Exam 1: Marketing: Creating and Capturing Customer Value

Human needs are shaped by culture and individual personality.

Customer- perceived value is determined by a customer's of the benefits and costs of a market offering relative to those of competing offers.

Value has different meanings to and is perceived differently by different consumers.

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

FedEx offers its customers fast and reliable package delivery.When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service,they are acting upon .

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

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

The ultimate aim of customer relationship management is to produce _.

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 .

In nineteenth- century Dublin,Molly Malone sold cockles and mussels while shouting to passers by,"alive- alive- oh." Was Molly taking an outside- in or inside- out perspective? Explain.

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

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

Building,keeping,and growing profitable relationships by delivering customer value and satisfaction is called .

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

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

Able works in the marketing department of an international company.In what ways might Able use modern technologies to conduct market research in order to learn more about and better serve his company's customers?

When an airline goes after a "share of travel" from its customers,it is attempting to increase .

Railroads were once operated based on the thinking that users wanted trains rather than transportation,overlooking the challenge of other modes of transportation.This reflects the concept.

Since the beginning of the Great Recession,marketers have been emphasizing the of their products more than ever.

Refer to the scenario below to answer the following questions. Carol Veldt,owner of Seagull Terrace,watched her investment grow from a small,seaside motel to a thriving year- round resort in just a few years.Atop a bluff overlooking the Maine coast,Seagull Terrace had attracted thousands of visits during the summer months,but then faced a tremendous downturn in business during the winter months."But,given the industry in the nearby towns,very little year- round competition,and our close proximity to Portland," Carol added,"I couldn't understand why seasonality had to hit Seagull Terrace so hard!" So Carol spent her first winter devising a new marketing plan.She put together a promotional package designed to attract business travelers year- round.Carol's plan,then,involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd.Her idea worked! During her second winter,Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. "We still have a long way to go," Carol admitted."Our delicatessen offers delicious entrees,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." Carol then added,"Actually there are so many possibilities.With an indoor pool area,I will eventually offer weekend get- aways throughout winter." -Carol Veldt's use of "promotional gimmicks" is an example of the _ concept.