Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following statements is not true about social media as a marketing tool? Social media is a fast way to collect consumer research. Social media is a relatively inexpensive way to collect market research. Social media can be a highly interactive tool to engage with customers. Social media usage is declining. Social media can be employed by for-profits firms, government organizations, and non-profit organizations.

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." How is Carol Veldt attempting to create a brand experience for her visitors?

Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale.He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area.This is an illustration of ________. share of customer market share profitability customer lifetime value market share maintenance

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability.This reflects the ________. product concept marketing concept societal marketing concept production concept selling concept

Which of the following best encompasses market offerings? products people, places, and ideas products and information products and experiences persons, places, organizations, information, and ideas

Briefly explain the societal marketing concept.Give an example of an organization that has effectively used the societal marketing concept.

How is marketing being applied in the not-for-profit sector?

All advertising is part of marketing, but not all marketing efforts are advertising.

As part of the rapid globalization of today's economy, companies are selling more locally produced goods in international markets and ________. taking a local view of their industry purchasing more supplies abroad reducing competition within their industry downplaying concerns for social responsibility competing solely in traditional marketplaces

Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

New communication technologies create challenges as well as advantages for marketers.

It is most accurate to say that a customer will buy from the company that offers the highest ________. value for the dollar customer-perceived value level of customer satisfaction company image concern for society's interests

Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service? satisfied customers customer evangelists butterflies full partners social customers

In a short essay, discuss the opportunities and advantages that new communication technologies have created for marketers.

Which of the following trends is not part of the changing marketing landscape? growing not-for-profit marketing a surge in globalization conspicuous consumption consumer desire for more sustainable marketing practices growth in digital/online marketing

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." In what ways might Carol Veldt be implementing the product concept?

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. determine how to deliver superior value build profitable relationships with customers use customer relationship management to create full partnerships with key customers understand the marketplace and customer needs and wants construct key components of a marketing program

When it comes to communicating with customers, marketers have traditionally asked the question, "How can we reach our customers?" Because of new interactive media, effective marketers now ask: "How can we apply the production concept?" "How can we reach our customers and how should they reach us?" "How can we apply the selling concept online?" "How can we apply the selling concept using social media?" "How can we apply the product concept online?"

The Electronic Edge, a retail chain that sells all types of electronics, wants to increase its share of customer.What steps should the company take to achieve this goal?

A modern marketing system relies on profitable relationships, including the relationship buyers have with sellers.For example, an organization's purchasing agents must identify sellers and negotiate for beneficial terms.Considering this, what might Walmart rely on in order to offer low prices?