Chapter 1 Marketing: Creating and Capturing Customer Value

1) All of the following are accurate descriptions of modern marketing, 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

2) Which steps of the five-step marketing process are about understanding customers, creatingcustomer
value, and building strong customer relationships?A) the first two onlyB) the first three onlyC) the first
four onlyD) the last three onlyE) the last four onlyAnswer: C

3) ________ are human needs as shaped by individual personality and culture.A) NeedsB) WantsC)
DemandsD) ValuesE) ExchangesAnswer: B

4) When backed by buying power, wants become ________.A) social needsB) demandsC) physical
needsD) self-esteem needsE) exchangesAnswer: B

5) What do companies call a set of benefits that they promise to consumers to satisfy their needs?A)
market offeringB) value propositionC) demand satisfactionD) need propositionE) evoked set Answer: A

6) ________ is the act of obtaining a desired object from someone by offering something inreturn.A) A
value propositionB) ExchangeC) BriberyD) Value creationE) DonationAnswer: B

7) A(n) ________ is the set of actual and potential buyers of a product.A) marketB) audienceC) groupD)
segmentE) exchange Answer: A

8) The art and science of choosing target markets and building profitable relationships with themis
called ________.A) marketing managementB) positioningC) segmentationD) sellingE) differentiation
Answer: A

9) Selecting which segments of a population of customers to serve is called ________.A) market

segmentationB) positioningC) customizationD) target marketingE) managing the marketing effort
Answer: D

10) Which of the following is the set of benefits a company promises to deliver the customer tosatisfy
their needs?A) a money-back guaranteeB) low pricingC) good customer serviceD) a value proposition E)
an attribute Answer: D

Chapter 2 Company and Marketing Strategy:Partnering to Build Customer Relationships

1) When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing
________.A) mission planningB) values planningC) strategic planningD) business-portfolio planningE)
operations planningAnswer: C2) Which of the following is the first step in strategic planning?A) set
objectives and goalsB) develop the business portfolioC) define the company missionD) plan marketing
strategiesE) identify threats and weaknessesAnswer: C3) Which of the following is NOT a step in the
strategic planning process?A) defining the company missionB) setting company objectives and goalsC)
designing the business portfolioD) planning marketing and other functional strategiesE) evaluating all
members of the value chainAnswer: E4) Which of the following provides an answer to these questions:
What is our business? Who areour customers? What do our customers value? What should our business
be?A) objectives and goalsB) a mission statementC) a business portfolioD) marketing and functional
strategiesE) operational strategiesAnswer: B

5) ________ should be market oriented and defined in terms of ________. A) Annual plans; product
needsB) Strategic plans; company needsC) Long-range plans; company needsD) Mission statements;
customers' needsE) Objectives; competitors' threatsAnswer: D

6) A company's mission statement serves as a statement of ________.A) factB) valuesC) purposeD)

financial goalsE) employee commitmentAnswer: C

7) Which of the following is NOT a market-oriented business definition?A) "to make the Internet buying
experience fast, easy, and enjoyable"B) "to sell tools and home repair and improvement items"C) "to
deliver low prices every day"D) "to be the guardian of our customers' financial dreams"E) "to bring
aspiration and innovation to every athlete in the world"Answer: B

8) The collection of businesses and products that make up a company is called its ________.A) strategic
business unitB) mission statementC) strategic planD) business portfolioE) operational factor Answer: D

9) Which of the following can be a company division, a product line within a division, orsometimes a
single product or brand?A) a marketB) the BCGC) an SBUD) a PLCE) a value delivery network Answer: C

10) After management has identified the key businesses making up its company, what is the next step in
portfolio analysis?A) identifying businesses in which to investB) assessing the attractiveness of its SBUsC)
deciding whether to harvest any businessesD) completing short-range planningE) identifying
SBUsAnswer: B

11) In the Boston Consulting Group approach, ________ provides a measure of marketattractiveness.A)
relative market shareB) market developmentC) market penetrationD) market growth rateE) market
segmentationAnswer: D

