Exam 2: Creating Marketing Strategies for Customer-Centric Organizations

The process of identifying a group of people similar in one or more ways is called:

Factors leading to the demise of mass marketing include:

It is generally more expensive to attract new customers than to hold on to present ones.

Customer-centricity is a strategic commitment to focus the firm's resources on serving and delighting profitable customers.

The total bundle of utilities obtained by consumers in the exchange process is called the:

Value is the difference between what consumers give up for a product and the benefits they receive.

Of the seven R's, which one is concerned with speed to market?

Customer-centricity is a strategic commitment to focus the firm's resources on serving and delighting all customers.

Customer loyalty programs such as frequent flyer miles are intended to reward consumers for their "good behavior."

Excellent marketing strategy can overcome poor execution.

Global advertising campaigns focus on sending the same message to consumers around the world.

____ is an understanding of consumers' expressed and unspoken needs.

Marketing strategy involves the allocation of resources to develop and sell products or services that consumers will perceive to provide more value than competitive products or services.

The functional elements of a brand does not include:

In the 4 P's that comprise the marketing mix, product refers to:

Customizing goods or services for individual customers in high volumes and at relatively low costs is known as:

Most new products are successful.

Of the seven R's, which one is concerned with dependency on the supply chain?

Back-translation attempts to achieve conceptual equivalency between messages in two languages.

Mass marketing is more appropriate in industrially advanced countries than in less advanced countries with developing economies.