MKTG-3310 Test 1 Review
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on______________. A) consumers' brand experiences B) competitors' threats C) Consumers' existing wants D) Competitors strengths E) Consumers' future demands
C) Consumers' existing wants
Dividing a market into several sections of customers is known as_____________. A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing
Market segmentation
_________ is the art and science of choosing target markets and building profitable relationships with them. A) Differentiation B) Marketing management C) Positioning D) Segmentation E) Customer-perceived value
Marketing management
The ____________ concept holds that achieving organizational goals depends on knowing the needs and wants of target and delivering the desired satisfactions better than competitors do. A) marketing B) product C) production D) selling E) societal marketing
marketing
Which of the following concepts is based on a customer-centered philosophy? A) the product concept B) the marketing concept C) the production concept D) the selling concept E) the distribution concept
the product concept
Amazon Prime strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be classified as a______________. A) barnacle B) true believer C) stranger D) laggard E) butterfly
true believer
The selling concept holds that______________. A) Consumers will not buy enough of a firms products unless the firm undertakes large-scale persuasion and promotion efforts B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests C) consumers will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) Consumers will favor products that offer the most in quality, performance, and innovative features
A) Consumers will not buy enough of a firms products unless the firm undertakes large-scale persuasion and promotion efforts
_____________ are defined as states of felt deprivation A) Needs B) ideas C) Demands D) values E) Exchanges
A) Needs
The______________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. A) marketing B) product C) production D) selling E) societal marketing
A) marketing
The ultimate aim of customer relationship management is to_____________. A) produce high customer equity B) divide markets into distinct segments C) evaluate customer lifetime value D) turn "strangers" into "butterflies" E) evaluate current sales share
A) produce high customer equity
JetBlue's promise to put "You Above All" by bringing humanity back to travel" is their____________. A) value proposition D) Segmentation strategy C) market offering D) selling concept E) production concept
A) value proposition
____________ refers to the portion of the customer's purchase that a company gets in its product categories. A) Value proposition B) Share of customer C) Brand equity D) Customer lifetime value E) Customer equity
B) Share of customer
In which of the following customer relationship groups do organizations generally avoid investing? A) barnacles B) strangers C) butterflies D) true believers E) true friends
B) Strangers
The societal marketing concept holds that____________. A) consumers will not buy enough of a firm's product unless the firm undertakes a large-scale selling an promotion effort B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment C) the society will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features
B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
The societal marketing concept holds that_____________ A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment C) the society will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. E) consumers will favor products that offer the most in quality, performance, and innovative features
B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
Sally purchased a newly introduced moisturizing lotions. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer_____________. A) loyalty B) satisfaction C) equity D) engagement E) lifetime value
B) satisfaction
Which of the following concepts is based on a customer-centered philosophy? A) the product concept B) the marketing concept C) the production concept D) the selling concept E) the distribution concept
B) the marketing concept
____________ is the total combined customer lifetime values of all the company's current and potential customer A) Share of customer B) Value proposition C) Customer equity D) Market share E) Customer-perceived value
C) Customer-perceived value
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a____________. A) Need B) Value C) Demand D) Marketing offering E) desire
C) Demand
_______________ are customers who show low potential profitability and little projected loyalty. A) True friends B) Barnacles C) Strangers D) True believers E) Butterflies
C) Strangers
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a___________ A) need B) value C) demand D) market offerings E) desire
C) demand
Dividing a market into several sections of customers is known as________________. A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing
C) market segmentation
A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a_____________. A) true friend B) butterfly C) stranger D) barnacle E) true believer
C) stranger
A customer who is both loyal and profitable is referred to as a___________________. A) barnacle B) stranger C) true believer D) laggard E) butterfly
C) true believer
Carla, a team leader in charge of customer relationship management, is planning strategies to improve 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? A) butterflies B) true friends C) strangers D) barnacles E) innovators
D) barnacles
Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates ___________ marketing. A) butterflies B) true friends C) strangers D) barnacles E) innovators
D) barnacles
Consumers' needs and wants are fulfilled through____________ A) value B) demand C) desire D) market offerings E) ideas
D) market offering
Consumers' needs and wants are fulfilled through___________. A) value B) demand C) Demand D) marketing offering E) Ideas
D) marketing offering
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as___________. A) mass distribution B) cost leadership C) consumer-generated marketing D) target marketing E) undifferentiated marketing
D) target marketing
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as A) mass distribution B) cost leadership C) consumer-generated marketing D) target marketing E) undifferentiated marketing
D) targeting marketing
Customers who are classified as true believers___________. A) are attracted to a company's competitor's deals and offers. B) have needs and wants that do not fit a company's offerings C) are not very profitable for a company D) tell others about their good experiences with a company E) are projected to be less loyal to any brand
D) tell others about their good experiences with a company
According to the five-step model of the marketing process, the first step in marketing is_____________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) engaging customers, building a profitable relationships, and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy
D) understanding the marketplace and customer needs and wants
A brand's ____________ is the set of benefits that it promises to deliver to consumers to satisfy their needs A) dominant effect B) fringe benefit C) perquisite D) value proposition E) Divided yield
D) value proposition
Efforts to convert ___________ into loyal customers are rarely successful. A) barnacles B) strangers C) true believers D) laggards E) butterflies
E) Butterflies
______________ is the act of obtaining a desired object from someone by offering something in return. A) Targeting B) Segmentation C) Differentiation D) Exchange E) Positioning
Exchange
