Exam 1: Marketing: Creating and Capturing Customer Value

As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________.

Define Customer Relationship Management and explain its associated tools and levels of relationships.

According to management guru Peter Drucker, "The aim of marketing is to ________."

Discuss the challenges and advantages of new communication technologies for marketers as they work to build relationships with their customers.

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?

Which of the following marketing management concepts is most likely to lead to marketing myopia?

In the context of customer relationship groups, a potentially profitable and short-term customer is referred to as a ________.

Alex works in the marketing department of an international company. How can Alex use modern technologies to conduct market research and better serve his company's customers?

A market is the set of actual and potential buyers of a product or service.

Selecting which segments of a population to serve is called ________.

Refer to the scenario below to answer the following questions. 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 cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries 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!" So 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 also 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 entrees that are a part of the local cuisine, 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." -Carol Veldt's plan also involves a seasonal promotional gimmick which she wants to promote aggressively. This is an example of the ________ concept.

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty?

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over its lifetime.

Define customer equity and explain how a company can increase it.

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

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

When marketers set low expectations for a market offering, they run the risk of ________.

Refer to the scenario below to answer the following questions. 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 cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries 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!" So 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 also 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 entrees that are a part of the local cuisine, 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." -Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept.