Question 1

Reebok chose the basketball player Allen Iverson,with whom the would identify as a David among Goliaths.

Accepted Answer

Reebok identified Allen Iverson as a representative figure to appeal to their target market, positioning him as an underdog or "David" in the competitive sports industry.

Question 2

is the financial value of customer relationships through the lifetime of the relationships.

Accepted Answer

Customer equity is the total combined customer lifetime values of all of the company's customers, representing the financial value of customer relationships over their lifetime.

Question 3

The is/are the potential profit(s)generated by a single customer's purchase of a firm's products over the customer's lifetime.

Accepted Answer

The lifetime value of a customer refers to the total profit a company expects to earn from a customer over the entire duration of their relationship.

Question 4

are a segment of urban males who are keenly interested in fashion,home design,gourmet cooking,and personal care.

Accepted Answer

Metrosexuals are urban males who are particularly interested in fashion, home design, gourmet cooking, and personal care.

Question 5

Reebok targeted the youth market.It used segmentation to define its target market.

Accepted Answer

Demographic segmentation is the process of dividing a market into groups based on demographic characteristics such as age, gender, income, education, and occupation. Reebok targeted the youth market, which is a demographic segment.

Question 6

Segmenting by starts at an early age with pink diapers for girls and blue diapers for boys.

Accepted Answer

The segmentation is based on gender, as it differentiates products (diapers) by color specifically for girls and boys.

Question 7

Reebok achieved some success with Allen Iverson,the basketball player,endorsing the brand because Iverson appealed to the youth market,who was Reebok's _ .

Accepted Answer

Allen Iverson appealed to the youth market, which was Reebok's target market, meaning the specific group of consumers the brand aimed to attract and sell its products to.

Question 8

Successful one- to- one marketing is most dependent on .

Accepted Answer

Successful one-to-one marketing relies heavily on Customer Relationship Management (CRM) as it involves understanding and managing individual customer relationships to tailor marketing efforts effectively.

Question 9

Successful firms have learned that a way NOT to compete is by .

Accepted Answer

Ignoring customers' needs is not a successful strategy for competition, as it leads to dissatisfaction and loss of business.

Question 10

The baby busters known for being slackers who are cynical about marketing are the segment.

Accepted Answer

Generation X, also known as the baby busters, is often characterized as being skeptical and cynical about marketing and advertising.

Question 11

Average collectors of an artist's collectible miniatures will buy four new ones each year.The collectibles are available at a number of different retail locations and from several different catalog retailers.To ensure she gets a greater ,the owner of The Door Gift Shop sends her customers,who are collectors,a postcard every time the store adds a new one to her store's inventory.

Accepted Answer

The strategy described is aimed at increasing the "share of customer," which refers to the portion of a customer's total purchases in a product category that a company captures. By notifying customers of new inventory, the store aims to increase the number of purchases made by its existing customers.

Question 12

CRM firms focus on increasing their ,not share of the market.

Accepted Answer

CRM firms focus on increasing their share of customers by building strong relationships and maximizing the value of each customer rather than just expanding their market share.

Question 13

Weekly Read is a newspaper designed to keep school children informed of what is going on in their country and their world.It has sixteen different formats geared to the reading capabilities of children from pre- kindergarten through high school.It uses _ _ segmentation to define its target markets.

Accepted Answer

The newspaper uses demographic segmentation, as it targets different age groups and educational levels, which are demographic factors.

Question 14

variables segment markets in terms of shared activities,interests,and opinions.

Accepted Answer

Psychographic variables segment markets based on shared activities, interests, and opinions, reflecting the lifestyle and personality traits of consumers.

Question 15

is an effective way to identify the firm's best customers,stay on top of their needs,and increase their satisfaction.

Accepted Answer

Customer relationship management (CRM) is a strategy used by firms to manage interactions with current and potential customers, helping to identify the best customers, understand their needs, and enhance their satisfaction.

Question 16

Companies that successfully practice have different goals,use different measures of success,and look at customers in some different ways.

Accepted Answer

Customer relationship management (CRM) involves managing a company's interactions with current and potential customers, focusing on building long-term relationships and customer satisfaction.

Question 17

Which statement is NOT true about the Hispanic American segment.

Accepted Answer

The Hispanic segment is becoming increasingly important to marketers due to its rapid growth, youthful demographic, and significant purchasing power.

Question 18

An increasing number of companies are considering their relationships with customers as financial assets.Such firms measure success by calculating the value of their .

Accepted Answer

Customer equity is a financial asset that represents the value of a company's relationships with its customers.

Question 19

A goal of calculating the lifetime value of a customer is to .

Accepted Answer

The lifetime value of a customer is calculated to estimate the total profit a customer will generate over their lifetime, helping businesses make informed decisions about marketing and customer retention strategies.

Question 20

A building supply company has many high- volume as well as low- volume customers.Which of the following would be an inefficient cost means of communication for this supply company to implement regarding its low- volume customers?

Accepted Answer

Having a sales representative make personal appointments with each low-volume customer twice a month is inefficient due to the high cost and time involved compared to the potential revenue from low-volume customers.

Quiz 7: Sharpening the Focus: Target Marketing Strategies and Cus-Tomer Relationship Management