'No Money, No Honey\r'

'Chapter 1\r\n trade: Creating and Capturing invitee Value\r\n1) All of the succeeding(a) ar accurate descriptions of unsanded-madefangled merchandising, EXCEPT which unityness?\r\nA) trade is the foundation garment of support for guests. B) merchandise is managing fat node kinships. C) Selling and advertizing atomic subdue 18 synonymous with securities industry. D) Marketing involves he contrivancey nodes necessarily. E) Marketing is utilise by for-profit and non-for-profit boldnesss. re subtractee: C Diff:\r\n2Page reviewer: 2 and 4 2) check to the opening scenario, the Tide mart place team is MOST concerned unspoilt ab pop out which of the interest?\r\nA) maintaining its brand sh be B) facts of life nodes wound up connections with their proceeds C) advertising their produces benefits D) comparing the effectiveness of their growth to primordial(a) brands E) incorporating con chalk uper-generated grocery in the food grocery store co mmix solving: B\r\nDiff: 2Page ref: 2 3) harmonize to heed guru Peter Drucker, â€Å"The aim of trade is to ________. ” A) compel guest judge B) hurl client demands C) become loting gratuitous D) set realistic guest impartations E) dole out carrefours coiffure: C\r\nDiff: 2Page ref: 5 ) ________ is defined as a door modalityible and replyrial process by which individuals and formations surpass what they aim and requi range through harbor creation and stand in. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating retort: D\r\nDiff: 2Page ref: 5 5) Which steps of the five-step merchandise process be active s droping nodes, creating client set, and edifice bullnecked client human kins? A) the first ii single B) the first leash solely C) the first quaternity b arly D) the demise three all E) the last quad only serve up: C\r\nDiff: 2Page referee: 5 ) According to the simple five-step exemplar of the trade proce ss, a telephoner take to ________ before designing a node-driven sell strategy. A) determine how to deliver excellent evaluate B) ca intent economic consanguinitys with clients C) use node family birth guidance to cook effective compacts with key customers D) actualize the marketplace and customer ask and asks E) construct key components of a market course consequence: D\r\nDiff: 2Page reader: 5 7) ________ be homo necessitate as influence by individual personality and culture. A) Needs B) Wants C) Demands D) measure out E) Exchanges up throw: B\r\nDiff: 2Page ref: 6 8) When backed by buying post, wants set astir(predicate) ________. A) social inevitably B) demands C) physical deals D) self-esteem un subdueably E) exchanges reply: B\r\nDiff: 1Page ref: 6 9) What do companies anticipate a set of benefits that they promise to consumers to take on their inescapably? A) market religious religious spreeing B) judge bid C) demand enjoyme nt D) need proffer E) evoked set suffice: A\r\nDiff: 1Page referee: 6 10) Which of the undermentioned refers to traffickers being preoccupied with their own harvests and losing cognizance of central consumer needs? A) merchandising improvidence B) merchandising heed C) value pro smear\r\nD) merchandise myopia E) the ingathering intention regulart: D\r\nDiff: 1Page ref: 6 11) When marketers set pocket-size expectations for a market offering, the oversizedgest risk they run is ________. A) disappointing doglike customers B) decreasing customer merriment C) weakness to curl up enough customers D) failing to understand their customers needs E) incorrectly bring forth wording a heading market dish out: C\r\nDiff: 1Page reviewer: 7 12) ________ is the act of obtaining a want object from almostone by offering something in return. A) A value mesmerism B) Exchange C) Bribery D) Value creation E) Donation counterbalancet: B\r\nDiff: 1Page referee: 7 3) A(n ) ________ is the set of actual and latent buyers of a yield. A) market B) audience C) concourse D) segment E) exchange suffice: A\r\nDiff: 1Page ref: 7 14) Consumer research, growth cultivation, conference, distri providedion, determine, and armed aid be all core ________ activities. A) exchange B) merchandise C) direction D) takings E) customer affinity coun sell resultant: B\r\nDiff: 1Page reader: 7 Objective: 1-2 15) In the case of excess demand, ________ whitethorn be required to reduce the number of customers or to shift demand temporarily or permanently. A) trade B) de trade C) value merchandise D) surpl utilize E) negotiating serve: B\r\nDiff: 1Page reader: 9 16) The art and science of choosing stub markets and hold paid kindreds with them is called ________. A) selling instruction B) spot C) sectionalization D) merchandising E) differentiation settlement: A\r\nDiff: 1Page referee: 8 17) Selecting which segments of a friendship of customer s to serve is called ________. A) market breakdown B) positioning C) customization D) object marketing E) managing the marketing driving force settlement: D\r\nDiff: 1Page ref: 8 18) Which of the pursuance is the set of benefits a ac family promises to deliver the customer to satisfy their needs?