Chapter 1 - Marketing: Creating Customer Value and Engagement, Quiz Questions
What is Marketing?
Marketing can be defined as (1) the process by which companies engage customer, (2) build strong customer relationships, and (3) create customer value in order to capture value from customers in return.
A firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four Ps?
Product, price, place, promotion
There is little fit between the company's market offerings and the needs of which customer group? Hint: This group is not profitable and not loyal.
Strangers; Strangers have low-profit potential and little projected loyalty. There is little fit between their needs and the company's market offering. The company may make some money from them, but nothing should be invested in them.
Companies like IBM, Walmart, and Intel now look beyond economic gain and, in their marketing strategies they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?
The societal marketing concept
... is the first step of the marketing process.
Understanding the marketplace, consumer needs, and consumer wants
The key element of successful marketing today is to ...
create value for consumers.
The total combined lifetime value of a company's current and potential customers is called ...
customer equity.
The basic concept underlying marketing is that of ...
customer needs.
Customer relationship building blocks consist of ...
customer value and satisfaction; Satisfied customers are more likely to be loyal customers and give the company a larger share of their business.
Following the marketing concept means that firms are ...
customer-driven.
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the service, they are acting on ...
customer-perceived value.
Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it ...
does not attempt to maximize customer satisfaction.; The marketer must continue to generate more customer value and satisfaction but not ignore the profits.
The ... concept holds that consumers will favor products that are available and affordable.
production
In the final step of the five-step marketing model, companies ...
reap the rewards of creating customer value.
A brand's ... involves the set of benefits or values it promises to deliver to consumers.
value proposition
After understanding the marketplace and customer needs, what is the next step in the marketing process?
Designing a value-drive marketing strategy.
What are the parts of a marketing plan, as described in the book?
(1) Executive summary, (2) Marketing situation, (3) Threats and opportunities, (4) Objectives and issues, (5) Marketing strategy, (6) Action programs, (7) Budgets, (8) Controls
What are the four P's of marketing?
(1) Price, (2) Place, (3) Promotion, (4) Product
Mary is hungry and chooses to go to McDonalds for a salad. Mary's hunger is a ...(1)... and her choice of a salad is a ...(2)...
(1) need, (2) want
The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities? (a) Segmenting and customer management (b) Segmenting and targeting (c) Targeting and positioning (d) Segmenting and demand management (e) Customer management and demand management
(b) Segmenting and targeting
The actual and potential buyers in a market share which of the following characteristics? (a) They have the same demographic profile. (b) They have little influence over marketers. (c) They share a particular need and or want. (d) They do not engage in marketing. (e) They rely on marketers to provide product information.
(c) They share a particular need and or want, which is satisfied through exchanges with marketers.
Which of the following statements about market offerings is correct? (a) Market offerings are limited to services. (b) Experiences are not a market offering. (c) Market offerings are limited to products. (d) Market offerings are a combination of products, services, information, or experiences. (e) Market offerings are not related to customers' needs and wants.
(d) Market offerings are a combination of products, services, information, or experiences.
Which core marketing concept is the key building block to develop and manage customer relationships? (a) Profits (b) Market offerings (c) Needs, wants, and demands (d) Value and satisfaction (e) Markets
(d) Value and satisfaction
... is the act of obtaining a desired object from someone by offering something in return.
Exchange
Which of the following is an accurate statement about building customer relationships in the modern marketing era? (a) Even with the new digital technologies available to marketers, consumers still cannot create personal brand experiences. (b) At the current time, brands should wait to adopt new digital technologies and social media until the pace of change slows down. (c) Consumer-generated marketing is when marketers take an active role in shaping product and brand content. (d) Digital technologies and social media have created few opportunities for marketers to engage their customers and deliver value. (e) Building relationships through consumer-generated marketing is expensive and time-consuming.
(e) Building relationships through consumer-generated marketing is expensive and time-consuming.; Collecting and utilizing consumer-generated content is expensive and time-consuming. Often, a lot of information has to be sifted through to find something useful, which is not guaranteed.
To capture value from customers in the form of sales, profits, and long-term customer equity, marketers must ...
[first] create value for consumers.
