Ch. 1 Part 2

At the most basic level, marketers set up company and brand websites that provide information and promote the company's products. Many of these sites also serve as online brand communities, where customers can congregate and exchange brand-related interests and information. Why do all this? To present a carefully integrated message to fans and customers. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

A

Brands can use _________________________ generated from websites, social media devices, and IoT to gain customer insights, personalize marketing offers, improve customer engagements, and service. A. big data B. artificial intelligence C. mobile marketing D. social marketing

A

Customer delight creates an emotional relationship with a product or service, not just a rational preference. A. Creating Customer Loyalty and Retention B. Growing Share of Customer C. Building Customer Equity D. Building the Right Relationships with the Right Customers

A

Digital and social media marketing involves using digital marketing tools such as websites, social media, mobile ads and apps, online video, email, blogs, and other digital platforms that engage consumers anywhere, anytime via their computers, smartphones, tablets, internet-ready TVs, and other digital devices. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

A

Example of ________________________: To keep customers coming back, Stew Leonard's has created the "Disneyland of dairy stores." Rule #1—The customer is always right. Rule #2—If the customer is ever wrong, reread Rule #1. A. Customer lifetime value B. Share of customer C. Customer equity

A

Paying more attention to the specific products than to the benefits and experiences produced. A. marketing myopia B. exchange C. value and satisfaction D. market

A

The _________________________ is a global environment where everything and everyone is digitally connected to everything and everyone else. A. Internet of Things (IOT) B. Social Media Marketing C. Mobile Marketing D. Big Data and Artificial Intelligence (AI)

A

The aim of ________________________ is to create both customer satisfaction and customer delight. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

A

The difference between total customer perceived benefits and customer cost. A. Customer-perceived value B. Customer satisfaction

A

The explosive growth in digital technology has fundamentally changed the way we live—how we communicate, share information, access entertainment, and shop. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

A

The purpose of marketing is to generate customer value profitably. A. Relationship Building Blocks: Customer Value and Satisfaction B. Customer-perceived value C. Customer satisfaction D. Customer Relationship Levels and Tools

A

The value of the entire stream of purchases that the customer would make over a lifetime of patronage. A. Customer lifetime value B. Share of customer C. Customer equity

A

These days, it seems that every company is reaching out to customers with multiple websites, newsy Tweets and Facebook pages, viral ads and videos posted on YouTube, rich-media emails, and mobile apps that solve consumer problems and help them shop. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

A

This means that companies must aim high in building customer relationships. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

A

______________ show low potential profitability and little projected loyalty. There is little fit between the company's offerings and their needs. The relationship management strategy for these customers is simple: Don't invest anything in them; make money on every transaction. A. strangers B. butterflies C. true friends D. barnacles

A

________________________ provide exciting opportunities to extend customer engagement and get people talking about a brand. A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

A

_________________________ are states of felt deprivation. A. needs B. wants C. demands D. market offerings

A

_________________________ is the art and science of choosing target markets and building profitable relationships with them. A. marketing management B. value proposition C. marketing mix D. Integrated marketing

A

_________________________: > What customers will we serve (target market)? > How can we best serve these customers (value proposition)? A. marketing management B. value proposition C. marketing mix D. Integrated marketing

A

_________________________ are highly loyal but not very profitable. There is a limited fit between their needs and the company's offerings. Barnacles are perhaps the most problematic customers. The company might be able to improve their profitability by selling them more, raising their fees, or reducing service to them. However, if they cannot be made profitable, they should be "fired." A. Creating Customer Loyalty and Retention B. Growing Share of Customer C. Building Customer Equity D. Building the Right Relationships with the Right Customers

D

_________________________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. A. needs B. wants C. demands D. market offerings

D

_________________________ may be a better measure of a firm's performance than current sales or market share. Whereas sales and market share reflect the past, customer equity suggests the future. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

D

Managers around the world are taking both local and global views of the company's: > Industry > Competitors > Opportunities A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

E

Step #_______ of Marketing Process: By creating superior customer value, the firm creates highly satisfied customers who stay loyal and buy more. A. 1 B. 2 C. 3 D. 4 E. 5

E

Step #_______ of Marketing Process: Capture value from customers to create profits and customer equity. A. 1 B. 2 C. 3 D. 4 E. 5

E

As they are redefining their customer relationships, marketers are also taking a fresh look at the ways in which they relate with the broader world around them. Today, almost every company, large or small, is touched in some way by global competition. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

C

Brand exchanges created by consumers themselves. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

