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Chapter 5:Creating Customer Value, Satisfaction, and LoyaltyGENERAL CONCEPT QUESTIONSMultiple Choice 1. _ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. a. Profit-centered companiesb. Customer-centered companiesc. Production-centered companiesd. Sales-centered companiese. Promotion-centered companiesAnswer: bPage: 139Level of difficulty: Easy2. The opening vignette on Washington Mutual indicates that, as the Washington Mutual experience shows, successful marketers are the ones that fully _. a. understand promotional strategyb. diversify their product linec. divorce themselves from a production mentalityd. satisfy their customerse. understand the sales conceptAnswer: dPage: 140Level of difficulty: Medium3. In the modern customer-oriented organizational chart, which of the following is considered to be at the top of the organizational pyramid? a. Sales are at the top of the organizational pyramid.b. The president is at the top of the organizational pyramid.c. Front-line people are at the top of the organizational pyramid.d. Customers are at the top of the organizational pyramid.e. Middle management, because of their importance, is at the top of the organizational pyramid.Answer: dPage: 140Level of difficulty: Medium4. _ is the difference between the prospective customers evaluation of all the benefits and all the costs of an offering and the perceived alternatives.a. Perceived usefulnessb. Failure avoidance ratec. Report ratingd. Customer perceived valuee. Competitors market share rateAnswer: dPage: 141 Level of difficulty: Medium5. Total customer value is the perceived monetary value of the bundle of economic, functional, and _ benefits customers expect from a given market offering.a. psychologicalb. intangiblec. realizedd. fabricatede. advertisedAnswer: aPage: 141Level of difficulty: Hard6. The bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychic costs is called the _.a. organizational expense ratiob. shoppers fatiguec. total customer costd. analysis paralysise. comparison shopping to comparison buying ratioAnswer: cPage: 141Level of difficulty: Medium7. In applying a customers perceived value to a decision, a seller who is at a customer perceived value disadvantage has two alternatives: to increase total customer value or _.a. increase a cash-back bonusb. decrease costc. lose the sale to the competitord. advertise more frequentlye. offer an extended warrantyAnswer: bPage: 143Level of difficulty: Medium8. The _ consists of the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering. a. customer promiseb. mission statementc. corporate pledged. corporate perceived valuee. value propositionAnswer: ePage: 143Level of difficulty: Medium9. Total customer satisfaction is measured based on the relationship of _. a. anticipated and real performanceb. perceived performance and expectationc. advertised outcomes and real outcomesd. past experience and present experiencee. customer attitude and salespersons attitudeAnswer: bPage: 144Level of difficulty: Hard10. Buyers form their expectations from all of the following EXCEPT _.a. past buying experienceb. friends and associates advicec. marketers informationd. competitors informatione. governmental newslettersAnswer: ePage: 144Level of difficulty: Easy11. JetBlue is able to meet or exceed customer expectations of low price air travel in part to a few corporate commandments like: safety, caring, integrity, fun and passion. JetBlue refers to these as _.a. teamwork parablesb. valuesc. satisfaction indices d. customer focus statementse. JetBlue benefitsAnswer: bPage: 144 Level of difficulty: Medium12. A customers decision to be loyal or to defect is the sum of many small encounters with the company. Consulting firm Forum Corporation says that in order for all these small encounters to add up to customer loyalty, companies need to create _.a. a reward programb. a comprehensive customer databasec. a branded customer experienced. strong word-of-mouth promotionse. a top-notch advertising campaignAnswer: cPage: 144Level of difficulty: Hard13. One key to customer retention is _. It would be wise for a company to measure this factor frequently. a. heavy promotionb. deep discounts for intermediariesc. to have an ethics officerd. customer satisfactione. to have customers on the board of directorsAnswer: dPage: 145Level of difficulty: Medium14. The best survey method to measure customer satisfaction directly is _.a. to employ a mystery shopperb. the mailed questionnairec. to