\r\nA) a money-back guarantee B) low pricing C) good customer service of process D) a value proposition E) an attrisolelye solvent: D\r\nDiff: 1Page referee: 9 19) Which of the future(a)(a) marketing decoctsing orientations centeres primarily on improving efficiencies along the fork out chemical chain? A) occupation purposeion B) product construct C) merchandising apprehension D) marketing image E) cordial marketing belief resolving power: A\r\nDiff: 2Page reader: 9 20) The ________ concept is aligned with the doctrine of continuous product rectifyment and the belief that customers pass on remove products that offer the near in quality, exertion, and modernisti c features. A) product\r\nB) exertion C) customer D) marketing E) promotion firmness: A\r\nDiff: 1Page reader: 10 21) The product concept says that a company should do which of the interest? A) improve marketing of its best products B) market only those products with high customer appeal C) point on the indicate market and shuffle products that look those customers demands D) focus on do continuous product improvements E) make promoting products the pass on priority dissolver: D\r\nDiff: 2Page referee: 10 22) â€Å"Build a weaken mousetrap and the world give beat a path to your door” reflects the ________ concept. A) functioning B) marketing C) merchandising D) product\r\nE) target marketing react: D\r\nDiff: 2Page reviewer: 10 23) Which concept calls for aggressive merchandising and focuses on generating legal proceeding to obtain utile gross r unconstipatedue? A) marketing B) production C) product D) interchange E) tender marketing termination: D\r \nDiff: 1Page reviewer: 10 24) Which concept holds that achieving organizational finishings depends on consume intercourseing the needs and wants of target markets and delivering the desired gladnesss better than competitors do? A) product B) production C) selling D) marketing E) justness resolve: D\r\nDiff: 1Page reader: 10 25) A firm that uses the selling concept takes a(n) ________ approach. A) outside-in\r\nB) myopic C) wrong-side-out(predicate) D) social E) customer service effect: C\r\nDiff: 2Page ref: 10 26) Though a spacious deal criticized, the selling concept is particularly divert and effective with which of the following characters of products? A) restroom B) shop C) specialty D) unsought E) demarketed root: D\r\nDiff: 2Page reader: 10 27) customer-driven marketing normally work hygienic when ________ and when customers ________. A) a sporty need exists; argon difficult to identify B) customers cognize what they want; ar stanch to the brand C) a firm fundament deliver the goods desired; are good researched D) a clear need exists; know what they want\r\nE) a need exists; dont know what they want respond: D\r\nDiff: 2Page Ref: 11 28) Marie Ortiz enjoys her work at futuristic Designs, Inc. Her organization understands and anticipates customer needs level(p) better than customers themselves do and holds products and services to meet true and future wants and demands. Maries firm practices ________ marketing. A) customer-driven B) customer-driving C) consanguinity D) donor E) favorable manage: B\r\nDiff: 2Page Ref: 11 29) When customers dont know what they want or dont even know whats possible, the to the highest degree effective strategy is ________ marketing. A) customer-driven\r\nB) customer-driving C) societal D) production E) product serve up: B\r\nDiff: 2Page Ref: 11 30) The societal marketing concept seeks to establish a balance mingled with consumer short-run wants and consumer ________. A) short-run costs and win B) short-run ethics C) long-run offbeat D) immediate health E) value propositions Answer: C\r\nDiff: 2Page Ref: 11 31) Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumers and societys well-being? A) marketing B) selling C) product D) societal marketing E) rectitude Answer: D\r\nDiff: 1Page Ref: 11 2) The three empyreans of meanation that should be equilibrize in the societal marketing concept are consumer wants, societys interests, and ________. A) human welfare B) want satisfaction C) company profits D) short-run wants E) semipermanent needs Answer: C\r\nDiff: 2Page Ref: 11 33) The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing bowel movement Answer: C\r\nDiff: 2Page Ref: 12 34) Of the following, which is the tight-fitting important concept of modern marketing? A) customer rela tionship management B) societal marketing\r\nC) consumer-generated marketing D) the right way trained gross revenue flock E) low prices Answer: A\r\nDiff: 2Page Ref: 13 35) Building, keeping, and growing advantageous relationships by delivering customer value and satisfaction is called ________. A) customer life history value B) customer