stakeholders, including employees, top management or resellers to consider individual and community welfare in their day-to-day decisions. This action reflects ________. social responsibility profit marketing marketing myopia American Railroad once assumed themselves to be in the railroad business rather than in the transportation business. This reflects the ________. product concept production concept marketing concept societal marketing concept FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary and psychic costs of using the service, they are acting upon _____. loyalty relationship marketing customer perceived value social relationships When banks are competing to be the primary and ultimately sole financial service provider to customers, they want to capture___________ customer lifetime value share of customer total customer spending customer loyalty customer ownership True/False The difference between human needs and wants is that needs are not decided by marketers. The production concept a