Chap. 1 MC
The Niketown running club that organizes twice weekly evening runs and follow-up meetings in the Nike store is an example of ____
A club marketing program
According to the product concept, consumers will favour products that are ____ and ____
Available, Affordable
A fia, a team leader in charge of customer relationship management, is planning strategies for 133) improving the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?
Barnacles
You are an assistant marketing director for a firm in a market with many low-margin customers, What type of relationship would it be most profitable for you to develop with these customers?
Basic relationships
At Gina'sNails,theposted policy is"Without our customers,wedon't exist." Ginaand her staff aim 132) to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
Capturing customer lifetime value
The final step in the marketing process is ____
Capturing value from customers
Elisendra, a marketing manager at a regional chain restaurant, has decided to sponge a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of _____________________
Consumer-generated marketing
____ Is one of the best ways to increase share of customers
Cross selling
Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell. By promoting a company culture that values exceptional value and service, Shania aims to create _______________ by going beyond the expected.
Customer delight
iRobot involve their customers in product development, marketing, and technical support in an effort to foster ____
Customer delight
The ultimate aim of customer relationship management is to produce ____
Customer equity
___ is the combined customer lifetime values of all of a company's current and potential customers
Customer equity
____ is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service
Customer evangelists
Tommy Grey attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operator who knows that the key to this goal is to match ______________ with _______________
Customer expectations, company performance
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon _____________-
Customer perceived value
Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ___
Customer relationship management
Sally purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion, Sally was measuring her level of _______________
Customer satisfaction
An organization that understands and anticipates customer needs even better than customers themselves and creates products and services to meet current and future wants and demands practices ____ marketing
Customer-driving
When customers don't know what they want or don't even know what's possible, the most effective strategy is ____ marketing
Customer-driving
____ is defined as the customer's evaluation of the differences between all the benefits and all of the costs of a marketing offer relative to those of a competing offers
Customer-perceived value
Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a ___________________
Demand
When backed by buying power wants become ____
Demands
In the case of excess demand, ____ may be required to reduce the number of customers or to shift demand temporarily or permanently
Demarketing
To avoid traffic gridlock in large metro areas, a community might use _____________ to discourage travellers from driving during peak commuting hours
Demarketing
A church targeting different demographic groups to increase attendance is an example of ________________
Not for profit marketing
______ is currently the fastest growing form of marketing
Online marketing
Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50 000 of insulated wire per year. Dekko is using ______________
Selective relationship management
Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is called ___
Selective relationship management
Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable series
Selling
___ is defined as a social and managerial process by which individuals and organizations obtain what they need and what they want through value creation and exchange
Selling
Jolene's firm markets preplanning services for morticians. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm is most likely practicing the ____________ concept
Selling concept
When an airline goes after a "Share of travel" it is attempting to increase ___
Share of customer
When a local government advertises keeping the area's streams and water supply cleaner, it is involved in ____
Green marketing
The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ____
Long-run welfare
Consumer research product development, communication, distribution, pricing, and service are all core ___ activities
Marketing
Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Marketing
The art and science of choosing target markets and building profitable relationships with them is called ____
Marketing management
The set of marketing tools a firm uses to implement its marketing strategy is called the ____
Marketing mix
What refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs
Marketing myopia
In today's world. marketing should be done by _____ employees in an organization
Marketing, sales, and customer-support
Which steps of the five step marketing process are about understanding customers, creating customer value, and building strong customer relationships
The first four only
What do companies call benefits that they promise to consumers to satisfy their needs
Value proposition
____ is the set of benefits a company promises to deliver to the customer to satisfy their needs
Value proposition
___ are human needs as shaped by personality and culture
Values
The three areas of consideration that should be balanced in the societal marketing concept are
consumer wants, societal interests, and long-term needs
Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ______________________ concept
Product
A potential high short-term customer is a ___
Butterfly
The ____ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features
Product
___ is the act of obtaining a desired object from someone by offering something in return
Exchange
(T/F) Computer maker Lenovo dominates the highly competitive, price-sensitive Chinese PC market through low labour costs, high production efficiency, and mass distribution. This is an example of the product concept
F
