Question 1

A good way to determine a customer's satisfactions is to:

Accepted Answer

A) ask the customer questions about their needs 
B) find out what competitors are doing 
C) utilize a research database 
D) run statistical modeling 
E) conduct training sessions 
A) ask the customer questions about their needs 
B) find out what competitors are doing 
C) utilize a research database 
D) run statistical modeling 
E) conduct training sessions

Question 2

Research reported in the Harvard Business Review indicates that it is very difficult to build customer loyalty if a firm is selling only the ________ product.

Accepted Answer

A) generic 
B) expected 
C) potential 
D) value-added 
E) sales 
A) generic 
B) expected 
C) potential 
D) value-added 
E) sales

Question 3

Abco Realty owns several rental apartment buildings in a working class but safe neighborhood that has recently become popular with young professionals because of its proximity to an express commuter train line. Abco has recently invested in the infrastructure of the buildings,adding laundry rooms,safety features to the lobbies,and new insulated windows to all the units. Because of this,Abco cannot afford to match the unit rental prices of other buildings that have not made improvements. How should the sales manager of Abco Realty most likely differentiate Abco's units from units offered in other buildings?

Accepted Answer

A) The sales manager can convince management to cut expenses on basic maintenance so the apartments can be rented at prices matching other buildings in the area. 
B) The sales manager can promote the neighborhood as a safe place to live with a rich history. 
C) The sales manager can convince the owners of the other buildings in the area to bring their rental prices up to the prices Abco charges. 
D) The sales manager can promote Abco apartments as being worth more money because they are safer and have more services. 
E) The sales manager can promote Abco apartments as being worth more money because the company has helped raise home values in the area. 
A) The sales manager can convince management to cut expenses on basic maintenance so the apartments can be rented at prices matching other buildings in the area. 
B) The sales manager can promote the neighborhood as a safe place to live with a rich history. 
C) The sales manager can convince the owners of the other buildings in the area to bring their rental prices up to the prices Abco charges. 
D) The sales manager can promote Abco apartments as being worth more money because they are safer and have more services. 
E) The sales manager can promote Abco apartments as being worth more money because the company has helped raise home values in the area.

Question 4

Explain how pricing strategy can reflect the product's place in the product life cycle.

Accepted Answer

Customers are often willing to

Question 5

Customer satisfaction most likely arises from:

Accepted Answer

A) product price 
B) the product itself 
C) the company that makes or distributes the product 
D) the salesperson who sells and services the product 
E) a combination of the product,company,and salesperson 
A) product price 
B) the product itself 
C) the company that makes or distributes the product 
D) the salesperson who sells and services the product 
E) a combination of the product,company,and salesperson

Question 6

A front desk clerk at a ReView Hotel receives a call from a ReView Gold Rewards Member guest complaining that the wireless Internet in her room is fading in and out. Without Internet access, she won't be able to make her deadline for this business trip.
-What could the desk clerk do to maintain the guest's cluster of satisfactions?

Accepted Answer

A) The desk clerk cannot do anything,as the desk clerk does not have the technical skills to fix the wireless connection. 
B) The desk clerk should not do anything,as the desk clerk is not a salesperson and therefore does not have responsibility for creating the cluster of satisfactions. 
C) The desk clerk should offer to put the guest in an empty room as close to the original room as possible,to avoid inconveniencing the guest further. 
D) The desk clerk should offer the guest the use of the lobby wireless,which the clerk knows to be problem-free,along with a discount off the charge for the room. 
E) The desk clerk should refund the guest's full payment for the hotel room and find the guest a room at another hotel that can guarantee that its wireless service is problem-free. 
A) The desk clerk cannot do anything,as the desk clerk does not have the technical skills to fix the wireless connection. 
B) The desk clerk should not do anything,as the desk clerk is not a salesperson and therefore does not have responsibility for creating the cluster of satisfactions. 
C) The desk clerk should offer to put the guest in an empty room as close to the original room as possible,to avoid inconveniencing the guest further. 
D) The desk clerk should offer the guest the use of the lobby wireless,which the clerk knows to be problem-free,along with a discount off the charge for the room. 
E) The desk clerk should refund the guest's full payment for the hotel room and find the guest a room at another hotel that can guarantee that its wireless service is problem-free.

