Intro to Business Ch. 11

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

Customer Value

_____ is the process in which a firm continuously collects and evaluates information about its external environment.

Environmental Scanning

Prestige pricing is the pricing strategy of selling a new product at a low price in hopes of achieving a large sales volume and prestige for the product.

False

One-to-one marketing is synonymous with database marketing.

False - The ability to engage in one-to-one marketing is based on the existence of databases.

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing

The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

Marketing Concept

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

Relationship Marketing

_____ is a strategy that focuses on forging long-term partnerships with customers.

Relationship Marketing

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes with emphasis on low-priced, private-label brands. Aldi stores are typically about one-third the size of the traditional supermarket. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The chain targets bargain hunters who are willing to rent a cart and bag their own groceries. Aldi competitive advantage is based on:

low costs

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.

marketing concept

Customer satisfaction:

refers to the customer's feeling that a product has met or exceeded expectations

The marketing concept:

satisfies customer wants and needs legally and responsibly

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

differential comparative advantage

A firm with a _____ has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price.

differential competitive advantage

The _____ is a specific group of consumers toward which a firm directs its marketing efforts.

target market

The marketing concept: integrates all of the company's activities to satisfy customer wants does all of the above achieves long-term organizational goals focuses on customer wants so the company can differentiate its product from its competition satisfies customer wants and needs legally and responsibly

does all of the above

In general, when a business is engaged in environmental scanning, it looks at all of the following external forces that might affect it EXCEPT: demographic forces political and legal forces technology suppliers the economy

suppliers

Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. A real estate broker in Mumbai who will only rent or sell a home to a vegetarian as defined that group as its:

target market

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. The manufacturer of Topik considers this group to be its:

target market