survey former customersd. periodic surveyse. compute the customer loss rateAnswer: dPage: 146Level of difficulty: Medium15. Which of the following firms leads its industry with a number one ranking for customer satisfaction on the ACSI scale (American Consumer Satisfaction Index) with a score of 87? a. Cadillac b. Fordc. Chryslerd. Chevrolete. CorvetteAnswer: aPage: 146 Level of difficulty: Medium16. _ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. a. Performanceb. Valuec. Qualityd. Customer retentione. Customer loyaltyAnswer: cPage: 146Level of difficulty: Easy17. Total quality is the key to value creation and customer satisfaction. Marketing managers have two roles to play in a quality-centered company. First, they must participate in formulating strategies and policies to help the company win through total quality excellence. Second, they must _.a. participate in cross-functional team buildingb. deliver marketing quality alongside production qualityc. define customer requirements during the innovation stage of the product life cycled. set expectations both internally and externallye. work closely with the sales team to create a dynamic sales messageAnswer: bPage: 147Level of difficulty: Hard18. _ is an organization-wide approach to continuously improving the quality of all the organizations processes, products, and services. a. Total quality managementb. Strategic managementc. Profit-centered managementd. Customer-retention management e. Total customer control managementAnswer: aPage: 147Level of difficulty: Medium19. The 20-80-30 rules reflects the idea that _.a. the top 20 percent of customers generate 80 percent of the companys profits, half of which are lost serving the bottom 30 percent of unprofitable customersb. the top 20 percent of customers are highly satisfied, 80 percent of customers will recommend the company to a friend, and 30 percent are unsatisfiedc. 20 percent of customers are unprofitable, 80 percent of customers make up 30 percent of a companys profitsd. 20 percent of the companys profits are generated by 80 percent of customers, and 30 percent of customers are satisfiede. any new product offering will be accepted by 20 percent of the customers immediately, this figure will eventually rise to 30 percent, however, 80 percent of the customers will be up for grabs throughout the product life cycle for the product Answer: aPage: 148Level of difficulty: Hard20. Most companies have learned that the _ are the most profitable because of service expectations and their willingness to pay almost full price for the products they purchase. a. large-size customersb. midsize customersc. small-size customersd. niche customerse. target market customersAnswer: bPage: 148Level of difficulty: Medium21. A _ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the companys cost stream of attracting, selling, and servicing that customer. a. profitable b. semi-profitable c. unprofitable d. nichee. targetAnswer: aPage: 149Level of difficulty: Easy22. Customer profitability analysis (CPA) is best conducted with the tools of an accounting technique called _. a. input-output analysisb. factor analysisc. Revenue-Based Costing (RBC)d. Activity-Based Costing (ABC)e. Future Date Costing (FDC)Answer: dPage: 149Level of difficulty: Medium23. Which of the following is the best example of what is called a leverageable advantage? a. Dell avoiding selling its products in retail stores.b. Apple winning design awards and producing unique commercials. c. Microsofts use of its operating system to Microsoft Office as a means to supply networking applications. d. Southwest Airlines winning the J.D. Power award.e. American tobacco companies attempts to diversify their holdings after the famous tobacco case losses. Answer: cPage: 150Level of difficulty: Hard24. Taco Bell has determined that keeping customers satisfied can be very profitable. A repeat customer in Taco Bells eyes can be worth as much as _ over the customers lifetime. a. $100,000 b. $61,000 c. $35,000 d. $11,000e. $2,000Answer: dPage: 150Level of difficulty: Hard25. The aim of customer relationship management (CRM) is to produce high customer _.a. valueb. loyaltyc. profitabilityd. satisfactione. equityAnswer: ePage: 151Level of difficulty: Medium26. The three drivers of customer equity are: value equity, brand equity, and _ equity.a. relationshipb. revenuec. qualityd. pricee. productAnswer: aPage: 151Level of difficulty: Easy27. Sub-drivers of relationship equity include all of the following EXCEPT _. a. loyalty programsb. special recognition and treatment programsc. community building programsd. knowledge-building programse. price protection programsAnswer: ePage: 151Level of difficulty: Hard28. An alternative formulation to customer equity is provided by Blattberg, Getz, and Thomas. They view customer equity as being driven by three components: acquisition, _, and add-on selling.a. satisfactionb. retentionc. perceived valued. qualitye. pricingAnswer: bPage: 151Level of difficulty: Medium29. _ is seen as the cumulative value of the firms network of relationships with its customers, partners, suppliers, employers, and investors.a. Responsive equityb. Market equityc. Relational equityd. Strategic equitye. Satisfaction equityAnswer: cPage: 152Level of difficulty: Medium30. The ability of a company to meet each customers requirementsto prepare on a mass basis individually designed products, services, programs, and communications, is referred to as _.a. proactive customer serviceb. individualizationc. mass customizationd. competitive advantagee. target market customizationAnswer: cPage: 152Level of difficulty: Hard31. A customer touch point in the airline industry would include an item such as _.a. reservationsb. mechanics ability to service the airplanesc. ease of access to the airportd. the value of air travel versus surface transportatione. competency of a travel agentAnswer: aPage: 152Level of difficulty: Medium32. All of the following would be among the Peppers and Rogerss four-step framework for one-to-one marketing that can be adapted to CRM marketing EXCEPT _. a. customizing products, services, and messages to each customerb. interacting with individual customers to learn their needsc. always offering the lowest priced. differentiating customers in terms of their needs and value to the companye. identify your prospects and customersAnswer: cPage: 154Level of difficulty: Hard33. Winning companies improve the value of their customer base by excelling at strategies listed below EXCEPT _. a. eliminating low-profit customers immediatelyb. reducing the rate of customer defectionc. increasing the longevity of the customer relationshipd. making low-profit customers more profitable or terminating theme. focusing disproportionate efforts on high-value customersAnswer: aPage: 154Level of difficulty: Medium34. Which of the following is a characteristic of one-to-one marketing? a. Mass promotionb. Standard productc. Two-way messagesd. Share of markete. Customer attractionAnswer: cPage: 155Level of difficulty: Medium35. Another term for high customer _ is customer churn.a. retentionb. defectionc. valued. perceptione. beliefAnswer: bPage: 155Level of difficulty: Easy36. Markets can be characterized by their long-term buying dynamics and how easily and often customers can enter and leave. In _, customers can leave and come back. a. permanent capture marketsb. simple retention marketsc. advocate marketsd. simple competitive marketse. customer migration marketsAnswer: ePage: 156Level of difficulty: Medium 37. In _ marketing, the salesperson contacts the customer from time to time with suggestions about improved product uses or new products. a. accountable marketingb. proactive marketingc. reactive marketingd. partnership marketinge. basic marketingAnswer: bPage: 157Level of difficulty: Medium38. Most companys practice only _ when their markets contain many customers and their unit profit margin(s) are small.a. reactive marketingb. partnership marketingc. basic marketingd. proactive marketinge. accountable marketingAnswer: cPage: 157 Level of difficulty: Easy 39. In markets with few customers and high profit margins, most sellers will move toward _ marketing.a. reactive marketingb. partnership marketingc. basic marketingd. proactive marketinge. accountable marketingAnswer: bPage: 157Level of difficulty: Medium40. The CRM (customer relationship management) imperative is characterized by five steps or factors. All of the following would be among those steps or factors EXCEPT _. a. acquiring the right customerb. crafting the right value propositionc. instituting the best processesd. motivating employeese. learning to make profits through marginal customersAnswer: ePage: 158Level of difficulty: Hard41. When companies provide rewards to customers who buy frequently and in substantial amounts, this is referred to as _.a. benefit programsb. frequency programsc. satisfaction programsd. loyalty programse. quality programsAnswer: b Page: 159Level of difficulty: Easy 42. Frequency