Exam 1: Marketing: Creating and Capturing Customer Value

The ________ concept holds that achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.

Amy's law office has developed a new format and wording for wills.Staff believe that they offer superior quality,performance and innovative features.Her law office is practicing the production concept.

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

Which customer question is answered by a company's value proposition?

When many customers share a strong need that cannot be satisfied by any existing products or services,this is known as ________.

Human ________ are states of felt deprivation.

There are occasions when a firm should legitimately practice demarketing in order to manage its demand levels.

Modern thinking is that marketing is done only by marketing,sales and customer-support personnel.

The social responsibility and environmental movements are expected to ________ in the future.

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

The elements of the extended marketing mix are product,price,placement logistics and promotion plus people,process and physical evidence.

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

Briefly outline the advantages of customer satisfaction.

Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell.By promoting a company culture that values exceptional value and service,Shania aims to create ________ by going beyond the expected.

It is cheaper for a company to acquire new customers than to maintain relationships with current customers.

What are the major factors that a company should consider when deciding which international markets to enter?

A firm has high customer equity when it has a high proportion of loyal,profitable customers.

The art and science of choosing target markets and building profitable relationships with them is called ________.

Scouts Australia is a not for profit organisation that offers young Australians,aged 6 to 25 years,fun and challenging opportunities to grow and develop through adventure and activities.While Scouts is the largest youth movement in the nation with some 68,000 members,Scouts has little difficulty attracting new members.However,for some time Scouts has been aware that it experiences difficulties retaining members for more than a few years.Member churn is especially noticeable in the older age groups to the point where it is difficult to encourage members to take up leadership positions within the organisation.Using principles of customer relationship management outlined in Chapter 1 combined with your creativity and general knowledge,suggest specific strategies that Scouts could use to improve its current member retention rates.

The Internet is forcing companies toward more standardized international pricing.