marketing test 1 quizzes

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value co creation
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when marketers allow customers to act as collaborators to create the product or service
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Customer relationship management (CRM)
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a business philosophy and set of strategies and programs. Firms that employ CRM systematically collect information about their customers’ needs and then use that information to target their best customers with the products, services, and special promotions that appear most important to them.
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Firms become value driven by focusing on four activities:
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sharing information with customers and others, balancing their customers’ benefits and costs, building relationships with customers, and taking advantage of new technologies.
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offering loyal customers special promotions
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CRM
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Moving from television broadcast into e-commerce has allowed HSN to achieve _______ excellence.
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locational
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HSN focuses its marketing efforts on busy women older than 35 years old who own their homes. This customer group is HSN’s ________.
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target market
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exchange
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exchange—the trade of things of value between the buyer and the seller so that each is better off as a result. Sellers provide products or services, then communicate and facilitate the delivery of their offering to consumers. Buyers complete the exchange by giving money and information to the seller.
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Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of
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crm
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eff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?
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place
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Which element of the marketing mix is most relevant to the activity “creating value”?
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product
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Both Red Mango and Pinkberry must communicate information about their products and services and then deliver them to their customers. In turn, their customers provide these companies with money and information. This represents the core marketing concept of _______.
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exchange
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The segment a firm pursues with its marketing efforts is its target market.
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target market
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When HSN added event programming to its mix, which two elements of the marketing mix did it affect?
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product and promotion HSN communicated fashion trend information (promotion), which was then tied to its new and existing products.
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By offering new products developed by well-known designers to its existing customers, HSN used which growth strategy?
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product development Offering a new product or service to a firm’s current target market is a product development strategy.
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First-time Spirit Airlines customers sometimes don’t understand its “bare fare” strategy, leading to unpleasant surprises when they check in at the airport. In terms of a SWOT analysis, this is an example of a(n)
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weakness In a SWOT analysis, a weakness is a negative factor internal to the company. Customers’ incomplete understanding of Spirit’s pricing structure is an example of a weakness in its strategy, as explained in the video.
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why do firms position themselves?
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Firms position themselves in an attempt to give potential customers a clear, distinct understanding of the value the firm’s offerings can provide compared to competitive offerings. In this case, Spirit’s value proposition is its ultra-low price.
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market development
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A market development growth strategy involves offering an existing product to a new market, which is what happens when an airline expands into new cities.
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all types of excellence
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operational excellence
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Operational excellence refers to a strategy that emphasizes efficient operations in order to keep costs low. A low-price airline must operate efficiently in order to survive. Price excellence is not one of the sources of sustainable competitive advantage discussed in the text; in fact, low price alone is rarely enough to achieve a sustainable competitive advantage.
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current customers, new customers? diversification, product development
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While some of the new products may attract new markets (which would represent diversification), the initiative described is aimed primarily at developing new products to serve current customers, and so represents a product development strategy.
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DAIIE
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define, analyze, identify, implement, evaluate
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ch 5
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