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