No Money, No Honey

Chapter 1 merchandising Creating and Capturing Customer stiff1) All of the pursuance ar accurate descriptions of modern trade, EXCEPT which one?A) Marketing is the creation of mensurate for guests. B) Marketing is managing lucrative node kinds. C) sell and announce be synonymous with merchandising. D) Marketing involves fulfil nodes holds. E) Marketing is utilize by for- get and non-for- meshing organizations. root C Diff2Page ref 2 and 4 2) agree to the opening scenario, the Tide commercialiseing police squad up is MOST concerned round which of the following?A) maintaining its blot take B) furthering nodes activated connections with their ware C) advertising their point of intersections pull aheads D) comparing the impressiveness of their merchandise to separate brand names E) incorporating consumer-generated merchandising in the merchandising mix dissolve BDiff 2Page reviewer 2 3) According to guidance guru Peter Drucker, The range of food trade is to ________. A) ready node appraise B) line node take ons C) make sell unnecessary D) station realistic guest comportations E) sell products dish up CDiff 2Page ref 5 ) ________ is defined as a friendly and managerial mental process by which souls and organizations obtain what they charter and indispensableness through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating settle DDiff 2Page reviewer 5 5) Which steps of the five-step commercialiseing process are about clearing clients, creating node value, and nominateing strong customer consanguinitys? A) the freshman two yet if B) the initiatory three only C) the first four only D) the give out three only E) the last four only react CDiff 2Page ref 5 ) According to the transparent five-step model of the grocery process, a gild involve to ________ before radiation patterning a customer-driven trade strategy. A) determine how to lay out oerlord value B) nominate paying alliances with customers C) use customer relationship care to create integral(a) assistantships with linchpin customers D) understand the foodstuffplace and customer necessarily and wants E) construct key components of a sell schedule break up DDiff 2Page reader 5 7) ________ are human demand as shaped by individual personality and culture. A) Needs B) Wants C) Demands D) Values E) Exchanges resolvent BDiff 2Page ref 6 8) When backed by purchase power, wants catch ________. A) social privations B) demands C) sensible needs D) self-esteem needs E) exchanges answer BDiff 1Page reviewer 6 9) What do companies c either a set of benefits that they promise to consumers to satisfy their needs? A) foodstuff offering B) value trace C) demand expiation D) need proposition E) evoked set make out ADiff 1Page reviewer 6 10) Which of the following refers to sellers being preoccupied with their own products and losing sight of underly ing consumer needs? A) change myopia B) selling commission C) value propositionD) selling myopia E) the product concept outcome DDiff 1Page referee 6 11) When marketers set low expectations for a market offering, the biggest risk they run is ________. A) scotch loyal customers B) decreasing customer satisfaction C) failing to attract profuse customers D) failing to understand their customers needs E) incorrectly identifying a pit market pract sorbet CDiff 1Page referee 7 12) ________ is the act of obtaining a want object from someone by offering something in return. A) A value proposition B) Exchange C) Bribery D) Value creation E) Donation get along BDiff 1Page Ref 7 3) A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) multitude D) segment E) exchange dress ADiff 1Page Ref 7 14) Consumer research, product development, colloquy, distribution, pricing, and profit are all hollow ________ activities. A) exchange B) selling C) counselling D) employment E) customer relationship trouble firmness BDiff 1Page Ref 7 intention 1-2 15) In the eluding of excess demand, ________ whitethorn be required to reduce the number of customers or to shift demand temporarily or permanently. A) merchandising B) demerchandising C) value merchandising D) surplusing E) negotiating function BDiff 1Page Ref 9 16) The art and science of choosing cigarette markets and twist fat relationships with them is called ________. A) selling management B) positioning C) segmentation D) selling E) differentiation rejoinder ADiff 1Page Ref 8 17) Selecting which segments of a state of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target market E) managing the selling effort Answer DDiff 1Page Ref 8 18) Which of the following is the set of benefits a company promises to ram home the customer to satisfy their needs?A) a money-back guarantee B) low pricing C) good customer servi ce D) a value proposition E) an attribute Answer DDiff 1Page Ref 9 19) Which of the following merchandising management orientations condensees primarily on improving efficiencies on the cede concatenation? A) production concept B) product concept C) selling concept D) market concept E) social merchandise concept Answer ADiff 2Page Ref 9 20) The ________ concept is aligned with the doctrine of uninterrupted product improvement and the belief that customers volition choose products that offer the or so in quality, performance, and innovative features. A) productB) production C) customer D) market E) publicity Answer ADiff 1Page Ref 10 21) The product concept says that a company should do which of the following? A) improve trade of its best products B) market only those products with high customer appeal C) focalise on the target market and make products that meet those customers demands D) center on on making constant product improvements E) make promoting products the eyeshade priority Answer DDiff 2Page Ref 10 22) Build a remedy mousetrap and the world depart beat a path to your door reflects the ________ concept. A) production B) merchandising C) selling D) productE) target selling Answer DDiff 2Page Ref 10 23) Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales? A) marketing B) production C) product D) selling E) societal marketing Answer DDiff 1Page Ref 10 24) Which concept holds that achieving organizational goals depends on contending the needs and wants of target markets and delivering the sought after satisfactions better than competitors do? A) product B) production C) selling D) marketing E) virtue Answer DDiff 1Page Ref 10 25) A firm that uses the selling concept takes a(n) ________ approach. A) outside-inB) myopic C) inside out(predicate) D) societal E) customer service Answer CDiff 2Page Ref 10 26) Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products? A) convenience B) shopping C) specialty D) unsought E) demarketed Answer DDiff 2Page Ref 10 27) Customer-driven marketing usually works fountainhead when ________ and when customers ________. A) a clear need exists are difficult to identify B) customers fare what they want are loyal to the brand C) a firm stack deliver the goods desired are thoroughly researched D) a clear need exists k outright what they wantE) a need exists dont hold out what they want Answer DDiff 2Page Ref 11 28) Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs plain better than customers themselves do and creates products and function to meet contemporary and time to come wants and demands. Maries firm class periods ________ marketing. A) customer-driven B) customer-driving C) relationship D) donor E) social Answer BDiff 2Page Ref 11 29) When customers dont know what they want o r dont even know whats possible, the closely effective strategy is ________ marketing. A) customer-drivenB) customer-driving C) societal D) production E) product Answer BDiff 2Page Ref 11 30) The societal marketing concept seeks to plunge a balance between consumer short-run wants and consumer ________. A) short-run costs and network B) short-run ethics C) long-run offbeat D) immediate health E) value propositions Answer CDiff 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 welfare? A) marketing B) selling C) product D) societal marketing E) equity Answer DDiff 1Page Ref 11 2) The three areas of consideration that should be equilibrise 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) long needs Answer CDiff 2Page Ref 11 33) The set of marketing tools a fi rm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing effort Answer CDiff 2Page Ref 12 34) Of the following, which is the most important concept of modern marketing? A) customer relationship management B) societal marketingC) consumer-generated marketing D) dexterityily trained salespeople E) low prices Answer ADiff 2Page Ref 13 35) Building, keeping, and ontogenesis profitable relationships by delivering customer value and satisfaction is called ________. A) customer life value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing Answer CDiff 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 mind B) rational expectations C) accurate assessmentD) objective evaluation E) emotional understanding Answer ADiff 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 equity B) Customer satisfaction C) Customer evangelism D) Customer-perceived value E) Marketing myopia Answer DDiff 1Page Ref 13 38) Which of the following is the term for customers who make fictionalize leveragings and tell others about their positive experiences with a product or service? A) satisfied customers B) customer evangelists C) butterfliesD) full provides E) social customers Answer BDiff 2Page Ref 13 39) A room upgrade offered by a hotel to a guest who often stays in the hotel is an instance of a ________. A) frequency marketing chopine B) staple customer relationship C) fiat marketing program D) partner relationship management technique E) structural benefit Answer ADiff 2Page Ref 16 40) In which of the following situations has a company most actively turned its consumers into m arketing partners? A) Ameri set up Airlines awards denounce flyer points to returning customers. B) Paige Premium Denim jeans provide a superior quality and a perfect fit.C) iRobot invites enthusiastic Roomba owners to develop and luck their own programs and uses for the companys robotic vacuum. D) Best Buy distinguishes between its best customers, called angels, and its less profitable customers, called demons, stocking product to appeal to separate groups of its angels. E) Toyota develops a marketing strawman on social networks and other online communities. Answer CDiff 2Page Ref 14 41) Using customer gainfulness analysis to weed out unprofitable customers and target agreeable ones for pampering is referred to as ________. A) customer relationship managementB) positioning C) database marketing D) selective relationship management E) marketing myopia Answer DDiff 2Page Ref 17 42) Pete Sanchez, a recent graduate of disdain school, has a different approach than his marketing m anager, who believes in keeping customers at arms distance and using mass media advertising. Pete knows that today few successful firms still practice true ________ and are instead turning to selective relationship management. A) club marketing B) frequency marketing C) mass marketing D) customer satisfaction E) market segmentation Answer CDiff 2Page Ref 16 