Question 1

Scenario
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!"
o 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 should Carol Veldt guarantee customer satisfaction?

Accepted Answer

The answer of Scenario
Carol Veldt, owner of Seagull Terrace, watched...

Question 2

What determines whether sellers create basic relationships or full partnerships with customers?

Accepted Answer

The answer of What determines whether sellers create basic relationships...

Question 3

Dollarama stores focus on serving buyers who have relatively modest means.This is an example of ________.
convenience
value pricing
market segmentation
target marketing
value packing

Accepted Answer

The answer of Dollarama stores focus on serving buyers who...

Question 4

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Accepted Answer

A) True 
 B)False

Question 5

Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business.The key to this goal is to match the customer-perceived performance of his product with ________.
company-perceived performance
customer values
customer expectations
relationship levels
company expectations

Accepted Answer

The answer of Tommy Gray attempts to deliver customer satisfaction...

Question 6

Which of the following is an example of consumer-generated marketing?
Toyota's presence in online communities
Nike's Nike Plus running Web site
H.J.Heinz's use of brand-related consumer videos posted on video-sharing websites
Neiman Marcus's InCircle Rewards program for its best customers
The Lexus Covenant aimed at creating customer delight

Accepted Answer

The answer of Which of the following is an example...

Question 7

________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products.
Selling myopia
Marketing management
Value proposition
Marketing myopia
The product concept

Accepted Answer

The answer of ________ refers to sellers that pay more...

Question 8

Every functional area of an organization, not only a marketing department, can and should interact with customers.

Accepted Answer

A) True 
 B)False

Question 9

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interest.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following phrases reflects the marketing concept?
The supplier is king.
Marketing should be viewed as hunting and not gardening.
This is what I make, won't you please buy it?
This is what I want, won't you please make it?
none of the above

Accepted Answer

The answer of Which of the following phrases reflects the...

Question 11

Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to-day decisions.Actions such as this by companies seizing the opportunity to do well by doing good reflects ________.
virtual marketing
social responsibility
profit marketing
marketing
myopia

Accepted Answer

The answer of Ben & Jerry's challenges all stakeholders, including...

Question 12

You have just taken a new position in an organization and you're learning about the job functions of your new colleagues.You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships.Your marketing manager frequently speaks about the need to deliver superior customer value and satisfaction.Your manager is concerned with which one of the following?
database management
website hits
the societal marketing concept
not-for-profit marketing
customer relationship management

Accepted Answer

The answer of You have just taken a new position...

Question 13

When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up.?Explain how these manufacturers were doing the opposite of carrying out the production concept.

Accepted Answer

The answer of When demand for Beanie Babies was at...

Question 14

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

Accepted Answer

The answer of Define customer equity and explain why it...

Question 15

The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________.
frequency marketing program
basic customer relationship
club marketing program
consumer-generated marketing program
structural benefit provided for top customers

Accepted Answer

The answer of The Niketown running club that organizes twice...

Question 16

Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features?
product
production
customer
marketing
promotion

Accepted Answer

The answer of Which of the following marketing management concepts...

Question 17

A church targeting different demographic groups to increase attendance is an example of ________.
for-profit marketing
not-for-profit marketing
mindless marketing
ethics in marketing
societal marketing

Accepted Answer

The answer of A church targeting different demographic groups to...

Question 18

The ________ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being.
marketing
selling
product
societal marketing
equity

Accepted Answer

The answer of The ________ concept holds that firms must...

Question 19

A customer-centered organization seeks to maximize customer satisfaction.

Accepted Answer

A) True 
 B)False

Question 20

According to marketing theory, financial success is certain if you build the best product in the market.

Accepted Answer

A) True 
 B)False

Exam 1: Marketing: Creating and Capturing Customer Value

What determines whether sellers create basic relationships or full partnerships with customers?

Dollarama stores focus on serving buyers who have relatively modest means.This is an example of ________. convenience value pricing market segmentation target marketing value packing

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

________ refers to sellers that pay more attention to their own products than to the benefits and experiences produced by these products. Selling myopia Marketing management Value proposition Marketing myopia The product concept

Every functional area of an organization, not only a marketing department, can and should interact with customers.

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interest.

Which of the following phrases reflects the marketing concept? The supplier is king. Marketing should be viewed as hunting and not gardening. This is what I make, won't you please buy it? This is what I want, won't you please make it? none of the above

When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up.?Explain how these manufacturers were doing the opposite of carrying out the production concept.

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

The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________. frequency marketing program basic customer relationship club marketing program consumer-generated marketing program structural benefit provided for top customers

Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features? product production customer marketing promotion

A church targeting different demographic groups to increase attendance is an example of ________. for-profit marketing not-for-profit marketing mindless marketing ethics in marketing societal marketing

The ________ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being. marketing selling product societal marketing equity

A customer-centered organization seeks to maximize customer satisfaction.

According to marketing theory, financial success is certain if you build the best product in the market.