Exam 1: Marketing Creating and Capturing Customer Value

The societal marketing concept holds that a company's marketing decisions should consider consumers' wants,the company's requirements,consumers' long-run interests,and society's long-run interests.

Selecting particular segments of a population of customers to serve is called ________.

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 ________.

Which of the following reflects the marketing concept philosophy?

With its marketing strategy chosen,the company constructs an integrated marketing program consisting of a blend of marketing mix elements called the ________,that transforms the marketing strategy into real value for customers.

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.With reference to this classification,a firm should turn true friends into ________,who come back regularly and tell others about their good experiences with the company.

Customer equity is a measure of the past value of the company's customer base.

Carla,a team leader in charge of customer relationship management,is planning strategies for improving the profitability of her firm's least profitable but loyal customers.She is also examining methods for "firing" customers in this group who cannot be made profitable.To which of the following customer relationship groups do these customers belong?

Market offerings are limited to physical products.

Ever since the Great Recession,marketers are focusing on value-for-the-money,practicality,and durability in their product offerings and marketing pitches.

Companies can build customer relationships at many levels,depending on the nature of the target market.Hence,a company with few customers and high margins is most likely to seek to develop ________ with key customers.

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.

In its broadest sense,customer relationship management (CRM)is a customer data management activity.

Your state's department of health has budgeted a significant amount of money for a radio,print,television,and online advertising campaign emphasizing the ill effects of smoking.This is an example of a(n)________ campaign.

Greater consumer control means that companies can no longer rely on marketing by attraction.

The process of dividing the market into segments of customers is known as market penetration.

At Ken's boutique,the policy statement posted in the reception states that "Without our customers,we don't exist." Ken and his staff aim to delight each customer and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied.Instead of focusing on each individual transaction,Ken and his staff are putting a priority on ________.

In addition to being good at customer relationship management,marketers must also work closely with others inside and outside the company to jointly bring more value to customers.

Define customer perceived value.

According to the product concept,a company should ________.