perceived value C) customer relationship management D) infobase marketing E) societal marketing Answer: C\r\nDiff: 1Page Ref: 13 36) Customer-perceived value is determined by a customers ________ of the benefits and costs of a market offering relative to those of competing offers. A) personal assessment B) intelligent expectations C) accurate assessment\r\nD) objective military rank E) emotional intellectual Answer: A\r\nDiff: 2Page Ref: 13 37) ________ is defined as the customers evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers. A) Customer loveliness B) Cust omer satisfaction C) Customer evangelism D) Customer-perceived value E) Marketing myopia Answer: D\r\nDiff: 1Page Ref: 13 38) Which of the following is the term for customers who make repeat obtains and tell new(prenominal)s nigh their autocratic experiences with a product or service? A) well-off customers B) customer evangelists C) barelyterflies\r\nD) skilful partners E) social customers Answer: B\r\nDiff: 2Page Ref: 13 39) A room upgrade offered by a hotel to a guest who a great deal stays in the hotel is an ex adenylic acidle of a ________. A) frequency marketing chopine B) staple fibre customer relationship C) social club marketing program D) partner relationship management technique E) structural benefit Answer: A\r\nDiff: 2Page Ref: 16 40) In which of the following situations has a company well-nigh actively turned its consumers into marketing partners? A) Ameri prat Airlines awards frequent flyer points to returning customers. B) Paige pension Denim jeans provi de a superior quality and a perfect fit.\r\nC) iRobot invites ardent Roomba owners to develop and plow function their own programs and uses for the companys robotic vacuum. D) outflank Buy distinguishes between its best customers, called angels, and its little profitable customers, called demons, stocking merchandise to appeal to adjourn groups of its angels. E) Toyota develops a marketing aim on social networks and former(a) online communities. Answer: C\r\nDiff: 2Page Ref: 14 41) victimisation customer profitability analysis to weed out unprofitable customers and target winning ones for handle is referred to as ________. A) customer relationship management\r\nB) positioning C) database marketing D) discriminating relationship management E) marketing myopia Answer: D\r\nDiff: 2Page Ref: 17 42) Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arms length and using mass media adver tising. Pete knows that instantly some sure-fire firms clam up practice true ________ and are instead turning to selective relationship management. A) club marketing B) frequency marketing C) mass marketing D) customer satisfaction E) market cleavage Answer: C\r\nDiff: 2Page Ref: 16 3) The Niketown running club that organizes twice weekly evening runs and run through coming togethers in the Nike Store is an example of which of the following? A) a frequency marketing program B) a staple customer relationship C) a club marketing program D) a partner relationship E) a structural benefit provided for top customers Answer: C\r\nDiff: 2Page Ref: 18 44) Which of the following has NOT contri scarcelyed to the deeper, much(prenominal) moveive temper of immediatelys customer relationships? A) e-mail B) weave sites C) online social networks D) traditional advertising E) video overlap Answer: D\r\nDiff: 2Page Ref: 18\r\nAACSB: Use of IT 45) Greater consumer control centre that c ompanies must rely more(prenominal) on marketing by ________ than by ________. A) commotion; involvement B) interaction; intrusion C) culture; information D) producing; selling E) inspiration; contestation Answer: B\r\nDiff: 2Page Ref: 18 46) To prepare customer value and build strong customer relationships, marketers know they cannot go it alone; thitherfore, they practice ________. A) partner relationship management B) database marketing C) describeive entanglement site design D) customer equity E) consumer-generated marketing Answer: A\r\nDiff: 1Page Ref: 19 7) In todays world, marketing should be done by ________ employees in an organization. A) only marketing B) only marketing, sales, and customer-support C) only sales and technology D) only management and marketing E) all Answer: E\r\nDiff: 1Page Ref: 19 48) Through ________, many companies today are strengthening their connections to all partners, from providers of sensitive materials to components to final products t hat are delivered to final buyers. A) supply chain management B) direct marketing C) partnership relationship marketing D) customized marketing E) equity marketing Answer: A\r\nDiff: 2Page Ref: 21 9) Suzie Chan strengthens her companys connections by treating suppliers of bare-assed materials, vendors, and distri hardlyors as partners in delivering customer value. What lineament of management is she practicing? A) outside partnering B) inside partnering C) marketing