Chapter 1 Marketing (P2) – Flashcards

31) Customer-driven marketing usually works well when ________ and when customers ________. A) a clear need exists; are difficult to identify B) customers know what they want; are loyal to the brand C) a firm can deliver the goods desired; are thoroughly researched D) a clear need exists; know what they want E) a need exists; don't know what they want

32) Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing. A) customer-driven B) customer-driving C) relationship D) societal E) social

33) When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. A) customer-driven B) customer-driving C) societal D) production E) product

34) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. A) short-run costs and profits B) short-run ethics C) long-run welfare D) immediate health E) value propositions

35) Which marketing orientation holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being? A) marketing concept B) selling concept C) product concept D) societal marketing concept E) equity concept

36) The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________. A) human welfare B) want satisfaction C) company profits D) short-run wants E) long-term needs

37) The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing effort

38) Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________. A) customer lifetime value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing

39) Of the following, which is the most important concept of modern marketing? A) customer relationship management B) e-mail advertising C) mass marketing D) properly trained sales people E) low prices

40) You have just taken a new position in an organization and you're learning about the job functions of your new colleagues. You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships. Your marketing manager frequently speaks about the need to acquire, keep, and grow customers. Your manager is concerned with which one of the following? A) customer divestment B) customer-managed relationships C) the societal marketing concept D) partner relationship management E) customer relationship management

41) Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers. A) personal assessment B) rational expectations C) accurate assessment D) objective evaluation E) emotional understanding

42) It is most accurate to say that customers buy from stores and firms that offer which of the following? A) the highest value for the dollar B) the highest customer-perceived value C) the highest level of customer satisfaction D) the most attractive company image E) the most concern for society's interests

43) The key to delivering customer satisfaction is to match ________ with ________. A) company performance; the competition's performance B) company performance; competitive prices C) relationship building; performance tools D) company performance; unique products E) customer expectations; product performance B

44) Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service? A) barnacles B) customer evangelists C) butterflies D) full partners E) social customers

45) Which of the following strategies would a company most likely use to increase customer satisfaction? A) decreasing the variety of offered services B) divesting C) lowering prices D) "firing" unprofitable customers E) limiting customer experiences with a brand

46) You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would be most profitable for you to develop with these customers? A) full partnerships B) basic relationships C) basic partnerships D) club programs E) selective relationships

47) A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________. A) frequency marketing program B) basic customer relationship C) club marketing program D) partner relationship management technique E) structural benefit

48) Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising. Pete knows that today few successful firms still practice true ________. A) club marketing B) frequency marketing C) mass marketing D) customer satisfaction E) market segmentation

49) Which of the following has NOT contributed to the deeper, more interactive nature of today's customer relationships? A) e-mail B) Web sites C) online social networks D) traditional advertising E) video sharing

50) Which of the following best explains why consumers have greater power and control in today's marketplace? A) The production concept and competition have lowered prices. B) Implementation of the product concept has resulted in continually improving products. C) Customer-driven marketing creates products and services that meet customers' future needs. D) More companies are implementing societal marketing and weighing long-term costs and benefits. E) Through new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers.

51) The marketing world is embracing ________ because consumers can wield greater power and control in the marketplace through communication technologies. A) partner relationship management B) supply chain management C) customer-managed relationships D) market segmentation E) target marketing

52) Greater consumer control means that companies must rely more on marketing by ________ than by ________. A) interruption; involvement B) attraction; intrusion C) socialization; information D) producing; selling E) inspiration; competition

53) Which of the following is an example of consumer-generated marketing? A) Toyota's presence in online communities B) Nike's Nike Plus running Web site C) MasterCard's use of "Priceless" commercials shot by customers D) Neiman Marcus's InCircle Rewards program for its best customers E) The Lexus Covenant aimed at creating customer delight

54) Partner relationship management focuses on working with ________ to bring more value to customers. A) partners inside and outside of the company B) competitors C) consumers D) interest groups E) partners outside of the company only

55) In today's world, marketing should be done by ________ employees in an organization. A) only marketing B) only marketing, sales, and customer-support C) only sales and technology D) only management and marketing E) all

56) Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials to components to final products that are delivered to final buyers. A) supply chain management B) direct marketing C) partnership relationship marketing D) customized marketing E) equity marketing

57) Suzie Chan strengthens her company's connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? A) outside partnering B) inside partnering C) marketing D) supply chain E) customer development

58) The final step in the marketing process is ________. A) capturing value from customers B) creating customer loyalty C) creating customer lifetime value D) understanding the marketplace E) designing a customer-driven marketing strategy

59) Stew Leonard, the owner of a highly successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if she remains in the area. Stew Leonard's concern is an illustration of which of the following? A) share of customer B) market share C) partner relationship management D) customer lifetime value E) market share maintenance

60) When an airline goes after a "share of travel" from its customers, it is attempting to increase ________. A) partner equity B) share of customer C) profit margins D) customer-managed relationships E) customer ownership