C

Brands can use big data to gain deep customer insights, personalize marketing offers, and improve customer engagements and service. A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

C

Companies want to not only create profitable customers, but to "own" them for life, capture their customer lifetime value, and earn a greater share of their purchases. A. Creating Customer Loyalty and Retention B. Growing Share of Customer C. Building Customer Equity D. Building the Right Relationships with the Right Customers

C

Consumers are playing an increasing role in shaping brand experiences. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

C

Customers form expectations about the _________________________ of market offerings. A. marketing myopia B. exchange C. value and satisfaction D. market

C

Example of ________________________: "Charmingly low-budget" fanmade Tesla ads drew millions of online views and sparked interactions among dedicated Tesla fans. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

C

Mobile marketing is perhaps the fastest-growing digital marketing platform. A. Internet of Things (IOT) B. Social Media Marketing C. Mobile Marketing D. Big Data and Artificial Intelligence (AI)

C

Nearly _______ percent of all American adults own smartphones; these numbers will only grow as digital technology rockets into the future. A. 60 B. 70 C. 80 D. 90

C

Steps _______ in the marketing process involve building customer relationships. The final step involves capturing value in return. A. 1-2 B. 1-3 C. 1-4 D. 1-5

C

The ________________________ is comprised of a set of tools known a the four Ps: > product > price > promotion > Place A. marketing management B. value proposition C. marketing mix D. Integrated marketing

C

The total combined customer lifetime values of all of the company's customers. A. Customer lifetime value B. Share of customer C. Customer equity

C

To __________________________, firms can offer greater variety to current customers. Or, they can create programs to cross-sell and up-sell to market more products and services to existing customers. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

C

To increase ________________________, Cadillac is making the classic car cool again among younger buyers. For example, says GM, "Cadillac will lead the company to an all-electric future." A. Customer lifetime value B. Share of customer C. Customer equity

C

Yesterday's big companies focused on mass marketing to all customers at arm's length. A. Customer Relationship Management B. Customer Engagement and Today's Digital and Social Media C. Partner Relationship Management

C

________________________ is defined as the portion of the customer's purchasing that a company gets in its product categories. Thus, banks want to increase "share of wallet." A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

C

_________________________ are both profitable and loyal. There is a strong fit between their needs and the company's offerings. The firm wants to make continuous relationship investments to delight these customers and nurture, retain, and grow them. It wants to turn true friends into true believers, who come back regularly and tell others about their good experiences with the company. A. strangers B. butterflies C. true friends D. barnacles

C

_________________________ are human wants that are backed by buying power. A. needs B. wants C. demands D. market offerings

C

Corporate ethics and social responsibility have become important for every business. A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

F

_________________________ are the form human needs take as they are shaped by culture and individual personality. A. needs B. wants C. demands D. market offerings

B

Using mobile channels to stimulate immediate buying, make shopping easier, and enrich the brand experience. A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

B

_________________________ involves machines that think and learn in a way that looks and feels human but with a lot more analytical capacity. A. big data B. artificial intelligence C. mobile marketing D. social marketing

B

_________________________ is the act of obtaining a desired object from someone by offering something in return. A. marketing myopia B. exchange C. value and satisfaction D. market

B

_________________ are potentially profitable but not loyal. There is a good fit between the company's offerings and their needs. However, efforts to convert butterflies into loyal customers are rarely successful. Instead, the firm should create satisfying and profitable transactions with them, capturing as much of their business as possible in the short time during which they buy from the company. Then, it should move on and cease investing in them until the next time around. A. strangers B. butterflies C. true friends D. barnacles

B

________________________ is the portion of the customer's purchasing that a company gets in its product categories. A. Customer lifetime value B. Share of customer C. Customer equity

B

A brand's ________________________: the set of benefits or values it promises to deliver to customers to satisfy their needs. A. marketing management B. value proposition C. marketing mix D. Integrated marketing

B

Companies are realizing that losing a customer means losing more than a single sale. It means losing _____________________. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

B

Example of ________________________: Sonos positions its Sonos One with Amazon Alexa as "The smart speaker for music lovers." It gives you all the advantages of Alexa but with high-quality Sonos sound. A. marketing management B. value proposition C. marketing mix D. Integrated marketing

B

Example of ________________________: Customer service champion L.L.Bean was founded on a philosophy of complete customer satisfaction. "If you are not 100% satisfied with one of our products, you may return it within one year of purchase for a refund." A. Customer-perceived value B. Customer satisfaction