3) The Niketown course club that organizes twice weekly evening runs and follow-up meetings in the Nike throw in is an example of which of the following? A) a frequency marketing program B) a basic customer relationship C) a club marketing program D) a partner relationship E) a structural benefit provided for top customers Answer CDiff 2Page Ref 18 44) Which of the following has NOT contributed to the deeper, much synergistic nature of todays customer relationships? A) e-mail B) Web sites C) online social networks D) tralatitious advertising E) video share Answer DDiff 2Page Ref 18AACSB Use of IT 45) Greater consumer cont rol means that companies must trust more on marketing by ________ than by ________. A) interruption elaborateness B) interaction intrusion C) socialization nurture D) producing selling E) inspiration emulation Answer BDiff 2Page Ref 18 46) To create customer value and build strong customer relationships, marketers know they cannot go it alone accordingly, they practice ________. A) partner relationship management B) database marketing C) attractive Web site design D) customer equity E) consumer-generated marketing Answer ADiff 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 EDiff 1Page Ref 19 48) by means of ________, many companies today are streng thusing their connections to all partners, from providers of raw materials to components to final products that are delivered to final bu yers. A) write out chain management B) direct marketing C) partnership relationship marketing D) customized marketing E) equity marketing Answer ADiff 2Page Ref 21 9) Suzie Chan streng thuss her companys connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? A) outside partnering B) inside partnering C) marketing D) supply chain E) customer development Answer DDiff 2Page Ref 21 50) The final step in the marketing process is ________. A) capturing value from customers B) creating customer obedience C) creating customer animation value D) understanding the marketplace E) calculating a customer-driven marketing strategy Answer ADiff 1Page Ref 21 1) Stew 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 purchases that a customer is similarly to make if he or she stiff in the area. Stew Leonards concern is an illustration of which of the following? A) share of customer B) market share C) profitableness D) customer lifetime value E) market share maintenance Answer DDiff 2Page Ref 22 AACSB musing Thinking 52) Which of the following is an example of consumer-generated marketing? A) Toyotas presence in online communitiesB) Nikes Nike sum running Web site C) MasterCards use of Priceless commercials shot by customers D) Neiman Marcuss InCircle Rewards program for its best customers E) The Lexus Covenant aimed at creating customer whoop it up Answer CDiff 2Page Ref 20 53) When an airline goes after a share of travel from its customers, it is attempting to augment ________. A) customer lifetime value B) share of customer C) total customer spending D) customer satisfaction E) customer allow for power Answer B Diff 2Page Ref 22 54) ________ is one of the best ship canal to increase share of customer.A) Targeting youthful customers B) Using bait and switch C) Cross-selling D) kinship selling E) Partnership marketing Answer C Diff 2Page Ref 22 55) Amazon. com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other items. ground on previous purchase history, the company recommends related CDs, books, videos, or other products that might interest a customer. This most directly helps Amazon. com capture a greater ________. A) customer lifetime value B) share of customer C) profit margin D) share of marketE) 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 potential customers? A) share of customer B) customer lifetime value C) customer equity D) profitability E) share of market Answer C Diff 2Page Ref 23 57) The ultimate aim of customer relationship management is to produce ________. A) customer equity B) mark et 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 ________.A) true friend B) butterfly C) extraterrestrial being 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 projected loyalty. Which type of customers have the highest profit potential and strong loyalty? A) barnacles B) strangers C) butterflies D) true friends E) big fish Answer D Diff 2Page Ref 24 60) Which of the following statements about the profits is most accurate? A) Companies are guardedly using the internet to build closer relationships with customers and marketing partners alike.B) After the dot com company meltdown of 2000, fewer 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-comme rce looks promising, 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 most all company, small and large, is affected in some way by which of the following? A) the societal marketing concept B) not-for-profit marketing C) global rivalry D) customer-generated marketingE) caring capitalism Answer C Diff 2Page Ref 26 62) Governmental agencies are becoming more involved in marketing as the years pass. When a local anaesthetic government advertises keeping the areas streams and pee supply cleaner, it is involved in ________. A) green marketing B) social marketing campaigns C) demarketing D) environmental marketing E) partnership marketing Answer B Diff 2Page Ref 29 63) concisely compare and contrast the concepts of needs, wants, and demands, giving an example of apiece. prove how these concepts relate to marketing practices. Answer Human needs are states of matte up deprivation.Needs are part of the human make-up they are not created by external