Question 1

Customer relationship management refers to the

Accepted Answer

Customer relationship management (CRM) involves identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings to encourage buyers to choose them in the marketplace.

Question 2

The internal response that customers have to all aspects of an organization and its offerings is referred to as

Accepted Answer

Customer experience refers to the internal response that customers have to all aspects of an organization and its offerings.

Question 3

With respect to the history of American business, today's firms operate in the ________ era as they must continuously seek to satisfy the high expectations of customers.

Accepted Answer

Today's firms operate in the customer relationship era, where the focus is on building long-term relationships with customers and continuously meeting their high expectations.

Question 4

Today, the standards of marketing practice have shifted from the interests of producers to the interests of

Accepted Answer

The shift in marketing practice standards has increasingly focused on consumer interests, emphasizing customer satisfaction and engagement.

Question 5

All of the following are aspects of Trader Joe's customer experience except which?

Accepted Answer

Trader Joe's is known for its unique product offerings, low prices, and excellent customer service, but it does not have a large and expensive research and development facility.

Question 6

Social responsibility is the

Accepted Answer

The answer of Social responsibility is the
...

Question 7

Customer experience refers to

Accepted Answer

Customer experience is the internal response that customers have to all aspects of an organization and its offerings, encompassing their perceptions and feelings.

Question 8

Some companies have very restrictive return policies, often only accepting returns for store credit or even not accepting them at all. Though these policies have a positive effect on sales figures, some customers end up frustrated because they have legitimate reasons they wish to return merchandise. Very restrictive return policies are likely a violation of

Accepted Answer

Very restrictive return policies violate the marketing concept, which emphasizes satisfying customer needs and building long-term relationships.

Question 9

The United Way of Greater Toronto (UWGT), like many charities, was sitting on a gold mine of donor data. Unfortunately, UWGT was not certain how to use that information to its greatest advantage. UWGT could blanket past donors with generic mailings, but it could not offer donors information that would convince them to donate to UWGT over other charities. Which tool would be most useful for the nonprofit organization to use?

Accepted Answer

Customer relationship management (CRM) would be most useful as it helps organizations manage and analyze donor interactions and data, allowing them to tailor communications and improve donor engagement and retention.

Question 10

Figure 1-5
- In Figure 1-5 above, "B" represents which era in U.S. business history?

Accepted Answer

The answer of  Figure 1-5
- In Figure 1-5 above,...

Question 11

Figure 1-5 
-In Figure 1-5 above, "C" represents which era in U.S. business history?

Accepted Answer

The "C" in U.S. business history typically represents the marketing concept era, which focuses on satisfying customer needs and wants while meeting organizational goals.

Question 12

An organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value is said to have a

Accepted Answer

A market orientation involves gathering customer information, sharing it across departments, and using it to enhance customer value.

Question 13

In 1952, General Electric's annual report stated, "The concept introduces...marketing...at the beginning rather than the end of the production cycle and integrates marketing into each phase of the business." This is a brief statement of what has come to be known as the

Accepted Answer

The statement describes the marketing concept, which emphasizes integrating marketing into every phase of the business and focusing on customer needs from the start of the production cycle.

Question 14

Figure 1-5
-In Figure 1-5 above, "D" represents which era in U.S. business history?

Accepted Answer

The answer of  Figure 1-5
-In Figure 1-5 above, "D"...

Question 15

Trader Joe's is consistently ranked as one of America's favorite supermarket chains for its outstanding ________, including personal attention from employees in the store.

Accepted Answer

Trader Joe's is known for its exceptional customer experience, which includes personal attention from employees, making it a favorite among shoppers.

Question 16

On what does an organization with a market orientation focus?

Accepted Answer

The answer of On what does an organization with a...

Question 17

Figure 1-5
-In Figure 1-5 above, "A" represents which era in U.S. business history?

Accepted Answer

The "A" in Figure 1-5 represents the production era, which is characterized by a focus on manufacturing and efficiency, prevalent in the early 20th century.

Question 18

Firms such as Southwest Airlines, Marriott, and Facebook have achieved great success by putting a huge effort into implementing the marketing concept, giving their firms a ________ orientation.

Accepted Answer

These firms have achieved success by focusing on understanding and meeting the needs and wants of their customers, which is the essence of a market orientation.

Question 19

The idea that individuals and organizations are accountable to a larger society is known as

Accepted Answer

Social responsibility refers to the obligation of individuals and organizations to act in ways that benefit society at large, beyond their own interests.

Question 20

Which term best describes the marketing concept?

Accepted Answer

The marketing concept is primarily consumer-oriented, focusing on satisfying the needs and wants of customers as the path to achieving business goals.

Quiz 1: Creating Customer Relationships and Value Through Marketing