Reading Check - Chapter 1
Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A. Not all customers will be satisfied. B. All customers will be delighted. C. Customer-perceived value will increase. D. All customers will directly turn into customer evangelists. E. Customers will not show interest in any other company's products.
A. Not all customers will be satisfied.
Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers? A. customer equity B. marketing mix C. share of customer D. target market E. customer-perceived value
A. customer equity
When backed by buying power, wants become ________. A. demands B. social needs C. physical needs D. exchanges E. self-esteem needs
A. demands
The portion of the customer's purchasing that a company gets in its product categories is known as ________. A. share of customer B. induced consumption C. consumption function D. customer-perceived value E. customer insight
A. share of customer
Which of the following is a characteristic of customer-driven marketing? A. Products are created that meet both existing and latent needs, now and in the future. B. Customers know what they want. C. Customers are unaware of their needs. D. Customers don't know what is possible. E. Companies understand customer needs even better than customers themselves do.
B. Customers know what they want.
The primary key to delivering customer satisfaction is to match product performance with ________. A. the performance of competitive products B. customer expectations C. aggressive advertising D. limited customer services E. competitive prices
B. customer expectations
Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________. A. customer-perceived value B. customer relationship management C. partner relationship management D. customer lifetime value E. customer equity
B. customer relationship management
A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. A. market segment B. market offering C. market mix D. value proposition E. brand positioning
B. market offering
Through ________, companies today are strengthening their connections with all partners, from providers of raw materials and components to those involved in the delivery of final goods and services. A. customized marketing B. supply chain management C. customer relationship marketing D. inventory management E. direct marketing
B. supply chain management
Customer equity refers to ________. A. the amount a customer is spending each year on certain products B. the total combined customer lifetime value of all of the company's current and potential customers C. a firm's current sales D. the share a firm earns of a customer's purchasing in their product categories E. a firm's market share
B. the total combined customer lifetime value of all of the company's current and potential customers
Which of the following customer questions is answered by a company's value proposition? A. "What is your company's estimated customer equity?" B. "What are the costs involved in the production of your brand?" C. "Why should I buy your brand rather than a competitor's?" D. "What is the budget allocated by your company for research and development?" E. "What is the financial stability of your company?"
C. "Why should I buy your brand rather than a competitor's?"
________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A. Affinity marketing B. Ambush marketing C. Sustainable marketing D. Evangelism marketing E. Database marketing
C. Sustainable marketing
The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A. promotion mix B. market offering C. marketing mix D. product mix E. marketing effort
C. marketing mix
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________. A. research and development B. sales and revenue creation C. value creation and exchange D. manufacturing efficiencies E. innovation and creativity
C. value creation and exchange
________ are human needs that are shaped by culture and individual personality. A. Necessities B. Values C. Demands D. Wants E. Exchanges
D. Wants
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers? A. designing a customer-driven marketing strategy B. building profitable relationships and creating customer delight C. constructing an integrated marketing program that delivers superior value D. capturing value from customers to create profit and customer equity E. understanding the marketplace and customer needs
D. capturing value from customers to create profit and customer equity
A(n) ________ is the set of actual and potential buyers of a product or service. A. focus group B. control group C. audience D. market E. subsidiary
D. market
Dividing the market into various groups of customers that a company may serve is called ________. A. customization B. positioning C. differentiation D. market segmentation E. target marketing
D. market segmentation
According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy. A. construct an integrated marketing program B. build profitable relationships with customers C. use customer relationship management to create full partnerships with key customers D. understand the marketplace and customer needs and wants E. determine how to deliver superior value to customers
D. understand the marketplace and customer needs and wants
Selecting which segments of a population to serve is called ________. A. positioning B. differentiation C. market segmentation D. customization E. target marketing
E. target marketing
