Question 1

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

Accepted Answer

A)  "Why should I buy your brand rather than a competitor's?" 
B)  "What is your company's estimated customer equity?" 
C)  "What are the costs involved in the production of your brand?" 
D)  "What is the budget allocated by your company for research and development?" 
E)  "What is the financial stability of your company?" 
A)  "Why should I buy your brand rather than a competitor's?" 
B)  "What is your company's estimated customer equity?" 
C)  "What are the costs involved in the production of your brand?" 
D)  "What is the budget allocated by your company for research and development?" 
E)  "What is the financial stability of your company?"

Question 2

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

Accepted Answer

A)  Marketers want to increase their market share. 
B)  Marketers want to increase the share they get of the customer's purchasing in their product categories. 
C)  Marketers want to diversify their operations and customize their products to cater to the entire market. 
D)  Marketers want to continuously increase their customers' levels of satisfaction. 
E)  Marketers want to turn satisfied customers into delighted customers. 
A)  Marketers want to increase their market share. 
B)  Marketers want to increase the share they get of the customer's purchasing in their product categories. 
C)  Marketers want to diversify their operations and customize their products to cater to the entire market. 
D)  Marketers want to continuously increase their customers' levels of satisfaction. 
E)  Marketers want to turn satisfied customers into delighted customers.

Question 3

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

Accepted Answer

A)  Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. 
B)  Customer delight creates a rational preference and not an emotional relationship with the brand. 
C)  The aim of customer relationship management is to focus solely on customer delight. 
D)  Losing a customer hardly makes a difference to a company's sales. 
E)  The aim of customer relationship management is to focus solely on customer satisfaction. 
A)  Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage. 
B)  Customer delight creates a rational preference and not an emotional relationship with the brand. 
C)  The aim of customer relationship management is to focus solely on customer delight. 
D)  Losing a customer hardly makes a difference to a company's sales. 
E)  The aim of customer relationship management is to focus solely on customer satisfaction.

Question 4

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

Accepted Answer

A)  objective value 
B)  perceived value 
C)  customer lifetime value 
D)  company image 
E)  society's interests 
A)  objective value 
B)  perceived value 
C)  customer lifetime value 
D)  company image 
E)  society's interests

Question 5

Refer to the scenario below to answer the following question(s).
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 ________.

Accepted Answer

A)  market offering 
B)  target market 
C)  market segment 
D)  product positioning 
E)  marketing mix 
A)  market offering 
B)  target market 
C)  market segment 
D)  product positioning 
E)  marketing mix

Question 6

The final step in the marketing process is ________.

Accepted Answer

A)  capturing value from customers 
B)  creating customer delight 
C)  creating customer lifetime value 
D)  understanding the marketplace 
E)  designing a customer-driven marketing strategy 
A)  capturing value from customers 
B)  creating customer delight 
C)  creating customer lifetime value 
D)  understanding the marketplace 
E)  designing a customer-driven marketing strategy

Question 7

________ is one of the best ways to increase share of customer.

Accepted Answer

A)  Targeting new customers 
B)  Using bait and switch 
C)  Cross-selling 
D)  Divesting 
E)  Partnership marketing 
A)  Targeting new customers 
B)  Using bait and switch 
C)  Cross-selling 
D)  Divesting 
E)  Partnership marketing

Question 8

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 9

A seller pursues a full partnership with what kind of customers?

Accepted Answer

A)  many customers regardless of profitability 
B)  many high-margin customers 
C)  many low-margin customers 
D)  a few high-margin customers 
E)  a few low-margin customers 
A)  many customers regardless of profitability 
B)  many high-margin customers 
C)  many low-margin customers 
D)  a few high-margin customers 
E)  a few low-margin customers

Question 10

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

Accepted Answer

At the most basic level, marketers set u

Question 11

When are sellers most effective?

Accepted Answer

A)  when they focus more on their specific products and services 
B)  when they focus more on the price of their products and services 
C)  when they focus more on the benefits and experiences produced by their products and services 
D)  when they focus more on where their products and services can be purchased 
E)  when they focus more on cost to produce the product or service 
A)  when they focus more on their specific products and services 
B)  when they focus more on the price of their products and services 
C)  when they focus more on the benefits and experiences produced by their products and services 
D)  when they focus more on where their products and services can be purchased 
E)  when they focus more on cost to produce the product or service

Question 12

You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

Accepted Answer

Such manufacturers should focus on the b

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

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

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

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

The final step in the marketing process is ________.

________ is one of the best ways to increase share of customer.

A seller pursues a full partnership with what kind of customers?

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

When are sellers most effective?

You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 1: Marketing: Creating Customer Value and Engagement

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

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

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

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

The final step in the marketing process is ________.

________ is one of the best ways to increase share of customer.

A seller pursues a full partnership with what kind of customers?

Explain how the growth of digital technology has transformed the way in which companies conduct business today.

When are sellers most effective?

You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters