Quiz Chp 1 & 2

A company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices

True

A firm's marketing department must partner with other company departments to produce superior value for customers

True

According to the text, an organization's mission statement should emphasize its intentions towards customers and the customer experience the organization seeks to create

True

Holiday Inn divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification.

False

Many SBUs start out as stars and move into the question mark category if they succeed

False

The position of a strategic business unit in the growth-share matrix typically remains constant over time

False

In a SWOT analysis, strengths and weaknesses refer to a firm's external environment, while opportunities and threats refer to the internal environment

False - external

The most common form of marketing organization is the product management organization

False - functional organizations

A company's customer value delivery network does not include members external to the organization

False - suppliers, distributors, and customers

"At Dodson, we sell shoes" is a market-oriented business definition

False -product oriented

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer

satisfaction

The state department of health has allotted a significant amount of money for an advertising campaign that emphasizes the ill effects of smoking and spans radio, print, television, and online media. This is an example of ___ marketing

- social

GT Grand, a manufacturer of ultra-luxury cars, supplies customized vehicles based on the specific demands of customers in affluent market segments. The company's approach is most likely referred to as

- target marketing

Which of the following concepts holds that consumers will favor products that are available and highly affordable

- the production concept

According to the five-step model of the marketing process, the first step in marketing is

- understanding the marketplace and customer needs and wants

Henry Ford's philosophy was to perfect the Model-T so that its cost would be reduced further for increased consumer affordability. This most likely reflects the

-production concept

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on

consumers' existing wants

Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition. Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand. Raymond's relationship with Honda is best referred to as

customer delight

The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as

customer relationship management

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