BUS 312 Midterm 1
Which of the following statements is true about creating customer loyalty and retention?
Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage.
Which of the following is a market-oriented mission statement?
"We empower customers to achieve their dreams."
Which of the following customer questions is answered by a company's value proposition?
"Why should I buy your brand rather than a competitor's?"
Which of the following statements is true of the selling concept?
It is typically practiced with unsought goods.
A church targeting different demographic groups to increase attendance is an example of ________.
not-for-profit marketing
A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________
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Companies that define their missions in terms of product or technology are considered myopic primarily because ________.
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Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________
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When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.
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Which of the following is NOT a market-oriented business definition?
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Which of the following is NOT an example of product-oriented mission statements?
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Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign
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CHAPTER 1
CHAPTER 1
CHAPTER 2
CHAPTER 2
CHAPTER 7
CHAPTER 7
Which of the following statements is true about the recession that began in 2008?
Consumers brought spending more in line with their incomes.
Which of the following statements is true of the production concept?
It leads to companies focusing too narrowly on their own operations.
Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?
Marketers want to increase the share they get of the customer's purchasing in their product categories
Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
Marketing Myopia
Which of the following is NOT an accurate description of modern marketing?
Marketing emphasizes selling and advertising exclusively
Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?
Not all customers will be satisfied
Which of the following statements about the Internet is most accurate?
The Internet makes it easy for consumers to view, respond to, and create marketing content.
Which of the following is a characteristic of customer-driven marketing?
b
A financial services firm has several loyal customers who conduct business with them exclusively. However, the company has noticed that this customer group is the least profitable for the company, and in some cases, it increases their losses when engaging in business with this group. Which of the following customer groups is being referred to in this scenario?
barnacles
Greater consumer control means that companies can no longer rely on ________.
c
Which of the following is true with regard to strategic planning?
c
At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
capturing customer lifetime value
Which of the following statements reflects the marketing concept?
considering customer focus and value as the paths to sales and profits
Elisandra, a marketing manager at a regional chain restaurant, has decided to organize a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________
consumer-generated marketing
Kao Corp., a deodorant-manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of ________
consumer-generated marketing
Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. Which of the following is Keith targeting to increase?
customer
"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." The above statement specifically indicates loss in terms of ________.
customer lifetime value
Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________
customer satisfaction
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.
customer-perceived value
Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.
demand
Which of the following is the aim of the product concept?
focus on making continuous product improvements
In which of the following situations has a company most actively embraced customer-managed relationships?
iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner.
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.
market segments
Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________
partner relationship management
Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept
product
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further forincreased consumer affordability. This reflects the ________ concept
production
As part of the rapid globalization of today's economy, companies are selling more domestically produced goods in international markets and ________.
purchasing more supplies abroad
Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.
selling concept
Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy
societal marketing concept
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
target marketing
The selling concept is typically practiced ________.
with goods that buyers normally do not think of buying