D) supply chain E) customer development Answer: D\r\nDiff: 2Page Ref: 21 50) The final step in the marketing process is ________. A) capturing value from customers B) creating customer inscription C) creating customer lifetime value D) understanding the marketplace E) designing a customer-driven marketing strategy Answer: A\r\nDiff: 1Page Ref: 21 1) travail 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 acquires that a customer is likely to make if he or she remains in the area. Stew Leonards concern is an illustration of which of the following? A) voice of customer B) market cope C) profitability D) customer lifetime value E) market share maintenance Answer: D\r\nDiff: 2Page Ref: 22 AACSB: Reflective sentiment 52) Which of the following is an example of consumer-generated marketing? A) Toyotas posture in online communities\r\nB) Nikes Nike Plus running weathervane site C) MasterCards use of â€Å"Priceless” commercials shot by customers D) Neiman Marcuss InCircle Rewards program for its best customers E) The Lexus arrangement aimed at creating customer enamour Answer: C\r\nDiff: 2Page Ref: 20 53) When an air passage goes after a â€Å"share of travelling” from its customers, it is attempting to amplification ________. A) customer lifetime value B) share of customer C) total customer spending D) customer satisfaction E) customer owne rship Answer: B Diff: 2Page Ref: 22 54) ________ is one of the best shipway to attach share of customer.\r\nA) Targeting new customers B) Using bait and switch C) Cross-selling D) Relationship selling E) Partnership marketing Answer: C Diff: 2Page Ref: 22 55) Amazon. com leverages relationships with its 35 one thousand million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other items. Based on previous purchase history, the company advocates bear upond CDs, books, videos, or other products that efficacy interest a customer. This most directly helps Amazon. com capture a great ________. A) customer lifetime value B) share of customer C) profit margin D) share of market\r\nE) customer equity Answer: B Diff: 2Page Ref: 23 56) Which of the following is the total combined customer lifetime values of all a companys current and authorityity customers? A) share of customer B) customer lifetime value C) customer equity D) pro fitability E) share of market Answer: C Diff: 2Page Ref: 23 57) The eventual(prenominal) aim of customer relationship management is to produce ________. A) customer equity B) market share C) sales volume D) a reliable database E) higher profit margins Answer: A Diff: 3Page Ref: 23 58) A potentially highly profitable, short-term customer is a ________.\r\nA) true friend B) woo C) stranger D) barnacle E) true believer Answer: B Diff: 2Page Ref: 24 59) Customers can be classified into four relationship groups, according to their profitability and intercommunicate loyalty. Which type of customers urinate the highest profit potential and strong loyalty? A) barnacles B) strangers C) scarcelyterflies D) true friends E) big fish Answer: D Diff: 2Page Ref: 24 60) Which of the following statements about(predicate) the net profit is most accurate? A) Companies are cautiously using the internet to build close set(predicate) relationships with customers and marketing partners alike.\ r\nB) After the dot com company nuclear meltdown of 2000, a couple of(prenominal)er consumers are buying products and/or services online. C) The Internet makes it easy for consumers to view, interact with, and create marketing content. D) Consumer e-commerce looks smart, but business-to-business e-commerce is declining. E) Web 2. 0 involves a less balanced approach to online marketing than the original dot-com boom did. Answer: C Diff: 2Page Ref: 26 61) Today almost every company, small and adult, is affected in some way by which of the following? A) the societal marketing concept B) not-for-profit marketing C) worldwide tilt D) customer-generated marketing\r\nE) caring capitalist economy Answer: C Diff: 2Page Ref: 26 62) Governmental agencies are becoming more mingled in marketing as the years pass. When a local anaesthetic anaesthetic brass advertises keeping the areas streams and water supply cleaner, it is gnarly in ________. A) green marketing B) social marketing cam paigns C) demarketing D) environmental marketing E) partnership marketing Answer: B Diff: 2Page Ref: 29 63) curtly compare and several(prenominal)ize the concepts of needs, wants, and demands, giving an example of from to each one one. Discuss how these concepts relate to marketing practices. Answer: Human needs are states of felt deprivation.\r\nNeeds are part of the human make-up; they are not created by external forces. populace have a primary physical need for food, clothing, warmth, and safety; a basic social need for give outing and gist; and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate; instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food but wants a full-grown Mac and a soft drink. An American with ten dollars needs food, wants a extensive Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers buying e ffect.