Deck 11: Marketing: Building Profitable Customer Connections

Question 1

Which of the following marketing strategies can be best employed for attracting tourists?

A)Place marketing
B)Idea marketing
C)Green marketing
D)People marketing

Answer 1

A

Question 2

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.

A)Customer relationship management
B)Customer satisfaction
C)Customer segmentation
D)Customer observation

Answer 2

A

Question 3

Consumer marketers direct their efforts to customers who are buying products to use either directly or indirectly to produce other products.

Answer 3

False

Question 4

_____ is based on a customer's perception that a product has a better relationship between the cost and the benefits than its competitors.

A)Price
B)Satisfaction
C)Value
D)Loyalty

Question 5

The _____ is a philosophy that makes customer satisfaction the central focus of an entire organization.

A)marketing concept
B)perceived value
C)customer relationship management
D)market segmentation

Question 6

Escribo Marketing LLC holds annual blood donation camps and conducts other similar charitable events in educational institutions. This is an example of people marketing.

Question 7

The marketing concept holds that delivering unmatched value to customers is the only effective way to achieve long-term profitability.

Question 8

Lawrence recently bought a brand new '69 Mustang, but he is not completely satisfied with it. He wished he had bought something that made a bigger impression on his colleagues at his posh Wall Street office. Lawrence's friend Howard, on the other hand, bought a Porsche 911 and is extremely happy with it. Howard becomes even more proud of his purchase when his friends compliment his car. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this car?

A)Residual value of the car
B)Actual value of the car
C)Perceived value of the car
D)Salvage value of the car

Question 9

A major disadvantage of primary data is that it is usually outdated even before a marketer receives it.

Question 10

In the context of customer satisfaction, which of the following happens when a marketer falls into the trap of underpromising?

A)A product's price reduces extensively
B)Competitors begin to manufacture a similar product
C)Less customers try a product
D)A product loses importance

Question 11

People marketing involves drawing people to a particular place.

Question 12

Developing specific programs to help customers validate their purchase choices is one way marketers attempt to avoid cognitive dissonance.

Question 13

While driving to work, Noel hears an advertisement on the radio about the annual blood donation camp organized by the American Red Cross. The American Red Cross emphasizes the importance of blood donation for the donor and recipient. This is an example of _____ marketing.

A)place
B)person
C)idea
D)event

Question 14

When it comes to creating customer satisfaction, perceived value is just as important as actual value.

Question 15

Through the use of technology, marketers can lower costs and deliver greater value to their constomers.

Question 16

Marketers should only concentrate on creating the actual value of a product.

Question 17

Businesses use customer relationship management (CRM)techniques to deliver value to customers while promoting customer loyalty.

Question 18

Walt owns a local chain of auto repair shops in Northern Rottawa.He goes the extra mile in pleasing his customers by providing comfortable and attractive waiting rooms, friendly service, and an exceptional warranty on all repair work. Which of the following philosophies has Walt employed to make all his customers highly satisfied?

A)Socially responsible marketing
B)Marketing mix
C)Customer relationship management
D)Marketing concept

Question 19

Which of the following is the scope of relationship of marketers who actively gather data and pursue a connection with customers who initiate contact.

A)Partial partnership
B)Limited relationship
C)Full partnership
D)Valued relationship

Question 20

In the context of customer relationship management (CRM), a firm selling a high-ticket product to a small customer base is most likely to:

A)pursue a full partnership with each of its key clients.
B)develop a limited relationship with its customers.
C)implement a soft-sell approach.
D)exclude its customers from the key aspects of the product development process.

Question 21

Which of the following can be achieved by marketers by acquiring customer loyalty?

A)Increased actual value of products
B)Ability to function without feedback
C)Automatic market segmentation
D)Acquisition of new customers

Question 22

Analysis of market share is a key to understanding a firm's:

A)social and cultural environment.
B)technological environment.
C)demographic strengths.
D)competitive environment.

Question 23

Which of the following is a difference between demographic segmentation and geographic segmentation?

A)Demographic segmentation refers to dividing the market based on how people behave toward various products, whereas geographic segmentation refers to dividing the market based on consumer attitudes, interests, values, and lifestyles.
B)Demographic segmentation refers to dividing the market based on measurable characteristics about people, whereas geographic segmentation refers to dividing the market based on where consumers live.
C)Demographic segmentation refers to dividing the market based on where consumers live, whereas geographic segmentation refers to dividing the market based on how people behave toward various products.
D)Demographic segmentation refers to dividing the market based on consumer attitudes, interests, values, and lifestyles, whereas geographic segmentation refers to dividing the market based on measurable characteristics about people.

Question 24

Which of the following best describes marketing mix?

A)It is the blend of marketing strategies for product, price, distribution, and promotion.
B)It is the process of continually collecting information from the external marketing environment.
C)It is the marketing objectives and the specific strategies for achieving those objectives.
D)It is the process of dividing potential customers into groups of similar people, or segments.

Question 25

Jim works in the marketing department of a smartphone manufacturing firm. He is currently working on new package design ideas for the company's latest range of smartphones. In the context of the company's marketing mix,Jim's ideas contribute to the _____.

A)pricing strategy
B)distributionstrategy
C)productstrategy
D)promotionstrategy

Question 26

Neon Bolt is an energy drink manufacturer. The marketing strategies of Neon Bolt are focused on males in the age group of 16-25 years who enjoy sports and other outdoor activities. The company advertises its product at skateboard parks, basketball venues, and ski resorts. The customer group that Neon Bolt focuses on is called its _____.

