MGMT 340: CH 5 – Flashcards
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________ pay the bills: without them, you have no business.
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Customers
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Research shows that repeat customers spend ________ percent more than new customers.
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67
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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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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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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 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 (USP)
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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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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 (CEM)
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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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Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as ________.
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Bootstrap marketing strategies
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Which of the following statements concerning marketing research is false?
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Small companies are at a distinct disadvantage compared to larger ones when conducting market research since it is so expensive.
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What can a company do to achieve stellar customer service and satisfaction?
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All of these
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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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Examples of ________ include a presence on Facebook, LinkedIn and Twitter.
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Social media marketing
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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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Which of the following was not identified as one of the bootstrap marketing principles in your text?
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Strive to be like everyone else so that your company "fits in."
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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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A common mistake entrepreneurs make is ________.
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assuming that a market exists for their product or service
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Successful marketing requires a business owner to ________.
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All of these
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Which of the following statements concerning a company's target market is false?
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A "shotgun approach" to marketing (trying to appeal to everyone rather than to only a small market segment) is the most effective way to compete with large companies and their bigger marketing budgets.
