MGMT 340 Ch 5

Which of the following statements concerning a company's target market is false?

A "shotgun approach" to marketing (trying to appeal to everyone rather than to only a small market segment) is the most effective way to compete with large companies and their bigger marketing budgets.

________ can be an effective part of a guerrilla marketing strategy, enabling an entrepreneur to economically communicate with large numbers of customers.

Blogging

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

Bootstrap Marketing

A ________ is a company's "face" in the marketplace and communicates a key message to the target market.

Brand

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Demographic

Studies of shifting patterns in age, income, education, race, and other population characteristics are the subject of ________.

Demographics

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

Read as many current publications as possible.

The unique selling proposition (USP) focuses on ________.

a unique customer benefit that answers the question: What's it in for me?

Which of the following is a way to improve customer service?

a. Encourage customers to complain. b. Ask employees for feedback on improving customer service. c. Develop a service theme that communicates the importance of customer service in the company. d. All of these

How can a company achieve stellar customer service and satisfaction?

a. Listen to customers and define superior service. b. Set standards and measure performance. c. Hire the right employees and treat them with respect. d. All of these

What can a company do to achieve stellar customer service and satisfaction?

a. Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools. b. Define what "superior service" means so that customers and employees know exactly what to expect and what to provide. c. Hire friendly, courteous sales and service representatives. d. All of these

Time compression management (TCM) involves ________.

a. speeding new products to market b. reducing the administrative time required to fill an order c. shortening customer response time in manufacturing and delivery d. All of these

Successful marketing requires a business owner to ________.

a. understand target customers' needs, demands, and wants b. offer customers products and services that will satisfy their needs, demands, and wants c. provide customers with service, convenience, and value so that they will return d. All of these

To attract potential customers, a ________ can serve multiple business purposes, including keeping customers updated on new products, enhancing customer service, and promoting the company.

blog

One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is ________.

building a community with customers and connecting with them on an emotional level

For an entrepreneur, a business plan ________.

contains both a marketing plan and a financial plan

The process of systematically creating the optimum experience for customers every time they interact with the company is ________.

customer experience management (CEM)

Bootstrap marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.

small companies; larger

The total quality management (TQM) concept ________.

strives to achieve quality not just in the product or service itself, but in every aspect of the business and its relationship with the customer

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

the unique selling proposition (USP)