Question 1

________ benefits relate to the specific attributes of the product.

Accepted Answer

A)  Psychological 
B)  Comfort 
C)  Value 
D)  Functional 
E)  Brand 
A)  Psychological 
B)  Comfort 
C)  Value 
D)  Functional 
E)  Brand

Question 2

Aric purchased a digital camera at a significant discount. Though the camera did not have all of the features he had wanted, he was pleased with the reduced price. Aric thought the photos he took with the camera were of a high quality, but he was disappointed that the camera did not have a larger memory and that its batteries needed to be replaced so frequently. Aric is best described as a ________ customer.

Accepted Answer

A)  loyal 
B)  delighted 
C)  defecting 
D)  product champion 
E)  switchable 
A)  loyal 
B)  delighted 
C)  defecting 
D)  product champion 
E)  switchable

Question 3

A potential customer is more likely to use a value map than a marketing manager is.

Accepted Answer

A) True 
 B)False

Question 4

Customer perceived value is defined as the difference between the ________ and the ________ of a product.

Accepted Answer

A)  actual value; retail value 
B)  retailer's value; producer's costs 
C)  actual costs; perceived costs 
D)  perceived benefits; perceived costs 
E)  actual benefits; actual costs 
A)  actual value; retail value 
B)  retailer's value; producer's costs 
C)  actual costs; perceived costs 
D)  perceived benefits; perceived costs 
E)  actual benefits; actual costs

Question 5

Responses to a customer satisfaction survey question about suggestions for improving customer service would not be included in a CRM system.

Accepted Answer

A) True 
 B)False

Question 6

A loyal customer is, by definition, the most profitable kind of customer.

Accepted Answer

A) True 
 B)False

Question 7

Identify and explain the different components of a product's benefits and costs.

Accepted Answer

The primary benefit of a product is func

Question 8

Which of the following is a benefit a company can gain through using a CRM system?

Accepted Answer

A)  creating marketing messages that appeal to all of its customers 
B)  reducing employee hours spent managing information flow 
C)  reducing company technology expenditures 
D)  identifying dissatisfied customers before losing them to the competition 
E)  eliminating the need for costly loyalty programs 
A)  creating marketing messages that appeal to all of its customers 
B)  reducing employee hours spent managing information flow 
C)  reducing company technology expenditures 
D)  identifying dissatisfied customers before losing them to the competition 
E)  eliminating the need for costly loyalty programs

Question 9

Explain four significant benefits a company can enjoy by ensuring its customers are delighted.

Accepted Answer

Delighted or highly satisfied customers

Question 10

A company that is making an effort to improve customer relationships should look at customer interactions as ________.

Accepted Answer

A)  separate transactions 
B)  isolated exchanges 
C)  ongoing conversations 
D)  one-size-fits-all situations 
E)  patternless encounters 
A)  separate transactions 
B)  isolated exchanges 
C)  ongoing conversations 
D)  one-size-fits-all situations 
E)  patternless encounters

Question 11

The functional benefit of a family car is to provide ________.

Accepted Answer

A)  safety 
B)  transportation 
C)  status 
D)  savings 
E)  entertainment 
A)  safety 
B)  transportation 
C)  status 
D)  savings 
E)  entertainment

Question 12

After calculating the CLV of its customers, American Auto Supplies identified its most profitable customers and also found that a significant percentage of its customers are unprofitable. Which of the following actions would American Auto Supplies most likely take based on these findings?

Accepted Answer

A)  fire its unprofitable customers 
B)  offer the highest level of customer service to its unprofitable customers 
C)  encourage unprofitable customers to become product champions 
D)  discontinue discounts for all but its most profitable customers 
E)  provide slightly lower levels of customer service to its most profitable customers 
A)  fire its unprofitable customers 
B)  offer the highest level of customer service to its unprofitable customers 
C)  encourage unprofitable customers to become product champions 
D)  discontinue discounts for all but its most profitable customers 
E)  provide slightly lower levels of customer service to its most profitable customers

Question 13

Briefly explain why relationship marketing is becoming more important in today's market.

Accepted Answer

Relationship marketing is the organizati

Question 14

It is most accurate to say that a consumer's negative feeling about a purchase is the result of a product's performance not living up to ________.

Accepted Answer

A)  its warranty 
B)  the company's expectations 
C)  the customer's expectations 
D)  social expectations 
E)  its fair value 
A)  its warranty 
B)  the company's expectations 
C)  the customer's expectations 
D)  social expectations 
E)  its fair value

Question 15

A buyer with a neutral response to a purchase is best described as which of the following?

