Question 1

A product that falls within the fair value zone of a value map is perceived to deliver benefits that are ________ the product's cost.

Accepted Answer

A)  greater than 
B)  less than 
C)  equal to 
D)  unrelated to 
E)  diminished by 
A)  greater than 
B)  less than 
C)  equal to 
D)  unrelated to 
E)  diminished by C

Question 2

It is more challenging to collect information about customers in the ________ market than in the ________ market.

Accepted Answer

A)  business-to-business; consumer 
B)  business-to-business; consumer-to-business 
C)  consumer; business-to-business 
D)  consumer-to-business; business-to-business 
E)  consumer-to-business; consumer 
A)  business-to-business; consumer 
B)  business-to-business; consumer-to-business 
C)  consumer; business-to-business 
D)  consumer-to-business; business-to-business 
E)  consumer-to-business; consumer C

Question 3

Explain the purpose of a value map, providing details about how the map should be interpreted.

Accepted Answer

A manager would use a value map to track and manage the perceived value customers assign to a brand and the competitors' brands. The value map plots the product's selling price against its relative performance. Products that fall in the fair value zone of the map are perceived to have benefits that are equal to the product cost. Products that fall below the fair value zone of a value map are perceived to deliver greater benefits than the product cost. Products that fall above the fair value zone of a value map are perceived to deliver fewer benefits than the product cost.

Question 4

Positive word-of-mouth advertising from a company's delighted customers is more effective than an advertising campaign developed by a company.

Accepted Answer

A) True 
 B)False

Question 5

A company that uses a CRM system needs to take special precautions to protect which of the following?

Accepted Answer

A)  customer perceptions 
B)  customer value 
C)  customer satisfaction 
D)  customer retention 
E)  customer privacy 
A)  customer perceptions 
B)  customer value 
C)  customer satisfaction 
D)  customer retention 
E)  customer privacy

Question 6

The majority of consumers listen to and follow the product opinions of their friends and family members.

Accepted Answer

A) True 
 B)False

Question 7

In modern marketing, the majority of most companies' marketing efforts are geared toward cultivating relationships with loyal customers.

Accepted Answer

A) True 
 B)False

Question 8

According to the time value of money, which of the following is true?

Accepted Answer

A)  Revenue collected by a company now is worth less than the same amount of revenue collected in the future. 
B)  Revenue collected by a company now is worth more than the same amount of revenue collected in the future. 
C)  Revenue collected by a company now is worth the same amount as revenue collected in the future. 
D)  Small discounts offered for up-front payment will result in less total revenue. 
E)  Small discounts offered for cash payment will result in less total revenue. 
A)  Revenue collected by a company now is worth less than the same amount of revenue collected in the future. 
B)  Revenue collected by a company now is worth more than the same amount of revenue collected in the future. 
C)  Revenue collected by a company now is worth the same amount as revenue collected in the future. 
D)  Small discounts offered for up-front payment will result in less total revenue. 
E)  Small discounts offered for cash payment will result in less total revenue.

Question 9

A company would be likely to use information from the American Customer Satisfaction Index (ACSI) to answer all of the following questions EXCEPT which one?

Accepted Answer

A)  Which customers have the highest customer lifetime value? 
B)  How do customers perceive the quality of our product? 
C)  How do customers perceive the quality of our competitors' products? 
D)  What do our customers expect from our product? 
E)  How do customers perceive the value of our product? 
A)  Which customers have the highest customer lifetime value? 
B)  How do customers perceive the quality of our product? 
C)  How do customers perceive the quality of our competitors' products? 
D)  What do our customers expect from our product? 
E)  How do customers perceive the value of our product?

Question 10

A successful CRM system will collect information to help a company assess its customers' needs.

Accepted Answer

A) True 
 B)False

Question 11

Two products with identical purchase prices may have very different product costs.

Accepted Answer

A) True 
 B)False

Question 12

________ is the organizational commitment to developing and enhancing long-term, mutually beneficial relationships with profitable or potentially profitable customers.

Accepted Answer

A)  Customer retention 
B)  Customer lifetime value 
C)  Customer satisfaction 
D)  Relationship marketing 
E)  Reward programming 
A)  Customer retention 
B)  Customer lifetime value 
C)  Customer satisfaction 
D)  Relationship marketing 
E)  Reward programming

Question 13

Explain why a company's largest customers may NOT be its most profitable customers.

Accepted Answer

A company's largest customers

Question 14

Information collected through CRM is stored in a ________.

Accepted Answer

A)  customer database 
B)  data mine 
C)  marketing mix 
D)  loyalty program 
E)  balance sheet 
A)  customer database 
B)  data mine 
C)  marketing mix 
D)  loyalty program 
E)  balance sheet

Question 15

The number of products available to potential buyers has decreased in recent decades.

Accepted Answer

A) True 
 B)False

Question 16

________ is the degree to which a customer will select a particular brand when a purchase from the product category is being considered.

Accepted Answer

A)  Customer satisfaction 
B)  Product championship 
C)  Customer lifetime value 
D)  Customer loyalty 
E)  Customer perceived value 
A)  Customer satisfaction 
B)  Product championship 
C)  Customer lifetime value 
D)  Customer loyalty 
E)  Customer perceived value

Question 17

A loyalty program is also commonly known as a(n) ________ program.