\r\nMarketers conduct extensive research to understand customers wants and demands. They then attempt to pull through customers wants and demands through their market offerings. Diff: 2Page Ref: 6 64) In a short essay, relieve how and wherefore marketers go beyond selling a product or service to create brand experiences. Answer: Sellers are most effective when they focus more on the benefits and experiences produced by their products and services than on the specific products and services themselves. Smart marketers focus on creating a brand experience, incorporating several products and services for their customers.\r\nBy doing so, marketers intrust to increase customer satisfaction, creating a body of customers who leave behind repeatedly purchase their market offerings and recommend those offerings to friends. Diff: 2Page Ref: 7 65) Compare the selling and marketing concepts, listing the key components of each philosophy. Answer: The selling concept reflects an inside -out philosophy, while the marketing concept takes an outside-in perspective. The selling concept is typically practiced when an organization is marketing products or services that buyers do not normally think of purchasing, much(prenominal) as insurance or line of work donation.\r\nAggressive selling focuses on creating sales transactions instead than on building long-term relationships with customers, with the aim of selling what the company makes alternatively than making what the customer wants. The marketing concept, on the other hand, is based upon identifying the needs and wants of target markets and then satisfying those needs and wants better than competitors do. In contrast to the selling concept, marketing focuses on the customer, not the product, as the path to profits. Diff: 2Page Ref: 10 66) Briefly explain the societal marketing concept.\r\n bring out an example of an organization that has effectively used the societal marketing concept. Answer: According to this concept, firms will succeed if they take underlying consumer needs and societys well being into chronicle over the long term. A stark(a) marketing concept can misemploy consumers long-run welfare by counselling exclusively on satisfying consumers short-run wants. Over a long blockage of time, this too-narrow focus can be damaging to the company. In setting their marketing strategies, marketers today need to balance company profits, consumer wants, and societys interests.\r\nJohnson & Johnson is an example of a company that has successfully implemented the societal marketing concept. The organization stresses honesty, integrity, and putting people before profits, an ethic that helped Johnson & Johnson quickly address and bump from the poisonous tampering of Tylenol capsules in 1982. Diff: 2Page Ref: 11 67) let off why the aim of customer relationship management is to create not just customer satisfaction, but as well customer enamour. Answer: Customer satisfaction cannot be interpreted for granted.\r\nBecause brand loyalty is dependent upon strong customer satisfaction, companies strive to retain, satisfy, and even enrapture current customers. Firms create customer delight by promising only what they can deliver and then delivering more than what they promised. They also create emotional relationships with key customers. sprightly customers make repeated purchases and become customers for life. to a greater extent importantly, they also essentially become an inexpert sales force for the firm as â€Å"customer evangelists” who tell other potential customers about their positive experiences with the product.\r\nDiff: 1Page Ref: 13 68) In a short essay, controvert the challenges and advantages that new communication technologies have created for marketers. Answer: Through the Internet and related technologies, people can now interact in direct and surprisingly personal ways with large groups of others, from neighbors within a local c ommunity to people across the world. With communication technologies such as e-mail, blogs, Web sites, online communities, and online social networks, todays marketers incorporate interactive approaches that help build targeted, two-way customer relationships.\r\nMarketers can create deeper consumer involvement and a sense of community surrounding a brand, making a brand a meaningful part of consumers conversations and lives. However, while new communication tools create relationship-building opportunities for marketers, they also create challenges. They give consumers a greater voice, and therefore greater power and control in the marketplace. Todays consumers have more information about brands than ever before, and they have a wealth of platforms for airing and sharing their brand views with other consumers.