12) In the Boston Consulting Group approach, ________ serves as a measure of companystrength in the
market.A) relative market shareB) market developmentC) market diversificationD) market growth rateE)
market segmentationAnswer: A

13) The BCG growth-share matrix classifies four types off SBUs. They are ________ , ________ ,
________ , and ________.A) product; price; promotion; placementB) sales; market share; price;
promotionC) stars; cash cows; question marks; dogsD) planning; implementing; leading; controllingE)
market penetration; market development; product development; diversificationAnswer: C

14) In the BCG approach, ________ are high-share, high-growth businesses or products. Theyneed heavy
investment to finance rapid growth. When their growth slows down, they turn into ________.A) cash
cows; starsB) question marks; dogsC) stars; question marksD) stars; cash cows E) dogs; cash
cowsAnswer: D

15) ________ are low-growth, high share businesses or products. They generate a lot of cash thatthe
firm uses to pay its bills and support other SBUs that need investment.A) StarsB) Cash cowsC) Question
marksD) DogsE) CatsAnswer: B16) In the BCG matrix, income from ________ can be used to help finance
the company'squestion marks and stars.A) dogsB) cash cowsC) SBU revenuesD) overseas operationsE)
low-share businessesAnswer: B

17) Which of the following is a useful tool for identifying growth opportunities?A) the BCG matrixB) the
business portfolioC) the product/market expansion gridD) the value chainE) the value delivery network
Answer: C

18) Making more sales to current customers without changing a firm's products is ________.A) market
attractivenessB) market penetrationC) market developmentD) product developmentE)
diversificationAnswer: B

19) A common practice among marketers is to identify and develop new markets for theirexisting
products. This practice is called ________.A) market developmentB) product development C) market
penetrationD) market skimmingE) dual adaptationAnswer: A

20) Starbucks Coffee has recently begun selling and playing compilation CDs and is supportingits own
XM satellite radio station. This represents which strategy for growth?A) product developmentB) market
developmentC) market penetrationD) diversificationE) partner developmentAnswer: D

21) Which of the following entails reducing the business portfolio by eliminating products thatno longer
fit the company's overall strategy?A) market segmentationB) the BCG approachC) product line
extensionD) downsizingE) market redesignAnswer: D

Chapter 4 Managing Marketing Information to Gain Customer Insights

1) A marketing information system (MIS) consists of people and procedures to assessinformation needs,
________, and help decision makers analyze and use the information.A) experiment to develop
informationB) test market the informationC) develop the needed informationD) critique the needed
informationE) question the needed informationAnswer: C

2) Four common sources of internal data include the accounting department, operations, the salesforce,
and the ________.A) ownersB) stockholdersC) marketing departmentD) competitionE) WebAnswer: C

3) Marketing information from which type of database usually can be accessed more quickly andcheaply
than other information sources?A) externalB) LexisNexisC) Dun & Bradstreet'sD) internalE)
Hoover'sAnswer: D

4) ________ is the systematic collection and analysis of publicly available information aboutconsumers,
competitors, and developments in the marketing environment.A) Marketing dataB) Marketing
intelligenceC) Sales managementD) Customer intelligenceE) Competitive intelligenceAnswer: B5) Which
of the following statements regarding marketing intelligence is true?A) The advantage of using
competitive intelligence is negligible.B) All marketing intelligence is available for free.C) Marketing
intelligence relies upon privately held information.D) Marketing intelligence relies upon publicly
available information.E) Marketing intelligence gathering is more focused on gaining insights into
consumer activitiesthan competitors' activities.Answer: D6) Which of the following is NOT considered a
source of marketing intelligence?A) suppliersB) resellersC) key customersD) causal researchE) activities
of competitorsAnswer: D7) Which of the following is NOT a potential source for marketing intelligence?
A) looking through competitors' garbageB) purchasing competitors' productsC) monitoring competitors'
salesD) collecting primary dataE) talking with purchasing agents Answer: D