marketing is an acknowledgment of the fact that 20 percent of a companys customers might account for _ percent of its business.a. 50b. 70c. 40d. 80e. 90Answer: dPage: 159Level of difficulty: Medium 43. Companies who try to increase a customers likelihood to repurchase a product may try to create long-term contracts, turn the product into a long-term service, and _.a. send frequent surveysb. offer couponsc. charge lower prices to customers who purchase large suppliesd. request the customer join their loyalty programe. encourage customers to purchase in greater frequencyAnswer: cPage: 162Level of difficulty: Medium44. An organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for such marketing purposes as lead generation, lead qualification, sale of a product or service, or maintenance of customer relationships is called _.a. a customer databaseb. a customer mail listc. target market segmentsd. customer segmentse. relationship marketsAnswer: aPage: 162Level of difficulty: Medium 45. The process of building, maintaining, and using customer databases and other databases for the purpose of contacting, transacting, and building customer relationships is called _. a. data warehousingb. dataminingc. database marketingd. custom marketinge. electronic marketingAnswer: cPage: 162Level of difficulty: Easy46. A _ is simply a set of names, addresses, and telephone numbers. a. customer databaseb. customer mailing listc. call-waiting listd. psychographic liste. demographic listAnswer: bPage: 163Level of difficulty: Easy 47. A customer database should contain all of the following EXCEPT _. a. a customers past purchasesb. demographicsc. psychographicsd. mediagraphicse. an assessment of competitive strengths and weaknessesAnswer: ePage: 163Level of difficulty: Medium48. A _ would contain such items as past volumes, prices, profits, buyer team names, status of current contacts, and an assessment of competitive strengths and weaknesses. a. customer mailing listb. contact listc. customer databased. business databasee. general corporate databaseAnswer: dPage: 163Level of difficulty: Easy49. Savvy companies are capturing information every time a customer comes into contact with any of its departments. As a marketing manager all of the following would be available customer touch points for your consideration EXCEPT _. a. a customer purchaseb. an online queryc. a mail-in rebate cardd. an ad run on a national television networke. a customer-requested service callAnswer: dPage: 163Level of difficulty: Medium50. James Everett is a telemarketer. He can use his companys _ to respond to customer inquiries more effectively because of his ability to see a total picture of the customer relationship. a. data warehouseb. call back listc. call rejection listd. corporate databasee. Better Business Bureau contacts Answer: aPage: 164Level of difficulty: Medium51. Through _, marketing statisticians can extract useful information about individuals, trends, and segments from the mass of data. a. data accumulationb. target market information supplied by the governmentc. dataminingd. data managemente. data marketingAnswer: cPage: 164Level of difficulty: Medium52. _ involves the use of sophisticated statistical and mathematical techniques such as cluster analysis, automatic interaction detection, predictive modeling, and neural networking. a. Data managementb. Data marketingc. Target market analysisd. Data accumulatione. DataminingAnswer: ePage: 164Level of difficulty: Medium53. In general, companies can use their databases in all of the following ways EXCEPT _. a. to predict competitive strategies and plansb. to identify prospectsc. to decide which customers should receive a particular offerd. to deepen customer loyaltye. to avoid serious customer mistakesAnswer: aPages: 164165Level of difficulty: Medium54. Susan Lefferts company advertises widely. In each magazine ad, a business reply card is attached. Ms. Lefferts uses these cards to build her companys database. In which of the following ways would Ms. Lefferts most likely be using the newly constructed database? a. To deepen customer loyalty.b. To reactivate customer purchases.c. To avoid serious customer mistakes.d. To determine if up-selling is appropriate.e. To identify prospects.Answer: ePage: 164Level of difficulty: Hard55. Phil Langston has just ordered a number of expensive executive gifts that he will be sending as an appreciation token to a select few customers from his client database.
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