BUSI 438 EXAM 3

26 Sep BUSI 438 EXAM 3

Question 1 

1. Describe the VALS framework.

 

Question 2 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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 

1. 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      _____