Exam 1: Marketing Creating and Capturing Customer Value

Most traditional brick-and-mortar companies have now become click-and-mortar companies.

How does a company decide whom it will serve?

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

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers?

The major difference between customer-driving marketing and customer-driven marketing is that the customer-driving marketing considers only existing needs.

Through consumer-generated marketing,consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.With reference to this classification,"barnacles" are potentially profitable but not loyal.

Nickson released a new range of watches that were titled after the famous mountaineer Adam Wills.These new watches were promoted through claims that the design is a favorite of Adam Wills who used a similar watch designed by Nickson for its high durability and quality on his expeditions.Such a measure to entice customers to buy one's products aims at creating ________.

What is marketing? Briefly describe the marketing process.

The difference between human needs and wants is that needs are not influenced by marketers.

When backed by buying power,wants become ________.

The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

In markets with few customers and high margins,sellers should try to develop basic relationships rather than full partnerships.

________ are states of felt deprivation.

The final step in the marketing process is ________.

The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods.It is famous for its white cream-filled center.Home Foods created a different version of these biscuits for consumers in Germany.To appeal to German consumers,Home Food created dark chocolate filling for the same cookie sandwiches.This is an example of ________.

Discuss the opportunities and advantages that new communication technologies have created for marketers.

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

Marketing managers are interested in serving all customers in every way to remain competitive in today's markets.

Describe and compare the four types of customers classified by their potential profitability to an organization.Identify how an organization should manage each type of customer.