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Marketing: An Introduction, 10e (Armstrong/Kotler)
Chapter 1 Marketing: Managing Profitable Customer Relationships
1) Which of the following is most essential to any definition of marketing?
A) demand management
B) the production concept
C) customer relationships
D) making a sale
E) making a profit
Answer: C
Diff: 1 Page Ref: 4
Skill: Concept
AACSB: Communication
Objective: 1-1
2) All of the following are accurate descriptions of modern marketing today, 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: 1 Page Ref: 4-5
Skill: Concept
AACSB: Communication
Objective: 1-1
3) According to management guru Peter Drucker, The aim of marketing is to ________.
A) create customer demands
B) identify customer demands
C) make selling unnecessary
D) set realistic customer expectations
E) sell products
Answer: C
Diff: 2 Page Ref: 5
Skill: Concept
AACSB: Communication
Objective: 1-1
4) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
A) Selling
B) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 2 Page Ref: 5
Skill: Concept
AACSB: Communication
Objective: 1-1
5) The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships.
A) first two
B) first three
C) first four
D) last three
E) last four
Answer: C
Diff: 2 Page Ref: 5
Skill: Concept
AACSB: Communication
Objective: 1-1
6) According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
A) de
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