MGMT 3850 Ch. 8 – Flashcards
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________ is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning and retaining loyal customers.
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Marketing
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For an entrepreneur, a business plan:
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contains both a marketing plan and a financial plan
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The focus of a small company's marketing plan should be on:
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the customer
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Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as:
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guerilla marketing strategies
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Guerilla marketing is a marketing approach that takes an unconventional, low-cost and creative approach to marketing that can give ________ a competitive edge over ________ competitors.
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small companies; larger
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Which of the following is not one of the objectives a guerrilla marketing plan should accomplish?
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determine how the company will be able to serve all customers
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The specific group of customers at whom a company aims its good or services is referred to as a:
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target market
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Successful marketing requires a business owner to:
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understand target customers' needs, demands, and wants
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The foundation of every business is:
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satisfying the customer through a customer driven marketing strategy
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One of the greatest marketing mistakes small businesses make is:
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failing to identify the target market
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Studies of shifting patterns in age, income, education, race, and other population characteristics are the subject of:
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demographics
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Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.
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demographic
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A common mistake entrepreneurs make is:
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assuming that a market exists for their product or service
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Entrepreneurs can find the right match based on trends, their products or services, and the appropriate target markets through:
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market research
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Your friend has decided to conduct market research to assist in making informed decisions for his small business. What should you recommend as the first step in the market research process?
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define the objective
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An individualized (one-to-one) marketing campaign requires business owners to:
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A) collect information on their customers, linking their identities to their transactions. B) calculate the long-term value of their customers so they know which ones are most desirable and most profitable. C) practice "just-in-time marketing" by knowing what their customers' buying cycle is and time their marketing efforts to coincide with it
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Which of the following is not a secondary source of market research data?
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focus groups
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A process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customers' behavior is know as:
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data mining
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One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is:
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by building a community with customers and connecting with them on an emotional level
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Which of the following guerrilla marketing tactic(s) allow a small company to utilize relationship marketing successfully?
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A) Keep in close contact with customers with "thank yous" and other personal communication techniques. B) Organize and sponsor a service- or community-oriented project. C) Launch a loyalty or frequent buyer program .
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The marketing approach that is most effective today for a small business is:
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niche marketing
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A combination of news covered by the media that boosts sales without having to pay is best described by the term:
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public relations
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A marketing concept designed to draw customers into a store by creating a kaleidoscope of sights, sounds, smells, and activities, all designed to entertain-and of course, sell, is:
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entertailing
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Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting:
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relationships
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A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as:
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the unique selling proposition
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The unique selling proposition (USP) focuses on:
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a unique customer benefit that answers the question: What's it in for me?
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A ________ is a company's "face" in the marketplace and communicates a key message to the target market.
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brand
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________ is the process of communicating a company's unique selling proposition to its target customers in a consistent and integrated manner.
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branding
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Examples of ________ include a presence on Facebook, LinkedIn and Twitter.
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social media marketing
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________ can be an effective part of a guerrilla marketing strategy, enabling an entrepreneur to economically communicate with large numbers of customers.
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blogging
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An effective approach to creating effective online videos is to take an ________ approach to present information in an entertaining way.
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edutainment
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Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.
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17
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How can a company achieve stellar customer service and satisfaction?
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A) Listen to customers and define superior service. B) Set standards and measure performance. C) Hire the right employees and treat them with respect.
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The majority of customers who stop patronizing a particular store do so because:
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an indifferent employee treated them poorly
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A recent survey reports that ________ percent of customers say that they will return to a business after a negative customer service experience if the company offers an apology, a discount, or proof that its customer service will improve
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92
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In your training program, you stress to all new employees the importance of customer satisfaction, citing the fact that ________ of the average company's sales come from present customers.
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a majority
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Companies with a customer focus typically ask their customers all but which of the following questions?
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What have our competitors done wrong?
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The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer, with a focus on continuous improvement in the quality delivered to customers is.
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total quality management
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The process of systematically creating the optimum experience for customers every time they interact with the company is:
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customer experience management
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Which of the following is not a suggestion of a means of focusing on the customer?
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seeing the customer's point of view
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Which of the following is a way to improve customer service?
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A) Encourage customers to complain. B) Ask employees for feedback on improving customer service. C) Develop a service theme that communicates the importance of customer service in the company.
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The total quality management (TQM) concept:
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strives to achieve quality not just in the product or service itself, but in every aspect of the business and its relationship with the customer.
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Companies with strong reputations for quality follow certain guidelines, such as:
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establishing long-term relationships with suppliers.
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________ pay the bills: without them, you have no business.
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customers
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Location, delivery services, effective use of easy-to-use technology and multiple communication options are examples of:
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convenience
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A marketing strategy that relies on three principles to speed products to market, shorten customer response times in manufacturing, and deliver and reduce the administrative time required to fill an order is:
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time compression management
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________ is the key to future success and small companies can detect and act on new opportunities faster than large companies.
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innovation
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What can a company do to achieve stellar customer service and satisfaction?
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A) Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools. B) Define what "superior service" means so that customers and employees know exactly what to expect and what to provide. C) Hire friendly, courteous sales and service representatives.
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The key ingredient in the superior customer service equation is:
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friendly, courteous, well-trained people delivering customer service.
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Time compression management (TCM) involves:
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A) speeding new products to market. B) reducing the administrative time required to fill an order. C) shortening customer response time in manufacturing and delivery.
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Which of the following is not a suggestion for using time compression management (TCM) to turn speed into a competitive advantage?
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Pay workers more if they do their jobs the same way- only faster.
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To attract potential customers, a ________ can serve multiple business purposes, including keeping customers updated on new products, enhancing customer service, and promoting the company.
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blog
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The Internet offers entrepreneurs tools to provide existing and potential customers with meaningful information:
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in an interactive rather than passive setting
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In addition to treating employees with respect, smart entrepreneurs see customer service as an investment that builds long-term value for their companies through:
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A) listening to customers and providing superior service. B) setting standards and measuring performance. C) examining the company's service cycle and empowering employees. D) All the above build long-term customer service value.