Accepted Answer

A)  fair value 
B)  reward 
C)  champion 
D)  lifetime 
E)  enrichment 
A)  fair value 
B)  reward 
C)  champion 
D)  lifetime 
E)  enrichment

Question 18

Which of the following is NOT one of the four steps in developing one-to-one relationships with customers?

Accepted Answer

A)  customer identification 
B)  customer authorization 
C)  customer differentiation 
D)  customer interaction 
E)  customization 
A)  customer identification 
B)  customer authorization 
C)  customer differentiation 
D)  customer interaction 
E)  customization

Question 19

For which of the following products would a customer's level of satisfaction with the purchase MOST likely change over time?

Accepted Answer

A)  coffee 
B)  mouthwash 
C)  a car with unexpected service needs 
D)  a pair of jeans 
E)  a DVD 
A)  coffee 
B)  mouthwash 
C)  a car with unexpected service needs 
D)  a pair of jeans 
E)  a DVD

Question 20

A company that offers tiered levels of service would be most likely to deliver the highest level of customer service to its ________ customers.

Accepted Answer

A)  most profitable 
B)  least profitable 
C)  unprofitable 
D)  dissatisfied 
E)  discounted 
A)  most profitable 
B)  least profitable 
C)  unprofitable 
D)  dissatisfied 
E)  discounted

A product that falls within the fair value zone of a value map is perceived to deliver benefits that are ________ the product's cost.

It is more challenging to collect information about customers in the market than in the market.

Explain the purpose of a value map, providing details about how the map should be interpreted.

Positive word-of-mouth advertising from a company's delighted customers is more effective than an advertising campaign developed by a company.

A company that uses a CRM system needs to take special precautions to protect which of the following?

The majority of consumers listen to and follow the product opinions of their friends and family members.

In modern marketing, the majority of most companies' marketing efforts are geared toward cultivating relationships with loyal customers.

According to the time value of money, which of the following is true?

A company would be likely to use information from the American Customer Satisfaction Index (ACSI) to answer all of the following questions EXCEPT which one?

A successful CRM system will collect information to help a company assess its customers' needs.

Two products with identical purchase prices may have very different product costs.

________ is the organizational commitment to developing and enhancing long-term, mutually beneficial relationships with profitable or potentially profitable customers.

Explain why a company's largest customers may NOT be its most profitable customers.

Information collected through CRM is stored in a ________.

The number of products available to potential buyers has decreased in recent decades.

________ is the degree to which a customer will select a particular brand when a purchase from the product category is being considered.

A loyalty program is also commonly known as a(n) ________ program.

Which of the following is NOT one of the four steps in developing one-to-one relationships with customers?

For which of the following products would a customer's level of satisfaction with the purchase MOST likely change over time?

A company that offers tiered levels of service would be most likely to deliver the highest level of customer service to its ________ customers.

The Meaning of Marketing

The Market in Marketing

Planning and Marketing in an Organization

A Broader Perspective on Marketing

Global Marketing

A Perspective on Consumer Behavior

Consumer Insight

The Brand

Segmenting, Targeting, and Positioning

The Marketing Plan

Product and Service Strategies

Pricing Strategies

Supply Chain and Distribution Strategies

Retailing and Wholesaling Strategies

Advertising and Sales Promotion Strategies

Personal Selling and Direct Marketing Strategies

The Communications Mix

The Marketing Mix

Marketing Performance Measurement

Filters

Exam 6: Value for Customers

A product that falls within the fair value zone of a value map is perceived to deliver benefits that are ________ the product's cost.

It is more challenging to collect information about customers in the ________ market than in the ________ market.

Explain the purpose of a value map, providing details about how the map should be interpreted.

Positive word-of-mouth advertising from a company's delighted customers is more effective than an advertising campaign developed by a company.

A company that uses a CRM system needs to take special precautions to protect which of the following?

The majority of consumers listen to and follow the product opinions of their friends and family members.

In modern marketing, the majority of most companies' marketing efforts are geared toward cultivating relationships with loyal customers.

According to the time value of money, which of the following is true?

A company would be likely to use information from the American Customer Satisfaction Index (ACSI) to answer all of the following questions EXCEPT which one?

A successful CRM system will collect information to help a company assess its customers' needs.

Two products with identical purchase prices may have very different product costs.

________ is the organizational commitment to developing and enhancing long-term, mutually beneficial relationships with profitable or potentially profitable customers.

Explain why a company's largest customers may NOT be its most profitable customers.

Information collected through CRM is stored in a ________.

The number of products available to potential buyers has decreased in recent decades.

________ is the degree to which a customer will select a particular brand when a purchase from the product category is being considered.

A loyalty program is also commonly known as a(n) ________ program.

Which of the following is NOT one of the four steps in developing one-to-one relationships with customers?

For which of the following products would a customer's level of satisfaction with the purchase MOST likely change over time?

A company that offers tiered levels of service would be most likely to deliver the highest level of customer service to its ________ customers.

The Meaning of Marketing

The Market in Marketing

Planning and Marketing in an Organization

A Broader Perspective on Marketing

Global Marketing

A Perspective on Consumer Behavior

Consumer Insight

The Brand

Segmenting, Targeting, and Positioning

The Marketing Plan

Product and Service Strategies

Pricing Strategies

Supply Chain and Distribution Strategies

Retailing and Wholesaling Strategies

Advertising and Sales Promotion Strategies

Personal Selling and Direct Marketing Strategies

The Communications Mix

The Marketing Mix

Marketing Performance Measurement

Filters

It is more challenging to collect information about customers in the market than in the market.