Multiple Choice Questions
1. The traditional view of marketing is that a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding .
a. in highly competitive markets
b. in economies marked by goods shortages where customers are not fussy about quality
c. where consumers have plenty of choices of high quality and competitively-priced goods
d. against competitors who carefully define their target markets and position their offerings accordingly
e. in a marketplace where many micro niche products are available
2. The value delivery model of marketing focuses on which of the following?
a. Making and selling products.
b. Having and holding customers.
c. Finding and communicating with the customer.
d. Placing marketing at the beginning of the process.
e. Serving the profitable mass market.
3. In the value creation and delivery system, the first phase involves "choosing the value." In this strategic marketing process, the firm must do the marketing homework of
.
a. segmenting the market, targeting a customer group, and positioning the offering
b. understanding the customer through market research
c. providing the proper product mix to the relevant retailers
d. measuring success or failure and feeding that knowledge back to the planners
e. setting a price that provides the proper perceived value to the final consumer
4. In the Value Creation and Delivery Sequence, tactical marketing follows strategic marketing, and includes all of the following EXCEPT:
a. product development.
b. sales promotion.
c. value positioning.
d. advertising.
e. sourcing and making.
5. In the traditional process of value creation, making the product precedes selling the product, and includes all of the following EXCEPT:
a. product design.
b. procurement of inputs to make the product.
c. procurement of resources to make the product.
d. actually making the product.
e. distribution of the product.
6. The third task in the Value Creation and Delivery Sequence is called
It involves utilizing the sales force, advertising, sales promotion, and other tools to announce and promote the product.
a. choosing the value
b. communicating the value
c. entering the consumer's zone
d. doing the homework
e. providing the value
7. Within the five core business processes identified, involves researching, developing, and launching high-quality offerings quickly and within budget.
a. the market sensing process
b. the new offering realization process
c. the customer acquisition process
d. the customer relationship management process
e. the best in class practices
8. Within the five core business processes identified, involves receiving and approving orders, shipping goods on time, and collecting payments.
a. the market sensing process
b. the new offering realization process
c. the customer benchmarking process
d. the customer relationship management process
e. the fulfillment management process
9. The involves nine strategically relevant activities that create value and cost for the organization.
a. Core Business Process
b. Value Creation and Delivery Sequence
c. Generic Value Chain
d. Traditional Marketing Model
e. Guide for Strategic Thinking
10. Which of the following is NOT considered a support activity in Porter's Value Chain?
a. Firm infrastructure.
b. Human resource management.
c. Procurement.
d. Technology development.
e. Outbound logistics.
11. Which of the following is NOT considered a primary activity in Porter's Value Chain?
a. Inbound logistics.
b. Service.
c. Marketing.
d. Human resource management.
e. Operations.
12. integrates the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders.
a. Holistic marketing
b. A distinctive capability
c. A core competency
d. Outsourcing
e. The Value Chain
13. In the Holistic Marketing Framework, when the key management question of how to deliver value is applied to the company's core competencies, the major resulting activity should be a focus on .
a. the customer's cognitive space
b. strengthening business partnerships
c. managing customer relationships
d. managing internal resources
e. increasing customer benefits
14. is the difference between the prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives.
a. Total customer cost
b. Customer perceived value
c. Customer delivered value
d. Customer relationship management
e. Total customer value
15. Which of the following is not a component part of total customer value?
a. Product value.
b. Services value.
c. Psychic value.
d. Personnel value.
e. Image value.
16. About a year ago, Echo began renting her movies from Netflix. She perceived Netflix to be a better source because of the enhanced selection, the responsive customer service emails she has received in answer to her online queries, better pricing, and less effort compared to renting from the store in her town. Netflix has offered Echo better
than the local competition.
a. total customer cost
b. customer perceived value
c. customer delivered value
d. total customer value
e. customer relationship management
17. Lowe's home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via .
a. reducing the buyer's nonmonetary costs
b. living up to the Lowe's pledge
c. reducing the product's monetary costs to the buyer
d. increasing the service value
e. increasing total customer value
18. has been defined as a deeply held commitment to re-buy or re- patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.
a. Loyalty
b. Satisfaction
c. Value-delivery
d. "Deep" satisfaction
e. Delight
19. The includes all the experiences the customer will have on the way to obtaining and using the marketing offering.
a. value proposition
b. value-delivery system
c. psychic cost
d. rational buying process
e. customer proclivity to purchase
20. Buyers of Harley-Davidson motorcycles are promised more than just a vehicle, they also are assured that the motorcycles will work well, and maintain good re-sale value. Additionally, the Harley-Davidson brand represents "freedom" to many customers and potential customers. This latter idea is related to Harley's .
a. warranty
b. brand promise
c. core positioning
d. guarantee of complete satisfaction
e. value proposition
21. Which of the following is true?
a. If marketers raise expectations too high, it won't attract enough customers.
b. If the company sets expectations too low, the buyer is likely to be disappointed.
c. If the company sets expectations too low, exceeding buyer expectations becomes difficult.
d. If marketers raise expectations too high, the buyer is likely to be disappointed.
e. If marketers raise expectations too high, they will soon have many copycat offerings competing in the marketplace.
22. What are highly satisfied customers NOT likely to do?
a. Stay loyal longer.
b. Talk favorably about the brand.
c. Be less price sensitive.
d. Upgrade their service.
e. Cost a bit more to serve.
23. Which is NOT a difficulty of measuring customer satisfaction?
a. Measurement tools are not sophisticated enough to measure satisfaction reliably.
b. Customers may report some level of satisfaction for very different reasons.
c. Different customers may define the term "satisfied" in very different ways.
d. Completely satisfied could mean the same as very satisfied.
e. Customer satisfaction may be strongly related to loyalty-but not always.
24. McDonald's restaurants rank high in the quick service industry on getting orders right, something that is highly valued by quick service customers. This is an example of
.
a. conformance quality
b. performance quality
c. the "freedom from variation" standard
d. none of the above
e. More than one answer could be correct.
25. Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons?
a. Communicating satisfaction findings externally would have little marketing value.
b. You should not communicate satisfaction findings internally for ethical reasons.
c. To highlight good news and act on bad news.
d. To satisfy upper management that all is going well.
e. More than one of the above reasons is a correct reason for communicating satisfaction results internally.
Academic requirements:
• Your work should be submitted in the formats outlined for each solution task in the assignment