Exam 1: Marketing: Creating and Capturing Customer Value

How is marketing being applied in the not-for-profit sector?

The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________.

Which of the following has contributed to the deeper, more interactive nature of today's customer relationships?

Company ABC implements its marketing strategy through a well-defined and complete marketing mix. What elements does Company ABC address in its marketing mix?

An effective value proposition answers the question ________.

The authors of your text classify customers into four relationship groups, according to the customers' profitability and projected loyalty. ________ are the customers with the highest profit potential and strong loyalty.

Explain what marketers can expect from individuals in the customer relationship group classified as "butterflies."

Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials and components to final buyers who purchase final products.

Market offerings are limited to physical products.

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

A nineteenth-century street vendor in London sang, "Who will buy my fresh, red roses?" Did the vendor take an outside-in or inside-out perspective? Explain.

Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features?

________ is the set of actual and potential buyers of a product.

Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. "But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!" So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan, then, involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. "We still have a long way to go," Carol admitted. "Our delicatessen offers delicious entrees, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend getaways throughout winter." -In what ways might Carol Veldt be implementing the product concept?

Selling is managing profitable customer relationships.

Elisandra, a marketing manager at a regional chain restaurant, has decided to create a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________.

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 is currently the fastest growing form of marketing?

Based on the marketing process, what are Carol Veldt's strengths?

As part of the rapid globalization of today's economy, companies are selling more locally produced goods in international markets and ________.