B

Example of ________________________: Rather than using intrusive, hard-sell product pitches, Bark interacts with customers in humorous ways about their favorite mutual topic—"the weird dogs we live with and the funny things they do." A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

B

Fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

B

In recent years, marketing has also become a major part of the strategies of many not-for-profit organizations, such as colleges, hospitals, museums, zoos, symphony orchestras, foundations, and even churches. The nation's not-for-profits face stiff competition for support and membership. Sound marketing can help them attract membership, funds, and support. For example, not-for-profit St. Jude Children's Research Hospital has a special mission: "Finding cures. Saving children." A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

B

Marketing actions try to create, maintain, and grow desirable _________________________ relationships. A. marketing myopia B. exchange C. value and satisfaction D. market

B

Social media provide exciting opportunities to extend customer engagement and get people talking about a brand. A. Internet of Things (IOT) B. Social Media Marketing C. Mobile Marketing D. Big Data and Artificial Intelligence (AI)

B

The Call for More Environmental and Social Responsibility A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

B

The extent to which perceived performance matches a buyer's expectations A. Customer-perceived value B. Customer satisfaction

B

A _________________________ is the set of actual and potential buyers. A. marketing myopia B. exchange C. value and satisfaction D. market

D

At one extreme, a company with many low-margin customers may seek to develop basic relationships with them. A. Relationship Building Blocks: Customer Value and Satisfaction B. Customer-perceived value C. Customer satisfaction D. Customer Relationship Levels and Tools

D

At the other extreme, in markets with few customers and high margins, sellers want to create full partnerships with customers. A. Relationship Building Blocks: Customer Value and Satisfaction B. Customer-perceived value C. Customer satisfaction D. Customer Relationship Levels and Tools

D

Clearly, the more loyal the firm's profitable customers, the higher the firm's _________________________. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

D

Companies can build customer relationships at many levels. A. Relationship Building Blocks: Customer Value and Satisfaction B. Customer-perceived value C. Customer satisfaction D. Customer Relationship Levels and Tools

D

Companies should manage _________________________ carefully. They should view customers as assets that need to be managed and maximized. But not all customers, not even loyal customers, are good investments. Surprisingly, some loyal customers can be unprofitable, and some disloyal customers can be profitable. Which customers should the company acquire and retain? A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

D

Consumers _________________________ when they: > search for products > interact with companies to obtain information make purchases A. marketing myopia B. exchange C. value and satisfaction D. market

D

Figure 1.5 classifies customers into one of four relationship groups, according to their profitability and projected loyalty. Each group requires a different relationship management strategy. A. Creating Customer Loyalty and Retention B. Growing Share of Customer C. Building Customer Equity D. Building the Right Relationships with the Right Customers

D

Many companies offer frequency marketing programs that reward customers who buy often or in large quantities. A. Relationship Building Blocks: Customer Value and Satisfaction B. Customer-perceived value C. Customer satisfaction D. Customer Relationship Levels and Tools

D

Marketers are reexamining their relationships with social values and responsibilities and with the very earth that sustains us. As the worldwide consumerism and environmentalism movements mature, today's marketers are being called on to develop _________________________. A. The Digital Age: Online, Mobile, and Social Media Marketing B. The Growth of Not-for-Profit Marketing C. Rapid Globalization D. Sustainable Marketing

D

Most consumers are totally smitten with all things digital. According to one study, nearly _______ of Americans keep their mobile phone next to them when they sleep—they say it's the first thing they touch when they get up in the morning and the last thing they touch at night. A. 1/3 B. 2/3 C. 1/4 D. 3/4

D

The company can classify customers by potential profitability and manage relationships with them accordingly. A. Creating Customer Loyalty and Retention B. Growing Share of Customer C. Building Customer Equity D. Building the Right Relationships with the Right Customers

D

________ out of five smartphone users use their phones to shop. A. 1 B. 2 C. 3 D. 4

D

________________________ involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers. A. Customer relationship management B. Customer-Engagement Marketing C. Consumer-Generated Marketing D. Partner relationship management

D

________________________ is growing, as sound marketing can help organizations attract membership, funds, and support. A. Social media B. Mobile marketing C. Big Data and AI D. Not-for-profit marketing E. Rapid Globalization F. Sustainable Marketing

D

________________________ is the total combined customer lifetime values of all of the company's current and potential customers. A. customer relationship management (CRM) B. customer lifetime value C. share of customer D. customer equity

D

________________________ program: a comprehensive plan that communicates and delivers intended value A. marketing management B. value proposition C. marketing mix D. Integrated marketing

D