Exam 1: Marketing: Creating and Capturing Customer Value

Explain why a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied.

Marketers should look beyond the attributes of the products and services they sell to also create brand experiences for consumers.

Phil just started a new habit of eating once a week at Mr.Sub restaurants.On average, he spends about $10 per meal.Phil says, "I'm 20 years old and I plan on eating at Mr.Sub until I am 50 years old." Phil's lifetime value at Mr.Sub could be best estimated by which calculation? $10 x 50 $10 x 20 $10 x 52 x 50 $10 x 52 x 30 $10 x 52 x 20

FedEx offers its customers fast and reliable package delivery.When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs of using the service, they are acting upon ________. loyalty relationship marketing customer-perceived value social relationships a societal marketing campaign

Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials and components to final buyers who purchase final products. supply chain management direct marketing partnership relationship marketing customized marketing deviated marketing

The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

The marketing world is embracing ________ because consumers can wield greater power and control in the marketplace through communication technologies. partner relationship management supply chain management customer-managed relationships market segmentation target marketing

In its broadest sense, customer relationship management (CRM) is a customer data management activity.

Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation.This reflects the ________. product concept production concept selling concept marketing concept societal marketing concept

Only sellers of products, services, and ideas practice marketing, whereas buyers do not.

Marketing is managing profitable customer relationships.

Frequent flyer programs offered by airlines are an example of a ________. frequency marketing program basic customer relationship club marketing program consumer-generated marketing program structural benefit provided for top customers

Which of the following reflects the marketing concept philosophy? "We don't have a marketing department, we have a customer department." "We're in the business of making and selling superior products." "We build them so you can buy them." "When it's profits versus customers' needs, profits will always win out." "You won't find a better deal anywhere."

In addition to attracting new customers and creating transactions, the goal of marketing is to ________ customers and grow the company's business. encourage entertain retain recognize educate

Human needs are shaped by culture and individual personality.

Which of the following is currently the fastest growing form of marketing? consumer-generated marketing online marketing mass media marketing promotional sampling word-of-mouth marketing

Company X carries organizational and office supplies and follows the selling concept.Explain how Company X may lose sight of customer relationships with their marketing orientation.

How might a seller avoid marketing myopia?

________ is the set of benefits a company promises to deliver to its consumers to satisfy their needs. A money-back guarantee Low pricing Good customer service A value proposition An attribute

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? production concept product concept selling concept marketing concept societal marketing concept