Question 1

Companies cannot wait years for their customers to see long-term value, so they can:

Accepted Answer

A)  create an enhanced perception of value. 
B)  use expert reviews to enhance value. 
C)  use customer reviews to demonstrate value. 
D)  none of the above 
A)  create an enhanced perception of value. 
B)  use expert reviews to enhance value. 
C)  use customer reviews to demonstrate value. 
D)  none of the above A

Question 2

Explain the role of credibility and how to build it.

Accepted Answer

Credibility is the quality of being trusted and believed in. It is essential in building strong relationships, whether personal or professional, and is crucial for success in various aspects of life. In order to build credibility, one must focus on consistency, transparency, and integrity.

Consistency is important in building credibility because it shows that you are reliable and can be counted on. This means delivering on promises, meeting deadlines, and maintaining a strong work ethic.

Transparency is another key factor in building credibility. Being open and honest about your actions and intentions helps to build trust with others. It also means admitting to mistakes and taking responsibility for them, which can actually enhance credibility in the long run.

Integrity is perhaps the most important aspect of building credibility. Acting with integrity means adhering to strong moral and ethical principles, and consistently doing the right thing even when it may be difficult. People are more likely to trust and respect those who demonstrate integrity in their actions.

In addition to these key factors, building credibility also involves actively seeking feedback, being open to constructive criticism, and demonstrating expertise in your field. By consistently demonstrating these qualities, one can build and maintain a strong sense of credibility in their personal and professional lives.

Question 3

Smart companies connect with their customers through:

Accepted Answer

A)  experiences. 
B)  targeted advertising. 
C)  the Internet. 
D)  all of the above 
A)  experiences. 
B)  targeted advertising. 
C)  the Internet. 
D)  all of the above A

Question 4

Industrial intimacy:

Accepted Answer

A)  comes from better understanding the specific needs and wants of customers. 
B)  means allowing customers to select from menus of product characteristics. 
C)  comes from focusing on what is important to the customer. 
D)  all of the above 
A)  comes from better understanding the specific needs and wants of customers. 
B)  means allowing customers to select from menus of product characteristics. 
C)  comes from focusing on what is important to the customer. 
D)  all of the above

Question 5

Cite an example of how companies can build value with uniqueness and shared values.

Accepted Answer

One example of how companies can build v

Question 6

Which of the following examples is NOT an example of something a company can do to enhance extrinsic value?

Accepted Answer

A)  packaging 
B)  multiple varieties 
C)  guarantees 
D)  add-ons 
A)  packaging 
B)  multiple varieties 
C)  guarantees 
D)  add-ons

Question 7

Intrinsic value arises from the:

Accepted Answer

A)  core product or service itself. 
B)  perception of value by the customer. 
C)  emphasis on product value by the provider. 
D)  all of the above 
A)  core product or service itself. 
B)  perception of value by the customer. 
C)  emphasis on product value by the provider. 
D)  all of the above

Question 8

Customers will perceive long-term warranties as:

Accepted Answer

A)  a method used by the company to gouge the customer. 
B)  an unnecessary expense. 
C)  of higher value than short-term warranties. 
D)  extremely valuable. 
A)  a method used by the company to gouge the customer. 
B)  an unnecessary expense. 
C)  of higher value than short-term warranties. 
D)  extremely valuable.

Question 9

Long-term durability is not what customers perceive as the ultimate value.

Accepted Answer

A) True 
 B)False

Question 10

Small companies can compete against larger ones if they offer:

Accepted Answer

A)  add-ons. 
B)  a feeling of comfort and fit. 
C)  competitive pricing. 
D)  none of the above 
A)  add-ons. 
B)  a feeling of comfort and fit. 
C)  competitive pricing. 
D)  none of the above

Question 11

Marketing scholars define perceived value as a "subjective perception''of the tradeoff between multiple benefits and sacrifices, relative to competition.

Accepted Answer

A) True 
 B)False

Question 12

Value arises from a tradeoff between:

Accepted Answer

A)  expectation and reality. 
B)  perception and reality. 
C)  benefits gained and efforts/time expended. 
D)  benefits gained and costs expended. 
A)  expectation and reality. 
B)  perception and reality. 
C)  benefits gained and efforts/time expended. 
D)  benefits gained and costs expended.

Question 13

Associated value of a product goes beyond the core product, but is still essential to the product.

