Exam 10: Marketing: Providing Value to Customers

To deliver high customer value, a company must monitor and improve its _____-the entire range of activities involved in delivering value to its customers.

_____ segmentation classifies consumers on the basis of individual lifestyles as they're reflected in personal values.

In this scenario, the product life cycle actually has _____.

A product on a supermarket shelf contains no identification except for a description of the contents.The company is using manufacture branding.

Even though marketing officers recognize the potential value of data gathered through social media marketing, many are not capable of using it.

Getting your product mentioned in the newspaper is free promotion.

Starbucks has a number of effective social media campaigns including:

Among Americans born in the last 70 years, according to marketers, _____ is diverse, savvy, and pragmatic.

Explain what is meant by a marketing strategy and identify the two tasks that need to be performed in implementing the strategy.Identify the actions that are taken to select a target market. (1) A marketing strategy is a plan for performing two tasks: Selecting a target market; and developing a marketing mix-implementing strategies for creating, pricing, promoting, and distributing products that satisfy customers.(2) To select a target market, you would take these actions: Identify the company's overall market (consumer or industrial market); and then segment your market using these segmentation variables: demographic, geographic, behavioral, and psychographic.

Among Americans born in the last 70 years, marketers ascribe such characteristics as "individuality, tolerance, and self-absorption" to _____.

Retaining customers is the purpose of _____, a marketing strategy that focuses on nurturing and maintaining strong relationships with current customers.

Technology is a factor in the _____ marketing environment of most companies.

A company seeks a(n) _____ by registering the name of a product with the U.S.Patent Trade Office.

Scenario-Based Roger Levin owns and manages Forever Yours Jewelers in a Midwestern city.Sales clerks are especially trained in meeting customer needs, and the Levin family itself is committed to promoting the image of the store and its products and services.Levin buys frequent spots on a local radio station, and holds monthly giveaway contests to give away $200 items of the winner's choice.Founded by Levin's grandfather, the family?owned business has been around for 65 years and enjoys an enviable reputation in the community.Recently, an article appeared in the local newspaper revealing Levin's contributions to local charities. -Running radio commercials is a(n) _____ strategy.

Scenario-Based Stevens Outdoor Furniture has just introduced a new line of products in the southeastern United States.Owner James Bilby discovered the new line, which includes outdoor furniture and other lawn items, on a recent vacation to California.The market is extremely promising because none of his main competitors stocks this type of furniture.He's concerned, however, about pricing because shipping costs will drive his prices higher than those charged by stores closer to the manufacturer's West Coast factory.Initial promotion and advertising costs, as well as warehousing expenses, are also on Bilby's mind.He's called a teleconference with his ten store managers to develop a pricing strategy that must take effect immediately. -Demand-based pricing would never work in this situation.

When you buy something as a reflection of your economic status, you're acting under social influences.

Using _____ branding, a company makes a product and sells it to a retailer who resells it under its own name.

With _____ pricing, a company tries to cover its initial costs by setting the highest price that keenly interested customers will pay.

Supply chain management is the process of integrating all the activities entailed by the supply chain.

Setting a price for a product is a tool of the marketing mix.