Chapter 1 Marketing Creating and Capturing Customer Value 1) According to the five-step model of the marketing process, the first step in marketing is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy Answer D Difficulty Moderate Chapter LO 1 Course LO Discuss the fundamental concepts of marketing 2) ________ are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges Answer A Difficulty Easy Chapter LO 2 Course …show more content…

This most likely reflects the ________. A) customer-driving marketing concept B) marketing concept C) societal marketing concept D) production concept E) selling concept Answer D Difficulty Difficult Chapter LO 3 Course LO Discuss the fundamental concepts of marketing AACSB Analytic thinking 18) The selling concept holds that ________. A) consumers will not buy enough of a firms products unless the firm undertakes large-scale persuasion and promotion efforts B) a companys marketing decisions should consider consumers wants, the companys requirements, consumers long-run interests, and societys long-run interests C) consumers will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features Answer A Difficulty Moderate Chapter LO 3 Course LO Discuss the fundamental concepts of marketing 19)