Accepted Answer

A) True 
 B)False

Question 14

One way to build customer loyalty is to:

Accepted Answer

A)  use reverse attribution theory to create enhanced value. 
B)  use promotional giveaways. 
C)  provide exceptional perceptions of value. 
D)  all of the above 
A)  use reverse attribution theory to create enhanced value. 
B)  use promotional giveaways. 
C)  provide exceptional perceptions of value. 
D)  all of the above

Question 15

To enhance value through goodness of product fit:

Accepted Answer

A)  make sure you have responded to customer comments and altered your product or service accordingly. 
B)  think of ways to allow customers to customize your product or service. 
C)  think of customers as individuals, not demographic groups. 
D)  back up your product with a clear warranty so your customer will feel comfortable being able to fix a poor fit. 
A)  make sure you have responded to customer comments and altered your product or service accordingly. 
B)  think of ways to allow customers to customize your product or service. 
C)  think of customers as individuals, not demographic groups. 
D)  back up your product with a clear warranty so your customer will feel comfortable being able to fix a poor fit.

Question 16

An intelligent system is simply a computer that learns from your customers' choices.

Accepted Answer

A) True 
 B)False

Question 17

The letter "E"in the LIFE acronym stands for

Accepted Answer

A)  excellence (in service). 
B)  essence of value. 
C)  expectations. 
D)  exceptional value. 
A)  excellence (in service). 
B)  essence of value. 
C)  expectations. 
D)  exceptional value.

Question 18

Packaging enhances the value of a product or service, even if core value remains unchanged.

Accepted Answer

A) True 
 B)False

Companies cannot wait years for their customers to see long-term value, so they can:

Explain the role of credibility and how to build it.

Smart companies connect with their customers through:

Industrial intimacy:

Cite an example of how companies can build value with uniqueness and shared values.

Which of the following examples is NOT an example of something a company can do to enhance extrinsic value?

Intrinsic value arises from the:

Customers will perceive long-term warranties as:

Long-term durability is not what customers perceive as the ultimate value.

Small companies can compete against larger ones if they offer:

Marketing scholars define perceived value as a "subjective perception''of the tradeoff between multiple benefits and sacrifices, relative to competition.

Value arises from a tradeoff between:

Associated value of a product goes beyond the core product, but is still essential to the product.

One way to build customer loyalty is to:

To enhance value through goodness of product fit:

An intelligent system is simply a computer that learns from your customers' choices.

The letter "E"in the LIFE acronym stands for

Packaging enhances the value of a product or service, even if core value remains unchanged.

Know Why Service Matters

Use Behaviors That Engage Your Customers

Listen to Your Customer a Big Little Thing

Use the Telephone Well for Good Service

Use Friendly Web Sites and Electronic Communication

Recognize and Deal With Customer Turnoffs

Insight Into Emerging Trends in Customer Service

Get Customer Feedback

Recover the Potentially Lost Customer

Exceed Customer Expectations With Information

Exceed Customer Expectations With Convenience and Timing

Dealing With Emotional Labor

Get Employees to Give Great Service

Filters

Exam 10: Exceed Expectations With Value

Companies cannot wait years for their customers to see long-term value, so they can:

Explain the role of credibility and how to build it.

Smart companies connect with their customers through:

Industrial intimacy:

Cite an example of how companies can build value with uniqueness and shared values.

Which of the following examples is NOT an example of something a company can do to enhance extrinsic value?

Intrinsic value arises from the:

Customers will perceive long-term warranties as:

Long-term durability is not what customers perceive as the ultimate value.

Small companies can compete against larger ones if they offer:

Marketing scholars define perceived value as a "subjective perception''of the tradeoff between multiple benefits and sacrifices, relative to competition.

Value arises from a tradeoff between:

Associated value of a product goes beyond the core product, but is still essential to the product.

One way to build customer loyalty is to:

To enhance value through goodness of product fit:

An intelligent system is simply a computer that learns from your customers' choices.

The letter "E"in the LIFE acronym stands for

Packaging enhances the value of a product or service, even if core value remains unchanged.

Know Why Service Matters

Use Behaviors That Engage Your Customers

Listen to Your Customer a Big Little Thing

Use the Telephone Well for Good Service

Use Friendly Web Sites and Electronic Communication

Recognize and Deal With Customer Turnoffs

Insight Into Emerging Trends in Customer Service

Get Customer Feedback

Recover the Potentially Lost Customer

Exceed Customer Expectations With Information

Exceed Customer Expectations With Convenience and Timing

Dealing With Emotional Labor

Get Employees to Give Great Service

Filters