Mktg Lesson 3 Chapter 1 T/F – Flashcards
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61) Marketing is managing profitable customer relationships.
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True
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62) When backed by buying power, wants become needs.
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False
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63) Market offerings include entities such as people, places, information, and ideas.
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True
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64) When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.
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False
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True65) A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.
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False
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66) A market is a segment of potential consumers who share a common need or want.
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True
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67) The process of dividing the market into segments of customers is known as market penetration.
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False
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68) A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
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True
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69) The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.
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True
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70) Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.
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False
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71) Customer-driving companies create products and services that serve only the existing needs of consumers.
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False
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72) Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing.
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True
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73) Product, price, place, and promotion make up the elements of a firm's marketing mix.
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True
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74) Customer relationship management focuses on retaining existing customers but not on acquiring new customers.
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False
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75) Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.
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True
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76) The more loyal a firm's profitable customers, the lower its customer equity.
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False
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77) In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.
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False
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78) Club marketing programs reward customers who buy frequently or in large amounts.
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False
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79) Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
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True
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80) Success at delivering customer value rests on how well a company's entire supply chain performs against competitors' supply chains.
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True
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81) Customer equity is a measure of the past value of a company's customer base.
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False
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82) Barnacles are customers who are potentially profitable but not loyal.
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False
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83) After the Great Recession, marketers have started focusing on value-for-the-money, practicality, and durability in their product offerings and marketing pitches.
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True
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84) Since less than ten percent of smartphone owners use their phones for shopping-related activities, mobile marketing is a slow growing digital marketing platform.
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False
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In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.
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True
