Question 1

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Accepted Answer

A)  vendor lock-in 
B)  social loafing 
C)  value proposition 
D)  marketing myopia 
E)  conspicuous consumption 
A)  vendor lock-in 
B)  social loafing 
C)  value proposition 
D)  marketing myopia 
E)  conspicuous consumption

Question 2

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Accepted Answer

A)  designing a customer-driven marketing strategy 
B)  understanding the marketplace and customer needs 
C)  constructing an integrated marketing program that delivers superior value 
D)  building profitable relationships and creating customer delight 
E)  capturing value from customers to create profit and customer equity 
A)  designing a customer-driven marketing strategy 
B)  understanding the marketplace and customer needs 
C)  constructing an integrated marketing program that delivers superior value 
D)  building profitable relationships and creating customer delight 
E)  capturing value from customers to create profit and customer equity

Question 3

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.

Accepted Answer

A)  club marketing programs 
B)  social marketing campaigns 
C)  consumer-generated marketing campaigns 
D)  ambush marketing campaigns 
E)  frequency marketing programs 
A)  club marketing programs 
B)  social marketing campaigns 
C)  consumer-generated marketing campaigns 
D)  ambush marketing campaigns 
E)  frequency marketing programs

Question 4

A financial services firm has several loyal customers who conduct business with them exclusively. However, the company has noticed that this customer group is the least profitable for the company, and in some cases, it increases their losses when engaging in business with this group. Which of the following customer groups is being referred to in this scenario?

Accepted Answer

A)  butterflies 
B)  true friends 
C)  strangers 
D)  barnacles 
E)  cash cows 
A)  butterflies 
B)  true friends 
C)  strangers 
D)  barnacles 
E)  cash cows

Question 5

How are local retailers affected by global competition?

Accepted Answer

A local retailer might have global suppl

Question 6

Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.

Accepted Answer

A)  consumer-generated marketing 
B)  partner relationship management 
C)  customer lifetime value 
D)  community development around a brand 
E)  customer divestment 
A)  consumer-generated marketing 
B)  partner relationship management 
C)  customer lifetime value 
D)  community development around a brand 
E)  customer divestment

Question 7

The selling concept is typically practiced ________.

Accepted Answer

A)  to balance consumers' wants, company's requirements, and the society's long-run interests 
B)  with products that offer the most in terms of quality, performance, and innovative features 
C)  when the company focuses on building long-term customer relationships 
D)  with goods that buyers normally do not think of buying 
E)  by customer-driven companies 
A)  to balance consumers' wants, company's requirements, and the society's long-run interests 
B)  with products that offer the most in terms of quality, performance, and innovative features 
C)  when the company focuses on building long-term customer relationships 
D)  with goods that buyers normally do not think of buying 
E)  by customer-driven companies

Question 8

In consumer-generated marketing, marketers play a bigger role in shaping consumers' brand experiences and those of others.

Accepted Answer

A) True 
 B)False

Question 9

Explain what marketers can expect from individuals in the customer relationship group classified as "butterflies."

Accepted Answer

"Butterflies" are profitable but not loy

Question 10

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.

Accepted Answer

A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept 
A)  marketing concept 
B)  product concept 
C)  production concept 
D)  societal marketing concept 
E)  selling concept

Question 11

A(n) ________ is the set of actual and potential buyers of a product.

Accepted Answer

A)  market 
B)  control group 
C)  subsidiary 
D)  focus group 
E)  audience 
A)  market 
B)  control group 
C)  subsidiary 
D)  focus group 
E)  audience

Question 12

Explain how the Internet has transformed the way in which we conduct business today.

Accepted Answer

The Internet links individuals and busin

Question 13

The difference between human needs and wants is that needs are not created by marketers.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

________ are human needs that are shaped by culture and individual personality.

Accepted Answer

A)  Necessities 
B)  Wants 
C)  Demands 
D)  Values 
E)  Exchanges 
A)  Necessities 
B)  Wants 
C)  Demands 
D)  Values 
E)  Exchanges

Question 16

Which of the following is the aim of the product concept?

Accepted Answer

A)  improve the marketing of a firm's best products 
B)  market only those products with high customer appeal 
C)  focus on the target market and make products that meet those customers' demands 
D)  focus on making continuous product improvements 
E)  ensure that product promotion has the highest priority 
A)  improve the marketing of a firm's best products 
B)  market only those products with high customer appeal 
C)  focus on the target market and make products that meet those customers' demands 
D)  focus on making continuous product improvements 
E)  ensure that product promotion has the highest priority

Question 17

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice ________ marketing.

Accepted Answer

A)  customer-driven 
B)  customer-driving 
C)  affinity 
D)  societal 
E)  ambush 
A)  customer-driven 
B)  customer-driving 
C)  affinity 
D)  societal 
E)  ambush

Question 18

Describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customer.

Accepted Answer

The four types of customers are stranger

Question 19

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.

Accepted Answer

A)  managing partner relationships 
B)  selling new products 
C)  attracting "butterflies" 
D)  converting "barnacles" to "strangers" 
E)  capturing customer lifetime value 
A)  managing partner relationships 
B)  selling new products 
C)  attracting "butterflies" 
D)  converting "barnacles" to "strangers" 
E)  capturing customer lifetime value

Question 20

In which of the following situations has a company most actively embraced customer-managed relationships?

Accepted Answer

A)  American Airlines awards frequent flyer points to returning customers. 
B)  Paige Premium Denim jeans provide a superior quality and a perfect fit. 
C)  iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner. 
D)  Best Buy distinguishes between its best customers and its less profitable customers, stocking merchandise to appeal to each group. 
E)  Toyota develops a marketing presence on social networks and other online communities. 
A)  American Airlines awards frequent flyer points to returning customers. 
B)  Paige Premium Denim jeans provide a superior quality and a perfect fit. 
C)  iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner. 
D)  Best Buy distinguishes between its best customers and its less profitable customers, stocking merchandise to appeal to each group. 
E)  Toyota develops a marketing presence on social networks and other online communities.

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.

How are local retailers affected by global competition?

Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.

The selling concept is typically practiced ________.

In consumer-generated marketing, marketers play a bigger role in shaping consumers' brand experiences and those of others.

Explain what marketers can expect from individuals in the customer relationship group classified as "butterflies."

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.

A(n) ________ is the set of actual and potential buyers of a product.

Explain how the Internet has transformed the way in which we conduct business today.

The difference between human needs and wants is that needs are not created by marketers.

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

________ are human needs that are shaped by culture and individual personality.

Which of the following is the aim of the product concept?

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice ________ marketing.

Describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customer.

In which of the following situations has a company most actively embraced customer-managed relationships?

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Government agencies design ________ to encourage energy conservation and discourage smoking, excessive drinking, and drug use.

How are local retailers affected by global competition?

Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.

The selling concept is typically practiced ________.

In consumer-generated marketing, marketers play a bigger role in shaping consumers' brand experiences and those of others.

Explain what marketers can expect from individuals in the customer relationship group classified as "butterflies."

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.

A(n) ________ is the set of actual and potential buyers of a product.

Explain how the Internet has transformed the way in which we conduct business today.

The difference between human needs and wants is that needs are not created by marketers.

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

________ are human needs that are shaped by culture and individual personality.

Which of the following is the aim of the product concept?

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice ________ marketing.

Describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customer.

In which of the following situations has a company most actively embraced customer-managed relationships?

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters