BUSI 438 EXAM 3
BUSI 438 EXAM 3
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Question 1
- Describe the VALS framework.
Question 2
- Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?
customer retention
customer service
customer acquisition
customer profitability
customer loyalty
3 points
Question 3
- Which of the following statements is TRUE of geographic segmentation?
It divides consumer groups based on a variety of readily measurable descriptive factors about the group.
In most instances, it is an insufficient criterion in and of itself.
It does not consider climate while segmenting markets.
It does not consider the size of population while segmenting markets.
It is useful because the demand for all kinds of products is determined by where a person lives.
3 points
Question 4
- For many marketing managers, segmentation by benefit sought is the best place to start the process of market segmentation.
True
False
3 points
Question 5
- In the context of change drivers impacting the future of marketing, the way a firm looks at strategy and tactics is reflected in the ________.
shift to product glut and customer shortage
shift in power from marketer to customer
shift in generational values and preferences
shift to distinguishing Marketing (Big M) from marketing (little m)
shift to justifying the relevance and payback of the marketing investment
3 points
Question 6
- When a salesperson calls on a prospect and meets face to face, it is an example of an interactive touchpoint.
True
False
3 points
Question 7
- Hannah’s alterations business works around the needs of the customer by providing hours of operation that vary throughout the week, including some evening and weekend hours. It could be said that Hannah’s business is ___________.
differentiated
customer-centric
market oriented
product oriented
socially responsible
3 points
Question 8
- When a company tries to make the product or service significantly easier to obtain than the competition, it is trying to achieve ________ leadership as a source of differentiation.
service
image
price
personnel
convenience
3 points
Question 9
- The 4Ps of marketing refer to ________.
product, price, place, and promotion
policy, production, plan, and preference
promotion, plan, place, and procedure
price, policy, program, and position
place, production, provision, and plan
3 points
Question 10
- In order for Marketing (Big M) to succeed, firms should create ________ strategies.
predatory pricing
market-driving
diversification
vertical integration
market-driven
3 points
Question 11
- American credit card companies would like to offer their services to people in a country in East Africa. However, they are finding it difficult because of language barriers and infrastructure challenges. These issues are related to which of the following questions about market segmentation?
Do the people in this market segment have access to sufficient financial resources?
Is the segment of sufficient size to warrant investing in a unique value-creating strategy for that segment as a target market?
Is the segment readily identifiable and can it be measured?
Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?
Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?
3 points
Question 12
- From a customer’s perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?
Exchange
Strategy
Sustainability
Value
Power
3 points
Question 13
- In the context of positioning errors, when consumers have only a vague idea about the company and its products, and do not perceive any real differentiation, it is called ________.
repositioning
overpositioning
underpositioning
uninformed positioning
fuzzy positioning
3 points
Question 14
- ________ include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions.
Customer decision systems
Computer management systems
Marketing databases
Structured surveys
Marketing analytics
3 points
Question 15
- Microsoft’s revolution of the information field and Disney’s creation of the modern theme park industry are classic examples of ________.
marketing mix
marketing (little m)
pro-social marketing
green marketing
market creation
3 points
Question 16
- Occupation segmentation and income segmentation are essentially the same thing.
True
False
3 points
Question 17
- In the context of change drivers impacting the future of marketing, marketing (little m) is also known as ________ marketing.
pro-social
tactical
strategic
predatory
green marketing
3 points
Question 18
- Increasing formalization of customer analysis processes is a component of a customer-centric culture.
True
False
3 points
Question 19
- The ________ phase of the customer relationship management process is where organizational learning occurs based on customer response to the implemented strategies and programs.
analysis and refinement
supplier interface
marketing planning
knowledge discovery
customer interaction
3 points
Question 20
- Which of the following questions about market segmentation relates to creation and execution of different marketing strategies to the different submarkets identified?
Can the segment be reached in terms of physical product?
Is the segment of sufficient size to warrant investing in a unique value-creating strategy for that segment as a target market?
Is the segment readily identifiable and can it be measured?
Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?
Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?
3 points
Question 21
- An approach to segmenting consumer markets is ________ segmentation, which relies on consumer variables such as personality and AIOs (activities, interests, and opinions) to segment a market.
occupational
psychographic
geographic
educational
gender
3 points
Question 22
- Offering credit cards to high school seniors is an example of ________ segmentation.
income
occupational
educational
lifestyle
gender
3 points
Question 23
- One major objective of CRM is customer replacement.
True
False
3 points
Question 24
- A(n) ________ is a person’s belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job.
personal values system
organizational buy-in
consumer practice
work philosophy
customer mind-set
3 points
Question 25
- To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi’s clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi’s has adopted a ________ orientation approach.
market
mass customization
differentiation
product
relationship
3 points
Question 26
- Customer satisfaction is defined as ________.
the degree to which an individual will resist switching from one offering to another
the level at which the offering meets or exceeds a customer’s expectations
retaining satisfied and loyal profitable customers and channels
increasing the likelihood that a customer becomes a buzz marketer
the number of purchases in a defined period of time
3 points
Question 27
- Into the Abyss is an outdoor clothing company that is just starting to conduct analyses on new data. Which approach would be the appropriate first step before employing more complex analyses?
descriptive analytics
predictive analytics
prescriptive analytics
diagnostic analytics
determinant analytics
3 points
Question 28
- The region, the density of the population, and the size of the population are various approaches to use in ________.
positioning
differentiation
democratic segmentation
population parameter estimation
geographic segmentation
3 points
Question 29
- The local sandwich shop has always sold calorie-laden sandwiches and recently introduced six new sandwiches featuring vegetables and lower-calorie meats and cheeses to appeal to health-conscious customers. What strategy is the sandwich shop pursuing?
repositioning
one-to-one marketing
concentration
tertiary target marketing
80/20 rule
3 points
Question 30
- Which of the following action elements is NOT desired for successful Marketing (Big M)?
Ensuring that everyone in an organization, regardless of their position or title, understands the concept of customer orientation
Aligning all internal organizational processes and systems around the customer
Finding somebody at the top of the firm to consistently champion this Marketing (Big M) business philosophy
Remembering the fact that the marketing department is where Marketing (Big M) takes place
Creating market-driving, not just market-driven, strategies
3 points
Question 31
- A commonly held misconception about marketing is that it is all about advertising and selling.
True
False
3 points
Question 32
- Redefining the selling role within the firm to focus on customer business consultation and solutions is one way that CRM ________.
increases profits for the firm
keeps its costs down
increases the formalization of customer analysis processes
maintains customer loyalty
facilitates a customer-centric culture
3 points
Question 33
- The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the ________.
shift to product glut and customer shortage
shift in power from marketer to customer
shift in generational values and preferences
shift to distinguishing Marketing (Big M) from marketing (little m)
shift to justifying the relevance and payback of the marketing investment