Question 1

_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.
A)Opportunity cost
B)Marketing utility
C)Market quality
D)Satisfaction percentage
E)Customer value

Accepted Answer

This is the definition of customer value.

Question 2

Ninety-six percent of USAA home insurance policy holders report that USAA representatives meet their commitment in calling back customers quickly about claims.The most likely result of USAA's efforts is:
A)management empowerment.
B)retailer-customer synergy.
C)customer satisfaction.
D)transactional marketing.
E)disintermediation.

Accepted Answer

When customer expectations regarding product quality,service quality,and value-based price are met or exceeded,customer satisfaction is created.

Question 3

Which of the following statements about a typical sales-oriented business is TRUE?
A)The company develops its products to meet the needs of specific groups of people.
B)The primary goal of the company is profit through customer satisfaction.
C)The company invests the majority of its resources in promoting its products and services.
D)The company is in business to satisfy customer wants and needs and deliver superior value.
E)All of these statements about a typical sales-oriented business are true.

Accepted Answer

Sales-oriented firms focus on selling what the organization makes rather than making what the market wants.

Question 4

The U.S.Postal Service (USPS)argues that its express service is comparable to what is offered by FedEx and that its prices are much lower.Yet,FedEx dominates with more than a 45 percent share of the express-delivery market.Which of the following statements describes this situation?
A)The USPS is perceived as offering greater customer value.
B)FedEx is perceived as offering greater customer value.
C)FedEx and the USPS offer the same customer value.
D)Customer value is not an issue in deciding which express-delivery service to use.
E)The USPS should lower its prices even further to increase market share.

Accepted Answer

Customer value is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.

Question 5

Marketers interested in offering customer value can:
A)offer products that perform.
B)give the consumer facts.
C)offer organization-wide commitment to service and after-the-sale support.
D)avoid unrealistic pricing.
E)do all of these.

Accepted Answer

Marketers interested in offering customer value should do all of these options to provide a comprehensive approach to satisfying customer needs and expectations. Offering products that perform and giving the consumer facts are important in building trust and ensuring that the product meets their needs. Providing organization-wide commitment to service and after-the-sale support shows that the company is willing to stand by their product and provide additional value to customers. Avoiding unrealistic pricing ensures that customers feel they are receiving a fair deal and are not being taken advantage of.

Question 6

Nordstrom department store emphasizes _____ by accepting returns on items not purchased there.
A)management empowerment
B)management-customer synergy
C)customer satisfaction
D)transactional marketing
E)direct selling

Accepted Answer

When customer expectations regarding product quality,service quality,and value-based price are met or exceeded,customer satisfaction is created.

Question 7

Networkcar.com sells a plug-in device that connects to computer diagnostic ports that are standard on cars.The device beams signals to dealers who can remotely diagnose or spot trouble,allowing car dealerships to maintain a closer bond with their customers by offering maintenance before a problem leaves customers with an inoperable or possibly dangerous car.With the device,dealers can better engage in:
A)management empowerment
B)management-customer synergy
C)relationship marketing
D)transactional marketing
E)direct selling

Accepted Answer

Relationship marketing is a strategy that entails forging long-term partnerships with customers.

Question 8

Market-oriented firms primarily focus their efforts upon:
A)improving the technological skills and competitive advantages of the firm
B)satisfying the organization's needs for low overhead
C)achieving the company's societal responsibilities inexpensively
D)distributing goods and services
E)satisfying the wants and needs of their customers

Accepted Answer

Market-oriented firms are focused outward toward their customers.

Question 9

_____ gives customers the feeling their concerns are being addressed and at the same time gives employees the feeling their expertise matters to management.
A)Management-employee synergy
B)Organizational entropy
C)Managerial reciprocity
D)Empowerment
E)Delegation

Accepted Answer

Empowerment is the delegation of authority to solve customers' problems quickly,usually by the first person the customer notifies regarding a problem.

Question 10

_____ is a strategy that focuses on keeping and improving relationships with current customers.
A)Commitment selling
B)Relationship marketing
C)Transactional marketing
D)Market engineering
E)Organization-customer synergy

Accepted Answer

This is the definition of relationship marketing.

Question 11

Frequent-flyer programs are an example of financial incentives to customers in exchange for their continuing patronage.After flying a certain number of miles or flying a specified number of times,the frequent-flyer program participant earns a free flight or some other award such as free lodging.Airlines that use frequent-flyer programs are practicing:
A)commitment selling.
B)transaction marketing.
C)transformational marketing.
D)marketing engineering.
E)relationship marketing.

Accepted Answer

The strategy that entails forging long-term partnerships with customers is called relationship marketing.

Question 12

The Ritz-Carlton has Service Values that guide employees in providing its Gold Standard service.One of the service values states,"I own and immediately resolve guest problems." The Ritz-Carlton management uses _____ to provide customer service.
A)training
B)deregulation
C)empowerment
D)commissioning
E)mediating

Accepted Answer

Empowerment is the delegation of authority to solve customers' problems quickly.

