Deck 1: Marketing: Creating Customer Value and Engagement 

Question 1

As described in the text, both Airbnb and Target's CEO's share a practice that they believe makes them more capable leaders of their company. This practice involves more frequent _.

A) personal vacations to ensure they get rested while enjoying time away from their role
B) visits to their locations (AirBnb hosts and Target stores)
C) isolation from the market in order to make more refined decisions
D) interviews with the media (Fortune Magazine, Wall Street Journal)
E) blog posts on how to run a company (Jeff Bullas, James Altucher)

Answer 1

B

Question 2

Management guru Peter Drucker stated, "The aim of marketing is to make selling unnecessary."

Answer 2

True

Question 3

In recent years marketers have leveraged various forms of social media and other technologies to advance their primary goal of _.

A) being better able to reach the customer directly, personally and interactively
B) finding less expensive ways to operate thus driving higher levels of profitability.
C) gaining favourable media attention
D) gathering more sales data (big data)
E) faster product development

Answer 3

A

Question 4

Canadian telecommunications giant BELL has committed resources to continue its annual, "Let's Talk" day to promote greater awareness in mental health. This is an example of a marketing offering for a(n) .

A) place
B) person
C) idea
D) product
E) exchange

Question 5

are the form human needs take as they are shaped by culture and individual personality.

A) Services
B) Risks
C) Necessities
D) Wants
E) Benefits

Question 6

What is marketing? Briefly describe the marketing process.

Question 7

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

A) capturing value from customers to create profits and customer equity
B) constructing an integrated marketing program that delivers superior value
C) designing a customer-driven marketing strategy
D) engaging customers, building profitable relationships, and creating customer delight
E) understanding the marketplace and customer needs and wants

Question 8

Market offerings are limited to physical products.

Question 9

Amazon, like many other successful companies, is driven by one primary objective, namely .

A) acquiring market share from industry leader, Walmart.
B) value creation for the customers.
C) fast and reliable delivery.
D) acquiring companies in order to add to its many product offerings.
E) providing shareholders with healthy returns on their investments.

Question 10

is the act of obtaining a desired object from someone by offering something in return.

A) Targeting
B) Segmentation
C) Exchange
D) Positioning
E) Differentiation

Question 11

Marketing, more than any other business function, deals with _.

A) brands
B) customers
C) sales
D) new products
E) advertising

Question 12

When considering the factors that influence the experience of the Walt Disney World Resort, something as simple as how each employee is identified makes a difference. At Disney World, employees are called .

A) Superstars
B) Mickey's Crew
C) Mickey's Mouseketeers
D) Cast Members
E) Precious Jewels

Question 13

Market offerings include entities such as people, places, information, and ideas.

Question 14

The Walt Disney World Resort doesn't just offer amusement park rides, it uses its famed Disney magic to create carefully orchestrated _ _.

A) wants
B) service offerings
C) values
D) experiences
E) benefits

Question 15

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 .

A) market offering
B) desire
C) need
D) demand
E) value

Question 16

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

A) consumers' future demands
B) consumers' brand experiences
C) competitors' threats
D) competitors' strengths
E) consumers' existing wants

Question 17

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.

Question 18

are defined as states of felt deprivation.

A) Demands
B) Ideas
C) Exchanges
D) Needs
E) Values

Question 19

Consumers' needs and wants are fulfilled through .

A) ideas
B) value
C) demand
D) desire
E) market offerings

Question 20

A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.

Question 21

Rather than assume that each client has the same needs, a travel agency that understands marketing creates separate departments; one dedicated to retirees, another to the business traveler, a third department concentrates on student travel and the fourth department focusing on families. This is an example of a firm that has considered _.

A) market Segmentation
B) value engineering
C) cost leadership
D) positioning
E) mass customization

Question 22

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

A) production concept
B) marketing concept
C) societal marketing concept
D) customer-driving marketing concept
E) selling concept

Question 23

The selling concept holds that .

A) consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
C) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
D) consumers will only favour products that are available and highly affordable
E) consumers will favour products that offer the most in quality, performance, and innovative features

Question 24

Explain market offerings and marketing myopia.

Question 25

A brand's is the set of benefits that it promises to deliver to consumers to satisfy their needs.

A) dividend yield
B) perquisite
C) value proposition
D) dominant effect
E) fringe benefit

Question 26

The ABC, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by the ABC company?

A) the product concept
B) customer-driving marketing
C) sustainable marketing
D) the selling concept
E) the production concept

Question 27

British Columbia-based Flair Airlines gives you "Canada's ticket to ultra-low airfares" is their .

