The two parts of value equation are benefits and cost.
Results of a focus group are generalizable to a population of interest.
Walmart opened its first international store in Canada over 30 years ago.
If someone opened a bottle of Coke and there was no “fizz” then it would be an
example of a lack of reliability.
It is possible today to calculate the total profitability for each customer that is expected
to be earned over the length of the customer relationship.
Salespeople and the personal selling function are the single most effective approach for
establishing and enhancing the personal relationship between company and customer.
When one considers the product and where its value comes from, it has become obvious
over time that value comes from the tangible product and its features and the services
which surround it are not an important part of the overall product experience.
Outbound logistics deals with how to get goods back to a manufacturer or intermediary
after purchase.
Gen Yers tends to value relationships with marketers like State Farm Insurance in
exactly the same way their parents do.
Most people are comfortable buying products over the phone.
In general, B2B segmentation is more straightforward than B2C segmentation.
Physical distribution, or logistics, is the integrated process of moving input materials to
the producer, in-process inventory through the firm, and finished goods out of the firm
through the channel of distribution.
A go-to-market mistake is made when a company fails to stop a bad product idea from
moving into product development.
____________ measures the average number of times a person in the target market is
exposed to the message.
A.Frequency
B.Target
C.Pioneering
D.Reach
E.Hits
Frequency measures the average number of times a person in the target market is
exposed to the message.
The best place in a SWOT analysis to list the competitive trends is ____________.
A.External opportunities
B.External threats
C.Internal opportunities
D.Internal strengths
E.Internal weaknesses
Competitors are a threat to the firm and they are external to the firm. So analysis of
competitive trends should be a part of external threats section of a SWOT analysis.
All of the following are criteria for effective segmentation EXCEPT:
A.The segment is of sufficient size
B.The segment is readily identifiable
C.The segment is clearly differentiated on one or more important dimensions
D.The segment can be reached, both in terms of communication and physical product
E.The segment has at least 10000 potential consumers
The size of a segment is related to its ability to generate positive return on investment
and it doesn’t necessarily mean the number of customers. Hence, having at least 10000
potential consumers is not a criterion for effective segmentation.
Jill is considered a(n) ______ when it comes to wine because she has information about
many kinds of wines, places to shop and other facets of the wine market.
A.Laggard
B.Market maven
C.Leader
D.Information haven
E.Member of a reference group
Market mavens like Jill have information about many kinds of products, places to shop,
and other facets of markets.
A CRM touchpoint that does NOT require direct interface is ________.
A.Outbound telemarketing
B.Inbound telemarketing
C.A bank’s ATM
D.A customer online chat line
E.A branch office
While using an ATM, the customer interacts with a machine and there is no direct
interface between the customer and a company representative.
Over the years Athena Footwear had developed a reputation as a high quality brand of
shoes at a moderate premium price point. Recently it decided to introduce a low-price
line of shoes, however, the new line suffered from poor performance and durability, and
if the shoes in the new line got wet, the colors would bleed. Because of these problems,
the sales of the new line were poor and the value of Athena Footwear’s brand dropped
significantly. This is an example of the ______ limitation of branding.
A.Lack of meaningful differences among products
B.Failure to persuade the customer
C.Failure to overcome poorly designed products
D.Failure to protect the brand
E.Lack of brand worthy communications
A good branding strategy will not overcome a poorly designed product that fails to
deliver on the value proposition. In this case, the good branding of Athena Footwear
could not overcome the poorly designed footwear.
___________________ entails gaining a commitment from a customer to a basic
product or system that requires continual purchase of peripherals to operate.
A.Product line pricing
B.Captive pricing
C.Price bundling
D.Reference pricing
E.Prestige pricing
Captive pricing entails gaining a commitment from a customer to a basic product or
system that requires continual purchase of peripherals to operate. For example, HP
counts on the fact that customers will go back time and again to repurchase the
replacement cartridges for their printers.
The marketing manager of Sid’s Steel, a foundry that sells exclusively to other
manufacturers wants to better understand the competition she faces. One of her best
sources would be her ______ because of their access to information from suppliers and
customers.
A.Brokers
B.Frontline Managers
C.Salespeople
D.Retailers
E.Wholesalers
In the business-to-business environment, salespeople are frequently the most important
link between the company and external marketing information. Sid’s Steel is operating
in a business-to-business environment.
Losing a customer is disappointing; however, it also represents an opportunity. By using
______ strategies, companies can reacquire customers.
A.Price skimming
B.Switching
C.Service recovery
D.Diversification
E.Cold calling
Losing a customer is disappointing; however, it also represents an opportunity. By using
well-developed service recovery strategies, companies can reacquire customers.
____________ show the results of the efforts expended by the salesperson.
A.Subjective measures
B.Output measures
C.Intangible measures
D.Input measures
E.Non financial incentives
Output measures are a type of objective measure that show the results of the efforts
expended by the salesperson.
List and explain the roles that brands play for customers, the company and competitors
give examples of a brand performing each role.
Explain some different lifestyle trends in the United States. Tell how marketers are
adapting to these trends.
Why is it so important for the buyer and seller to participate in the post-purchase
evaluation of a product and supplier?
What are the two mistakes associated with rejecting or moving forward with a new
product design?
Discuss the four factors involved in the decision to use independent agents or a
company sales force.
Explain the concept of differentiation.
How can political/legal trends influence marketing decisions? Give an example.