Question 13

Most successful relationship marketing strategies depend on:
A)customer-oriented personnel
B)effective training programs
C)employees with authority to make decisions and solve problems
D)teamwork
E)all of these

Accepted Answer

All of these strategies are important for successful relationship marketing. Customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and teamwork all contribute to building strong relationships with customers and creating a positive reputation for the company.

Question 14

The Geek Squad is a tech support station located inside every Best Buy electronics retail store.Best Buy gives intensive training to the Geeks.The purpose of this training is to:
A)improve customer service.
B)give higher education benefits to employees.
C)promote the company image by increasing public awareness.
D)reduce the need of empowerment.
E)increase employment levels.

Accepted Answer

Leading marketers recognize the role of employee training in customer service and relationship building.

Question 15

Some market-oriented firms give employees expanded authority to solve customer problems on the spot.This is known as:
A)training.
B)deregulation.
C)empowerment.
D)commissioning.
E)mediating.

Accepted Answer

Empowerment is the delegation of authority to solve customer problems quickly,usually by the first person the customer notifies regarding a problem.

Question 16

When customer expectations regarding product quality,service quality,and value-based price are met or exceeded,_____ is created.
A)a value line
B)a quality rift
C)planning excellence
D)customer satisfaction
E)expectation satisfaction

Accepted Answer

Customer satisfaction is the customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations.

Question 17

Which of the following is the customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations?
A)Value
B)Perception
C)Attitude
D)Dissonance
E)Satisfaction

Accepted Answer

This is the definition of customer satisfaction.

Question 18

Kellogg's gives consumers the chance to receive a free DVD.Consumers who buy five boxes of specially marked cereal can cut out the coupons and mail in their completed official form to get a free DVD.Kellogg's is engaging in:
A)transactional marketing
B)sports distribution
C)relationship marketing
D)one-to-one marketing
E)customer transformation

Accepted Answer

Relationship marketing is a strategy that entails forging long-term partnerships with customers.

Question 19

Because Charlene works the late shift,she really loves TiVo because it allows her to watch her favorite TV shows on her own schedule.TiVo provides what element of value to Charlene?
A)Offering products that perform
B)Earning her trust
C)Avoiding unrealistic pricing
D)Giving her facts
E)Co-creation

Accepted Answer

Co-creation allows customers to help create their own experience.

Question 20

Greenberg Smoked Turkey,Inc.is a nationwide mail-order business that operates without any advertising.It does not accept credit cards,has no toll-free number for customers to call,and does not have a Web site.This hopelessly old-fashioned company is also very profitable with thousands of devoutly loyal customers--some of whom have ordered Greenberg smoked turkeys every year for the last 50 years.Greenberg more than likely uses _____ to maintain these long-term ties to its customers.
A)reactive marketing
B)synergistic management
C)relationship marketing
D)a sales orientation
E)management empowerment

Accepted Answer

Relationship marketing is a strategy that entails forging long-term partnerships with customers.

Quiz 1: An Overview of Marketing

_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.

Ninety-six percent of USAA home insurance policy holders report that USAA representatives meet their commitment in calling back customers quickly about claims.The most likely result of USAA's efforts is:

Which of the following statements about a typical sales-oriented business is TRUE?

The U.S.Postal Service (USPS) argues that its express service is comparable to what is offered by FedEx and that its prices are much lower.Yet,FedEx dominates with more than a 45 percent share of the express-delivery market.Which of the following statements describes this situation?

Marketers interested in offering customer value can:

Nordstrom department store emphasizes _____ by accepting returns on items not purchased there.

Market-oriented firms primarily focus their efforts upon:

_____ gives customers the feeling their concerns are being addressed and at the same time gives employees the feeling their expertise matters to management.

_____ is a strategy that focuses on keeping and improving relationships with current customers.

The Ritz-Carlton has Service Values that guide employees in providing its Gold Standard service.One of the service values states,"I own and immediately resolve guest problems." The Ritz-Carlton management uses _____ to provide customer service.

Most successful relationship marketing strategies depend on:

The Geek Squad is a tech support station located inside every Best Buy electronics retail store.Best Buy gives intensive training to the Geeks.The purpose of this training is to:

Some market-oriented firms give employees expanded authority to solve customer problems on the spot.This is known as:

When customer expectations regarding product quality,service quality,and value-based price are met or exceeded,_____ is created.

Which of the following is the customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations?

Kellogg's gives consumers the chance to receive a free DVD.Consumers who buy five boxes of specially marked cereal can cut out the coupons and mail in their completed official form to get a free DVD.Kellogg's is engaging in:

Because Charlene works the late shift,she really loves TiVo because it allows her to watch her favorite TV shows on her own schedule.TiVo provides what element of value to Charlene?