Question 1

The societal marketing concept holds that ________.

Accepted Answer

The societal marketing concept holds that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. This concept aims to balance consumer satisfaction, company profits, and societal well-being. It focuses on delivering value to customers in a way that also benefits society and considers the environmental and social impact of a company's actions.

Question 2

Sally purchased the newly launched "Jolie" lotion.By attempting to find out if the lotion's perceived performance matches her expectations,Sally was measuring her level of customer ________.

Accepted Answer

Sally's attempt to measure if the lotion's performance matches her expectations indicates that she is evaluating her satisfaction as a customer with the product.

Question 3

Companies can build customer relationships at many levels,depending on the nature of the target market.Hence,a company with few customers and high margins is most likely to seek to develop ________ with key customers.

Accepted Answer

Since the company has few customers but high margins, it is likely that each customer is very valuable to the company. Therefore, the company would want to have a deeper level of relationship with these key customers through full partnerships, in which they can work closely together to optimize value for both parties. Basic or selective relationships may not be enough to fully capture the potential benefits of such partnerships. Categorical partnerships and community relationships may not be the most suitable options given the specific characteristics of the target market.

Question 4

Ellis,a marketing manager at a regional chain restaurant,has decided to create a contest calling for customers to create commercials for the restaurant.Winning entries will be posted on the organization's home page.Ellis' plan is an example of ________ marketing.

Accepted Answer

Consumer-generated marketing involves customers creating and sharing marketing content for a brand or organization. Ellis' plan for customers to create commercials fits this description.

Question 5

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.

Accepted Answer

The societal marketing concept aims to balance consumer wants with the long-term welfare of society. This means considering the impact of marketing on individuals, society, and the environment in the long run. Therefore, option C, long-run welfare is the best choice. Options A and B only consider the short-term impact, while options D and E do not encompass the consumer perspective.

Question 6

Some fast-food restaurants offer tasty and convenient food at affordable prices,but in doing so they contribute to the national obesity epidemic and environmental problems.These fast-food restaurants overlook the ________ concept.

Accepted Answer

Societal marketing is a concept where companies not only focus on meeting the needs and wants of consumers but also taking into account the long-term welfare of society and the environment. Fast-food restaurants that contribute to the national obesity epidemic and environmental problems are not considering the societal marketing concept.

Question 7

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers?

Accepted Answer

Customer-perceived value refers to a customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. It is the key factor in customer satisfaction and building long-term relationships with customers.

Question 8

________ describes a longer channel,stretching from raw materials to components to final products that are carried to final buyers.

Accepted Answer

The supply chain refers to the entire process of delivering a product or service from the supplier to the end customer, including all the intermediaries involved in moving the product or service from production to consumption. This includes raw materials, components, and final products, and all the channels that connect them. Direct marketing, partnership relationship marketing, DSS, and CRM are all related concepts, but they do not describe the entire supply chain.

Question 9

Which of the following terms refers to the customers who make repeat purchases and tell others about their positive experiences with a product or service?

Accepted Answer

Customer evangelists are customers who are so satisfied with a product or service that they not only become repeat customers themselves but also share their positive experiences with others, essentially becoming advocates or evangelists for the product or service.

Question 10

Bill recently bought a BMW M3.Bill had several preconceived notions on the elegance and reliability of the car.After the purchase,he discovered that the car had a lot more attributes than he initially perceived.Hence,it created an emotional relationship with the car resulting in ________.

Accepted Answer

Customer delight refers to a feeling of extreme satisfaction or happiness with a product or service. In this case, Bill's discovery of the car's additional attributes created an emotional attachment to the car, resulting in customer delight. Customer satiety refers to a feeling of satisfaction but not necessarily exceeding expectations, customer equity refers to the value of a customer to a business over their lifetime, customer value refers to the perceived benefits a customer receives in relation to the cost, and customer engagement refers to the level of involvement and interaction a customer has with a brand.

Question 11

Which of the following is an example of consumer-generated marketing?

Accepted Answer

BMW's use of brand-related videos posted on video-sharing Web sites by its customers is an example of consumer-generated marketing as it involves customers sharing their own content related to the brand. The other options provided involve marketing efforts initiated by the company itself.

