Exam 1: Marketing: Creating and Capturing Customer Value

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

Company X carries organizational and office supplies and follows the selling concept. Explain how Company X may lose sight of customer relationships with their marketing orientation.

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers?

The social-responsibility and environmental movements are expected to ________ in the future.

Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers?

Explain why electronics and pharmaceuticals manufacturers may use customer-driven marketing.

Which of the following strategies would a company most likely use to increase customer satisfaction?

Discuss how the Internet, social networks and mobility have transformed business.

Explain how and why marketers go beyond selling a product or service to create brand experiences.

According to the authors, a highly profitable, short-term customer is a ________.

A modern marketing system relies on profitable relationships, including the relationship sellers have with buyers, competitors and suppliers Considering this, what might Walmart rely on in order to offer low prices?

Mobile marketing is slowly taking off.

Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?

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 getaways throughout winter." -Define the target market at Seagull Terrace.

Frequent flyer programs offered by airlines are an example of a ________.

How might a manufacturer of tents and camping equipment create brand experiences for consumers?

Social media spending by companies is at a maximum today.

Marketing management is interested in serving all customers in every way to remain competitive in today's markets.

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________.

Before the marketing mix is developed, marketers need to understand the wants and needs of customers.