Question 1

New communication technologies create challenges as well as advantages for marketers.

Accepted Answer

New communication technologies provide opportunities for marketers to reach a wider audience, but also require adaptation to new communication channels and strategies in order to be effective. Additionally, privacy concerns and information overload can create challenges for marketers utilizing these technologies.

Question 2

Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships.

Accepted Answer

Delivering superior customer value and satisfaction is essential to building long-term relationships with customers. It helps in creating a positive reputation for the brand and ensures customer loyalty, which ultimately leads to business success.

Question 3

Amy's law office has developed a new format and wording for wills.The staff believes they offer the most in quality, performance, and innovative features.Her law office is practicing the production concept.

Accepted Answer

The answer of Amy's law office has developed a new...

Question 4

Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Accepted Answer

Customer-perceived value is the evaluation made by the customer about the benefits and costs of a marketing offer compared to competing offers. It is a subjective assessment from the customer's standpoint that determines the attractiveness of the marketing offer.

Question 5

Consumer-generated marketing, a relatively new phenomenon, has so far had little impact as a marketing force.

Accepted Answer

Consumer-generated marketing, also known as user-generated marketing, has had a significant impact as a marketing force in recent years. Many successful campaigns have been created by encouraging consumers to share their experiences and opinions with others through social media and other channels. This type of marketing can be highly effective in building brand awareness and driving sales.

Question 6

The major difference between customer-driving marketing and customer-driven marketing is that the customer-driving marketing considers only existing needs.

Accepted Answer

Customer-driving marketing focuses on creating a need for a product or service by generating interest and desire through advertising and other marketing efforts. Customer-driven marketing, on the other hand, involves understanding and meeting the needs and wants of a target market through research, product design, and customer service. It is a more holistic approach that considers not only existing needs but also potential future needs and desires of the customers.

Question 7

The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

Accepted Answer

The selling concept is focused on aggressive selling and promotion efforts in order to stimulate demand for a product or service. This approach assumes that consumers will not buy enough of the firm's products without such efforts.

Question 8

Marketers should look beyond the attributes of the products and services they sell to also create brand experiences for consumers.

Accepted Answer

Creating a brand experience goes beyond just the features and specifications of a product or service. It is about creating an emotional connection with consumers through immersive experiences and engaging interactions, which in turn can build long-term loyalty and drive sales.

Question 9

The production concept and product concept are orientations that can lead to marketing myopia.

Accepted Answer

Both the production concept and product concept focus on the company's internal capabilities and product features, rather than consumer needs and wants. This narrow focus can lead to marketing myopia, where the company becomes too inwardly focused and misses opportunities for growth and innovation.

Question 10

Marketing management is interested in serving all customers in every way to remain competitive in today's markets.

Accepted Answer

Marketing management often focuses on serving specific segments of customers rather than all customers, as it is more effective to target particular groups with tailored strategies.

Question 11

When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

Accepted Answer

The answer of When sellers focus on existing needs and...

Question 12

Customer-perceived value depends on the product's perceived performance relative to a buyer's expectations.

Accepted Answer

The answer of Customer-perceived value depends on the product's perceived...

Question 13

In its broadest sense, customer relationship management (CRM) is a customer data management activity.

Accepted Answer

The answer of In its broadest sense, customer relationship management...

Question 14

A customer-centered organization seeks to maximize customer satisfaction.

Accepted Answer

The answer of A customer-centered organization seeks to maximize customer...

Question 15

Two important questions underlying marketing strategy are "Who is our target market?" and "What's our value proposition?"

Accepted Answer

These two questions are essential in developing a marketing strategy as they determine who the company is trying to reach and what unique value or benefit they offer to that target market.

Question 16

Only sellers of products, services, and ideas practice marketing, whereas buyers do not.

Accepted Answer

Buyers also practice marketing when they make decisions about what products or services to purchase, and when they share their experiences and opinions with others. This is known as consumer or word-of-mouth marketing.

Question 17

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

Accepted Answer

This is a true statement. Product, price, place, and promotion are the four elements that make up a firm's marketing mix, also known as the "Four Ps" of marketing.

Question 18

Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization.

Accepted Answer

Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs or characteristics, in order to better target marketing efforts and increase profitability. It is not about reducing demand or seeking fewer customers, but rather about understanding and serving the specific needs of different customer segments in a more effective and efficient way.

Question 19

Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.

Accepted Answer

New communication technologies, such as social media, allow companies to engage in large-scale marketing approaches that facilitate two-way communication and foster customer relationships. This includes activities such as social media marketing campaigns and interactive customer service.

Question 20

The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interest.

Accepted Answer

The statement is true. The societal marketing concept is a marketing philosophy that emphasizes the importance of considering not only the needs and wants of consumers, but also the well-being of society as a whole, and the long-term sustainability of the environment. This approach seeks to balance the interests of consumers, businesses, and society by developing products and services that meet the needs of consumers while also addressing societal concerns and promoting ethical and responsible behavior.

Quiz 1: Marketing: Creating and Capturing Customer Value