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
Diff: 2 Page Ref: 2 and 4
Skill: Concept

2) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following?
A) maintaining its brand share
B) fostering customers' emotional connections with their product
C) advertising their product's benefits
D) comparing the effectiveness of their product to other brands
E) incorporating consumer-generated marketing in the marketing mix
Answer: B

3) According to management guru Peter Drucker, "The aim of marketing is to ________."
A) create customer value
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

4) ________ 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) Advertising
C) Bartering
D) Marketing
E) Negotiating
Answer: D
Diff: 2 Page Ref: 5
Skill: Concept
5) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only
Answer: C
Diff: 2 Page Ref: 5
AACSB: Communication
Skill: Concept

6) When marketers set low expectations for a market offering, the biggest