Exam 1: Marketing: Creating Superior Customer Value

The marketing mix, or the set of marketing tools that are used to implement the marketing strategy, are traditionally seen as consisting of 4 Ps. Which of the following is NOT one of the traditional 4 Ps?

Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

A student friend has just finished what could only be described as a difficult semester in which he has regularly been absent from class due to part- time work commitments and social engagements. He failed to complete all the subject requirements including non- completion of a mid- semester test and non- completion of a compulsory oral class presentation. Not surprisingly, his final result is a failing grade. Now, your friend plans to throw himself on the mercy of the subject co- ordinator with the argument that he NEEDS to pass the unit of study so that he can return to his home country and take up a teaching position. Using concepts of needs, wants and customer value, explain to your friend, why his "needs" argument is unlikely to resonate with the subject co- ordinator.

Select the word that BEST completes the following sentence. The concept of value is a two- way street. The company creates value for customers. In turn the company captures value from customers in the form of________ customers who buy, and continue to buy the company's brands.

The set of marketing tools that transforms marketing strategy into action is known as the marketing mix.

Select the word that BEST completes the following sentence. It has been estimated that it usually costs________ times as much to attract a new customer as it does to keep a current customer satisfied.

Satisfied consumers are more likely to:

Vesna has just purchased a new iPhone. After she arrives home, she quickly tests the product and its features, comparing her expectations about its functions with observations from her initial tests. Vesna also reflects on how much she expected to pay for the phone. Vesna is engaged in assessing:

Price- cutting, as a means of delivering superior value, rarely delivers long-term value. Which of the following is NOT one of the disadvantages normally associated with price- cutting?

Jane and Henry produce artworks for use in landscape design and home gardens. They are debating a description of the potential customers for their artwork. Jane and Henry are debating:

The value of an entire stream of purchases that the customer would make over a lifetime of patronage is known as:

A market is defined as:

Identify and discuss the main actors and forces in a modern marketing system.

Contemporary marketing is best described as which of the following?

Which of the following statements BEST describes customer satisfaction?

Which of the following statements about the current economic environment is FALSE?

Which of the following is NOT one of the five steps in the model of creating customer value and building customer relationships?

Define and describe the marketing management concept.

________are basic human requirements, while ________are the ways in which those requirements are satisfied.

Select the words that BEST complete the following sentence. Traditional marketing science and practice have focused on attracting new customers and making a sale. Today, however, the emphasis is moving beyond attracting new customers. Today companies are going all out to________ current customers and build lasting customer ________.