Question 1

Which of the following is the set of benefits a company promises to deliver to customers to satisfy their needs?

Accepted Answer

A value proposition is the set of benefits that a company promises to deliver to its customers to satisfy their needs. It is a clear statement that explains why a customer should buy a product or service, and what differentiates it from competitors. The other options are not a set of benefits but rather specific tactics or services a company can offer.

Question 2

The final step in the marketing process is .

Accepted Answer

The final step in the marketing process is capturing value from customers, which involves creating a profitable exchange relationship with customers by offering them products or services that meet their needs and providing them with a superior customer experience. This step is where companies aim to generate revenue and maximize profits by receiving payment and building long-term relationships with their customers.

Question 3

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?

Accepted Answer

Stew Leonard's concern for losing a single customer sale demonstrates his understanding of the concept of customer lifetime value, which refers to the total amount of revenue a customer is likely to generate over the course of their relationship with the business. Losing a customer means losing out on all the potential future sales that they could bring in, thereby reducing the overall lifetime value of the customer to the business.

Question 4

When the economy tightens,customer loyalty and customer retention become for marketers.

Accepted Answer

When the economy tightens, customers become more price-sensitive and may consider switching to cheaper alternatives. Therefore, customer loyalty and customer retention become more important for marketers to retain their existing customers and maintain their revenue.

Question 5

Refer to the scenario below to answer the following questions.
Carol Veldt,owner of Seagull Terrace,watched her investment grow from a small,seaside motel to a thriving year- round resort in just a few years.Atop a bluff overlooking the Maine coast,Seagull Terrace had attracted thousands of visits during the summer months,but then faced a tremendous downturn in business during the winter months."But,given the industry in the nearby towns,very little year- round competition,and our close proximity to Portland," Carol added,"I couldn't understand why seasonality had to hit Seagull Terrace so hard!"
So Carol spent her first winter devising a new marketing plan.She put together a promotional package designed to attract business travelers year- round.Carol's plan,then,involved a seasonal promotional gimmick-to be implemented from early winter to late spring-that would attract the same numbers as the large summer crowd.Her idea worked! During her second winter,Carol greeted numerous business travelers-both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals.
"We still have a long way to go," Carol admitted."Our delicatessen offers delicious entrees,but we'd like to expand that.
We provide health club privileges off- site,but we'd like to eventually provide our own.These are goals I hope to achieve in a few years.Our first project,however,included a renovation of our guest rooms and I'm quite proud of the results." Carol then added,"Actually there are so many possibilities.With an indoor pool area,I will eventually offer weekend get- aways throughout winter."
-Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their most desired amenities and vacation experiences.By implementing the suggestions she receives from guests,Carol would be following the concept.

Accepted Answer

Carol is asking for feedback on guest experience and desired amenities in order to improve her marketing strategy and better meet the needs of her target audience. This falls under the concept of marketing.

Question 6

Partner relationship management focuses on working with to bring more value to customers.

Accepted Answer

Partner relationship management involves building and nurturing strong relationships with partners both inside and outside of the company. This includes suppliers, distributors, and other organizations that contribute to delivering value to customers. Competitors, interest groups, and consumers are not typically considered partners in this context.

Question 7

Which of the following is currently the fastest- growing form of marketing?

Accepted Answer

Online marketing is currently the fastest-growing form of marketing due to the increasing use of the internet and social media among consumers. E-commerce and digital advertising have become essential for businesses to reach their target audience and increase their sales.

Question 8

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.

Accepted Answer

Marie’s firm practices customer-driving marketing, which involves understanding and anticipating customer needs better than the customers themselves and creating products and services to meet those needs.

Question 9

A church targeting different demographic groups to increase attendance is an example of .

Accepted Answer

The answer of A church targeting different demographic groups to...

Question 10

A(n)is some combination of products,services,information,or experiences offered to consumers to satisfy a need or want.

Accepted Answer

A market offering refers to any combination of products, services, information or experiences offered to a market to satisfy a need or want. It is the total bundle of satisfaction that the customer receives when they purchase a product or service. A value proposition and need proposition are specific types of market offerings. An evoked set refers to the group of brands that a consumer considers when making a purchasing decision. Demand satisfaction is the result of a consumer's need or want being satisfied by a market offering.

Question 11

Which marketing orientation calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales?

Accepted Answer

The selling concept calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales. It assumes that consumers typically show buying inertia or resistance and must be coaxed into buying. The goal is to sell what the company makes rather than making what the customer wants, and profits are made through high sales volume rather than high profit margins.

Question 12

is one of the best ways to increase share of customer.

Accepted Answer

Cross-selling is one of the best ways to increase share of customer by offering additional products or services that complement the ones the customer has already purchased. It allows companies to generate more revenue from their existing customer base and build stronger relationships with them. Divesting, using bait and switch, and targeting new customers are not necessarily effective ways to increase share of customer, while partnership marketing may have its own benefits but it is not the best answer for this question.

Question 13

Which of the following statements about the Internet is most accurate?

Accepted Answer

The statement that the Internet makes it easy for consumers to view, interact with, and create marketing content is the most accurate. This statement reflects the trend of Web 2.0 and user-generated content, where consumers are empowered to create and share content on the Internet. The other statements are either inaccurate or too broad to be considered the most accurate.

Question 14

Railroads were once operated based on the thinking that users wanted trains rather than transportation,overlooking the challenge of other modes of transportation.This reflects the concept.

Accepted Answer

The concept of selling and production focus on solely selling products or producing products without considering customer needs and wants. Societal marketing focuses on promoting products that benefit society and the environment, while marketing focuses on understanding and satisfying customer needs and wants. The given statement reflects the concept of product, where the company only focuses on providing trains rather than fulfilling the transportation needs and wants of the customers.

Question 15

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.Which type of customers have the highest profit potential and strong loyalty?

Accepted Answer

True friends are customers who have both high profitability and strong loyalty. They are the most valuable type of customers to a business as they generate significant profits and are likely to continue doing business with the company in the long term.

Question 16

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months.Greg's want now has become a(n).

Accepted Answer

Greg's want for the computer system has become a demand because he now has the buying power to purchase it. A demand refers to a want for a good or service backed by the ability and willingness to pay for it.

Question 17

Which of the following is a true statement about the Great Recession that began in 2008?

Accepted Answer

During the Great Recession, consumers adjusted their spending to better align with their incomes due to economic uncertainty and financial constraints.

Question 18

Which marketing orientation holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Accepted Answer

The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. This approach focuses on creating customer value and building strong customer relationships by identifying and satisfying customer needs.

Question 19

According to the authors of your text,the concept is a "sense and respond" philosophy rather than a "make and sell" philosophy.

Accepted Answer

The concept being referred to is the marketing concept, which focuses on understanding and satisfying the needs and wants of customers through a "sense and respond" philosophy. This is in contrast to the production concept, which focuses on maximizing production efficiency, or the retailing concept, which focuses on aggressive selling and advertising. The product concept focuses on creating high-quality products, while societal marketing focuses on balancing customer needs with societal and environmental needs.

Question 20

Which of the following reflects the marketing concept philosophy?

Accepted Answer

The marketing concept philosophy is oriented towards satisfying customers' needs and wants, so having a "customer department" instead of a marketing department reflects this approach. Option D also comes close, but it focuses more on the company's product quality instead of the customers' needs. Options B and C prioritize profits over customers, which is not aligned with the marketing concept philosophy. Option E concentrates on a better deal instead of customer needs.

Quiz 1: Marketing: Creating and Capturing Customer Value