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Chapter 1 Marketing: Creating and Capturing Customer Value 1. Central to any definition of marketing is __C___. a. demand management b transactions customer relationships making a sale 2. All of the following are accurate descriptions of modern marketing today, except which one?C Marketing is creation of value for customers. Marketing is customer satisfaction at a profit. Selling and advertising are synonymous with marketing. Marketing involves building and managing profitable customer relationships. 3. Society and culture shape the basic form of human needs called _B____. a. needs wants demands value 4. The fundamental reason America’s most admired firms, including Wal-Mart, Proctor Gamble and Disney, conduct extensive research is to __D___. maximize profits increase market share increase sales understand customer’s needs, wants and demands 5. __D___ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. Selling myopia Marketing Selling Marketing myopia 6. ____D_ are key building blocks for developing and managing customer relationships. Consumer expectations and customer satisfaction Customer choices and product offers Product performance and customer value Customer value and customer satisfaction 7. All of the following phrases reflect the marketing concept, except which one?D We don’t have a Marketing Department, we have a Customer Department. We make it happen for you. We stay close to customers. Putting profits ahead of customer needs is critical to the health of the firm. 8. An example of a(n) ___B__ is when a customer pays Circuit City $250 and receives a television set in return. a. exchange b. transaction c. market d. segment 9. ___A___ is the set of ac