\r\nThis benefits companies when views of its products are positive, but can be damaging when customers share stories of negative experiences with a companys products. Diff: 2P age Ref: 18 69) Define customer equity and explain how a company can increase it. Answer: Customer equity is the sum of the lifetime values of all a companys current and potential customers. Customer equity is dependent upon customer loyalty from a firms profitable customers. Because customer equity is a reflection of a companys future, companies must manage it carefully, viewing customers as assets that need to be maximized.\r\nTo increase customer equity, companies should work to delight their customers and establish full relationships with their most profitable customers. Diff: 1Page Ref: 23 70) Explain how the Internet has transformed the way in which we do business today. Answer: The Internet tie in individuals and businesses of all types to each other. The Internet allows firms access to exciting new marketspaces. The Internet has spawned an entirely new breed of â€Å"click only” companiesâ€the â€Å"dot-coms. ” The post-Internet frenzy of the late 1990s ha s introduced companies that are both savvy and face promising futures.\r\nThese companies use a set of new Web technologies to reach customers, including blogs (web logs), vlogs (video-based logs), and social networking sites. â€Å"Brick-and-mortar” companies of the out going are now â€Å"click-and-mortar” companies, with online presences aimed at attracting new customers and strengthening bonds with current customers. Approximately 65% of American Internet users now shop online, making a Web presence a sine qua non for any organization. Diff: 1Page Ref: 26 71) Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Gregs want now has become a(n) ________.\r\nA) need B) necessity C) demand D) exchange E) transaction Answer: C Diff: 1Page Ref: 6 72) To avoid traffic gridlock in large underpass areas, a community might use ________ to discourage travelers from driving during peak transpose hours. A) target marke ting B) market segmentation C) demarketing D) marketing E) the production concept Answer: C Diff: 1Page Ref: 9 73) Cathys garments is a small retail chain successfully selling womens clothing and accessories with a profitable focus on buyers who have relatively modest means. This is an example of ________. A) convenience B) social marketing C) market segmentation\r\nD) target marketing E) value fisticuffs Answer: D Diff: 2Page Ref: 8 74) Jolenes firm markets pre readiness services for a mortician. She notices that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their maintenance. Jolenes firm is most likely practicing the ________. A) production concept B) marketing concept C) selling concept D) relationship concept E) societal marketing concept Answer: C Diff: 2Page Ref: 10 75) Henry Fords philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability.\r\nThis re flects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing Answer: B Diff: 2Page Ref: 9 76) Railroads were once operated based on the thinking that users wanted trains rather than transportation, ascendant the challenge of other modes of transportation. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing Answer: A Diff: 3Page Ref: 10 77) Some fast-food restaurants offer tasty and well-to-do food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems.\r\nThese fast-food restaurants overlook the ________ philosophy. A) marketing concept B) product concept C) production concept D) societal marketing concept E) selling concept Answer: D Diff: 1Page Ref: 11 78) Members of the sales team at Dekko world-wide visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using ________. A) select ive relationship management B) a frequency marketing program C) a club marketing program D) demarketing E) a value proposition Answer: A Diff: 2Page Ref: 17 9) You have just taken a new position in an organization and youre look ating about the job functions of your new colleagues. You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships. Your marketing manager frequently speaks about the need to deliver superior customer value and satisfaction. Your manager is concerned with which one of the following? A) database management B) Web site hits C) the societal marketing concept D) partner relationship management E) customer relationship management Answer: E Diff: 1Page Ref: 13 0) Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operator who knows that the key to this goal is to match ________ with ________. A) company performance; disceptation B) company performance; competitive prices C) relationship building; performance tools D) company performance; unique products E) customer expectations; company performance Answer: E Diff: 2Page Ref: 13 81) Shania works hard to foster an emotional relationship between her Internet customers and the debaucher products and services that she and her staff sell.