Question 7

The positioning process:

Accepted Answer

A) must be continually modified to match customer wants and needs 
B) is a fixed value-added process conducted by the salesperson 
C) involves isolation from the competition 
D) is performed by the customer in the buying cycle 
E) should be performed every five years 
A) must be continually modified to match customer wants and needs 
B) is a fixed value-added process conducted by the salesperson 
C) involves isolation from the competition 
D) is performed by the customer in the buying cycle 
E) should be performed every five years

Question 8

People buy products if the products fulfill a problem-solving need.

Accepted Answer

A) True 
 B)False

Question 9

A value proposition is best defined as a:

Accepted Answer

A) set of benefits a firm promises to deliver to satisfy customer needs 
B) demand-based model for structuring the marketing mix 
C) strategy for aligning features and prices 
D) firm's international positioning strategy 
E) function of long-term production costs 
A) set of benefits a firm promises to deliver to satisfy customer needs 
B) demand-based model for structuring the marketing mix 
C) strategy for aligning features and prices 
D) firm's international positioning strategy 
E) function of long-term production costs

Question 10

The stages a product goes through from the time it is first introduced to the market until it is discontinued is called the:

Accepted Answer

A) natural evolution 
B) amortization 
C) position 
D) product life cycle 
E) specific feature 
A) natural evolution 
B) amortization 
C) position 
D) product life cycle 
E) specific feature

Question 11

In recent years, the "fax attack" model of car shopping has become popular. In a "fax attack," a customer sends a fax to every car dealership within a certain radius listing the make and features of the car they would like, along with the price they are willing to pay, and asks dealerships that will match that price to contact the customer. In essence, the customers set both the features and the price for the car. McCall Automotive has experienced a sharp increase in the number of fax attacks, and Phil, the sales manager, is seeking methods for addressing the situation. Phil is also concerned about the dealership's positioning strategies and market share.
-Phil believes that the dealership should lower car prices to capture a higher share of the market. Which statement best supports Phil's argument?

Accepted Answer

A) Short-term profits will not be affected by lower prices if a firm is an e-retailer. 
B) Competitors will lower prices to gain market share,and a price war will ensue. 
C) Firms with large market shares are publicly owned but less strictly monitored. 
D) A temporary reduction in profits could lead to long-term future profits because of greater market share. 
E) A company with the largest share of the market can cut costs and raise prices without the public noticing or switching to competitors. 
A) Short-term profits will not be affected by lower prices if a firm is an e-retailer. 
B) Competitors will lower prices to gain market share,and a price war will ensue. 
C) Firms with large market shares are publicly owned but less strictly monitored. 
D) A temporary reduction in profits could lead to long-term future profits because of greater market share. 
E) A company with the largest share of the market can cut costs and raise prices without the public noticing or switching to competitors.

Question 12

Today,the primary goal of the value-added strategy is to add value by lowering the price of the product.

Accepted Answer

A) True 
 B)False

Question 13

In order to bring the Walker Hotel and Convention Center up to industry standards,each guest room was redecorated with new wallpaper,drapes,carpeting,mattresses,and sofas. Melanie Simms,sales manager for the Center,has recommended that guest rooms be upgraded with the addition of wide desks,free wi-fi,and 24-hour room service. From the viewpoint of most business travelers,these changes would result in the creation of a(n):

Accepted Answer

A) potential product 
B) generic product 
C) expected product 
D) mature product 
E) value-added product 
A) potential product 
B) generic product 
C) expected product 
D) mature product 
E) value-added product

Question 14

Value creation investments are the highest in:

Accepted Answer

A) strategic alliance sales 
B) transactional sales 
C) generic sales 
D) consultative sales 
E) collaborative sales 
A) strategic alliance sales 
B) transactional sales 
C) generic sales 
D) consultative sales 
E) collaborative sales

Question 15

Potential products are more likely to be developed by salespeople who regularly interact with customers.

Accepted Answer

A) True 
 B)False

Question 16

The generic product is the basic,substantive product you are selling.

Accepted Answer

A) True 
 B)False

Question 17

Products are born,and then they grow up and become mature. In marketing,this process is known as the ________.

Accepted Answer

The answer of Products are born,and then they grow up...

Question 18

Just Candles, a supply house for scented and unscented tapers and other ceremonial candles to houses of worship, restaurants, and other establishments, has experienced a downturn in business in the last two years. Upon investigation, the owner of Just Candles learns that the same candles that they sell are available from online retailers for at least 10% less. The firm will not be able to survive if customers continue purchasing from competing online retailers. Just Candles maintains a storefront for selling candles but does not provide other services or products.
-Which of the following would most likely be a value-added strategy that could boost sales for Just Candles?

