Experience Marketing FINAL EXAM test 1

True or False: Blue Outdoors has developed a new design for its line of fishing boats that their staff believes will offer the most in terms of quality, performance, and innovative features. Blue Outdoors is practicing the production concept here.

False

True or False: Service perishability means that services can be stored for later sale or use.

False

True or False: The unique characteristic of service's inseparability means that services and experiences are the same and they are inseparable.

False

True or False: Using a differentiated marketing strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.

False

An example of how business practices micro marketing is _________________________.

For example, a company selling snowboards may use micro-marketing to target young, male consumers who are interested in extreme sports. By providing information that is relevant to this group, the company can more effectively reach its target market.

True or False: The case on Dunkin in our textbook states: while Starbucks is strongly positioned as a sort of high-brow "third place" outside the home and office, Dunkin has positioned itself as a place for the average Joe.

True

Ritz-Carlton is dedicated to meeting customers' needs. Without ever asking, they seem to know what customers want. An overwhelmingly high percentage of departing guests report a high level of customer satisfaction and that their stay has been a truly memorable experience. This demonstrates not only customer satisfaction but also customer _______________________.

customer delight

Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park. This is an example of _______________________ marketing.

customer engagement

Which of the following market targeting strategies offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be overlooked by larger companies?

Concentrated marketing

Which of the following scenarios BEST describes the societal marketing concept?

Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

true or False: In the marketing process model, the first four steps are to capture value after creating value.

False

The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent?

Niche marketing

_____________________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Services

True or False: A BMW automobile may cost a lot; but for customers who own one, a BMW is a great value. This is an example of customer-perceived value.

True

True or False: A market segment include potential consumers who share a common need or want.

True

True or False: Marketing is primarily concerned with managing relationships with profitable customers.

True

True or False: When a company selects the parts of the market it can serve best and most profitably, it is practicing market targeting.

True

Marketing offerings are mainly:

any of the above

Demographic variables are the most popular bases for segmenting customer groups because they _________________.

are easier to measure

Customer Relationship Management (CRM) analysts use ___________________ analytics to unearth patterns in customer data.

big data

In general, competitive advantage refers to what your business does better than your _____________________.

competitors

Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he/she remains in the area. This is an illustration of _______________________.

customer lifetime value

Patrick McCormick now has the buying power to purchase the golf clubs he has wanted for the last six months. Patrick's want now has become a ____________________.

demand

Elizabeth recently participated in a mystery shopper program to evaluate the service quality of Hotel Intel. Her main task is to stay at the hotel for a night to find out if the perceived performance of Hotel Intel matched her expectations. In this case, Elizabeth is measuring her level of __________________.

engagement

Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. What variables did Heeltoe most likely use to identify its market segments?

gender, age, and occupation

The positioning map of a new Berger restaurant (as indicated by the star in the figure) shows the new burger restaurant's management want customers to perceive their burgers as __________________ (high or low in terms of price) and ___________________ (high or low in terms of quality) than those of competitors. Choose high or low in each blank.

high, high

According to the case study on ALDI, the winning value proposition adopted by ALDI is ____________________.

less for much less

What are the four steps (in order) to design a customer value-driven market strategy?

market segmentation, targeting, differentiation, and positioning

Although ACE Steakhouse charges a higher price than its competitors in the area do, it is popular among customers for the high quality of service and experiences it offers. In this case, the steakhouse most likely offers a ______________________ value proposition.

more-for-more

Many firms are trying to identify smaller, better-defined target groups by using __________________.

multiple segmentation bases

Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ____________________ segmentation.

occasion

As a business consultant, what type of segmentation would you suggest to marketers who cater to people of certain social classes, lifestyles, and personality characteristics?

psychographic

When a department store adding groceries, prepared food items, furniture, and nursery plants to its traditional clothing and household items, the store tries to capture a greater _____________________.

share of customer