Question 1

G.J Inc.,an electronic component manufacturer and supplier,has an inventory management system that stores purchase patterns and requirements of its customers.Through this system the firm decides on the amount of the product required by the buyers and automatically ships the supplies to the buyer based on a preexisting agreement.This type of inventory management system is called _____.

Accepted Answer

The inventory management system described in the scenario is a vendor-managed inventory system. In this type of system, the supplier (vendor) manages the inventory of the buyer and decides when and how much to ship based on the buyer's needs and preexisting agreements.

Question 2

Which of the following concepts forms the basis of buzz marketing?

Accepted Answer

Buzz marketing relies on word-of-mouth communication and creating excitement or interest around a product or service through personal recommendations and endorsements, rather than traditional advertising.

Question 3

Which of the following represents a problem associated with the use of customer relationship management (CRM)programs?​

Accepted Answer

The reluctance of some employees, especially sales representatives, to use CRM systems can be a significant problem in maximizing the benefits of such programs. Without their active participation, it can be challenging to obtain reliable customer data and ensure the effectiveness of the CRM program. The other options (B, C, and D) are not necessarily universal problems associated with CRM use and may not always be applicable.

Question 4

Which of the following is true of relationship marketing?

Accepted Answer

Relationship marketing views customers as equal partners in buyer-seller transactions and focuses on building long-term relationships rather than short-term exchanges. It emphasizes ongoing communication and engagement with customers to establish a loyal customer base. Therefore, option C is the correct answer. Options A, B, and D are incorrect because they are opposite to the characteristics of relationship marketing.

Question 5

Which of the following marketing exchanges is most likely to be transaction-based?

Accepted Answer

Buying property from a real estate agent is typically a one-time transaction, making it transaction-based, unlike the other options which involve ongoing relationships or services.

Question 6

​Which of the following is a limitation of trend analysis?

Accepted Answer

Trend analysis assumes that the future events will continue in the same manner as the past, which may not always be the case due to changes in the market environment or unforeseen events. This limits the accuracy and reliability of the forecasts made through trend analysis.

Question 7

A food manufacturing company that has just entered into the market is trying to attract potential customers through marketing strategies that are unconventional,nontraditional,and extremely flexible.The company has a relatively small budget for marketing its products.Which of the following marketing strategies is most likely being used by this company?

Accepted Answer

Grassroots marketing is typically nontraditional and flexible, and relies on word-of-mouth and community involvement rather than traditional advertising methods. This strategy is also often used by companies with smaller marketing budgets. Affinity marketing and frequency marketing tend to be more traditional and may not be as flexible, while viral marketing may require significant investment in digital content and advertising.

Question 8

Each month Costco,a warehouse membership club with locations across the United States sends a magazine/catalog with articles about its members as well as featured products.Costco utilizes ________ marketing to create a meaningful dialog which builds relationships and encourages brand loyalty.​

Accepted Answer

Costco uses database marketing by sending personalized magazines/catalogs to its members, which helps in building relationships and encouraging brand loyalty through targeted communication.

Question 9

A _____ is a strategic relationship that extends to external entities but involves no direct buyer-seller interactions.

Accepted Answer

A lateral partnership is a strategic relationship that involves collaboration with external entities without direct buyer-seller interactions.

Question 10

Frito Lay and Taco Bell utilize _________,a cooperative arrangement where Taco Bell utilizes the Doritos name and logo for several menu items under the name "Doritos Loco Tacos" including ​Nacho Cheese,Cool Ranch and Fiery.

Accepted Answer

Cobranding is a marketing strategy in which two or more brands collaborate to create a product or service by leveraging their brand equity. Frito Lay and Taco Bell have a cobranding arrangement where Taco Bell uses the Doritos name and logo on their menu items. Comarketing involves two or more companies working together to create a marketing campaign, while internal partnership involves different departments or teams within the same company collaborating on a project. Cocreation involves involving customers or stakeholders in the innovation or creation process.

Question 11

Transaction-based marketing differs from relationship marketing as transaction-based marketing:

Accepted Answer

Transaction-based marketing emphasizes individual sales and focuses on the immediate transaction rather than building long-term relationships with customers.

