Exam 1: Marketing: Creating and Capturing Customer Value

When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

The ________ concept calls for aggressive selling and promotion effort. marketing production product selling societal marketing

The final step in the marketing process is ________. capturing value from customers creating customer loyalty creating customer lifetime value understanding the marketplace designing a customer-driven marketing strategy

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept. production marketing selling product target marketing

The aim of customer relationship management is to create not just customer satisfaction, but customer delight.Explain.

Consumer-generated marketing, a relatively new phenomenon, has so far had little impact as a marketing force.

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 selling concept?

Which of the following strategies would a company most likely use to increase customer satisfaction? decreasing variety of services offered lengthening the supply chain lowering prices or increasing its services "firing" unprofitable customers limiting experiences with a brand

When backed by buying power, needs become wants.

Which of the following is most essential to any definition of marketing? demand management the production concept customer relationships making a sale making a profit

Culture and individual personality shape human needs into wants.What transforms wants into demands?

When an airline goes after a "share of travel" from its customers, it is attempting to increase ________. its value proposition share of customer target markets customer variety customer ownership

Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each.Discuss how these concepts relate to marketing practices.

It is most accurate to say that today almost every company, small and large, is affected in some way by which of the following? the societal marketing concept customer relationship management global competition not-for-profit marketing customer-generated marketing

Compare the selling and marketing concepts, listing the key components of each philosophy.

Which of the following is an accurate description of modern marketing today? Marketing is the creation of products for customers. Marketing is managing profitable customer relationships. Selling and advertising are synonymous with marketing. Marketing involves satisfying producers' needs first. Marketing is used by for-profit organizations only.

Amy's law office has developed a new format and wording for wills.The staff believes they offer the most in quality, performance, and innovative features.Her law office is practicing the production concept.

When the economy tightens, customer loyalty and customer retention become ________ for marketers. even more important less important impossible long-term but not short-term goals short-term but not long-term goals

If this is the only marketing management concept adopted, manufacturers can develop to marketing myopia? customer-driven marketing customer-driving marketing societal marketing selling product

Building and maintaining profitable value-laden relationships with customers of a company is called ________. customer lifetime value customer perceived value customer relationship management database marketing societal marketing