Exam 1: Marketing: Creating and Capturing Customer Value

An effective value proposition answers the question _______________. "Why should I buy your brand rather than a competitor's?" "How does your brand benefit me and society?" "What are the costs and benefits of your brand?" "What kind of experience will I have with products and services associated with this brand?" "What are the benefits of being a loyal consumer of your brand?"

Company ABC implements its marketing strategy through a well-defined and complete marketing mix.What elements does Company ABC address in its marketing mix?

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers? All customers will be delighted. Customer-perceived value will be increased. Customer evangelists will become unpaid salespersons for the service or product. Few customers will be satisfied. The company will likely need to follow up with a demarketing campaign.

According to the authors, a highly profitable, short-term customer is a ________. true friend butterfly stranger barnacle true believer

Your local department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educational and professional, of reading every day.This is an example of a(n) ________ campaign. ethical social marketing for-profit consumer-generated differentiated

Market offerings are limited to physical products.

In a short essay, describe and compare the four types of customers classified by their potential profitability to an organization.Identify how an organization should manage each type of customer.

Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships.

________ are human needs as shaped by individual personality and culture. Deprivations Wants Demands Values Exchanges

The product concept says that a company should ________. improve marketing of its best products market only those products with high customer appeal focus on the target market and make products that meet those customers' demands devote its energy to making continuous product improvements make promoting products the top priority

Scenario Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years.Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months."But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!" o Carol spent her first winter devising a new marketing plan.She put together a promotional package designed to attract business travelers year-round.Carol's plan, then, involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd.Her idea worked! During her second winter, Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. We still have a long way to go," Carol admitted."Our delicatessen offers delicious entrees, but we'd like to expand that.We provide health club privileges off-site, but we'd like to eventually provide our own.These are goals I hope to achieve in a few years.Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend getaways throughout winter." What is included in the marketing offering at Seagull Terrace?

The authors of your text classify customers into four relationship groups, according to the customers' profitability and projected loyalty.________ are the customers with the highest profit potential and strong loyalty. Barnacles Strangers Butterflies True friends Big fish

Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers? customer-perceived value customer satisfaction customer-perceived performance customer relationship management market segmentation

Selecting which segments of a population of customers to serve is called ________. market segmentation positioning customization target marketing choosing a value proposition

Explain what marketers can expect from individuals in the customer relationship group classified as "butterflies."

Consumer research, product development, communication, distribution, pricing, and service are all most accurately described as core ________ activities. exchange marketing management production customer relationship management

Sally purchased Brand X lotion.In comparing her perception of how the lotion performed to her expectations for Brand X lotion, Sally was measuring her level of ________. customer-perceived value customer satisfaction exchange demand customer lifetime value

One of the major developments in marketing can be summed up in one word: relationships.Define customer relationship management and its associated tools and levels of relationships.

Amazon.com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other product items.Based on previous purchase history, the company recommends related CDs, books, or videos that might be of interest.This helps Amazon.com capture a greater ________. value proposition customer ownership share of customer social network customer base

Since customers are the source of revenue for a firm, all customers are profitable.