Question 12

Courtney is an automotive sales representative for Sherwin Williams and works exclusively with Toyota in order to deliver high levels of service and ensure that the products are performing as they should for Toyota.Since Courtney only has one customer account,she is classified as a:

Accepted Answer

The answer of Courtney is an automotive sales representative for...

Question 13

The Eddie Bauer,a clothing retail chain,partnered with Ford to produce the Eddie Bauer edition of the Ford Explorer.This is an example of:

Accepted Answer

The Eddie Bauer edition of the Ford Explorer is an example of cobranding, where two brands join together to create a new product.

Question 14

In a salute to fans of the Olympic games,Ralph Lauren launched a complete wardrobe,inspired by the Olympics designs,for men,women,children,and infants.This is an example of _____ marketing.

Accepted Answer

This is an example of affinity marketing, as Ralph Lauren is targeting customers who are fans of the Olympic games and creating a product line that speaks to that shared interest.

Question 15

Long-term customers are usually more valuable assets than new ones because ________________.​

Accepted Answer

Long-term customers provide valuable feedback, which can help a company improve its products and services, making them more valuable assets.

Question 16

A major benefit of using test markets as a quantitative forecasting method is that:​

Accepted Answer

Test markets provide actual data on consumer purchases, which is more realistic than relying on consumer intent to buy. This can lead to more accurate forecasting and better decision making. The other options are not accurate descriptions of the benefits of test markets.

Question 17

A biotechnology company and a medical school have formed a partnership to develop a new class of cancer-fighting drugs.This is an example of a(n)_____ partnership.

Accepted Answer

This is an example of a lateral partnership, which involves two organizations that are similar in structure and goals teaming up to pursue a common objective. Both the biotechnology company and medical school are in the healthcare industry and are working together to develop cancer-fighting drugs, making this a lateral partnership.

Question 18

Marketers have discovered that when they implement relationship marketing strategies,it is more expensive to retain satisfied customers than attracting new customers.​
Indicate the answer choice that best completes the statement or answers the question.

Accepted Answer

The statement is actually opposite of the truth. It is more expensive to attract new customers than to retain existing ones.

Question 19

The use of information technology to analyze information about customers and their transactions is referred to as _____ marketing.

Accepted Answer

Database marketing is the use of information technology to analyze information about customers and their transactions. This allows businesses to identify patterns and trends in customer behavior, preferences, and purchasing habits, which can then be used to develop targeted marketing campaigns and improve overall customer satisfaction. Frequency marketing focuses on rewarding customers for repeat purchases, affinity marketing seeks to target customers based on their interests and lifestyles, and internal marketing focuses on building strong relationships with employees to improve customer satisfaction.

Question 20

Revenues and intangible benefits such as referrals and feedback a consumer brings to the seller over an average period of their relationship,less the amount the company must spend to acquire,market to,and service the customer is known as the _____.

Accepted Answer

The definition provided matches the concept of "lifetime value of a customer", which takes into account both the revenues and intangible benefits a customer brings to the company over time, minus the costs incurred to acquire and serve that customer. Option A (rate of customer coverage), Option B (customer turnover rate), and Option D (net customer yield) do not accurately describe this concept.

Quiz 11: Relationship Marketing and Customer Relationship Management Crm

Which of the following concepts forms the basis of buzz marketing?

Which of the following represents a problem associated with the use of customer relationship management (CRM) programs?

Which of the following is true of relationship marketing?

Which of the following marketing exchanges is most likely to be transaction-based?

Which of the following is a limitation of trend analysis?

Each month Costco,a warehouse membership club with locations across the United States sends a magazine/catalog with articles about its members as well as featured products.Costco utilizes ________ marketing to create a meaningful dialog which builds relationships and encourages brand loyalty.

A _____ is a strategic relationship that extends to external entities but involves no direct buyer-seller interactions.

Frito Lay and Taco Bell utilize _________,a cooperative arrangement where Taco Bell utilizes the Doritos name and logo for several menu items under the name "Doritos Loco Tacos" including Nacho Cheese,Cool Ranch and Fiery.

