Exam 1: Marketing: Creating Customer Value and Engagement

In consumer-generated marketing, marketers play a bigger role in shaping consumers' brand experiences and those of others.

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.

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?

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.

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

The portion of the customer's purchasing that a company gets in its product categories is known as ________.

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?

Customer equity refers to ________.

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." -Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the ________ concept.

When backed by buying power, wants become ________.

How can a marketer increase its "share of customer"?

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

Dividing the market into various groups of customers that a company may serve is called ________.

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

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept.

Healthy Veggies, LLC, believes that marketing is a tool to use in finding customers and keeping them by providing vegetables that are grown using chemical-free farming techniques and selling through small family-owned stores. Healthy Veggies, LLC, practices societal marketing.

The art and science of choosing target markets and building profitable relationships with them is called ________.

Customer-managed relationships are marketing relationships that are controlled by customers; therefore, they are of no significance to marketers.

Fast Food, Inc. views marketing as the process of finding and retaining profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.