Marketing: Chapter 1

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of ________.

A FREQUENCY MARKETING PROGRAM

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

CUSTOMER EQUITY

Which of the following is the aim of the product concept?

FOCUS ON MAKING CONTINUOUS PRODUCT IMPROVEMENTS

Dividing the market into various groups of customers that a company may serve is called ________.

MARKET SEGMENTATION

Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept.

MARKETING

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

MARKETING MYOPIA

Seagull Terrace offers its customers good accommodations, local delicacies, and amazing seaside views. The overall experience provided at the motel is a part of its ________.

MARKETING OFFERING

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

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.

TARGET MARKET

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

VALUE PROPOSITION