Question 1

Every functional area of an organization, not only a marketing department, can and should interact with customers.

Accepted Answer

Customer interaction is not limited to just the marketing department. All functional areas such as sales, customer service, product development, and finance should interact with customers to understand their needs and preferences.

Question 2

The aim of customer relationship management is to create not just customer satisfaction, but customer delight.Explain.

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Question 3

Discuss how the Internet and social networks have transformed business.

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Question 4

In a short essay, describe and compare the four types of customers classified by their potential profitability to an organization.Identify how an organization should manage each type of customer.

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Question 5

How might a seller avoid marketing myopia?

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Question 6

Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each.Discuss how these concepts relate to marketing practices.

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Question 7

Briefly explain the societal marketing concept.Give an example of an organization that has effectively used the societal marketing concept.

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Question 8

Before the marketing mix is developed, marketers need to understand the wants and needs of customers.

Accepted Answer

Understanding customers' wants and needs is a crucial step in developing an effective marketing mix that meets their preferences and expectations. Without this understanding, marketers may not be able to create a successful marketing strategy that resonates with their target audience.

Question 9

In a short essay, discuss the opportunities and advantages that new communication technologies have created for marketers.

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Question 10

One of the major developments in marketing can be summed up in one word: relationships.Define customer relationship management and its associated tools and levels of relationships.

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Question 11

Compare the selling and marketing concepts, listing the key components of each philosophy.

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Question 12

The management team at Big Burritos, a new fast-food restaurant, wants to develop a new marketing plan.What would a marketing manager tell Big Burritos' management team their twofold goal of marketing should be?

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Question 13

A modern marketing system relies on profitable relationships, including the relationship buyers have with sellers.For example, an organization's purchasing agents must identify sellers and negotiate for beneficial terms.Considering this, what might Walmart rely on in order to offer low prices?

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Question 14

In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences.

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Question 15

Define customer equity and explain why it is important to a company.

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Question 16

According to marketing theory, financial success is certain if you build the best product in the market.

Accepted Answer

While having the best product in the market is certainly advantageous, financial success also depends on other factors such as effective marketing, pricing strategy, distribution channels, customer service, and competition. Customer needs, desires, and preferences are constantly changing, and companies must adapt and innovate to stay ahead of the game. Therefore, financial success is not guaranteed by building the best product alone.

Question 17

Culture and individual personality shape human needs into wants.What transforms wants into demands?

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Question 18

How might a manufacturer of tents and camping equipment create brand experiences for consumers?

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Question 19

Since customers are the source of revenue for a firm, all customers are profitable.

Accepted Answer

Not all customers are profitable as some may actually cost the company more money than they generate in revenue. For example, customers who constantly return products, make excessive demands or require extensive support may end up costing the company more than they bring in.

Question 20

It is cheaper for a company to acquire new customers than to maintain relationships with current customers.

Accepted Answer

It is actually more expensive for a company to acquire new customers than to maintain relationships with current customers. This is because it takes more resources, time and effort to persuade a potential customer to try a new product/service and build trust with them. On the other hand, maintaining relationships with current customers involves offering good customer service, personalized experiences and loyalty programs, which can help in retaining them and increasing their lifetime value.

Quiz 1: Marketing: Creating and Capturing Customer Value