Marketing Management 3Rd Edition – Test Bank

Marketing Management 3Rd Edition – Test Bank

Marketing Management, 3e (Marshall)

Chapter 3   Elements of Marketing Strategy, Planning, and Competition

1) From a customer’s perspective, value is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

Answer:  TRUE

Explanation:  Value is the ratio of benefits to costs as perceived by the customer.

Difficulty: 1 Easy

Topic:  The Concept of Customer Value

Learning Objective:  03-01 Examine the concept of value and the elements and role of the value chain.

Bloom’s:  Remember

AACSB:  Analytical Thinking

Accessibility:  Keyboard Navigation

2) Value is some type of utility that a company and its products provide for customers.

Answer:  FALSE

Explanation:  A benefit is some type of utility that a company and its products (and services) provide its customers, such as form, time, place, and ownership.

Difficulty: 1 Easy

Topic:  The Concept of Customer Value

Learning Objective:  03-01 Examine the concept of value and the elements and role of the value chain.

Bloom’s:  Remember

AACSB:  Analytical Thinking

Accessibility:  Keyboard Navigation

3) Starbucks is known to have shops located in close proximity to enable customers to shop conveniently. It appears that the coffee shop chain is offering place utility.

Answer:  TRUE

Explanation:  The three utilities—time, place, and ownership—are created by marketing. They are created when products are available to customers at a convenient location when they want to purchase them, and facilities of exchange are available that allow for transfer of the product ownership from seller to buyer.

Difficulty: 2 Medium

Topic:  The Concept of Customer Value

Learning Objective:  03-01 Examine the concept of value and the elements and role of the value chain.

Bloom’s:  Understand

AACSB:  Knowledge Application

Accessibility:  Keyboard Navigation