forces. Humans have a basic bodily need for food, clothing, warmth, and safety a basic social need for be and affection and a basic individual need for knowledge and self-expression. unalike 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 swelled Mac and a soft drink. An American with ten dollars needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers buying power.Marketers conduct extensive research to understand customers wants and demands. They and then attempt to fulfill customers wants and demands through their market offerings. Diff 2Page Ref 6 64) In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences. Answer Sellers are most ef fective 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.By doing so, marketers take to to increase customer satisfaction, creating a body of customers who will 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 upright when an organization is marketing products or services that buyers do not normally think of purchasing, such(prenominal) as insurance or blood donation. self-asserting selling focuses on creating sales transactions rather than on building long-term relati onships with customers, with the aim of selling what the company makes rather 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.Give an example of an organization that has efficaciously used the societal marketing concept. Answer According to this concept, firms will fall out if they take underlying consumer needs and societys well being into account over the long term. A pure marketing concept can toll consumers long-run welfare by focusing exclusively on satisfying consumers short-run wants. Over a long period of time, this too-narrow focus can be damaging to the company. In setting their marketing strategies, marketers today need to balan ce company profits, consumer wants, and societys interests.Johnson & Johnson is an example of a company that has successfully employ the societal marketing concept. The organization stresses honesty, integrity, and jellting people before profits, an ethic that helped Johnson & Johnson quickly address and recover from the poisonous tampering of Tylenol capsules in 1982. Diff 2Page Ref 11 67) beg off why the aim of customer relationship management is to create not just customer satisfaction, but to a fault customer delight. Answer Customer satisfaction cannot be taken for granted.Because brand loyalty is drug-addicted upon strong customer satisfaction, companies strive to retain, satisfy, and even delight current customers. Firms create customer delight by promising only what they can deliver and then delivering more than what they promised. They besides create emotional relationships with key customers. Delighted customers make repeated purchases and become customers for life. M ore importantly, they also essentially become an unpaid sales force for the firm as customer evangelists who tell other potential customers about their positive experiences with the product.Diff 1Page Ref 13 68) In a short essay, discuss the challenges and advantages that new dialogue technologies have created for marketers. Answer Through the Internet and related technologies, people can now interact in direct and surprisingly personal slipway with large groups of others, from neighbors within a local connection to people crosswise 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.Marketers 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 relations hip-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.This 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 2Page 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.To increase customer equity, companies should work to delight t heir 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 links 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 click only companiesthe dot-coms. The post-Internet frenzy of the late 1990s has introduced companies that are both savvy and face promising futures.These companies use a set of new Web technologies to reach customers, including blogs (web logs), vlogs (video-based logs), and social networking sites. Brick-and-mortar companies of the past are now 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 necessity 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) ________.A) need B) necessity C) demand D) exchange E) transaction Answer C Diff 1Page Ref 6 72) To bar traffic gridlock in large metro areas, a community might use ________ to discourage travelers from driving during peak commuting hours. A) target marketing B) market segmentation C) demarketing D) marketing E) the production concept Answer C Diff 1Page Ref 9 73) Cathys Clothes 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 segmentationD) target marketing E) value packing Answer D Diff 2Page Ref 8 74) Jolenes firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she mus t somehow first get their attention. 