Accepted Answer

A)  loyal 
B)  switchable 
C)  dissatisfied 
D)  unprofitable 
E)  product champion 
A)  loyal 
B)  switchable 
C)  dissatisfied 
D)  unprofitable 
E)  product champion

Question 16

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a reward program.

Accepted Answer

A) True 
 B)False

Question 17

To determine customer lifetime value, a company needs to know all of the following EXCEPT which one?

Accepted Answer

A)  customer average purchases per year 
B)  costs to service the customer 
C)  customer retention rate 
D)  the company's discount rate 
E)  customer perceived costs 
A)  customer average purchases per year 
B)  costs to service the customer 
C)  customer retention rate 
D)  the company's discount rate 
E)  customer perceived costs

Question 18

Explain why companies must be careful to "not overpromise and underdeliver" on their products and services.

Accepted Answer

While increasing expectations through in

Question 19

Which of the following accurately describes an aspect of CRM systems?

Accepted Answer

A)  They require little security. 
B)  They require few employee resources. 
C)  They require a major investment in technology. 
D)  They can not help to reduce a company's costs. 
E)  They offer fewer benefits to retailers. 
A)  They require little security. 
B)  They require few employee resources. 
C)  They require a major investment in technology. 
D)  They can not help to reduce a company's costs. 
E)  They offer fewer benefits to retailers.

Question 20

Give an example of a survey question that would measure a customer's level of satisfaction.

Accepted Answer

Answers will vary. On a scale

________ benefits relate to the specific attributes of the product.

A potential customer is more likely to use a value map than a marketing manager is.

Customer perceived value is defined as the difference between the and the of a product.

Responses to a customer satisfaction survey question about suggestions for improving customer service would not be included in a CRM system.

A loyal customer is, by definition, the most profitable kind of customer.

Identify and explain the different components of a product's benefits and costs.

Which of the following is a benefit a company can gain through using a CRM system?

Explain four significant benefits a company can enjoy by ensuring its customers are delighted.

A company that is making an effort to improve customer relationships should look at customer interactions as ________.

The functional benefit of a family car is to provide ________.

After calculating the CLV of its customers, American Auto Supplies identified its most profitable customers and also found that a significant percentage of its customers are unprofitable. Which of the following actions would American Auto Supplies most likely take based on these findings?

Briefly explain why relationship marketing is becoming more important in today's market.

It is most accurate to say that a consumer's negative feeling about a purchase is the result of a product's performance not living up to ________.

A buyer with a neutral response to a purchase is best described as which of the following?

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a reward program.

To determine customer lifetime value, a company needs to know all of the following EXCEPT which one?

Explain why companies must be careful to "not overpromise and underdeliver" on their products and services.

Which of the following accurately describes an aspect of CRM systems?

Give an example of a survey question that would measure a customer's level of satisfaction.

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

________ benefits relate to the specific attributes of the product.

A potential customer is more likely to use a value map than a marketing manager is.

Customer perceived value is defined as the difference between the ________ and the ________ of a product.

Responses to a customer satisfaction survey question about suggestions for improving customer service would not be included in a CRM system.

A loyal customer is, by definition, the most profitable kind of customer.

Identify and explain the different components of a product's benefits and costs.

Which of the following is a benefit a company can gain through using a CRM system?

Explain four significant benefits a company can enjoy by ensuring its customers are delighted.

A company that is making an effort to improve customer relationships should look at customer interactions as ________.

The functional benefit of a family car is to provide ________.

After calculating the CLV of its customers, American Auto Supplies identified its most profitable customers and also found that a significant percentage of its customers are unprofitable. Which of the following actions would American Auto Supplies most likely take based on these findings?

Briefly explain why relationship marketing is becoming more important in today's market.

It is most accurate to say that a consumer's negative feeling about a purchase is the result of a product's performance not living up to ________.

A buyer with a neutral response to a purchase is best described as which of the following?

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a reward program.

To determine customer lifetime value, a company needs to know all of the following EXCEPT which one?

Explain why companies must be careful to "not overpromise and underdeliver" on their products and services.

Which of the following accurately describes an aspect of CRM systems?

Give an example of a survey question that would measure a customer's level of satisfaction.

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

Customer perceived value is defined as the difference between the and the of a product.