PART I (SOP) PART I (SOP)following is NOT an accurate description of 'modert marketing? of value for customers instions managing pn sing emphas is selling and advertising exclusively. C) Marke involves satisti customers' needs. D) Maketing is building value-laden exchange relationship s with customers. 2) Marketing is defined as a social and managerial process by which individuals and organizations obtain need want through __ A) research and devel opment B) innovation and creativity manufacturing efficiencies D) value creation and exchange E) sales and revenue creation 3) Gree Williams now has the buying power to purchase the desktop computer that he has wanted for th months Greg's want now has become a(n) __ A) need B) necessity C) demand D) exchange E) transaction 4) Henry Ford's philosoph was to perfect the Model T so that its cost could be reduced further for increased affordability.This reflects the __ concept A) product B) production C) selling D) marketing E) societal marketing 5) FedEx offers its customers fast and reliable package delivery . When FedEx customers weigh these benefi the monetary cost of using FedEx along with other costs of using the service, they are acting upon __ A) brand loyalty B) customer equity C) customer -perceived value D) custom er lifetime value E) a societal marketing campaign 6) Dan has been directed to study the forces close to a compan that affect its ability to serve its customer the company . suppliers marketing intermediaries.customer markets .competitor s, and publics In this inst has been directed to study the __ of the company. A)macroenvironment B)microenvironment C)technological environment E) political environment D)demograph ic environment 7) Sparex Inc.is a manufacturer of metal bolts that are used by Boilex Inc.to manufacture heavy machiner instance.Sparex acts as a __ A) financial intermediary B) supplier C) retailer D) customer E) local public 8) A consumer organizatior in Ohio has challenged the marketing decision of a loc al firm alleging it to be larger social interest.In this instance , the firm is challenged by a(n) __ public. A) internal C)government B) general D)citizen-action E) media 9) Which of the following is true of Gen Xers? A) They are considera bly larger than the boomer generation. B) They were the first to grow up in the Internet era. C) They are less educated than the baby boomers. D) They are more materialistic than the Millennials. E) They rarely research a product before purchasing it.

## Step 1<br />The first question is about the definition of marketing. The correct answer is E) Marketing is building value-laden exchange relationships with customers. This is because marketing is not just about managing and advertising services, but it involves creating value for customers through exchange relationships.<br /><br />## Step 2<br />The second question is about the definition of marketing. The correct answer is D) value creation and exchange. This is because marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.<br /><br />## Step 3<br />The third question is about the buying power of Greg Williams. answer is C) demand. This is because Greg's want has become a demand as he has the buying power to purchase the desktop computer.<br /><br />## Step 4<br />The fourth question is about Henry Ford's philosophy. The correct answer is B) production. This is because Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased affordability, which is a production concept.<br /><br />## Step 5<br />The fifth question is about FedEx's customer service. The correct answer is C) customer-perceived value. This is because when FedEx customers weigh the monetary cost of using FedEx along with other costs of using the service, they are acting upon customer-perceived value.<br /><br />## Step 6<br />The sixth question is about the forces close to a company that affect its ability to serve its customers. The correct answer is B) microenvironment. This is because the forces close to a company that affect its ability to serve its customers are part of the company's microenvironment.<br /><br />## Step 7<br />The seventh question is about Sparex Inc.'s role in the supply chain. The correct answer is B) supplier. This is because Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machinery, which makes Sparex Inc. a supplier.<br /><br />## Step 8<br />The eighth question is about a consumer organization challenging a marketing decision. The correct answer is D) citizen-action. This is because a consumer organization challenging a marketing decision is an example of a citizen-action public.<br /><br />## Step 9<br />The ninth question is about the characteristics of Gen Xers. The correct answer is B) They were the first to grow up in the Internet era. This is because Gen Xers were the first generation to grow up with the Internet, which is a significant characteristic of this generation.