MKKTG Exam 4:)
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Post transaction
ability to process returns and answer questions
All the activities a firm engages in to satisfy the needs and wants of its customers is referred to as:
customer service
Brand recognition
degree to which customers can identify the brand under a variety of circumstances
The umbrella term that refers to the marketing of goods or services using digital mediums, such as e-mail, websites, search engines, and social media platforms is:
digital marketing
What is the term that refers to the marketing of goods or services using an email and social media platforms?
digital marketing
Brand Marks
elements of a brand, not expressed in words, that consumer instantly recognizes, such as a symbol, logo, color, or design
Social media
internet based applications that enable users to create their own content and share it with others
Free association
involves asking consumers what comes to mind when they think about the brand
Recency-Frequency-Monetary analysis:
involves categorizing customers by their buying patterns
ZMOT (Zero moment of truth)
moment when a customer uses a digital device to begin learning about a potential purchase -happens online and real time -consumer is in charge
Brand
name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products
Social Media Monitoring/Social Listening
process of identifying and assessing what is being said about a company, individual, product, or brand on the internet
Data mining
process that involves the computerized search for meaningful trends in a large amount of data
In an online survey, Alexis, an existing clothing brand, asked its consumers to compare the brand to a celebrity. The idea behind this is that the celebrity chosen by a consumer will reflect his or her perception of the brand. This kind of research exemplifies:
projective technique
What is owned media?
publicity gained via a brand-controlled source
paid listings
purchased links that typically appear on either at the very top or upper right of a search results page
Owned media
brand-controlled source EX) Website/blog
Manufacturer Brands
brands that are manufactured and owned by the manufacturer, rather than a retailer
According to your text, corporate social responsibility, sustainability, and environmentalism, whether they are implemented domestically or globally are about:
communication
Brand democratization
company controlled brand management fading away, they have to rely on more than just their company's name
Lifetime Value analysis (LTV):
compares the cost of retaining customers with the costs of acquiring new customers, to determine how much money each type of customer requires
An organization that wants to determine how well its corporate social responsibility program is working can do so by:
conducting an audit of the program
A movement made up of citizens and government entities whose focus is on protecting consumers and promoting their interests is called:
consumerism
Brand Recall
consumers ability to identify the brand under a variety of circumstances EX) When you think of GREAT pizza, which brands come to mind?
The essence of _____ marketing is the belief that if businesses deliver valuable information to buyers, customers will reward them with their business and loyalty.
content
The policy or practice of employees volunteering their time or talents for charitable, educational, or worthwhile activities, especially in the community is called:
corporate volunteerism
Customer Segmentation Analysis
creating customer profiles based on demographic characteristics, purchase patterns, and other criteria and placing them into various categories
____ Refers to a ratio that compares the financial investments a company puts into gaining and keeping customers to the financial return on those investments
customer equity
Ultiamte goal of ____ is to promote brand loyalty, driving long-term profitability.
customer satisfaction
Quantitative methods
1. Brand recognition 2. Brand Recall
Components of a successful brand
1. Deliver a quality product 2. Create a consistent brand image 3. Create consistent brand messaging 4. Capture feedback
Role of social media in branding
1. consumers seeking discounts 2. consumers as brand advocates 3. consumers sharing brand information 4. branding through customer service
Collaborative filtering
to predict customer preferences from algorithms
Brand equity has a predictable and meaningful impact on Customer Lifetime Value (CLV), which is:
total amount a customer will spend
Order cycle
total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer.
Lifetime value:
total profit a customer brings to a company while they are a customer
Co-Branding
two or more companies issue a single product in an effort to capitalize on the equity of each company's brand
customer satisfaction
ultimate goal is to promote brand loyalty, driving long-term profitability
digital marketing
umbrella term that refers to the marketing of goods/services using digital media EX) emails, websites, search engines, social media
Projective Technique
uncovers the true opinions/feelings of consumers when they are unwilling or otherwise unable to express themselves (asking consumer to compare a brand to a person, animal, car, or country)
Brand Image
unique set of associations that target customers or stakeholders make with a brand
Social Media Marketing
uses digital tools and other digital platforms to engage consumers anywhere
Predictive Modeling:
uses sophisticated algorithms based on patterns of previous buying behavior to predict future buying behavior
Brand equity
value the firm delivers from consumers' positive perception of its products
Brand Recognition
what brand stands out in a consumer's memory and the strength of the association with the brand (EX) Present list of marks, images, slogans, and ask, which have you seen/heard of?
