BA109 Quiz 8

Time compression management (TCM) involves:

All of these

Which of the following guerrilla marketing tactic(s) allow a small company to utilize relationship marketing successfully?

All of these

Which of the following is not a primary market research source?

All of these are sources of primary market research.

Customer experience management (CEM) is the process of systematically creating the optimum experience for their customers every time they interact with the company.

True

If given the chance to complain, 95 percent of customers will buy again when a business handles their complaints promptly and effectively.

True

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

True

Small companies that spot demographic trends and act on them early can gain a distinctive edge in the market.

True

The specific group of customers at whom a company aims its goods and services is its target market.

True

Too many marketing plans describe in great detail what an entrepreneur intends to accomplish and pay little, if any, attention to practical and affordable strategies to achieve those targets.

True

Truly customer-oriented companies seek to go beyond customer satisfaction, striving for superior customer service.

True

Watching the top ten TV shows, seeing the top ten movies, or listening to her children are all ways a small business owner could conduct market research.

True

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.

True

A common mistake entrepreneurs make is:

assuming that a market exists for their product or service.

Companies with strong reputations for quality follow certain guidelines, such as:

establishing long-term relationships with suppliers.

A study by the National Science Foundation concluded that when pay is linked to performance, employees' motivation and productivity climb by as much as ________ percent.

63

A recent survey reports that ________ percent of customers say that they will return to a business after a negative customer service experience if the company offers an apology, a discount, or proof that its customer service will improve.

92

If employees are committed to quality, management's commitment becomes unimportant.

False

One disadvantage of total quality management (TQM) is that its principles apply only to manufacturers.

False

Providing low prices is the most effective way for a small business to attract and maintain a growing customer base.

False

Since front-line service workers are not able to predict the causes of customer complaints, managers must be the ones to identify potential customer service problems.

False

Small entrepreneurial companies are at a definite disadvantage compared to larger ones when it comes to conducting market research since it is so expensive.

False

The increasing diversity of our population is creating a marketing "threat" to small businesses because they cannot profitably serve small niches.

False

To be useful, market research must be structured, formal, and highly sophisticated.

False

Which of the following is not a secondary source of market research data?

Focus groups

Which of the following is not a suggestion of a means of focusing on the customer?

Seeing the customer's point of view.

A company has a competitive edge when customers perceive that its products or services are superior to those of competitors.

True

An effective marketing program depends on a clear, concise definition of the firm's target market.

True

Because a majority of the average company's sales come from present customers, few can afford to alienate any customers.

True

Branding is communicating a company's unique selling proposition to its target customers in a consistent and integrated manner.

True

The unique selling proposition (USP) focuses on:

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

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

brand

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

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

The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information:

in an interactive rather than passive setting.

A combination of news covered by the media that boosts sales without having to pay is best described by the term:

public relations.

The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer, with a focus on continuous improvement in the quality delivered to customers is.

total quality management, or TQM.

The specific group of customers at whom a company aims its good or services is referred to as a:

target market.