Chat with AIExam 1: Marketing: Creating Customer Value and Engagement
Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the ________ of their products.
(34) 
VerifiedB
Social media sites with small audiences, such as Birdpost.com, can be as effective in creating customer engagement as sites with large audiences, such as Pinterest.
(43) VerifiedTrue
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.
(40) VerifiedThe four types of customers are strangers, butterflies, true friends, and barnacles. "Strangers" have low potential profitability and loyalty. A company's offerings do not fit well with a stranger's wants and demands. Companies should not invest in building a relationship with this type of customer. Another type of customer in which a company should not invest is the "barnacle." Barnacles are highly loyal but not very profitable because there is a limited fit between their needs and the company's offerings. The company might be able to improve barnacles' profitability by selling them more, raising their fees, or reducing service to them. However, if they cannot be made profitable, they should be "fired." Like strangers, "butterflies" are not loyal. However, they are potentially profitable because there is a good fit between the company's offerings and their needs. Like real butterflies, this type of customer will come and go without becoming a permanent, loyal consumer of a company's products. Companies should use promotional blitzes to attract these customers, create satisfying and profitable transactions with them, and then cease investing in them until the next time around. The final type of customers is "true friends"; they are both profitable and loyal. There is a strong fit between their needs and the company's offerings, so the company should make continuous relationship investments in an effort to go beyond satisfying and to delight these customers. A company should try to convert true friends into customer evangelists who tell others about their good experiences with the company.
Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.
(33) Which of the following terms refers to customers who make repeat purchases and tell others about their positive experiences with a product or service?
(41) ________ are human needs that are shaped by culture and individual personality.
(31) Bead Beautiful is a jewelry brand targeted at preteen girls. What needs do NOT fit with this audience, as the marketing team develops a value proposition for Bead Beautiful?
(44) 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?
(42) The marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.
(47) Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept.
(48) In which of the following situations has a company most actively embraced customer-managed relationships?
(31) Which of the following is NOT an accurate description of modern marketing?
(37) Which of the following statements reflects the marketing concept?
(43) Which of the following marketing management concepts is most likely to lead to marketing myopia?
(39) 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 ________.
(40) A company should not always target all possible customers. Which kind of customer is not the most valuable to a company, but, can over time, contribute to the firm's success?
(36) Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?
(30) Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith trying to increase?
(37) 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.
(42) 
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