Exam 2: Creating Marketing Strategies for Customer-Centric Organizations

In the 4 P's that comprise the marketing mix, price refers to the disutilities given up by consumers. These disutilities include:

The term "CLV" stands for Company Lifetime Valuation.

In the 4 P's that comprise the marketing mix, ____ is when the firm decides on the most effective outlets through which to sell their products and how best to get them there.

For a new product to avoid failure in today's market and be successful it must:

The ability to obtain information about the size nature and behavior of the market segment refers to:

Firms should anticipate which of the following from their competitors?

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

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

What is consumer insight? Why is it so important to today's marketer?

The attractiveness of a market segment depends on a number of factors, including its size and accessibility.

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

What is the goal in analyzing market segments?

The emotional elements of a brand includes:

Intermarket segmentation involves segmenting a market based on where people live.

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

One disadvantage of market segmentation is that it always increases marketing expenses.

____ can help analyze the subtle ways buyers and sellers interact in the marketplace and can be useful in business negotiation processes.

The ultimate goal of market segmentation is increased customer satisfaction and profitability.

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

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