mid-trm marketing test1.docVIP

Exam Name__ _ _______student no. ____class____________ 1. All of the following are accurate descriptions of modern marketing, EXCEPT which one? E A) Marketing is used by for-profit and not-for-profit organizations. B) Marketing is managing profitable customer relationships. C) Marketing involves satisfying customers needs. D) Marketing is the creation of value for customers. E) Selling and advertising are synonymous with marketing. 2. According to management guru Peter Drucker, The aim of marketing is to ___C_____. A) sell products B) identify customer demands C) make selling unnecessary D) create customer value E) set realistic customer expectations 3. ___E_____ 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) Negotiating C) Bartering D) Advertising E) Marketing 4. Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? CA) the first two only B) the last four only C) the first four only D) the last three only E) the first three only 5. According to the simple five-step model of the marketing process, a company needs to __E______ before designing a customer-driven marketing strategy. A) use customer relationship management to create full partnerships with key customers B) determine how to deliver superior value C) build profitable relationships with customers D) construct key components of a marketing program E) understand the marketplace and customer needs and wants 6. _B_______ are human needs as shaped by individual personality and culture. A) Demands B) Wants C) Values D) Exchanges E) Needs 7. When backed by buying power, wants become __A______. A) demands B) physical needs C) exchanges D) social needs E) self-esteem needs 8.