Exam 1: Marketing: Managing Profitable Customer Relationships

Marketing is managing profitable customer relationships.

The final step in the marketing process is ________.

All of the following are accurate descriptions of modern marketing EXCEPT which one?

Refer to the scenario below to answer the following questions. Tan Peng Kia, owner of Seabird Terrace, watched his investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Overlooking the Terengganu coast, Seabird Terrace had attracted thousands of visits in some months, but then faced a tremendous downturn in business during the monsoon season. "But, given the industry in the nearby towns, very little year-round competition, and our close proximity to towns," Tan said, "I couldn't understand why seasonality had to hit Seabird Terrace so hard!" So Tan spent his time devising a new marketing plan. He put together a promotional package designed to attract business travelers year-round. Tan's plan, then, involved a seasonal large-scale selling and promotion effort -to be implemented from March to July -that would attract the usual crowd. His idea worked! During the monsoon season, Tan greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by his promotional appeals. "We still have a long way to go," Tan admitted. "Our restaurant offers delicious local foods, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Tan then added, "Actually, there are so many possibilities!" -Renovations of the guest rooms at the Seabird Terrace are an example of the ________ concept.

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.

Explain how the Internet has transformed the way in which we do business today.

When the economy tightens,customer loyalty and customer retention become ________ for marketers.

Though often criticized,the selling concept is particularly appropriate and effective with which of the following types of products?

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

Human needs are shaped by culture and individual personality.

Which of the following reflects the marketing concept?

Refer to the scenario below to answer the following questions. Tan Peng Kia, owner of Seabird Terrace, watched his investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Overlooking the Terengganu coast, Seabird Terrace had attracted thousands of visits in some months, but then faced a tremendous downturn in business during the monsoon season. "But, given the industry in the nearby towns, very little year-round competition, and our close proximity to towns," Tan said, "I couldn't understand why seasonality had to hit Seabird Terrace so hard!" So Tan spent his time devising a new marketing plan. He put together a promotional package designed to attract business travelers year-round. Tan's plan, then, involved a seasonal large-scale selling and promotion effort -to be implemented from March to July -that would attract the usual crowd. His idea worked! During the monsoon season, Tan greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by his promotional appeals. "We still have a long way to go," Tan admitted. "Our restaurant offers delicious local foods, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Tan then added, "Actually, there are so many possibilities!" -Which of the following groups is specifically part of Seabird Terrace's target market?

These days most traditional "brick-and-mortar" companies have become __________ companies.

A firm that uses the selling concept takes a(n)________ approach.

Sally purchased Brand X lotion.In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion,Sally was measuring her level of ________.

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over their lifetimes.

Alfia,a team leader in charge of customer relationship management,is planning strategies for improving 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?

Since the global economic downturn in 2008,marketers have been emphasizing the ________ of their products more than ever.

Customer-managed relationships are marketing relationships that are initiated by and controlled by customers,not by marketers.

Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products.These sellers suffer from ________.