Transaction-based marketing differs from relationship marketing as transaction-based marketing:

Courtney is an automotive sales representative for Sherwin Williams and works exclusively with Toyota in order to deliver high levels of service and ensure that the products are performing as they should for Toyota.Since Courtney only has one customer account,she is classified as a:

The Eddie Bauer,a clothing retail chain,partnered with Ford to produce the Eddie Bauer edition of the Ford Explorer.This is an example of:

In a salute to fans of the Olympic games,Ralph Lauren launched a complete wardrobe,inspired by the Olympics designs,for men,women,children,and infants.This is an example of _____ marketing.

Long-term customers are usually more valuable assets than new ones because ________________.

A major benefit of using test markets as a quantitative forecasting method is that:

A biotechnology company and a medical school have formed a partnership to develop a new class of cancer-fighting drugs.This is an example of a(n) _____ partnership.

Marketers have discovered that when they implement relationship marketing strategies,it is more expensive to retain satisfied customers than attracting new customers. Indicate the answer choice that best completes the statement or answers the question.

The use of information technology to analyze information about customers and their transactions is referred to as _____ marketing.

Revenues and intangible benefits such as referrals and feedback a consumer brings to the seller over an average period of their relationship,less the amount the company must spend to acquire,market to,and service the customer is known as the _____.

Quiz 11: Relationship Marketing and Customer Relationship Management Crm

Which of the following concepts forms the basis of buzz marketing?

Which of the following represents a problem associated with the use of customer relationship management (CRM) programs?​

Which of the following is true of relationship marketing?

Which of the following marketing exchanges is most likely to be transaction-based?

​Which of the following is a limitation of trend analysis?

Each month Costco,a warehouse membership club with locations across the United States sends a magazine/catalog with articles about its members as well as featured products.Costco utilizes ________ marketing to create a meaningful dialog which builds relationships and encourages brand loyalty.​

A _____ is a strategic relationship that extends to external entities but involves no direct buyer-seller interactions.

Frito Lay and Taco Bell utilize _________,a cooperative arrangement where Taco Bell utilizes the Doritos name and logo for several menu items under the name "Doritos Loco Tacos" including ​Nacho Cheese,Cool Ranch and Fiery.

Transaction-based marketing differs from relationship marketing as transaction-based marketing:

Courtney is an automotive sales representative for Sherwin Williams and works exclusively with Toyota in order to deliver high levels of service and ensure that the products are performing as they should for Toyota.Since Courtney only has one customer account,she is classified as a:

The Eddie Bauer,a clothing retail chain,partnered with Ford to produce the Eddie Bauer edition of the Ford Explorer.This is an example of:

In a salute to fans of the Olympic games,Ralph Lauren launched a complete wardrobe,inspired by the Olympics designs,for men,women,children,and infants.This is an example of _____ marketing.

Long-term customers are usually more valuable assets than new ones because ________________.​

A major benefit of using test markets as a quantitative forecasting method is that:​

A biotechnology company and a medical school have formed a partnership to develop a new class of cancer-fighting drugs.This is an example of a(n) _____ partnership.

Marketers have discovered that when they implement relationship marketing strategies,it is more expensive to retain satisfied customers than attracting new customers.​ Indicate the answer choice that best completes the statement or answers the question.

The use of information technology to analyze information about customers and their transactions is referred to as _____ marketing.

Revenues and intangible benefits such as referrals and feedback a consumer brings to the seller over an average period of their relationship,less the amount the company must spend to acquire,market to,and service the customer is known as the _____.

Which of the following represents a problem associated with the use of customer relationship management (CRM) programs?

Which of the following is a limitation of trend analysis?

Each month Costco,a warehouse membership club with locations across the United States sends a magazine/catalog with articles about its members as well as featured products.Costco utilizes ________ marketing to create a meaningful dialog which builds relationships and encourages brand loyalty.

Frito Lay and Taco Bell utilize _________,a cooperative arrangement where Taco Bell utilizes the Doritos name and logo for several menu items under the name "Doritos Loco Tacos" including Nacho Cheese,Cool Ranch and Fiery.

Long-term customers are usually more valuable assets than new ones because ________________.

A major benefit of using test markets as a quantitative forecasting method is that:

Marketers have discovered that when they implement relationship marketing strategies,it is more expensive to retain satisfied customers than attracting new customers. Indicate the answer choice that best completes the statement or answers the question.