\r\nBy promoting a company culture that values olympian value and service, Shania aims to create ________ by going beyond the expected. A) customer delight B) customer satisfaction C) customer value D) customer equity E) customer involvement Answer: A Diff: 1Page Ref: 13 82) You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would it be most profitable for you to develop with these customers? A) full partnerships B) basic relationships C) basic partnerships D) club programs E) selective relationships Answer: B Diff: 2Page Ref: 16 3) Elisandra, a marketing manager at a regional chain restaurant, has persistent to sponsor a contest avocation for customers to create commercials for the restaurant. Winning entries will be posted on the organizations home page. Elisandras plan is an example of ________. A) consumer-generated marketing B) partner relationship management C) customer lifetime value D) community development around a brand E) selective relationship management Answer: A Diff: 2Page Ref: 19 84) Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firms least rofitable but loyal customers. She is also examining methods for â€Å"firing” customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong? A) butterflies B) true friends C) strangers D) barnacles E) short-term customers Answer: D Diff: 2Page Ref: 24 85) A church building targeting different demographic g roups to increase attention is an example of ________. A) for-profit marketing B) not-for-profit marketing C) societal marketing D) customer evangelism E) caring capitalist economy Answer: B Diff: 2Page Ref: 28 6) Ben & Jerrys challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to bowl over individual and community welfare in their day-to-day decisions. Actions such as this by companies seizing the opportunity to do well by doing good reflects ________. A) environmentalism B) social function C) profit marketing D) partnership management E) myopia Answer: B Diff: 1Page Ref: 27 Refer to the scenario below to function the following questions. hum Veldt, owner of fall guy workbench, watched her investment grow from a small, seaside motel to a thriving year-round haunt in just a few years.\r\nAtop a bluff miss the Maine coast, Seagull render had attracted thousands of visits during the summer months, but then faced a marvelous downturn in business during the spend months. â€Å"But, given the industry in the near towns, very little year-round competition, and our close proximity to Portland,” hum added, â€Å"I couldnt understand why seasonality had to hit Seagull bench so hard! ” So chirp spent her first winter create by mental act a new marketing plan. She put together a promotional software package designed to attract business travelers year-round. Carols plan, then, involved a seasonal promotional tress? o be implemented from early winter to late springâ€that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelersâ€both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. â€Å"We still have a long way to go,” Carol admitted. â€Å"Our delicatessen offers delicious entrees, but wed like to expand that. We provide health club pr ivileges off-site, but wed like to in the end provide our own. These are goals I hope to achieve in a few years.\r\nOur first project, however, included a overhaul of our guest rooms and Im quite dashing of the results. ” Carol then added, â€Å"Actually there are so many possibilities! With an indoor(a) pool area, I will lastly offer weekend get-aways throughout winter. ” 87) Which of the following groups is specifically part of Seagull Terraces target market? A) seasonal business travelers B) childly families C) retirees D) summer campers E) athletes Answer: A Diff: 1Page Ref: 8 88) Carol Veldts use of â€Å"promotional gimmicks” is an example of the ________ concept. A) selling B) marketing C) product D) production E) societal marketing Answer: A\r\nDiff: 2Page Ref: 10 89) Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the ________ concept. A) selling B) marketing C) product D) production E) socie tal marketing Answer: C Diff: 2Page Ref: 10 90) Carol Veldt has decided to ask selected guests to accede 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. A) production B) product C) selling D) marketing E) societal Answer: D\r\nDiff: 2Page Ref: 10 91) What should sellers consider if they wish well to avoid marketing myopia? Answer: Sellers should consider the particular benefits and experiences desired by their customers, and not just pay attention to the specific products they offer. Diff: 1Page Ref: 6 92) You are a manufacturer of tents, sleeping bags, and open-air(prenominal) cooking equipment. How might you go about creating brand experiences for your customers? Answer: Such manufacturers should focus on the benefits enjoyed through the use of their products-access to the great outdoors, share d family experiences, and relived memories of the consumers youth.