CH 1 (Practice Questions)
The final step in the marketing process is ________.
Capturing value from customers
Customer-driven marketing is most effective when ________.
Clear needs exist and customers know what they want.
Many leading business and marketing thinkers are now preaching the concept of "shared value" which recognizes that ________ needs, not just economic needs, define markets.
societal
According to the five-step model of the marketing process, the first step in marketing is ________.
Understanding the marketplace and customer needs & wants
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.
attraction
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 ________.
demand
Dividing a market into several sections of customers is known as ________.
market segmentation
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing
The ultimate aim of customer relationship management is to ________.
produce high customer equity (total combined of a company's customer lifetime value)
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.
product
________ refers to the portion of the customer's purchase that a company gets in its product categories.
share of customer
Which of the following concepts calls for sustainable marketing?
societal marketing concept
Customer evangelists are those who ________.
spread word about their good experiences with a brand or product.
In which of the following customer relationship groups do organizations generally avoid investing?
strangers
________ are customers who show low potential profitability and little projected loyalty.
strangers
________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
sustainable
JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.
value proposition
In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
when the market has few customers and high margin
Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?
Basic relationships
________ marketing is perhaps the fastest-growing marketing platform.
Mobile
________ are defined as states of felt deprivation.
Need
________ refers to working closely with people inside and outside the company to jointly bring more value to customers.
Partner Relationship Management
PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________.
Production Concept
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the ________.
Production concept
________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.
Supple chain
Consumers' needs and wants are fulfilled through ________.
market offerings
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?
Barnacles
For the past nine years, PepsiCo's Doritos brand has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example of ________.
Consumer-generated marketing
________ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.
Customer-driven
Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog?
Customer-driving Marketing
Which of the following is an example of consumer-generated marketing?
Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.
The societal marketing concept holds that ________.
a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
Efforts to convert ________ into loyal customers are rarely successful.
butterflies (high profitable but low loyalty)
Apple encourages customers to form local Apple user groups. This is an example of a ________.
club marketing program
The selling concept holds that
consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts consumers will favor products that offer the most in quality, performance, and innovative features
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
consumers' existing wants
Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of
customer delight
The "Stop the Texts. Stop the Wrecks." campaign co-sponsored by the Ad Council and the National Highway Traffic Safety Administration is an example of a marketing offering for a(n)
idea
Imaginative Web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal so consumers can ________.
live the brand