Question 1

All of the following are considered to be customer costs EXCEPT ________.
A)financial cost of acquiring the product
B)financial cost of disposing of the product
C)time spent acquiring the product
D)the risk of social stigma associated with acquiring the product
E)All of the above are considered to be customer costs.

Accepted Answer

The answer of All of the following are considered to...

Question 2

Provide a customer-centered definition of the term quality.

Accepted Answer

The answer of Provide a customer-centered definition of the term...

Question 3

________ is defined as "a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior."
A)Customer satisfaction
B)Customer value
C)Loyalty
D)Customer profitability
E)Quality

Accepted Answer

Loyalty is the definition provided in the statement. Customer satisfaction, customer value, customer profitability, and quality are all related concepts, but do not fully capture the definition provided.

Question 4

If a company were to focus its marketing efforts on all the experiences the customer will have on the way to obtaining and using the offering,it would be focusing its marketing efforts on the customer's ________.
A)perception system
B)cost versus benefit system
C)demand
D)psychological system
E)value delivery system

Accepted Answer

Focusing on the customer's experiences on the way to obtaining and using the offering is essentially focusing on the value delivery system, which encompasses all aspects of the customer's interaction with the company and its offering. This includes the purchase process, delivery or receipt of the offering, and the actual usage experience. By focusing on the value delivery system, the company is able to provide a more comprehensive and satisfying customer experience, which can lead to greater loyalty and repeat business.

Question 5

Peppers and Rogers outline a four-step framework for one-to-one marketing that can be adapted to CRM marketing.What are those four steps?

Accepted Answer

The answer of Peppers and Rogers outline a four-step framework...

Question 6

Discuss the concepts of a data warehouse and datamining.

Accepted Answer

The answer of Discuss the concepts of a data warehouse...

Question 7

Differentiate between performance quality and conformance quality.Give an example of two products that have different performance quality but are of equal conformance quality.

Accepted Answer

The answer of Differentiate between performance quality and conformance quality.Give...

Question 8

Buyers form expectations in all of the following ways EXCEPT ________.
A)from past buying experience
B)from friends' and associates' advice
C)from marketers' information
D)from competitors' information
E)from inherited traits

Accepted Answer

The statement "from inherited traits" is not a recognized or established way for buyers to form expectations, whereas the other options listed are common sources of expectations for buyers.

Question 9

A key driver of shareholder value is the aggregate value of the customer base.Identify the five strategies employed by winning companies to improve the value of their customer base.

Accepted Answer

The answer of A key driver of shareholder value is...

Question 10

Buyers do not always make logical or rational decisions.They might purchase the most expensive and least quality item for example.Which of the following would be another good example of this behavior?
A)The buyer is not seen by the seller as being very intelligent.
B)The buyer might be under orders to buy at the lowest price.
C)The buyer might be underage.
D)The buyer might be under pressure to resist sales messages.
E)The buyer refuses to listen to or read any advertising.

Accepted Answer

The buyer's decision to buy at the lowest price, even if it means sacrificing quality, is not always a logical or rational decision.

Question 11

Immediately below the customers in a modern customer-oriented organization chart,we would expect to find the ________ of an organization.
A)top management
B)marketing department
C)middle management
D)frontline people
E)service department

Accepted Answer

Frontline people are the employees who directly interact with customers, such as sales representatives, customer service representatives, and support staff. Placing them immediately below the customers reflects the customer-centric focus of the organization, where the frontline employees play a critical role in providing customer service, support, and satisfaction. Middle management and service departments may also support customer-facing activities, but they are typically positioned at a higher level in the organization. Marketing department and top management may also play a critical role in customer orientation, but they may not be directly involved in customer interactions.

Question 12

John Chambers,CEO of Cisco Systems,said,"Make your customer the center of your culture." Customer-centered companies are adept at building customer relationships,not just producing products;they are skilled in ________,not just product engineering.
A)service engineering
B)market engineering
C)cultural engineering
D)innovation engineering
E)management engineering

Accepted Answer

The answer of John Chambers,CEO of Cisco Systems,said,"Make your customer...

Question 13

Whether the buyer is satisfied after purchase depends on the offer's performance in relation to the ________.
A)buyer's reactions
B)buyer's expectations
C)seller's delivery
D)seller's expectations
E)both the buyer's and seller's demands

Accepted Answer

The buyer's satisfaction after purchase is dependent on how well the offer performs in relation to their expectations. If the offer exceeds their expectations, they are more likely to be satisfied.