How many principles is the marketing concept based on?
6
What key element of developing a successful corporate social responsibility (CSR) program is exhibited when a company meets with the community to understand the impact that water usage by its manufacturing plant will have on the surrounding areas?
?
Which of the following is NOT true regarding corporate social responsibility (CSR) programs?
CSR is the sole responsibility of the marketing department
Capitalizing on its high brand equity, ReInforay, an established retail and grocery brand, introduces a new product, ReNew, which is an improved variant of its existing hair protein serum, ReVitalize. After the successful rollout and high sales of ReNew, ReInforay soon discovers that the sales volume of the existing ReVitalize product have dropped significantly. Which of the following phenomena does this scenario exemplify?
Cannibalization
_____ refers to the policy of employees offering their time or talents for charitable, educational, or other worthwhile activities, especially in the community.
Corporate volunteerism
Four Dimensions of Brand Asset Valuator:
Differentiation (standing apart from competitors) Esteem (positively thought by the majority) Relevance (relevant to a large segment) Knowledge (are well known)
What happens online, stays online, sometimes. True or False?
FALSE (Forever)
What is the acronym for a person's feelings of isolation after shutting off their attention to social networks?
FOMO
Which of the following is true of a brand extension?
It enables new products to profit from the recognition that a brand already enjoys
Which of the following departments of an organization is typically responsible for developing the organization's corporate social responsibility program?
Marketing department
Which of the following is NOT a current rend in content marketing?
Newspapers
What is an acronym for when there is a moment when the consumer experiences a product or service following the purchase decision?
SMOT
Search engines use platforms called ____ to continuously crawl the Internet and categorize website information.
Spiders
Sentiment analysis is the analysis of the feelings (attitudes, emotions, and opinions) behind the words, using natural language processing tools. True or False?
TRUE
Firms must provide customer service to help make them stand out among competitors. True or false?
True
to improve customer relationship, you can apologize and ask customer for forgiveness. True or false?
True
An image or line of text on a website such as "submit" or "download" that prompts users to perform a desired action is referred to as:
a call to action
______ refers to the degree to which customers can identify a brand under a variety of circumstances
brand recall
Pre transaction
accuracy and timeliness of information
at transaction
accuracy of shipment status
SMOT (Second moment of truth)
actual experience a customer has with a product once he or she buys it and returns home
Paid media
advertising EX) Superbowl commercials
Social media platforms include: A. Facebook B. Instagram C. YouTube D. All of the above
all of the above
The best ethical practices include which of the following? A. giving credit when sharing others work B. remaining transparent at all times C. never give cause for privacy concerns D. all of the above
all of the above
Packaging
all of the activities of designing and producing the container of a product -promoting brand image -reinforcing brand image
Customer service
all the activities a firm engages in to satisfy the needs and wants of its customers
Corporate social responsibility refers to:
an organization's obligation to maximize its positive impact and minimize its negative impact on society
Corporate social responsibility refers to:
an organizations obligation to maximize its positive impact and minimize its negative impact on society
Sentiment Analysis (opinion mining)
analysis of feelings behind the words, using natural language processing tools
Streisand Effect
attempts to remove content form the internet cause it to instead spread more broadly (what happens online, stays online, forever)
What is CLV formula?
average value of a sale x number of repeat transactions x average retention time in months or years for a typical customer
Content Marketing
belief that if businesses deliver valuable information to buyers, customers will reward them with their business and loyalty
Which of the following is NOT an example of content marketing categories? 1. user generated content 2. blog content 3. branded content 4. expert content
blog content
The value the firm derives from consumers' positive perception of its products is called
brand equity
Haze, a beverage manufacturer, has a business strategy concentrated on developing environmentally friendly products. It uses green-colored packaging to indicate the eco-friendly component of its products. This helps Haze's products to stand out and be recognized easily. This scenario exemplifies the use of
brand marks
Because green products sometimes cost more than traditional products, organizations providing these products can attempt to recover the cost of their ecological investments and generate a profit by utilizing a:
environment cost leadership strategy
The moral standards expected by a society are called:
ethics
the amount of effort required on the part of a customer when dealing with a firm is customer communication. true or false?