8) ________ is the systematic design, collection, analysis, and reporting of data relevant to aspecific
marketing situation facing an organization.A) The marketing information systemB) Marketing
intelligenceC) Marketing researchD) Competitive intelligenceE) Causal researchAnswer: C9) What is the
first step in the marketing research process?A) developing a marketing information systemB) defining
the problem and research objectivesC) developing the research plan for collecting informationD)
implementing the research planE) hiring an outside research specialistAnswer: B10) Which step in the
four-step marketing research process has been left out of the following list:defining the problems and
research objectives, implementing the research plan, and interpretingand reporting the findings?A)
developing the research budgetB) choosing the research agencyC) choosing the research methodD)
developing the research planE) comparing and contrasting primary and secondary dataAnswer: D11)
Secondary data consists of information ________.A) that already exists somewhere but is outdatedB)
that does not currently exist in an organized formC) that already exists but was collected for a different
purposeD) used by competitorsE) that researchers can only obtain through surveys and
observationAnswer: C12) Information collected from online databases is an example of ________
data.A) primaryB) secondaryC) observational

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D) experimentalE) ethnographicAnswer: B13) Which form of data below can usually be obtained more
quickly and at a lower cost than theothers?A) primaryB) survey researchC) experimental researchD)
secondaryE) observational researchAnswer: D14) Secondary data are ________.A) collected mostly via
surveysB) expensive to obtainC) never purchased from outside suppliersD) always necessary to support
primary dataE) not always very usableAnswer: E15) Survey research is least likely to be conducted
through which of the following?A) the WebB) the mailC) the telephoneD) in personE)
observationAnswer: E16) Experimental research is best suited for gathering ________ information.A)
exploratoryB) causalC) interactiveD) preferentialE) descriptiveAnswer: B17) Which of the following is
true of ethnographic research?A) It is conducted within traditional focus groups.B) It provides greater
insight into customer behavior than interviews do.C) It provides researchers with secondary data.

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D) It is most popular in the service sector.E) It is a research option when observation is not
possible.Answer: B18) Marketing researchers usually draw conclusions about large groups of consumers
bystudying a small ________ of the total consumer population.A) groupB) target groupC) populationD)
sampleE) audienceAnswer: D19) You generally need to ask three questions when developing a sampling
plan. Which of thequestions below is one of these three?A) Who should be left out of the sample
(sampling exclusion)?B) How should we contact the sample (sampling approach)?C) Why should
respondents by selected (sampling justification)?D) How should participants be chosen (sampling
procedure)?E) none of the aboveAnswer: D20) What are the two main types of research instruments
used to collect primary data?A) surveys and samplesB) questionnaires and mechanical devicesC) focus
groups and online databasesD) online panels and experimentsE) personal interviews and online
marketing researchAnswer: B21) The most common research instrument used is the ________.A)
mechanical deviceB) live interviewer C) questionnaireD) focus groupE) people meter Answer: C

Chapter 5 Consumer Markets and Consumer Buyer Behavior

1) ________ is never simple, yet understanding it is the essential task of marketing management.

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A) Brand personalityB) Consumption pioneeringC) Early adoptionD) Consumer buying behavior E)

Understanding the difference between primary and secondary dataAnswer: D2) Economic,
technological, and cultural forces are all ________ in the stimulus-response modelof buyer behavior.A)
buyer responsesB) stimuliC) components of the buyer's decision processD) buyer characteristicsE)
buying attitudesAnswer: B3) Most large companies research ________ buying decisions to find out what
they buy, wherethey buy, how and how much they buy, when they buy, and why they buy.A) marketB)
permanentC) consumer D) socialE) groupAnswer: C4) Marketing stimuli consist of the four Ps. Which is
NOT one of these?A) productB) politicsC) priceD) promotionE) placeAnswer: B5) The marketer wants to
understand how the stimuli are changed into responses inside theconsumer's ________, which has two
parts. First, the buyer's characteristics influence how he orshe perceives and reacts to the stimuli.
Second, the buyer's decision process itself affects the buyer's behavior.A) cultureB) black boxC) belief D)
lifestyleE) social class

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