Some banks have begun offering special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth. But bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize:
A.
that operational excellence is an important macro strategy.
B.
the lifetime value of customers.
C.
that product excellence leads to loyal customers.
D.
the importance of making decisions based on short-term results.
E.
that as long as customers bring in some revenue, costs do not matter.
22.
Narbonne’s, an upscale department store, instructs sales personnel that whenever a customer asks where something is, they should drop what they are doing and offer to escort the customer to what they are looking for. The company’s reputation for excellent customer service has probably resulted in:
A.
product design excellence.
B.
mission statement satisfaction.
C.
sustainable price decreases.
D.
a sustainable competitive advantage.
E.
producer excellence.
23.
Firms achieve ___________ through efficient procedures and excellent supply chain management.
A.
customer excellence
B.
locational excellence
C.
customer loyalty
D.
value-based pricing
E.
operational excellence
24.
Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can:
A.
persuade stores to refuse to carry competitors’ products.
B.
use their power within the supply chain to force weaker firms to accept less favorable pricing.
C.
control prices and lock in margins.
D.
create a sustainable competitive advantage.
E.
justify charging higher prices than competitors do.
25.
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that:
A.
no single strategy is likely to be sufficient to build a sustainable competitive advantage.
B.
situation analysis is a continuous process.
C.
customers rarely remain loyal to companies.
D.
product excellence is the only true source of a sustainable competitive advantage.
E.
innovation is pointless because competitors will develop copycat offerings.
26.
“Effective marketing doesn’t just happen.” It is:
A.
promoted through STP analysis.
B.
possible only for seasoned marketing executives to achieve.
C.
planned.
D.
introduced through control phase SBUs.
E.
the result of competitor’s failures.
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