Question 12

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.

Accepted Answer

The definition provided aligns with the concept of customer relationship management (CRM). Customer lifetime management (A) refers to managing a customer's journey with a company throughout their lifetime. Societal marketing (B) focuses on creating marketing campaigns that benefit society as a whole. Database marketing (D) is a type of marketing that involves using customer data to create targeted marketing campaigns. Sustainable customer management (E) is not a commonly used term in marketing, and does not accurately describe the process outlined in the question.

Question 13

________ marketing is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Accepted Answer

The definition given in the question is of sustainable marketing, which is focused on meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Therefore, the best choice is C, sustainable marketing.

Question 14

Ryan attempts to deliver customer satisfaction every day in his installation business,Audio Expressions.The key to achieving this goal is to match the customer-perceived performance of his product with ________.

Accepted Answer

To achieve customer satisfaction, Ryan needs to meet or exceed the customer's expectations. Therefore, matching the customer-perceived performance of his product with the customer's expectations is the key to achieving customer satisfaction. The other options (A, D, and E) are not directly related to meeting the customer's expectations and are more focused on internal company goals and operations. Customer values may be important, but they are not directly related to matching product performance with customer expectations.

Question 15

Josie 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 existing and latent needs,now and in the future.Josie's firm practices ________ marketing.

Accepted Answer

Customer-driving marketing aims to understand and anticipate customer needs and create products and services to meet those needs, which is exactly what Futuristic Designs Inc. is doing according to the provided scenario. The other options do not fit the description of the company's marketing approach.

Question 16

Nickson released a new range of watches that were titled after the famous mountaineer Adam Wills.These new watches were promoted through claims that the design is a favorite of Adam Wills who used a similar watch designed by Nickson for its high durability and quality on his expeditions.Such a measure to entice customers to buy one's products aims at creating ________.

Accepted Answer

The measure to entice customers to buy Nickson's watches by promoting its high durability and quality and claiming that it is a favorite of the famous mountaineer Adam Wills is an attempt to create customer-perceived value. Customer-perceived value refers to the customer's perception of the benefits derived from a product or service in relation to its cost or price. By highlighting the benefits of the watch and associating it with a famous mountaineer, Nickson is trying to create a perception of high value for its product in the minds of customers.

Question 17

The final step in the marketing process is ________.

Accepted Answer

The final step in the marketing process is to capture value from customers by creating a profitable exchange of goods or services. This involves receiving payment from customers in exchange for the value that they perceive in the product or service being offered. Building relationships and designing strategies are all important components of the overall marketing process, but capturing value is the ultimate goal.

Question 18

You are an assistant marketing director for a firm in a market with many low-margin customers.Which of the following types of relationships would be most profitable for you to develop with these customers?

Accepted Answer

In a market with many low-margin customers, it is important to focus on building basic relationships with these customers. Basic relationships involve providing good customer service, fulfilling the customer's needs and requirements, and maintaining good communication. This type of relationship may not be as involved as a full partnership or categorical partnership, but it is still effective in retaining customers and increasing profits. Selective relationships may not be profitable as they focus on catering to a specific set of customers, while community relationships may not be effective if the goal is to increase profitability.

Question 19

The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________.

Accepted Answer

The Niketown running club is an example of a club marketing program as it is a group or club created specifically for Nike customers to participate in running activities.

Note: While the case could also be made for B) customer-driven marketing event, the fact that it is a recurring program (twice weekly) and organized specifically by Niketown suggests it is more accurately described as a club marketing program.

Question 20

Greater consumer control means that companies must rely more on marketing by ________ rather than marketing by ________.

Accepted Answer

Greater consumer control means that consumers have more power to choose what advertising they consume and when. This means that companies must focus on attraction marketing, where they create engaging content that consumers willingly interact with, rather than interruption marketing, where they interrupt consumers with unwanted advertising. Therefore, marketing by attraction (B) is more effective than marketing by intrusion (A). The other options, socialization (C), producing (D), and inspiration (E), do not accurately describe the shift in marketing caused by greater consumer control.

Quiz 1: Marketing Creating and Capturing Customer Value