Question 1

Sally purchased Brand X lotion.In comparing her perception of how the lotion performed to her expectations for Brand X lotion, Sally was measuring her level of ________.
customer-perceived value
customer satisfaction
exchange
demand
customer lifetime value

Accepted Answer

The answer of Sally purchased Brand X lotion.In comparing her...

Question 2

Market offerings are limited to physical products.

Accepted Answer

Market offerings can include both physical products and non-physical offerings such as services, experiences, and ideas.

Question 3

Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business.The key to this goal is to match the customer-perceived performance of his product with ________.
company-perceived performance
customer values
customer expectations
relationship levels
company expectations

Accepted Answer

The answer of Tommy Gray attempts to deliver customer satisfaction...

Question 4

Selling is managing profitable customer relationships.

Accepted Answer

Selling is a part of the broader concept of marketing, which focuses on managing profitable customer relationships, but it specifically involves the direct interaction aimed at promoting and exchanging products or services for value.

Question 5

Marketing is managing profitable customer relationships.

Accepted Answer

This is in fact the definition of marketing according to the American Marketing Association. Marketing involves determining and satisfying customers’ wants and needs while also achieving organizational objectives. It is an ongoing process that involves building and maintaining strong relationships with customers through various activities such as market research, product development, pricing strategies, promotional campaigns, and customer service.

Question 6

Human needs are shaped by culture and individual personality.

Accepted Answer

The answer of Human needs are shaped by culture and...

Question 7

Your local 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 educational and professional, of reading every day.This is an example of a(n) ________ campaign.
ethical
social marketing
for-profit
consumer-generated
differentiated

Accepted Answer

The answer of Your local department of education has budgeted...

Question 8

Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell.By promoting a company culture that values exceptional value and service, Shania aims to create ________ by going beyond the expected.
customer delight
customer satisfaction
customer equity
customer value
customer loyalty

Accepted Answer

The answer of Shania works hard to foster an emotional...

Question 9

The difference between human needs and wants is that needs are not influenced by marketers.

Accepted Answer

Human needs are basic requirements necessary for survival, such as food, water, shelter, and clothing, which cannot be influenced by marketers. Wants, on the other hand, are desires for goods and services that go beyond our basic needs, and can be influenced by marketing and advertising.

Question 10

Elisandra, a marketing manager at a regional chain restaurant, has decided to create 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
partner relationship management
customer lifetime value
community development around a brand
share of customer

Accepted Answer

The answer of Elisandra, a marketing manager at a regional...

Question 11

Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least profitable but loyal customers.She is also examining methods for "firing" customers in this group who cannot be made profitable.To which of the following customer relationship groups do these customers belong?
butterflies
true friends
strangers
barnacles
short-term customers

Accepted Answer

The answer of Afia, a team leader in charge of...

Question 12

When backed by buying power, needs become wants.

Accepted Answer

The answer of When backed by buying power, needs become...

Question 13

The concept of "saving money by firing your customers" refers to which type of customer?
customers that lay complaints
unprofitable customers
old customers
new customers
no customer should ever be fired

Accepted Answer

The answer of The concept of "saving money by firing...

Question 14

You are an assistant marketing director for a firm in a market with many low-margin customers.What type of relationship would it be most profitable for you to develop with these customers?
full partnerships
basic relationships
club programs
selective relationships
community relationships

Accepted Answer

The answer of You are an assistant marketing director for...

Question 15

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Accepted Answer

The statement accurately describes the twofold goal of marketing. The first part focuses on attracting new customers by promising them superior value, while the second part aims to keep and grow existing customers by delivering satisfaction.

Question 16

Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.

Accepted Answer

Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.

Question 17

All advertising is part of marketing, but not all marketing efforts are advertising.

Accepted Answer

Advertising is a specific form of marketing that involves promoting products or services through paid channels such as television, print ads or online ads. However, marketing encompasses a broader range of activities including market research, branding, public relations, sales promotions, and more. So, all advertising is a part of marketing, but marketing involves many other things that advertising does not.

Question 18

Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising.Pete knows that today few successful firms still practice this type of true ________ and are instead turning to selective relationship management.
club marketing
frequency marketing
mass marketing
customer satisfaction
marketing segmenting

Accepted Answer

The answer of Pete Sanchez, a recent graduate of business...

Question 19

Segmenting customers into 4 categories (butterflies, true friends, strangers, and barnacles) essentially evaluates customers on which two dimensions?
profitability and revenue
revenue and customer loyalty
profitability and customer loyalty
revenue and communications costs
profit and communications costs

Accepted Answer

The answer of Segmenting customers into 4 categories (butterflies, true...

Question 20

At Gina's Nails, the posted policy is "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.Instead of focusing on each individual transaction, Gina and her staff put a priority on ________.
maintaining customer-perceived value
managing partner relationships
attracting "butterflies"
converting "strangers"
capturing customer lifetime value

Accepted Answer

The answer of At Gina's Nails, the posted policy is...

Quiz 1: Marketing: Creating and Capturing Customer Value

Sally purchased Brand X lotion.In comparing her perception of how the lotion performed to her expectations for Brand X lotion, Sally was measuring her level of ________. customer-perceived value customer satisfaction exchange demand customer lifetime value

Market offerings are limited to physical products.

Selling is managing profitable customer relationships.

Marketing is managing profitable customer relationships.

Human needs are shaped by culture and individual personality.

The difference between human needs and wants is that needs are not influenced by marketers.

When backed by buying power, needs become wants.

The concept of "saving money by firing your customers" refers to which type of customer? customers that lay complaints unprofitable customers old customers new customers no customer should ever be fired

You are an assistant marketing director for a firm in a market with many low-margin customers.What type of relationship would it be most profitable for you to develop with these customers? full partnerships basic relationships club programs selective relationships community relationships

The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.

All advertising is part of marketing, but not all marketing efforts are advertising.