Exam 1: Marketing: Creating and Capturing Customer Value

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Discuss the opportunities and advantages that new communication technologies have created for marketers.

According to management guru Peter Drucker, "The aim of marketing is to ________."

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." -How might the marketing mix at Seagull Terrace differ between its two target markets?

Define customer equity and explain why it is important to a company.

It is most accurate to say that a customer will buy from the company that offers the highest ________.

Which of the following statements is true about social media as a marketing tool?

A large department store segments its customers into 4 categories (butterflies, true friends, strangers, and barnacles)in order to evaluate customers on ________.

Explain why a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied.

When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?

The production concept and product concept are orientations that can lead to marketing myopia.

Amy's law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept.

If a firm practices environmentalism in its social responsibility efforts, where would the firm place its focus?

________ are human needs as shaped by individual personality and culture.

Which of the following phrases reflects the marketing concept?

Human needs are shaped by culture and individual personality.

A church targeting different demographic groups to increase attendance is an example of ________.

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.

When backed by buying power, wants become ________.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs of using the service, they are acting upon ________.