Accepted Answer

A) eliminating most candle sizes to focus on only tapers 
B) visiting commercial customers to give them product brochures 
C) offering classes for new customers on decorating with candles 
D) lowering prices on all taper candles to compete with e-retailers 
E) selling to customers in the local area using a mass marketing campaign 
A) eliminating most candle sizes to focus on only tapers 
B) visiting commercial customers to give them product brochures 
C) offering classes for new customers on decorating with candles 
D) lowering prices on all taper candles to compete with e-retailers 
E) selling to customers in the local area using a mass marketing campaign

Question 19

In what situation would a salesperson sell the potential product to a customer?

Accepted Answer

A) when the customer has not identified what they need from the product 
B) when the salesperson is focusing on benefits,not features 
C) when the salesperson needs to close more sales to hit a quota 
D) when the sale will turn into a long-term partnership 
E) when the sale is based primarily on the customer's self-identified needs 
A) when the customer has not identified what they need from the product 
B) when the salesperson is focusing on benefits,not features 
C) when the salesperson needs to close more sales to hit a quota 
D) when the sale will turn into a long-term partnership 
E) when the sale is based primarily on the customer's self-identified needs

Question 20

List and describe the three parts of the Product Solutions Selling Model.

Accepted Answer

1.Today's product meets and exceeds expe

A good way to determine a customer's satisfactions is to:

Research reported in the Harvard Business Review indicates that it is very difficult to build customer loyalty if a firm is selling only the ________ product.

Explain how pricing strategy can reflect the product's place in the product life cycle.

Customer satisfaction most likely arises from:

The positioning process:

People buy products if the products fulfill a problem-solving need.

A value proposition is best defined as a:

The stages a product goes through from the time it is first introduced to the market until it is discontinued is called the:

Today,the primary goal of the value-added strategy is to add value by lowering the price of the product.

Value creation investments are the highest in:

Potential products are more likely to be developed by salespeople who regularly interact with customers.

The generic product is the basic,substantive product you are selling.

Products are born,and then they grow up and become mature. In marketing,this process is known as the ________.

In what situation would a salesperson sell the potential product to a customer?

List and describe the three parts of the Product Solutions Selling Model.

Relationship Selling Opportunities in the Information Economy

Evolution of Selling Models That Compliment the Marketing Concept

Ethics: The Foundation for Partnering Relationships That Create Value

Creating Value with a Relationship Strategy

Communication Styles: A Key to Adaptive Selling Today

Creating Product Solutions

The Buying Process and Buyer Behavior

Developing and Qualifying Prospects and Accounts

Approaching the Customer with Adaptive Selling

Determining Customer Needs With a Consultative Questioning Strategy

Creating Value with the Consultative Presentation

Negotiating Buyer Concerns

Adapting the Close and Confirming the Partnership

Servicing the Sale and Building the Partnership

Opportunity Management: The Key to Greater Sales Productivity

Management of the Sales Force

Filters

Exam 7: Product-Selling Strategies That Add Value

A good way to determine a customer's satisfactions is to:

Research reported in the Harvard Business Review indicates that it is very difficult to build customer loyalty if a firm is selling only the ________ product.

Explain how pricing strategy can reflect the product's place in the product life cycle.

Customer satisfaction most likely arises from:

The positioning process:

People buy products if the products fulfill a problem-solving need.

A value proposition is best defined as a:

The stages a product goes through from the time it is first introduced to the market until it is discontinued is called the:

Today,the primary goal of the value-added strategy is to add value by lowering the price of the product.

Value creation investments are the highest in:

Potential products are more likely to be developed by salespeople who regularly interact with customers.

The generic product is the basic,substantive product you are selling.

Products are born,and then they grow up and become mature. In marketing,this process is known as the ________.

In what situation would a salesperson sell the potential product to a customer?

List and describe the three parts of the Product Solutions Selling Model.

Relationship Selling Opportunities in the Information Economy

Evolution of Selling Models That Compliment the Marketing Concept

Ethics: The Foundation for Partnering Relationships That Create Value

Creating Value with a Relationship Strategy

Communication Styles: A Key to Adaptive Selling Today

Creating Product Solutions

The Buying Process and Buyer Behavior

Developing and Qualifying Prospects and Accounts

Approaching the Customer with Adaptive Selling

Determining Customer Needs With a Consultative Questioning Strategy

Creating Value with the Consultative Presentation

Negotiating Buyer Concerns

Adapting the Close and Confirming the Partnership

Servicing the Sale and Building the Partnership

Opportunity Management: The Key to Greater Sales Productivity

Management of the Sales Force

Filters