Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following consumer products would likely be marketed using the selling concept? laundry detergent funeral services chocolate bars hair stylist services computer tablets

________ is the act of obtaining a desired object from someone by offering something in return. A value proposition Exchange Bribery Value Donation

Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least profitable but loyal customers.She is also examining methods for "firing" customers in this group who cannot be made profitable.To which of the following customer relationship groups do these customers belong? butterflies true friends strangers barnacles short-term customers

You are an assistant marketing director for a firm in a market with many low-margin customers.What type of relationship would it be most profitable for you to develop with these customers? full partnerships basic relationships club programs selective relationships community relationships

According to the authors of your text, the ________ concept is a "sense and respond" philosophy rather than a "make and sell" philosophy. product production marketing retailing societal marketing

When backed by buying power, wants become ________. social needs demands physical needs self-esteem needs exchanges

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Selling Advertising Bartering Marketing Negotiating

When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. customer-driven customer-driving societal production product

________ is the set of actual and potential buyers of a product. A market An audience A group A segment An exchange

Marie Ortiz enjoys her work at Futuristic Designs, Inc.Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands.Marie's firm practices ________ marketing. shared value customer-driving societal donor none of the above

The production concept and product concept are orientations that can lead to marketing myopia.

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following? disappointing loyal buyers decreasing buyers satisfaction failing to attract enough buyers failing to understand their buyers' needs incorrectly identifying a target market

Which of the following has contributed to the deeper, more interactive nature of today's customer relationships? digital technologies television advertising newspaper ads radio advertising outdoor ads

Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing.

If a firm practices environmentalism in its social responsibility efforts, where would the firm place its focus?

It is cheaper for a company to acquire new customers than to maintain relationships with current customers.

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." Define the target market at Seagull Terrace.

Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems.These fast-food restaurants overlook the ________ philosophy. marketing concept product concept production concept societal marketing concept selling concept

In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences.

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. short-run costs and profits short-run ethics long-run welfare immediate health value propositions