Exam 1: Marketing: Creating Customer Value and Engagement

How are local retailers affected by global competition?

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

In the context of customer relationship groups, a potentially profitable and short-term customer is referred to as a ________.

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?

When marketers set low expectations for a market offering, they run the risk of ________.

Define customer relationship management and explain its associated tools and levels of relationships.

Company X, a manufacturer of office supplies, follows the selling concept. Explain how the firm may lose sight of customer relationships with this marketing orientation.

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

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

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.

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

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.

Which of the following statements is true of the selling concept?

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?

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." -Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept.

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.

For most marketers, customer relationship management is exclusively a matter of customer data management.

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?

Market offerings are limited to physical products.

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty?