Exam 1: Marketing: Creating Customer Value and Engagement

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?

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 ________.

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of ________.

Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

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

Briefly compare and contrast the concepts of needs, wants, and demands and provide examples to illustrate your answer. How do these three concepts relate to marketing practices?

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon ________.

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

Which of the following statements is true about creating customer loyalty and retention?

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.

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

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

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 terms refers to customers who make repeat purchases and tell others about their positive experiences with a product or service?

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

Which of the following actions should a marketer take in response to the new economy?

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

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