A) segmentation strategy
B) value proposition
C) production concept
D) market offering
E) selling concept

Question 28

Customer-driven marketing is most effective when .

A) customers do not know what they want but are easily persuaded
B) clear needs exist and customers know what they want
C) customers have wants but cannot afford them
D) customers seek new products and technological innovations
E) a clear need exists among customers, but the need is difficult to identify

Question 29

Which of the following is a difference between the marketing concept and the selling concept?

A) The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers.
B) The marketing concept focuses on short-term sales, whereas the selling concept strives to build long-term customer relationships.
C) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.
D) The marketing concept takes an inside-out perspective, whereas the selling concept takes an outside-in perspective.
E) The marketing concept is product-centered, whereas the selling concept is production-centered.

Question 30

PC manufacturer, Lenovo, focuses on low labour costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the _.

A) customer-driving marketing concept
B) production concept
C) societal marketing concept
D) marketing concept
E) selling concept

Question 31

Dollarama profitably appeals to families with more modest means. The retailer's approach is most likely referred to as _.

A) undifferentiated marketing
B) consumer-generated marketing
C) mass distribution
D) target marketing
E) cost leadership

Question 32

The concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

A) production
B) societal marketing
C) marketing
D) product
E) selling

Question 33

Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to marketing practices.

Question 34

A market is a segment of potential consumers who share a common need or want.

Question 35

Mountain Equipment Co-op (MEC) lives by a long-standing belief in being socially and environmentally accountable. This most likely reflects the _.

A) Production Concept
B) Societal Marketing Concept
C) Product Concept
D) Selling Concept
E) Marketing Concept

Question 36

Which of the following marketing management orientations may yield the unintended consequence of aggressive selling by creating short term sales transactions rather than on building long-term relationships?

A) product concept
B) marketing concept
C) selling concept
D) direct marketing concept
E) production concept

Question 37

is the art and science of choosing target markets and building profitable relationships with them.

A) Positioning
B) Customer-perceived value
C) Marketing management
D) Segmentation
E) Differentiation

Question 38

L.L. Bean, the outdoor apparel retailer was founded on the principle of .

A) low cost products
B) customer satisfaction
C) environmental stewardship
D) customer relationship management
E) trend setting outdoor fashion

Question 39

The societal marketing concept holds that .

A) consumers will favour products that offer the most in quality, performance, and innovative features
B) the society will only favour products that are available and highly affordable
C) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
D) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort
E) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment

Question 40

Describe how the Loblaws clothing brand, Joe Fresh, differentiates itself from other clothing labels.

Question 41

Customer evangelists are those who _.

A) work with quality-assurance teams to improve product safety
B) evaluate newly launched products in the marketplace
C) use personal selling methods to market products and services
D) use their expertise to influence people about specific products
E) spread the word about their good experiences with a brand or product

Question 42

Compare the selling and marketing concepts, and list the key components of each concept.

Question 43

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

A) customer equity
B) customer profitability
C) customer lifetime value
D) customer-perceived value
E) share of customer

Question 44

Briefly explain the societal marketing concept.

Question 45

Which of the following concepts calls for sustainable marketing?

A) the selling concept
B) the product concept
C) the marketing concept
D) the societal marketing concept
E) the production concept

Question 46

A Steinway piano-any Steinway piano-costs a lot. But to those who own one, a Steinway is a great value. This is an example of _.

A) customer lifetime value
B) customer share
C) customer perceived value
D) share of customer
E) customer experience

Question 47

Many leading business and marketing thinkers are now preaching the concept of "shared value" which recognizes that needs, not just economic needs, define markets.

A) functional
B) societal
C) physical
D) marketing
E) individual

Question 48

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as _.

A) customer relationship management
B) societal marketing
C) enterprise resource planning
D) perceived-value management
E) partner relationship management

Question 49

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Question 50

Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.

Question 51

Product, price, place, and promotion make up the elements of a firm's marketing mix.

Question 52

Why do companies generally divide a market into segments of customers?

Question 53

marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

A) Customer-driving
B) Sustainable
C) Customer-driven
D) Ambush
E) Mass

Question 54

Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the concept.

A) societal marketing
B) product
C) selling
D) production
E) marketing

Question 55

Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel, or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of _.

A) customer-perceived value
B) customer share
C) customer equity
D) customer delight
E) customer lifetime value

Question 56

The product concept is a customer-centered, sense-and-respond philosophy.

