Chapter 1 : Marketing in a Changing World

Lesson 2 : Creating Customer Value And Satisfaction

A. Multiple Choice Questions:

1. Creating __________________ is at the very heart of modern marketing thinking

and practice.

a. profit maximization
b. increased stock value
c. award winning products
d. customer value and satisfaction

2. The two main goal of marketing is to attract new customers by promising superior
value and:

a. win advertising and industry awards for excellence.

b. to keep and grow current customers by delivering satisfaction.
c. enhance shareholder value.
d. pay as few taxes as possible.

3. Wal-Mart has become the world’s largest retailer by delivering on its promise,
“Always low prices—always.” This would be an example of the marketing
philosophy that says:

a. “Take care of your customers, and market share and profits will follow.”
b. “Buy cheap, sell cheap.”
c. “Always take discounts and pass some of them on to consumers.”
d. “Distribution is the secret to all conquests in marketing.”

4. Today, marketing must be understood in a new sense that can be characterized as:

a. “telling and selling.”

b. “management of youth demand.”
c. “get there first with the most.”
d. “satisfying customer needs.”

5. The most basic concept underlying marketing is that of:

 Chapter 1 : Marketing in a Changing World

a. products and services.

b. human needs.
c. barter.
d. transactions.

6. ____________ are states of felt deprivation.

a. Demands
b. Wants
c. Needs
d. Core transactions

7. When backed by buying power, wants become:

a. needs.
b. relationships.
c. object relationships.
d. demands.

8. Anything that can be offered to a market for attention, acquisition, use, or

consumption that might satisfy a want or need is called a:

a. demand.
b. basic staple.
c. product.
d. service.

9. _________________ depend(s) on a product’s perceived performance in delivering

value relative to a buyer’s expectations.

a. Customer satisfaction
b. Customer quality
c. Customer value
d. Customer needs

10. Marketing occurs when people decide to satisfy needs and wants through ________.

a. selling
b. exchange
c. transaction
d. relationships

11. Transaction marketing is part of the larger idea of _________________.

 Chapter 1 : Marketing in a Changing World

a. customer returns and allowances

b. trade discounts
c. relationship marketing
d. promotional stimulation marketing

12. In a contemporary sense, a market is thought to be:

a. wherever a marketer sells products.

b. the people who may buy the product.
c. the set of actual and potential buyers of a product.
d. the square in the middle of the city where trade occurs.

13. Over time, marketing management has offered five distinct concepts under which
organizations conduct their marketing activities. Which of the following
DOES NOT belong on the correct list of these concepts?

a. econometric concept
b. production concept
c. product concept
d. marketing concept

B. Complete the following sentences:-

1. The analysis, planning, implementation, and control of programs designed to create,

build, and maintain beneficial exchanges with target buyers for the purpose of
achieving organizational objectives is called ________________________.

2. The aim of demarketing is to ____________________________ .

3. When faced with overcapacity, most firms practice _________________.

4. _______________________ process in which achieving the needs and wants of target

markets and delivering the desired satisfactions more effectively and efficiently than
competitors do.
 Chapter 1 : Marketing in a Changing World

5. The __________________ questions whether the pure marketing concept is adequate in an

age of environmental problems, resource shortages, rapid population growth,
worldwide economic problems, and neglected social services.

C. Essay Question : List and briefly discuss the core marketing concepts. All of these concepts
are important to understanding the definition of marketing. ( homework)

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