false
About 50 consumers are participating in a focus group moderated by marketers. They are asked to list terms and phrases that occur to them when they hear the brand name, "Rotomatrix". The marketers of the brand use the consumers' responses to gain insight into what consumers think of the brand. This scenario is a typical example of:
free association
Earned Media
gained publicity EX) reviews
Empowerment
giving employees permission to make decisions and take actions on their own to help customers. Involves training employees in what they should do to satisfy customers
Qualitative methods
identifies sources of brand equity and its role in consumer decisions 1. free association 2. projective technique
GAP Model
identify and address gaps between what they provide customers and what customers expect/want
Which of the following is the first step in the customer relationship management process for a company?
identifying current customers
the ultimate goal of delivering superior customer service is to:
increase brand loyalty
Which of the following is a useful way for a company to adapt its brand to the global market?
it must ensure that the brand image remains the same from country to country
Which of the following best defines the green market?
it refers to a group of sustainability oriented customers and the businesses that serve them.
Which of the following defines brand image?
it refers to the unique set of associations that target customers make with a brand
____ is a metric that measures the percentage of the total number of items on an order that a firm shipped on time.
item fill rate
Perfect order rate
judges the reliability of the order system
Which of the following is NOT a major barrier marketers face when encouraging sustainable consumer behavior?
lack of choice
A metric that measures the percentage of item types (SKUs) on the order shipped on time and complete is ?
line fill rate
Geofencing
location based technology that uses small sensors to send marketing messages to smartphone users
Search marketing
marketing practice whose goal is to generate traffic from search engines through paid and unpaid efforts
Customer Focus
measures the extent to which a company puts efforts into servicing its customers' needs, based on an understanding of each other's profitability
Share of customer
measures the quantity of purchase dollars each customer spends on the company's products, rather than the number of customers
Dollar fill rate
measures the value of goods shipped on time vs. the total value of the order
Responsiveness
metric measures the firm's flexibility
Order cycle time
metric measures the length of the order cycle, or the ability of the order system to react to customer orders
Line fill rate
metric that measures the percentage of item types (SKUs) on the order shipped and time complete
Item fill rate
metric that measures the percentage of the total number of items on the order that firm shipped on time
Which of the following is NOT one of the phases of website design (or redesign)
networking
Cannibalization
new products eat into sales of existing products
Maven placed an order for a book in an online bookstore, Parallel Lines, on August 28th and received the book on August 31st. This timeframe is referred to as:
order cycle
Which of the following would NOT be used in social media marketing?
pamphlets
Fill rate
percentage of an order shipped on time and complete
FOMO (fear of missing out)
persons feelings of isolation after shutting off their attention to social networks
The Dannon Company supports the National Breast Cancer Foundation through its Give Hope with Every Cup initiative. When consumers purchase specially marked Dannon products and enter the under-the-lid codes online, Dannon will make a donation to the foundation, for a total donation of up to $1.5 million. This is an example of:
philanthropic and legal? or ethical?
____ ability to process returns and answer questions.
post-transaction
Healpro, a painkiller, is a low-cost product developed by S&V, a popular retail chain in the United States. It is sold exclusively in S&V stores. In this case, Healpro is an example of a
private label brand
Customer Relationship Management (CRM)
process by which companies get new customers, keep the customers they already have, and grow the business by increasing their share of customers' purchases 1. track customer behavior over time 2. capture data to identify profitable customers 3. interact to learn needs/wants 4. use info to tailor goods/services
Brand extension
process of broadening the use of an existing organization's current brand to include new products
SEM (Search engine marketing)
process of generating website traffic by purchasing advertisements on search engines
SEO (Search Engine Optimization)
process of getting more traffic based on higher rankings of free or "organic" search results on search engines
A type of environmental marketing activity that involves substantive changes in marketing actions as well as broad-based coordination among non-marketing activities is referred to as:
quasi-strategic greening
Macro Task Inc. is a manufacturing firm. In keeping with the current trend of environmentalism, Macro Task decides to bring in substantive changes in its marketing strategy by overhauling its product packaging. Under which of the following kinds of marketing strategies does this decision fall?