Question 14

Today,companies are increasingly concerned about customer defection.There are three main steps a company can take to reduce the defection rate.Characterize those three steps.

Accepted Answer

The answer of Today,companies are increasingly concerned about customer defection.There...

Question 15

The case for maximizing long-term customer profitability is captured in the concept of customer lifetime value.How is customer lifetime value calculated?

Accepted Answer

The answer of The case for maximizing long-term customer profitability...

Question 16

Describe four situations or cases when building a customer database would not be worthwhile for a company.

Accepted Answer

The answer of Describe four situations or cases when building...

Question 17

Assume that a marketing manager of a small company is in the process of implementing the use of a database to assist his or her company in its marketing efforts.Considering the information found in the text,list five ways that the marketing manager might be able to use the database for marketing efforts.

Accepted Answer

The answer of Assume that a marketing manager of a...

Question 18

When a consumer considers a product or service,he or she will choose whichever product or service delivers the highest ________.
A)customer-perceived value
B)customer-perceived cost
C)consumer discount
D)consumer relationship
E)consumer synergy

Accepted Answer

A consumer will choose the product or service that delivers the highest customer-perceived value, which is the perceived benefits of a product or service relative to its cost. Consumers are looking for the best value for their money, and the perceived value is a combination of a product's benefits and its cost. Therefore, a product that delivers the highest perceived value will be the most attractive to consumers.

Question 19

Compare and contrast the traditional organization chart for an organization against the modern customer-oriented organization chart.

Accepted Answer

The answer of Compare and contrast the traditional organization chart...

Question 20

Field Grocery is considering using _________ to pose as customers and report on strong and weak points in customer service at Field Grocery stores.
A)intelligence agents
B)covert operatives
C)mystery shoppers
D)market mavens
E)opinion leaders

Accepted Answer

The term commonly used for people who are hired to pose as customers and report on customer service is "mystery shoppers". The other options, such as intelligence agents and covert operatives, are typically associated with espionage and are not applicable to this scenario. Market mavens and opinion leaders are individuals who have extensive knowledge or influence in a particular market, but they are not necessarily involved in assessing customer service. Therefore, the best choice is C) mystery shoppers.

Quiz 5: Creating Customer Value, satisfaction, and Loyalty

All of the following are considered to be customer costs EXCEPT ________.

Provide a customer-centered definition of the term quality.

________ is defined as "a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior."

If a company were to focus its marketing efforts on all the experiences the customer will have on the way to obtaining and using the offering,it would be focusing its marketing efforts on the customer's ________.

Peppers and Rogers outline a four-step framework for one-to-one marketing that can be adapted to CRM marketing.What are those four steps?

Discuss the concepts of a data warehouse and datamining.

Differentiate between performance quality and conformance quality.Give an example of two products that have different performance quality but are of equal conformance quality.

Buyers form expectations in all of the following ways EXCEPT ________.

A key driver of shareholder value is the aggregate value of the customer base.Identify the five strategies employed by winning companies to improve the value of their customer base.

Buyers do not always make logical or rational decisions.They might purchase the most expensive and least quality item for example.Which of the following would be another good example of this behavior?

Immediately below the customers in a modern customer-oriented organization chart,we would expect to find the ________ of an organization.

John Chambers,CEO of Cisco Systems,said,"Make your customer the center of your culture." Customer-centered companies are adept at building customer relationships,not just producing products;they are skilled in ________,not just product engineering.

Whether the buyer is satisfied after purchase depends on the offer's performance in relation to the ________.

Today,companies are increasingly concerned about customer defection.There are three main steps a company can take to reduce the defection rate.Characterize those three steps.

The case for maximizing long-term customer profitability is captured in the concept of customer lifetime value.How is customer lifetime value calculated?

Describe four situations or cases when building a customer database would not be worthwhile for a company.

When a consumer considers a product or service,he or she will choose whichever product or service delivers the highest ________.

Compare and contrast the traditional organization chart for an organization against the modern customer-oriented organization chart.

Field Grocery is considering using _________ to pose as customers and report on strong and weak points in customer service at Field Grocery stores.