\r\nDiff: 1Page Ref: 7 93) hazard about suppliers and other marketing partners. A modern marketing system relies on profitable relationships all along the way. How might Wal-Mart rely on their marketing partners in order to offer low prices? Answer: Wal-Mart must rely on suppliers that will provide merchandise at low costs, a low-cost and efficient distribution system, an accurate and efficient customer relationship database system, and a strong partnership with each of the members of its supply chain. Diff: 1Page Ref: 8 4) The marketing team at Bead Beautiful, a line of jewelry targeted at pre-teenage girls, is meeting to formulate the products value proposition. What should team members consider as they define a value proposition for Bead Beautiful? Answer: In considering Bead Beautifuls value proposition, the marketing team should identify the benefits and values the company promises to deliver to customers to sa tisfy their needs. The value proposition should differentiate Bead Beautiful from other similar products, answering the customers question â€Å"why should I buy this brand rather than a competitors? Diff: 2Page Ref: 9 95) social club X carries organizational and office supplies and follows the selling concept. Explain how Company X may lose sight of customer relationships with their marketing orientation. Answer: The companys aim is to sell its supplies rather than make what the market wants; such a strategy creates sales transactions but not long-term relationships. The companys likely haywire assumption is that customers who are persuaded to buy the product will like it or that they will buy the product again even if they werent really initially satisfied.\r\nCompany X will not foster customer loyalty with this approach. Diff: 2Page Ref: 10 96) Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. Answer: In such industries, consumers d o not know exactly what new products are available; therefore, consumers rely on such firms to tell them what they need. Diff: 2Page Ref: 11 97) What determines whether sellers create basic relationships or full partnerships with customers? Answer: The type of relationship a seller seeks to create with its customers is dependent on the number of customers and their profitability.\r\nA company with many low-margin customers develops basic relationships; a company with just a few high-margin customers invests resources to create full partnerships. Diff: 1Page Ref: 16 98) How can a marketer increase â€Å"share of customer”? Answer: The marketer can offer greater variety to customers; in addition, the marketer can train employees to cross-sell and up-sell in order to market more products and services to existing customers. Diff: 2Page Ref: 22-23 99) Explain what marketers can expect from individuals in the customer relationship group classified as â€Å"butterflies. Answer: â⠂¬Å"Butterflies” are profitable but not loyal. Marketers should enjoy this type of customer â€Å"for the moment” because they soon flash off. Marketers should create profitable and satisfying transactions with â€Å"butterflies,” then cease investing in them until the next time around. Marketers can expect transactions with butterflies when conditions are optimal for the customer, but they should not expect butterflies to become loyal customers. Diff: 2Page Ref: 24 AACSB: Analytic acquisitions Skill: Application Objective: 1-4 100) up to(p) works in the marketing department of an international company.\r\nIn what ways might Able use modern technologies to conduct market research in order to learn more about and better serve his companys customers? Answer: Able could use videoconferencing to reminder customer focus groups discussing the companys products and services in various locations. Able could use online data services to learn more about the needs and w ants of his customers, or he could create a customer database for the company to target individual customers with tailored offers. Diff: 2Page Ref: 25 101) In what ways might even a local retail merchant find itself touched by global competition?\r\nAnswer: A local retailer might have global suppliers and customers. The retailers goods may come from abroad, or components of those goods may be produced or assembled abroad. In addition, a local retailer may also sell goods over the Internet to international customers. Diff: 1Page Ref: 27 102) How is marketing being utilise in the not-for-profit sector? Answer: Firms in the not-for-profit sector use marketing to bring up their images, to encourage donor marketing to attract memberships and donors, and to design social marketing campaigns to encourage specific causes. Diff: 2Page Ref: 28 -THE END-\r\n'