1. Principles of Marketing
Section 1

2. What is Marketing ?
The simple definition of marketing is that : Marketing is managing profitable customer relationships The Marketing is The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return The Main goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

3. The Marketing Process

4. Which of the following is NOT an accurate description of modern marketing?
A) Marketing involves managing profitable customer relationships.
B) Marketing is building value-laden exchange relationships with customers.
C) Marketing emphasizes selling and advertising exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is the creation of value for customers.

5. According to management guru Peter Drucker, "The aim of marketing is to ________.“
A) maximize profits of the company
B) make selling unnecessary
C) emphasize customer wants and not customer needs
D) sell products
E) fulfill unrealistic customer expectations

6. ________ is defined as a social and managerial process by which individuals and organizations obtain what they needs and wants through value creation and exchange.
A) Research
B) Manufacturing
C) Marketing
D) Innovation
E) Production

7. According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?
A) constructing an integrated marketing program that delivers superior value
B) understanding the marketplace and customer needs
C) designing a customer-driven marketing strategy
D) building profitable relationships and creating customer delight
E) capturing value from customers to create profit and customer equity

8. 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

9. ________ are human needs that are shaped by culture and individual personality.
A) Demands
B) Necessities
C) Values
D) Wants
E) Exchanges

10. When backed by buying power, wants become ________.
A) social needs
B) physical needs
C) exchanges
D) self-esteem needs
E) demands

11. A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.
A) brand positioning
B) value proposition
C) market segment
D) market offering
E) market mix

12. What do companies call a set of benefits that they promise to consumers to satisfy their needs?
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition