Marketing Chapter 1
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
An exchange
In addition to selling food, drink, and a variety of items that feature its popular logo, Eskimo Joe's offers its customers a valuable experience, known as its ______________.
Market offering
The owners of Eskimo Joe's understand the customers' needs and wants by sensing and responding to those needs, indicating that Eskimo Joe's assumes which philosophy?
Marketing concept
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand.
Zappos creates __________ for its customers by offering a wide selection, higher levels of service, and customer-friendly return policies A) value B) equity C) exchanges D) demands E) satisfaction
A) value
Scott frost has been coming to dinner for 20 years and refuses to go anywhere else. Joseph, the owner of diner, loves Scotts' loyalty but admits he purchases only a cup of coffee each visit. Scott would best be described as which of the following?
Barnacle
How has the Great Recession of 2008 affected consumers' attitude?
Consumers are showing an enthusiasm for frugality.
Eskimo Joe's is an important part of the community, including customers' lives and customer involvement, which indicates Eskimo Joe's is involved in _________________.
Customer engagement marketing
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's beer attempting to build?
Customer equity
Eskimo Joe's food, logo products, and overall experience keeps customers loyal and coming back time and time again. Such customer loyalty increases __________________.
Customer lifetime value
Zappos offers customers wide selection, excellent service, and customer-friendly return policies. In return, customers are willing to pay more for the company's offerings. This act of obtaining a desired object from someone by offering something in return is known as __________. A) satisfaction B) engagement C) marketing D) exchange E) value
D) exchange
Julie's Jump Rope Emporium is a brand new company. From a marketing standpoint, what is the first thing Julie's jump rope emporium needs to do?
Determine who in the community needs or wants a jump rope
While Zappos' pricing snafu cost the company nearly $1.6 million dollars, the company chose to fulfill all the orders because it realized the long-term loss of patronage from these customers could be even more expensive. A key metric that measures the long-term profitability of individual customers or groups of customers is known as __________. A) customer satisfaction B) customer retention C) customer relationship value D) ROI E) customer lifetime value
E) customer lifetime value
Although Zappos was not legally bound to fulfill customer orders following its pricing snafu, failure to do so would have significantly lowered __________, which is based on a company's performance relative to the customers' expectations A) customer demand B) customer-perceived value C) customer lifetime value D) customer engagement E) customer satisfaction
E) customer satisfaction
Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as __________. A) marketing paranoia B) marketing malpractice C) the production concept D) marketing management E) marketing myopia
E) marketing myopia
Which of the following is enhancing how marketers learn about and interact with customers? A.New digital devices B.Social media analytics C.Big data and social media D.Machine learning E.Big data and marketing analytics
E. Big data and marketing analytics
Which of the following scenarios best describes the societal marketing concept?
Edwards earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over long term.
Eskimo Joe's offers food, spirits, and logo merchandise to customers, who in turn, offer Eskimo Joe's money. What is this relationship known as?
Exchange
Asher Airlines has instituted a loyalty rewards program that rewards customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
Frequency marketing program
Which of the following describes the current trend in businesses regarding relationships with customers?
Hand-pick the most profitable customers and allow them more input
How does the new concept of marketing differ from the old concept of marketing?
It focuses on the experience of the customer
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in?
Market exchange
Vaughn's Video has suffered in the current economy because fewer people have the money for videos and because fewer people use the technology, given the advance of online streaming sites such as YouTube, and Hulu. The videos of Vaughn's Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has not affected Vaughn's Video?
Not for profit marketing
All of the following are aspects of sustainable marketing except which one?
Observe environmental legislation as it is instituted.
What is the ultimate aim of customer relationship management?
Produce high customer equity
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
Product concept
Which of the following is not one of the four P's of the marketing mix?
Production
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers
Ethel and Jan have just started a new company, Jantel Inc. and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make and sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer oriented and find the right products for their customers. Which of the following best describes the situation.
Should jantel inc. follow a product or marketing concept?
When a company chooses a group of customers to serve, it is engaging in which of the following?
Target marketing
What is MOST likely to cause a variation in customer perceived value?
The customer's opinion of what constitutes value
How has the internet most affected companies and customers?
The internet has allowed consumers to take marketing content and share it.
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as _______?
The marketing mix
What is the main problem that sellers suffering from marketing myopia face?
They focus more on products than to the customer's underlying need.
What is the importance of selling and advertising in marketing?
They work in tandem with developing good customer relations.
Why is good marketing management critical?
To ensure that the company serves as many customers as it can and as well as it can
