Exam 1: Marketing: Creating and Capturing Customer Value

Marie Ortiz enjoys her work at Futuristic Designs,Inc.Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands.Marie's firm practices marketing.

In a short essay,explain how and why marketers go beyond selling a product or service to create brand experiences.

Which steps of the five- step marketing process are about understanding customers,creating customer value,and building strong customer relationships?

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.

Of the following,which is the most important concept of modern marketing?

Customer- managed relationships are marketing relationships that are initiated by and controlled by customers,not by marketers.

Consumer- generated marketing has yet to have much impact as a marketing force.

In today's world,marketing should be done by employees in an organization.

Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service?

Many companies now use customer profitability analysis to identify and weed out unprofitable customers.

When sellers focus on existing needs and lose sight of underlying customer wants,they suffer from marketing myopia.

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 bluff overlooking the Maine coast,Seagull Terrace had attracted thousands of visits during the summer months,but then faced a tremendous downturn in business during the winter months."But,given the industry 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,then,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 delicious entrees,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 get- aways throughout winter." -Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their most desired amenities and vacation experiences.By implementing the suggestions she receives from guests,Carol would be following the concept.

When customers don't know what they want or don't even know what's possible,the most effective strategy is marketing.

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

Partner relationship management focuses on working with to bring more value to customers.

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

A(n)is some combination of products,services,information,or experiences offered to consumers to satisfy a need or want.

Which of the following is currently the fastest- growing form of marketing?

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

Though often criticized,the selling concept is particularly appropriate and effective with which of the following types of products?