1. Kotler / Armstrong 11e, Chapter 1
Marketing is _____.
another word for advertising and sales
only used by major corporations
about satisfying customer needs
about simply making a profit

2. Kotler / Armstrong 11e, Chapter 1
Marketing is _____.
another word for advertising and sales
only used by major corporations
about satisfying customer needs
about simply making a profit

3. Kotler / Armstrong 11e, Chapter 1
The first step in the marketing process is to work to understand customers.
True
False

4. Kotler / Armstrong 11e, Chapter 1
The first step in the marketing process is to work to understand customers.
True
False

5. Kotler / Armstrong 11e, Chapter 1
Once we have created value for customers, the final step in the marketing process is to capture value from them.
True
False

6. Kotler / Armstrong 11e, Chapter 1
Once we have created value for customers, the final step in the marketing process is to capture value from them.
True
False

7. Kotler / Armstrong 11e, Chapter 1
The most basic concept underlying marketing is that of _____.
profits
products
human needs
services

8. Kotler / Armstrong 11e, Chapter 1
The most basic concept underlying marketing is that of _____.
profits
products
human needs
services

9. Kotler / Armstrong 11e, Chapter 1
Marketers create social needs in consumers.
True
False

10. Kotler / Armstrong 11e, Chapter 1
Marketers create social needs in consumers.
True
False (Marketers do not create customer needs, whether social, physical or individual. Needs are a basic part of the human makeup.)

11. Kotler / Armstrong 11e, Chapter 1
The act of obtaining a desired object from someone by offering something in return is called a(n) _____.
exchange
switch
market
sale

12. Kotler / Armstrong 11e, Chapter 1
The act of obtaining a desired object from someone by offering something in return is called a(n) _____.
exchange
switch
market
sale

13. Kotler / Armstrong 11e, Chapter 1
The art and science of choosing target markets and building profitable relationships with them is called _____.
marketing profiles
marketing maneuvers
marketing selection
marketing management

14. Kotler / Armstrong 11e, Chapter 1
The art and science of choosing target markets and building profitable relationships with them is called _____.
marketing profiles
marketing maneuvers
marketing selection
marketing management

15. Kotler / Armstrong 11e, Chapter 1
Which marketing philosophy listed below is useful when supply exceeds demand and when production costs are too high and need to be reduced?
production concept
product concept
selling concept
marketing concept

16. Kotler / Armstrong 11e, Chapter 1
Which marketing philosophy listed below is useful when supply exceeds demand and when production costs are too high and need to be reduced?
production concept
product concept
selling concept
marketing concept

17. Kotler / Armstrong 11e, Chapter 1
Which marketing philosophy believes that an organization can achieve its goals if it knows the needs of its target market well and delivers satisfaction better than its competition?
production concept
product concept
selling concept
marketing concept

18. Kotler / Armstrong 11e, Chapter 1
Which marketing philosophy believes that an organization can achieve its goals if it knows the needs of its target market well and delivers satisfaction better than its competition?
production concept
product concept
selling concept
marketing concept

19. Kotler / Armstrong 11e, Chapter 1
Customer relationship management (CRM) is solely about acquiring and keeping customers.
True
False

20. Kotler / Armstrong 11e, Chapter 1
Customer relationship management (CRM) is solely about acquiring and keeping customers.
True
False (CRM is about acquiring, keeping and growing customers.)

21. Kotler / Armstrong 11e, Chapter 1
To build lasting customer relationships, firms should focus on delivering _____ and _____.
high quality products; low prices
customer value; customer satisfaction
customer satisfaction; customer growth
customer value; high profits

22. Kotler / Armstrong 11e, Chapter 1
To build lasting customer relationships, firms should focus on delivering _____ and _____.
high quality products; low prices
customer value; customer satisfaction
customer satisfaction; customer growth
customer value; high profits

23. Kotler / Armstrong 11e, Chapter 1
It costs 5 to 10 times more to find a new customer than to keep a current one happy.
True
False

24. Kotler / Armstrong 11e, Chapter 1
It costs 5 to 10 times more to find a new customer than to keep a current one happy.
True (Due to changing demographics, more competition, and overcapacity in many industries, the cost of finding new customers is rising.)
False

25. Kotler / Armstrong 11e, Chapter 1
The aim of customer relationship management is to _____.
create customer satisfaction
create customer profits
create customer delight
create customer longing

26. Kotler / Armstrong 11e, Chapter 1
The aim of customer relationship management is to _____.
create customer satisfaction
create customer profits
create customer delight
create customer longing

27. Kotler / Armstrong 11e, Chapter 1
The portion of the customer’s purchasing power that a company gets in its product categories is called its _____.
customer equity
share of customer
customer quotient
customer lifetime value

28. Kotler / Armstrong 11e, Chapter 1
The portion of the customer’s purchasing power that a company gets in its product categories is called its _____.
customer equity
share of customer
customer quotient
customer lifetime value

29. Kotler / Armstrong 11e, Chapter 1
Customers that are a good fit between a company’s offerings and that are expected to be loyal over the long term are called _____.
butterflies
barnacles
true friends
strangers

30. Kotler / Armstrong 11e, Chapter 1
Customers that are a good fit between a company’s offerings and that are expected to be loyal over the long term are called _____.
butterflies
barnacles
true friends
strangers

31. Kotler / Armstrong 11e, Chapter 1
The most dramatic new technology is the Internet.
True
False

32. Kotler / Armstrong 11e, Chapter 1
The most dramatic new technology is the Internet.
True
False

33. Kotler / Armstrong 11e, Chapter 1
The _____ is the nation’s 24th largest advertiser with an annual budget of over $1 billion.
Procter and Gamble Co.
Boeing Co.
Levi Strauss Co.
U.S. Government

34. Kotler / Armstrong 11e, Chapter 1
The _____ is the nation’s 24th largest advertiser with an annual budget of over $1 billion.
Procter and Gamble Co.
Boeing Co.
Levi Strauss Co.
U.S. Government

35. Kotler / Armstrong 11e, Chapter 1
Which of the first four steps of the marketing process asks, “What consumers will we serve?” and “How can we best serve targeted customers?”
Step 1: Understanding the marketplace
Step 2: Designing the marketing strategy
Step 3: Constructing the marketing program
Step 4: Building profitable relationships with customers

36. Kotler / Armstrong 11e, Chapter 1
Which of the first four steps of the marketing process asks, “What consumers will we serve?” and “How can we best serve targeted customers?”
Step 1: Understanding the marketplace
Step 2: Designing the marketing strategy
Step 3: Constructing the marketing program
Step 4: Building profitable relationships with customers

37. Kotler / Armstrong 11e, Chapter 1
Which step of the marketing process is the most important?
Step 1: Understanding the marketplace
Step 2: Designing the marketing strategy
Step 3: Constructing the marketing program
Step 4: Building profitable relationships with customers

38. Kotler / Armstrong 11e, Chapter 1
Which step of the marketing process is the most important?
Step 1: Understanding the marketplace
Step 2: Designing the marketing strategy
Step 3: Constructing the marketing program
Step 4: Building profitable relationships with customers

39. Kotler / Armstrong 11e, Chapter 1
In addition to delighting customers, companies today must also harness technology, think globally and be ethically and socially responsible.
True
False

40. Kotler / Armstrong 11e, Chapter 1
In addition to delighting customers, companies today must also harness technology, think globally and be ethically and socially responsible.
True
False