Exam 1: Marketing: the Art of Satisfying Customers

Relationship marketing moves customers up a loyalty ladder-from new customers to regular purchasers, then to loyal supporters of the firm and its goods and services, and finally to advocates who not only buy its products but recommend them to others.

In the context of marketing, which of the following is the best example of risk taking?

You've just been hired as the marketing director for a company whose products are sold through both inside and field sales representatives. You've spent the first week on the job analyzing the numbers, and you've determined that about 80% of your sales are coming from only 20% of the thousands of products the company distributes. The CEO has asked for product recommendations. What will you suggest?

Mobile marketing is a term used to describe marketing messages sent via wireless technology.

List the five eras in marketing history in chronological order, and briefly describe the philosophy behind each era. Provide an example of an organization that is functioning in the social era and explain why you selected it.

What is the major difference between the sales era and marketing era?

The marketing philosophy summarized by the phrase "a high-quality product will sell itself" is a characteristic of the _____ era.

A firm with a fully developed marketing concept is one with a company-wide consumer orientation with the objective of achieving long-term success.

Which of the following actions is part of the new product strategy at Martin's Knitted Hosiery?

The revenues and intangible benefits accrued to the firm, minus the investment to attract and keep a customer is known as the:

The cost of finding new customers is far less than the cost of maintaining existing ones.

According to relationship marketing, the lifetime value of a customer should exceed the investment made by the firm to attract and keep the customer.

Red Robin Gourmet Burgers and Brews offers a tower of onion rings, a foot-high, vertical stack of about a dozen crispy onion rings served on a custom-made stand. This is an example of the company's:

The ability to transfer title to goods or services from marketer to buyer is described as:

Used car lots, which rely heavily on flashy newspaper ads and loud commercials for their revenues, are still a great example of the third era of marketing history.

Virtually all colleges and universities have alumni associations that publish magazines, hold reunions, and try to raise funds. These activities constitute organization marketing.

Creating _____ utility is the responsibility of the production function.

Define utility and discuss the four types of utility. Give examples and list the functional areas within an organization that are responsible for each.

The traditional view of marketing can be described as transaction-based marketing.

You are the director of a health and wellness center that was successfully launched by using only marketing tools and techniques developed during the relationship and social eras. However, now that the business is established, there's a new owner who wants you to revert to using older, more traditional methods. Which of the following would NOT appeal to her?