Exam 10: Marketing: Building Profitable Customer Connections

In which of the following eras did many companies adopt the philosophy that consumer satisfaction should be the central focus of the entire organization?

How much money you earn and what you do for a living are major determinants of your social class.

When it comes to creating customer satisfaction, actual value is more important than perceived value.

Which of the following statements applies to psychographic segmentation?

EZ Eats is a local fast food restaurant that is open 24/7. Management guarantees that customers will be served within five minutes after placing an order for any item on its menu. Which type of utility is EZ Eats focusing on?

The use of marketing strategies is limited to the development, pricing, promotion, and distribution of goods and services.

Analysis of market share is a key to understanding which of the following about the firm?

A firm's marketing mix refers to the array of different types of products it has developed to attract different types of customers.

Marketing is an activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Johnson & Johnson communicates with individual customers through e-mail and toll-free access to a customer support phone centre. They also have company representatives dedicated to developing close, ongoing relationships with large chain stores. Which of the following does this process demonstrate?

Low cost creates high value.

Stray Rescue is a not-for-profit organization. Since the organization is not profit driven, it has no need to focus on marketing.

What is an advantage of secondary data when compared to primary data?

Customer relationship management is the ongoing process of acquiring, maintaining, and growing profitable relationships by delivering unmatched value.

Secondary data is existing data marketers gather about purchasing behaviour.

Your friend Stanley is concerned about the environment. But he just got a new job, and given the lack of public transportation, he desperately needs a car.??Outline and describe the steps Stanley should take in purchasing his new car and the factors he is likely to consider. Be sure to include programs and tactics a dealership could use to offset any feelings of cognitive dissonance. What type of car is Stanley likely to buy?

Which of the following is key to successful customer relationship management?

Today's businesses use customer relationship management to drive profits upward and provide unmatched value to the consumer.

The first step in developing a marketing plan is to identify the individuals most likely to buy your products.

Cognitive dissonance occurs when a consumer refuses to recognize problems or issues that arise from the purchase of a good or service.