BUS ch. 11 Marketing

in the context of customer relationship management (CRM) a firm selling a high ticket product to a small customer base is most likely to:

pursue a full partnership with each of its key clients

____is based on customer's perception that a product has a better relationship between the cost and the benefits than its competitors

Value

gathering, interpreting, and applying info

marketing research

what is primary data

new data

which marketing strategy can be best employed for attracting tourists

place marketing

surveys given to customers at a restaurant to evaluate service is an example of what kind of data

primary data

the marketing mix is the blend of marketing strategies for:

product price distribution promotion

T or F businesses use customer relationship management (CRM) techniques to deliver value to their customers while promoting customer loyalty

True

T or F developing specific programs to help customers validate their purchase choices is one way marketers attempt to avoid cognitive dissonance

True

Horizon Inc., an automobile designer & develperconducted a survey and built cars that suit the needs of its customers. What is being illustrated in this scenario?

Mass customization

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value

Customer relationship management

T or F A major disadvantage of primary date is that it is usually outdated even before a marketer receives it

False

T or F customer marketers direct their efforts to customers who are buying products to use either directly or indirectly to produce other products

False

walt owns a local chain of auto repair shops in Northern Michigan. He goes the extra mile in pleasing his customers by providing comfortable and attractive waiting rooms, friendly service, and an exceptional warranty on all repair work. What philosophy has Walt employed to make all his customers highly satisfied?

IDK MAN

Lawrence recently bought a new '69 Mustang, but he is not completely satisfied with it. He wished he had bought something that made a bigger impression on his colleagues at his work. His friend Howard bought a Porsche 911 and is extremely happy. He becomes even more proud of his purchase when he receives compliments on his car from his friends. from the marketing point of view, what concept has contributed to Howard feeling satisfied with his car?

Perceived Value of the car

what can be achieved by marketing by acquiring customer loyalty

acquisition of new customers

In the context of customer satisfaction, what happens when a marketer falls into the trap of underpromising?

less customers try a product

psychographic includes

lifestyle, attitude, and opinion

demographic segmentation divides the market:

based on measurable characteristics about people

why does value evolve?

because the marketing mix evolves

Clyde wants to open a new store in hid neighborhood but needs to first collect relevant data. A cost-effective way to start his research is by:

collecting secondary data to narrow the list of possible locations, then use the results focus primary research efforts on a number of possible locations

Analysis of market share is a key to understand a firm's:

competitive environment

Granite Inc. is a reputable company that has contributed a lot toward the social welfare of the public. Granite Inc. has improved working conditions in its overseas factories and has cut its waste commission by half. To highlight these achievements, the company can publish a(n)

corporate responsibility report

what is a difference between demographic segmentation and geographic segmentation?

demographic refers to dividing the market based on measurable characteristics about people, whereas geographic referent dividing the market based on where customers live

consumer market segmentation includes

demographics geographics psychographic behavioral

what is secondary data

existing data

T or F Escribo Marketing LLC holds annual blood donations camps and conducts other similar charitable events in educational institutions. this is an example of people marketing.

false

business market segmentation includes ...

geographic customer based product-used-based

what is a characteristic of a wet chosen market?

good accessibility

claire sells solar-powered watches what type of market does this scenario exemplifies

green market

development and promotion of products with ecological benefits is

green marketing

what is a drawback of of primary date?

it tends to be more expensive than secondary data

T or F through the use of technology marketers can lower costs and deliver greater value to their customers

true

T or F when it comes to creating customer satisfaction, perceived value is just as important as actual value

true

befits-cost=

value