Exam 1: Marketing: Creating and Capturing Customer Value

An experience such as a vacation can be defined as a market offering.

Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith targeting to increase?

Customer-perceived value is defined as the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs.

Company X, a manufacturer of office supplies, follows the selling concept. Explain how the firm may lose sight of customer relationships with this marketing orientation.

Through ________, companies today are strengthening their connections with all partners, from providers of raw materials and components to those involved in the delivery of final goods and services.

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship with these customers would be the most profitable for him?

Which of the following statements is true about the recession that began in 2008?

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

Which of the following customer questions is answered by a company's value proposition?

Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

The marketing world is most likely embracing ________ because consumers wield greater power nowadays with a wealth of platforms for airing and sharing their brand views with other consumers.

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." -Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________.

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.