Customer excellence is focused on:
retaining loyal customers and offering excellent customer service
Brand __ means that customers are reluctant to patronize competing firms.
loyalty
Loyalty programs:
give firms the opportunity to learn more about their customers.
Excellent customer service helps build:
sustainable competitive advantage
Which of the following are examples of strengths that might be identified in a SWOT analysis?
Constantly innovating products
Licensing of a brand
A strong network of retailers
A ___ competitive advantage is an advantage over the competition that is not easily copied and can be maintained over a long period of time.
sustainable
A firm can build sustainable competitive advantage (select all that apply):
when it outperforms competition.
through some business activities over a long period of time.
___ is the element of the 4Ps responsible for communicating value to customers.
Promotion
Match the macro strategies for developing customer value with the specific actions that organizations can take them.
Customer excellence- loyalty programs and superior service.
Operational excellence- excellent supply chain management, strong supply relations, and human resource management.
Product excellence- effective branding and positioning.
Locational excellence- h
Which of the following are true regarding market share?
it defines a product's strength in a particular market.
it is the percentage of a market accounted for by a specific entity.
Some commonly used financial performance metrics include:
profit
sales revenue
Licensing of the brand, a reputation of quality, and a large number of retail stores are examples of potential ___ these refer to internal attributes identified during a SWOT analysis.
strengths
The product development strategy incorporates a ___ product of service to a firm's ___ target market.
new; current
Pricing is the only marketing activity that:
brings in the money
Which of the following is NOT one of the four major growth strategies?
Market analysis
In portfolio analysis:
firms typically perform it at the SBU or product line level of the firm.
management evaluates the firm's various products and businesses.
management allocates its resources to products with the greatest potential to be profitable.
Market ___ is the process of dividing the market into groups of customers according to their needs, wants, or characteristics.
segmentation
____ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Market positioning
After a firm has identified a group of market segments, it does all of the following EXCEPT:
re-assigning the segments
A firm needs a marketing plan:
to implement the marketing mix.
to explain how overall objectives will be met.
to clearly state its overall objectives.
A sustainable competitive advantage:
is when a firm does consistently better than its competitors and it is not easily copied.
Firms are starting to report corporate social responsibility metrics in an effort to (select all that apply):
strengthen their relationships with both local and global suppliers.
help customers feel better about their buying experience.
be proactive along social responsible dimensions.
In ____ analysis, management evaluates the firm's various products and businesses, and then allocates resources according to potential profit outlook.
portfolio
Which of the following are examples of how firms use information from loyalty programs?
Analyzing buying habits of customers.
Identifying customers in advance who might stop doing business with the company.
Tailor their offering to meet the needs of customers.
A ___ is a measuring system that quantifies a trend, dynamic, or characteristic.
metric
In the marketing mix, Product is the element that ____ value.
creates
A ____ is a division of the firm itself that can be managed and operated independently from other divisions.
strategic business unit (SBU)
______ refers to the content distributed through social interactions.
Social media
Which of the following fall into the category of media-sharing sites.
Flicker, Youtube, Picasa
Put the three stages of the Social Media Engagement process in the correct order.
1. Listen
2. Analyze
3. Do
During a social media marketing campaign, step 4 is to ensure that an adequate ____ is in place to support the campaign.
budget
Social media marketing is used by marketers to:
communicate the value proposition of the brand.
remind buyers about the brand and its benefits.
After firms listen to customers and analyze the data they have accumulated, they must ____ what they have learned, in order to create long term relationships with potential customers and ultimately generate additional business.
implement
Place the following periods in the correct sequence (top/oldest to bottom/newest), to illustrate the path Technology Evolution has taken over the life of the social web.
1. Invention era
2. Industrialization era
3. Entrepreneurial era
From the list below, identify online media that are frequently used to contribute information to prospective customers and may help enhance product and service experiences:
YouTube videos, iTunes audio samples, Blogs
How much control do companies have over the content on corporate blogs?
A high degree of control, since the company chooses the content posted.
The best-known microblog is called
_____ is a well known social network with over 800 million active users; it allows individuals to connect with others, and gives marketers the ability to carefully target their audiences.
The 4E framework includes exciting the customer, educating the customer, helping the customer to experience the product, and giving the customer an opportunity to ____ with their social network.
engage
Professionals network online with other professionals to post their resumes and search for jobs. The most commonly used sites to do this is________.
The first step in the Social Media Engagement Process is known as the ____ stage.
listen
Identify the ways in which a price check application can benefit consumers.
Compares prices
Helps the consumer to get the best price.
Provides product availability information.
Place the five steps for planning and executing a social media marketing campaign in the correct sequence (top to bottom).
1. identify strategy goals
2. Target audiences
3. Campaign: experiment and engage
4. Budget
5. Monitor and change
What is a blog?
An online journal enabling people to share their thoughts.
___ blogs are written by people that receive no compensation for their efforts.
Personal
Select all the different kinds of social media-related offers used to excite customers:
mobile applications used to communicate personalized offers.
information on Groupon used to communicate promotions.
information on Facebook used to communicate deals.
How do fashion-oriented firms view mobile media?
As a good fit for them, because mobile consumers buy their products.
Consumers who use social networking have been categorized into four segments bonders, professionals, sharers and _____ who are considered hip, cool contributors, sit at the cutting edge and plan to stay there. Social media gives them new ways to post and
creators
Which of the following are reasons why mobile marketing is increasing in importance for marketers?
Mobile phone usage is growing.
Consumers who use mobile marketing find out more information about the products and the products potentially becomes more attractive.
Increasingly more mobile applications related to marketing (such as price check apps) are