A)marketing mix
B)target market
C)niche market
D)market share

Question 27

Chris is developing an innovative picture book for kids. He believes that it will be something every grandparent in the world will want to buy for his or her grandchild.Creating an innovative book does not necessarily mean that the book will be successful. In order to make his book a success, which of the following will Chris need to consider first and foremost?

A)Chris needs to consider if there are enough people in the target group to support the business.
B)Chris should look for a market that sells similar products and compete against them.
C)Chris should look for a target group that is ready to pay large sums of money to cover the costs of marketing and production.
D)Chris should look for target groups in any part of the world without considering the distance.

Question 28

_____ is the process of continually collecting information from the external marketing surroundings.

A)Globalized marketing
B)Target marketing
C)Environmental scanning
D)Market segmentation

Question 29

Which of the following scenarios exemplifies green marketing?

A)Janet sells homemade pickles and jams.
B)Claire sells solar-powered watches.
C)Sam volunteers at a local self-help group.
D)Christine gives money to a nonprofit organization.

Question 30

Granite Inc.is areputablecompany that has contributed a lot toward the social welfare of the public.Granite has improved working conditions in its overseas factories and has cut its waste emissions by half. To highlight these achievements, the company can publish a(n):

A)green marketing audit report.
B)corporate responsibility report.
C)annual financial report.
D)market research report.

Question 31

Which of the following is one of the characteristics of awell-chosen target market?

A)Good accessibility
B)Limited size
C)Nonprofit motive
D)Intense competition

Question 32

Horizon Inc., an automobile designer and developer, conducted a survey and built cars that suit the needs of its customers. Its newly designed cars let customers choose the color of the interiors. The company also designed touchscreens to control the entertainment, navigation, and climate in the vehicle, instead of knobs or buttons. Which of the following concepts is being illustrated in this scenario?

A)Green marketing
B)Place marketing
C)Mass customization
D)Form utility

Question 33

Clyde wants to open a new store in his neighborhood but needs to first collect relevant data.A cost-effective way to start his research is by:

A)relying exclusively on primary data collection because it can be customized to ensure relevance.
B)collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations.
C)relying solely on secondary data, even if it is insufficient. This allows the firm to free up both time and financial resources for the design and development of the actual store.
D)collecting primary data. Then, once the primary data is collected, use secondary sources to refine and verify the results.

Question 34

In an effort to expand its business, music retailer MovNow offers DVD rentals online. In order to spot trends in consumer interest, MovNow has decided to evaluate the data of the hyperlinks that customers click on when they visit its website. This is an example of how a company can obtain _____ data.

A)secondary
B)foreign
C)integrated
D)primary

Question 35

Which of the following is a drawback of primary data?

A)It is frequently outdated.
B)It cannot be customized to meet your needs.
C)It tends to be more expensive than secondary data.
D)It is available to a marketer's competitors.

Question 36

_____ demands that marketers actively contribute to the needs of the broader community.

A)Social responsibility
B)Ethical consumerism
C)Corporate sustainability
D)Shareholder primacy

Question 37

Demographic segmentation divides the market:

A)based on measurable characteristics aboutpeople.
B)based on where consumers live.
C)based on the behavior of people toward certain products.
D)based on people's attitudes and lifestyles.

Question 38

Peter is starting a new business. He has to develop a marketing strategy by identifying similar characteristics, attributes, and behaviors of the target market, and then group the customers according to these characteristics, attributes, and behaviors. The term used to describe Peter's strategy is:

A)market sharing.
B)customer relationship management.
C)cognitive dissonance.
D)market segmentation.

Question 39

Mauve Inc.purchased a global data collection and management system that will provide it with detailed information about each of its customers. This would allow Mauve Inc.to create:

A)products tailored for individual consumers on a mass basis.
B)a one-to-many relationship with its customers.
C)a generic product that would suit all its customers.
D)technology that increases costs for products of greater value.

Question 40

_____ refers to the development and promotion of products with ecological benefits.

A)Mass customization
B)Environmental scanning
C)Social marketing
D)Green marketing

Question 41

What is market research? Define and describe how companies use market research to make better marketing decisions.

Question 42

Customer relationship management (CRM)works bestwhen marketers combinemarketing communicationwith _________.

A)mass customization
B)psychographicmarket segmentation
C)one-on-one personalization
D)business-to-consumer marketing

Question 43

Define consumer market segmentation and describe the four types of segments.

Question 44

Define and describe the differences between the customer behavior of consumer buyers and that of business buyers.

Question 45

In the context of the evolution of marketing, explain the marketing era.

Question 46

Idea marketing is often combined with _________ marketing to market ideas that are meant to change how people think or act.

A)people
B)place
C)event
D)relationship

Question 47

The type of marketing where public and private organizations market thoughts that are meant to change how people think or act is known as _________ marketing.

A)people
B)place
C)event
D)idea

Question 48

Andrew has spent a lot of time gathering information about his top two clients and has decided to make them participate in his latest product development project. Andrew is trying to establish a _________ with his clients.

A)full partnership
B)distinct relationship
C)partial partnership
D)limited relationship

Question 49

In the context of business market segmentation, _________ refers to dividing the market based on the concentration of customers.

A)geography-based segmentation
B)customer-based segmentation
C)behavior-based segmentation
D)product-use-based segmentation

Question 50

Differentiate customer satisfaction from customer loyalty. List and describe the two most common pitfalls marketers fall into when trying to achieve customer satisfaction.