Exam 1: Marketing: Creating and Capturing Customer Value

In what ways might even a local retailer find itself touched by global competition?

Marketing management is interested in serving all customers in every way to remain competitive in today's markets.

The major difference between customer-driving marketing and customer-driven marketing is that the customer-driving marketing considers only existing needs.

At Gina's Nails, the posted policy is "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied.Instead of focusing on each individual transaction, Gina and her staff put a priority on ________. maintaining customer-perceived value managing partner relationships attracting "butterflies" converting "strangers" capturing customer lifetime value

Two important questions underlying marketing strategy are "Who is our target market?" and "What's our value proposition?"

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________. human welfare want satisfaction company profits short-run wants long-term needs

The art and science of choosing target markets and building profitable relationships with them is called ________. marketing management positioning segmentation selling societal marketing

Many companies, such as WestJet Airlines, take an outside-in perspective.How do such companies address their customers' desires?

How might a manufacturer of tents and camping equipment create brand experiences for consumers?

Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising.Pete knows that today few successful firms still practice this type of true ________ and are instead turning to selective relationship management. club marketing frequency marketing mass marketing customer satisfaction marketing segmenting

According to management guru Peter Drucker, "The aim of marketing is to ________." create customer demands identify customer demands make selling unnecessary set realistic customer expectations sell products

Product, price, place, and promotion make up the elements of a firm's marketing mix.

Which of the following best explains why consumers have greater power and control in today's marketplace? The production concept and competition have lowered prices. Implementation of the product concept has resulted in continually improving products. Customer-driving marketing creates products and services that meet customers' future needs. More companies are implementing societal marketing and weighing long-run costs and benefits. Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.

The social-responsibility and environmental movements are expected to ________ in the future. demand more from companies demand less from companies move away from sustainable marketing move toward partner relationship management move away from using social networking

The management team at Big Burritos, a new fast-food restaurant, wants to develop a new marketing plan.What would a marketing manager tell Big Burritos' management team their twofold goal of marketing should be?

Elisandra, a marketing manager at a regional chain restaurant, has decided to create a contest calling for customers to create commercials for the restaurant.Winning entries will be posted on the organization's home page.Elisandra's plan is an example of ________. consumer-generated marketing partner relationship management customer lifetime value community development around a brand share of customer

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 might the marketing mix at Seagull Terrace differ between its two target markets?

Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.

Jolene's firm believes that consumers will not buy enough of its products unless the firm undertakes a large-scale selling and promotion effort.Jolene's firm is practicing the ________. production concept marketing concept selling concept relationship concept social advertising campaign

The ________ steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships. first two first three first four last three last four