(T/F) Consumer generated marketing, a relatively new phenomenon has so far had little impact as a marketing force
F
(T/F) Customer Relationship Management is perhaps the least important concept of modern marketing
F
(T/F) Demarketing is a marketing philosophy focused upon product differentiation and positioning
F
(T/F) Fast Food Inc. views marketing as the science and art of finding, retaining, and growing profitable customers by providing them with the food they want. Fast Food Inc practices social marketing
F
(T/F) For most marketers customer relationship management (CRM) is exclusively a matter of customer data management
F
(T/F) Human needs are shaped by culture and individual personality
F
(T/F) Market offerings are limited to physical products
F
(T/F) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only
F
(T/F) Only sellers of products, services, and ideas practice marketing, buyers do not
F
(T/F) Selling is managing profitable customer relationships
F
(T/F) The marketing mix includes production, price, promotion, and packaging, this is known as the four P's of marketing
F
(T/F) To increase their "share of customer" a firm concentrates on retaining as many customers as possible over their lifetime
F
(T/F) Web 2.0 is distinguished by its poorly conceived e-tailers and web start-ups
F
(T/F) When backed by buying power, needs become demands
F
(T/F) When backed by buying power, wants become human needs
F
(T/F) When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia
F
(T/F) Your department holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Your department is practicing the selling concept
F
When marketers set low expectations for a market offering, the biggest risk they run is
Failing to attract enough customers
A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of
Frequency marketing program
Today almost every company, small and large, is affected in some way by ____
Global competition
A firm that uses the selling concept takes a(n) _____ approach
Inside-out
Greater consumer control means that companies must rely more on marketing by ____ rather than by _____
Interaction, Intrusion
According to management guru Peter Druker, "The aim of marketing is to ___"
Make selling unnecessary
A(n) ___ is the set of actual and potential buyers of a product
Market
"This is what I want, won't you please make it?" reflects the ______________ concept
Marketing
Through ___ many companies today are strengthening their connections to all partners, from providers of raw materials to components to final products that are delivered to final buyers
Supply chain management
To create customer value and build strong customer relationships, marketers know that they cannot go in alone, therefore they practice ____
Partner relationship management
"Build a better mousetrap and the world will beat a path to your door" reflects the ____ concept
Product
Customer-perceived value is determined by a customer's ____ of the benefits and costs of a marketing offering relative to those of competing offers
Personal assessment
Henry Ford's philosophy was to perfect the model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ______________ concept
Production
Which marketing management orientation focuses primarily on improving efficiencies along the supply chain
Production concept
Some fast-food restaurants offer tasty and convenient food at affordable price, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the _______________ concept
Social Marketing
Your province's department of education has budgeted a significant amount of money for a radio, 136) print, television, and online advertising campaign emphasizing the long- term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.
Social Marketing
Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice 135) cream scoopers in their stores, to consider individual and community welfare in their day- to- day decisions. Actionssuch asthisby companiesseizing theopportunity to do well by doing good reflects ________.
Social responsibility
Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being
Societal marketing
Treating suppliers of raw materials, vendors, and distributers as partners in delivering customer value is what type of management?
Supply chain
(T/F) An experience such as a vacation can be defined as a market offering
T
(T/F) Customer perceived value is defined as the customer's evaluation of perceived difference between all of the benefits and all the costs of a marketing offer relative to those competing offers
T
(T/F) EarthShare powerfully markets the idea that individuals and organizations can be involved in creating a healthy and sustainable environment. Their marketing offering is not a physical product but an idea.
T
(T/F) Holt Renfrew and Harry Rosen stores only want to select customers the can serve well and profitably so they target affluent professionals
T
(T/F) In markets with few customers and high margins, sellers want to create full partnerships with key customers
T
(T/F) Marketing occurs when people decide to satisfy needs and wants through exchange relationships
T
(T/F) The difference between human needs and wants is that needs are not influenced by marketers
T
(T/F) The production concept and product concept are orientations that can lead to marketing myopia
T
(T/F) The selling concept holds that customers will not buy enough of the firm's products unless it undertakes a large-scale selling promotion effort
T
(T/F) The societal marketing concept calls on marketers to balance consumer wants and desires, company profits and society's interests
T
(T/F) When it becomes necessary to reduce demand for a product or service, an organization may use de marketing to reduce or shift the number of customers
T
(T/F) With selective relationship management, companies use customer profitability analysis to eliminate losing customers and target winning ones
T
Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modes means. This is an example of __________________
Target marketing
Selecting which segments of a population of customers to serve is called ____
Target marketing
According to the simple five-step model of the marketing process, a company needs to ___ before designing a customer-driven marketing strategy
Understand the marketplace, and customer needs and wants
Which type of customer have the highest profit potential and strong loyalty
True friends