Exam 1: Marketing: Managing Profitable Customer Relationships

Through ________,many companies today are strengthening their connections to all partners,from providers of raw materials to components to final products that are delivered to final buyers.

Ben & Jerry's challenges all stakeholders,including employees,top management,and even ice cream scoopers in their stores,to consider individual and community welfare in their day-to-day decisions.Actions such as this by companies seizing the opportunity to do well by doing good reflects ________.

According to the simple five-step model of the marketing process,a company needs to ________ before designing a customer-driven marketing strategy.

An experience such as a vacation can be defined as a market offering.

Pete Lim,a recent graduate of business school,has a different approach than his marketing manager,who believes in keeping customers at arm's length and using mass media advertising.Pete knows that today successful firms practice ________.

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!" -Tan Peng Kia has decided to ask selected guests to participate in an extensive survey about their experience at Seabird Terrace and about their most desired amenities and vacation experiences.By implementing the suggestions he receives from guests,he would be following the ________ concept.

The marketing mix includes production,price,promotion,and packaging; they are known as the four Ps of marketing.

Which of the following best explains why consumers have greater power and control in today's marketplace?

Sometimes when demand for a product is at its highest,the manufacturer purposefully maintains strong demand by limiting supply,which drives the price of the product up.Compare the actions of such a manufacturer to the production concept.

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

Define customer equity and explain how a company can increase it.

Selecting which segments of a population of customers to serve is called ________.

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

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

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

Which of the following is most essential to any definition of marketing?

At Gina's Nails,the posted policy is "Without our customers,we don't exist." Gina and her staff aim to delight each customer,and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied.Gina and her staff strive to make every customer a repeat customer.It is most accurate to say that instead of focusing on each individual transaction,Gina and her staff put a priority on ________.

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

Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means.This is an example of ________.

Amazon.com leverages relationships with its 35 million customers by offering them music,videos,gifts,toys,consumer electronics,and office products,among other items.Based on previous purchase history,the company recommends related CDs,books,videos,or other products that might interest a customer.This most directly helps Amazon.com capture a greater ________.