quasi-strategic greening
Customer equity
ratio that compares the financial investments a company puts into gaining and keeping customers to the financial return to those investments
Brand Revitalization
rebranding to rebuilt trust with customers (oil spill, bluebell)
____ ranks customers by how profitable they are.
recency-frequency-monetary analysis
Customer value
refers to the perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared with the cost of obtaining it
____ refers to a strategy that focuses on building brand loyalty by attracting, maintaining, and enhancing customer associations
relationship marketing
_____ is ensuring that customers will receive goods and services within a time frame without problems.
reliability
____ is a metric that measures a firm's ability and willingness to provide fast service, answer customer inquiries, and resolve problems.
responsiveness
Spider
search engine that continuously crawl the internet and categorize website information, used for indexing and collecting information from the web
Search marketing attempts to generate traffic from ______ through both paid and unpaid efforts
search engines
_____ is a marketing practice whose goal is to generate traffic from search engines through both paid and unpaid efforts.
search marketing
FMOT (First moment of truth)
short window of 3-5 seconds after a shopper first encounters a product on a store shelf. Marketers must appeal to a shopper's values, senses, and emotions to convert them into customers
The process of identifying and assessing what is being said about a company, individual, product, or brand on the internet is ?
social listening
Location Based Marketing
social, entertainment, or information service that allows a company to reach and engage with its audience using tools and platforms that capture the geographic location of the audience
Search Engine
software system designed to search for information on the World Wide Web
___ is the driving consideration across the four dimensions of corporate social responsibility.
stakeholder responsibility
Brand loyalty
steadfast allegiance to a brand by repeatedly purchasing it (and less sensitive to price)
Private Label Brands
store brands, are products developing by a retailer and sold by that specific retailer
Clorox, manufacturer of cleaning supplies, introduced a new product line called Green Works. This line of cleaning products is made from biodegradable, plant-based materials and is aimed at satisfying the green market. This is an example of
strategic greening
With regard to environmental strategies, which of the following is a holistic approach that represents a fundamental shift in the way a firm markets its products?
strategic greening
Relationship marketing
strategy that focuses on attracting, maintaining, and enhancing customer relationships, thus building brand loyalty. 1. establish customer value 2. delivering value
The concept of committing to adopting a lifestyle that meets the needs of the present without compromising the ability of future generations to meet their own needs is known as:
sustainability
Eco Synergy Corp. is a company that believes in delivering customer value. It seeks to cut costs through the installation of energy monitoring meters on its high-end equipment facility. In a corporate blog post about the installation, Eco Synergy states that the initiative is intended to improve the firm's overall economic performance, which will ultimately result in customer savings. This decision taken by Eco Synergy best exemplifies
sustainable marketing
The process of creating, communicating, and delivering value to customers in a way that recognizes and incorporates the concept of sustainability is referred to as:
sustainable marketing
An environmental accident has hurt the brand image of Waybound, an airlines company. in order to counter bad press coverage, Waybound runs an advertising campaign to highlight its green practices. In the context of environmental marketing strategies, which of the following does Waybound's strategy exemplify?
tactical greening
Clientelling
tailors product information for individual customers, in order to provide exceptional and personalized shopping experience
Mobile commuting
technology that allows transmission of data, voice, and video via any wireless enabled computing device without a fixed physical connection
The zero moment of truth refers to:
the moment a customer uses a digital device to begin learning about a potential purchase
When designing a website, work should begin by clearly understanding:
the site's target audience and its needs
Steve is an account manager at an inventory management firm. He wants to measure the dollar fill rate of some of his customers' orders. In order to complete this task, Steve should measure:
the value of goods shipped on time vs. the total value of the order
Which of the following is true of companies that base their business on the marketing concept?
they put the customer in the center of their thinking in terms of strategy and operations
Hold time
time a customer has to wait to talk to or receive a text from a CSR
