Question 1

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.

Accepted Answer

The answer of The ________ concept holds that achieving organisational...

Question 2

Organisations such as universities,public museums and symphony orchestras aim to make ________ to continue their operations but do not seek to make profits for shareholders.

Accepted Answer

The answer of Organisations such as universities,public museums and symphony...

Question 3

Consumer research,product development,communication,distribution,pricing,and service are all most accurately described as core ________ activities.

Accepted Answer

A) exchange 
B) marketing 
C) management 
D) production 
E) customer relationship management

Question 4

Product,price,place and promotion make up the elements of a firm's marketing mix.

Accepted Answer

A) True 
 B)False

Question 5

________ is the set of actual and potential buyers of a product.

Accepted Answer

A) A market 
B) An audience 
C) A group 
D) A segment 
E) An exchange

Question 6

The Apex Corporation has sold the same product since its entry into the marketplace.Each time the sales of its product have slipped,the firm has responded by cutting prices and increasing promotions.In spite of its efforts,sales continued to decline.Apex's 'product-focused' response is evidence of ________.

Accepted Answer

A) a profit-maximisation philosophy 
B) production myopia 
C) maximisation myopia 
D) marketing myopia 
E) the marketing concept

Question 7

The key to creating excitement in a market offering,such as sport,is ________ and interactivity.

Accepted Answer

The answer of The key to creating excitement in a...

Question 8

The difference between human needs and wants is that needs are not influenced by marketers.

Accepted Answer

A) True 
 B)False

Question 9

According to the text,the three most commonly used measures of marketing performance are ________.

Accepted Answer

A) sales,market share and profits 
B) customer lifetime value,share of relationships and customer equity 
C) share of distribution,share of voice and share of wallet 
D) share of volume,share of value and brand equity 
E) None of the above.

Question 10

Delighted customers,known as 'customer evangelists',are more likely to ________.

Accepted Answer

A) spread the word about their good experiences with a brand or product. 
B) engage in repeat purchasing. 
C) become willing brand partners. 
D) All of the above. 
E) None of the above.

Question 11

A product manager strengthens her company's connections by treating suppliers of raw materials,vendors and distributors as partners in delivering customer value.What type of management is she practicing?

Accepted Answer

A) outside partnering 
B) inside partnering 
C) marketing 
D) supply chain 
E) customer development

Question 12

In its broadest sense,customer relationship management (CRM)is a customer data management activity.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following best explains why consumers have greater power and control in today's marketplace?

Accepted Answer

A) The production concept and competition have lowered prices. 
B) Implementation of the product concept has resulted in continually improving products. 
C) Customer-driving marketing creates products and services that meet customers' future needs. 
D) More companies are implementing societal marketing and weighing long-run costs and benefits. 
E) Through new communication technologies,customers have more access to information and more methods of sharing their opinions with other customers.

Question 14

A recent graduate of business school has a different philosophical approach than his marketing manager,who believes in keeping customers at arm's length and using mass media advertising.He knows that today few successful firms still practice this type of true ________,and are instead turning to selective relationship management.

Accepted Answer

A) club marketing 
B) frequency marketing 
C) mass marketing 
D) customer satisfaction 
E) marketing segmenting

Question 15

The relationship segment known as 'butterflies' are profitable,but not loyal.Marketers should engage in efforts to convert butterflies into loyal customers.

Accepted Answer

A) True 
 B)False

Question 16

Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) marketing management 
B) market positioning 
C) market segmentation 
D) selling 
E) societal marketing

Question 19

The final step in the marketing process is ________.

Accepted Answer

A) capturing value from customers 
B) creating customer loyalty 
C) creating customer lifetime value 
D) understanding the marketplace 
E) designing a customer-driven marketing strategy

Question 20

In many instances,marketing managers try to ensure that there is a sense of excitement (or enjoyment)associated with a market offering and the marketing communication used.Which of the following factors is a key to creating excitement?

Accepted Answer

A) experiential involvement 
B) emotional involvement 
C) interactivity 
D) All of the above. 
E) A and B only.

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.

Organisations such as universities,public museums and symphony orchestras aim to make ________ to continue their operations but do not seek to make profits for shareholders.

Consumer research,product development,communication,distribution,pricing,and service are all most accurately described as core ________ activities.

Product,price,place and promotion make up the elements of a firm's marketing mix.

________ is the set of actual and potential buyers of a product.

The key to creating excitement in a market offering,such as sport,is ________ and interactivity.

The difference between human needs and wants is that needs are not influenced by marketers.

According to the text,the three most commonly used measures of marketing performance are ________.

Delighted customers,known as 'customer evangelists',are more likely to ________.

A product manager strengthens her company's connections by treating suppliers of raw materials,vendors and distributors as partners in delivering customer value.What type of management is she practicing?

In its broadest sense,customer relationship management (CRM)is a customer data management activity.

Which of the following best explains why consumers have greater power and control in today's marketplace?

The relationship segment known as 'butterflies' are profitable,but not loyal.Marketers should engage in efforts to convert butterflies into loyal customers.

Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

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 ________.

The final step in the marketing process is ________.

In many instances,marketing managers try to ensure that there is a sense of excitement (or enjoyment) associated with a market offering and the marketing communication used.Which of the following factors is a key to creating excitement?