Exam 1: Marketing: Creating and Capturing Customer Value

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 should Carol Veldt guarantee customer satisfaction?

What determines whether sellers create basic relationships or full partnerships with customers?

Dollarama stores focus on serving buyers who have relatively modest means.This is an example of ________. convenience value pricing market segmentation target marketing value packing

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business.The key to this goal is to match the customer-perceived performance of his product with ________. company-perceived performance customer values customer expectations relationship levels company expectations

Which of the following is an example of consumer-generated marketing? Toyota's presence in online communities Nike's Nike Plus running Web site H.J.Heinz's use of brand-related consumer videos posted on video-sharing websites Neiman Marcus's InCircle Rewards program for its best customers The Lexus Covenant aimed at creating customer delight

________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products. Selling myopia Marketing management Value proposition Marketing myopia The product concept

Every functional area of an organization, not only a marketing department, can and should interact with customers.

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interest.

Which of the following phrases reflects the marketing concept? The supplier is king. Marketing should be viewed as hunting and not gardening. This is what I make, won't you please buy it? This is what I want, won't you please make it? none of the above

Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to-day decisions.Actions such as this by companies seizing the opportunity to do well by doing good reflects ________. virtual marketing social responsibility profit marketing marketing myopia

You have just taken a new position in an organization and you're learning about the job functions of your new colleagues.You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships.Your marketing manager frequently speaks about the need to deliver superior customer value and satisfaction.Your manager is concerned with which one of the following? database management website hits the societal marketing concept not-for-profit marketing customer relationship management

When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up.?Explain how these manufacturers were doing the opposite of carrying out the production concept.

Define customer equity and explain why it is important to a company.

The Niketown running club that organizes twice weekly evening runs for Nike customers is 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 marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features? product production customer marketing promotion

A church targeting different demographic groups to increase attendance is an example of ________. for-profit marketing not-for-profit marketing mindless marketing ethics in marketing societal marketing

The ________ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being. marketing selling product societal marketing equity

A customer-centered organization seeks to maximize customer satisfaction.

According to marketing theory, financial success is certain if you build the best product in the market.