Question 57

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?

A) when the market has a huge number of customers
B) when the market has few customers and high margins
C) when the firm has a frequency marketing program
D) when the firm has a large number of low-margin customers
E) when the firm has few marketing resources at its disposal

Question 58

Organizations that follow the production concept most likely practice socially and environmentally responsible marketing.

Question 59

The selling concept holds that consumers will favour products that offer the most in quality, performance, and innovative features.

Question 60

Compare and contrast the product and production concepts.

Question 61

Carla, a team leader in charge of customer relationship management, is planning strategies to improve 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?

A) true friends
B) strangers
C) barnacles
D) innovators
E) butterflies

Question 62

Rather than using hard-sell product pitches, Bark uses social media to share original comedic videos and stories- often without even mentioning their product- BarkBox. This is an example of _.

A) soft-sell marketing
B) public relations
C) societal marketing
D) intense social media blitzing
E) engagement marketing

Question 63

In which of the following customer relationship groups do organizations generally avoid investing?

A) barnacles
B) true friends
C) strangers
D) butterflies
E) true believers

Question 64

is the total combined customer lifetime values of all the company's current and potential customers.

A) Market share
B) Customer equity
C) Share of customer
D) Customer-perceived value
E) Value proposition

Question 65

Which of the following is an example of consumer-generated marketing?

A) Cristal, a jewellery store, uses its page on Facebook to provide information about its upcoming products to its customers.
B) Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.
C) Figa, a leading provider of athletic shoes, helps its customers customize their shoes on its website and choose personalized settings.
D) Barton's, a local pet supply store, rewards frequent buyers with vouchers and exclusive offers.
E) Energix, a manufacturer of soft drinks, attracts customers through televised advertisements.

Question 66

Customers who are classified as true believers _.

A) tell others about their good experiences with a company
B) are projected to be less loyal to any brand
C) are attracted to a company's competitor's deals and offers
D) are not very profitable for a company
E) have needs and wants that do not fit a company's offerings

Question 67

refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

A) A marketing channel
B) A market segment
C) A supply chain
D) A demand chain
E) A marketing-mix channel

Question 68

Companies that invite consumers play a role in shaping ads and social media (Tesla) or by offering suggestions for product design (Oreo's, Mountain Dew) are leveraging what increasingly popular marketing approach?

A) low cost marketing campaign development
B) process marketing
C) consumer-generated marketing
D) direct marketing
E) engagement marketing

Question 69

Efforts to convert into loyal customers are rarely successful.

A) true believers
B) butterflies
C) strangers
D) laggards
E) barnacles

Question 70

refers to working closely with people inside and outside the company to jointly bring more value to customers.

A) Customer-generated marketing
B) Demand management
C) Integrated communication
D) Channel value proposition
E) Partner relationship management

Question 71

The final step in the marketing process is .

A) designing a customer-driven marketing strategy
B) understanding the marketplace
C) constructing an integrated marketing program
D) capturing value from customers
E) building profitable relationships with the customers

Question 72

Procter & Gamble's Tide detergent does not attempt to get to know customers personally. Instead, Tide creates engagement and relationships through brand-building advertising, websites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?

A) business partnering
B) basic relationships
C) full partnerships
D) joint ventures
E) strategic alliances

Question 73

The ultimate aim of customer relationship management is to _ .

A) produce high customer equity
B) turn "strangers" into "butterflies"
C) divide markets into distinct segments
D) evaluate current sales share
E) evaluate customer lifetime value

Question 74

are customers who show low potential profitability and little projected loyalty.

A) Butterflies
B) True friends
C) True believers
D) Strangers
E) Barnacles

Question 75

A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a _.

A) butterfly
B) barnacle
C) true friend
D) true believer
E) stranger

Question 76

refers to the portion of the customer's purchase that a company gets in its product categories.

A) Brand equity
B) Value proposition
C) Customer equity
D) Share of customer
E) Customer lifetime value

Question 77

Amazon Prime strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be classified as a .

A) barnacle
B) butterfly
C) stranger
D) laggard
E) true believer

Question 78

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on _ .

A) attracting "butterflies"
B) decreasing customer-perceived value
C) capturing customer lifetime value
D) managing partner relationships
E) converting "strangers" into "butterflies"

Question 79

A customer who is both loyal and profitable is referred to as a .

A) laggard
B) barnacle
C) stranger
D) butterfly
E) true believer

Question 80

Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates marketing.

A) social
B) consumer-generated
C) ambush
D) multi-level
E) for-profit