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 change magnitude consumer affordability.This reflects 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 thought process that users wanted trains rather than transportation, overlooking 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 convenient food at affordable prices, but in doing so they contribute to a content obesity epidemic and environmental problems.These 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 police squad at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using ________. A) selective 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 learning 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) W eb site collisions 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 stylishness operator who knows that the key to this goal is to match ________ with ________. A) company performance competition 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 beauty products and services that she and her staff sell.By promoting a company culture that values exceptional 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 Ans wer 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 fixed to sponsor a contest calling 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 draw in charge of customer relationship management, is planning strategies for improving the profitability of her firms least rofitable but loyal customers. S he is also examining methods for firing customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers hold out? A) butterflies B) true friends C) strangers D) barnacles E) short-term customers Answer D Diff 2Page Ref 24 85) A church targeting different demographic groups to increase attendance is an example of ________. A) for-profit marketing B) not-for-profit marketing C) societal marketing D) customer evangelism E) caring capitalism 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 consider 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 responsibility C) profit marketing D) partnership management E) myopia Answer B Diff 1Page Ref 27 Refer to the scenario below t o answer the following irresolutions. chirrup Veldt, owner of mug Terrace, watched her investment grow from a small, seaside motel to a thriving year-around resort in just a few years.Atop a bluff overlooking the Maine coast, fall guy Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the wintertime months. But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland, Carol added, I couldnt understand why seasonality had to hit fool Terrace so hard So Carol fatigued her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carols plan, then, involved a seasonal promotional gimmick? o be implemented from early winter to late springthat would attract the like numbers as the large summer crowd. Her idea worked During her second winter, Carol greeted numerous business trav elersboth satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. We still have a long way to go, Carol admitted. Our delicatessen offers delicious entrees, but wed like to expand that. We provide health club privileges off-site, but wed like to ultimately provide our own. These are goals I hope to achieve in a few years.Our first project, however, included a renovation of our guest cortege and Im quite proud of the results. Carol then added, Actually there are so many possibilities With an indoor pool area, I will eventually offer weekend get-aways throughout winter. 87) Which of the following groups is specifically part of fall guy Terraces target market? A) seasonal business travelers B) young families C) retirees D) summer campers E) athletes Answer A Diff 1Page Ref 8 88) Carol Veldts use of promotional gimmicks is an example of the ________ concept. A) selling B) marketing C) product D) production E) societal marketing Answer ADiff 2 Page 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) societal marketing Answer C Diff 2Page Ref 10 90) Carol Veldt has decided to ask selected guests to enroll 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 DDiff 2Page Ref 10 91) What should sellers consider if they attentiveness 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 outdoor prep equipment. How might you go about cre ating 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, shared family experiences, and relived memories of the consumers youth.Diff 1Page Ref 7 93) Think 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 economical 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 bone 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 satisfy their needs. The value proposition should differentiate Bead Beautiful from other similar products, answering the customers question Why should I buy this brand rather than a competitors? Diff 2Page Ref 9 95) Company 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 faulty 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.Company X will not foster customer loyalty with this approach. Diff 2Page Re f 10 96) Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. Answer In such industries, consumers do 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.A 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 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 market ers can expect from individuals in the customer relationship group classified as butterflies. Answer Butterflies are profitable but not loyal. Marketers should enjoy this type of customer for the twinkling because they soon flutter off. Marketers should create profitable and satisfying transactions with 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 Skills Skill Application Objective 1-4 100) Able works in the marketing department of an international company.In 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 monitor customer focus groups discussing the companys products and services in various locations. Able could use online data s ervices to learn more about the needs and wants 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 retailer find itself touched by global competition?Answer 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 applied in the not-for-profit sector? Answer Firms in the not-for-profit sector use marketing to enhance 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-