14 Aug 1. ________ are adept at building customer relationships, not just products; th

1.
________ are adept at building customer relationships, not just
products; they are skilled in market engineering, not just product engineering.

a.
Profit-centered companies
b.
Customer-centered companies
c.
Production-centered companies
d.
Sales-centered companies
e.
Promotion-centered companies

2.
The opening vignette on Ritz-Carlton shows that
successful marketers are the ones that fully ________.
a.
understand promotional strategy
b.
diversify their product line
c.
divorce themselves from a production mentality
d.
satisfy their customers profitably
e.
understand the sales concept

3. In
the modern customer-oriented organizational chart, which of the following is
considered to be at the top of the organizational pyramid?

Sales
The
president
Front-line
people
Customers
Middle
management

4. ________ 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 usefulness
b. Failure avoidance rate
c. Report rating
d. Customer-perceived value
e. Competitors market share rate

5. Total customer
benefit is the perceived
monetary value of the bundle of economic, functional, and ________ benefits
customers expect from a given market offering.
a. psychological
b. intangible
c. realized
d. fabricated
e. advertised

6. The bundle of costs customers expect to
incur in evaluating, obtaining, using, and disposing of the given market
offering is called the ________.
a. organizational expense ratio
b. shoppers fatigue
c. total customer cost
d. analysis paralysis
e. comparison shopping to comparison buying
ratio

7. In applying a customers perceived value to
a decision, a seller who is at a disadvantage with respect to
customer-perceived value has two alternatives: to increase total customer
benefit or ________.
a. increase a cash-back bonus
b. decrease total customer cost
c. lose the sale to the competitor
d. advertise more frequently
e. offer an extended warranty

8. The final step of
customer value analysis is to ________.
a. identify the
major attributes and benefits that customers value
b. assess the
companys and competitors performances on the different customer values
against their rated importance
c. examine how
customers in a specific segment rate the companys performance against a
specific major competitor on an individual attribute or benefit basis
d. monitor customer
values over time
e. assess the
quantitative importance of the different attributes and benefits

9. 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 promise
b. mission statement
c. corporate pledge
d. corporate-perceived value
e. value proposition

A companys ________ includes all the experiences the customer will
have on the way to obtaining and using the offering.
f. value proposition
g. value delivery
system
h. customer-value
analysis
i.
total customer benefit
j.
total customer cost

10. Total customer satisfaction is measured
based on the relationship of ________.
a. anticipated and real performance
b. perceived performance and expectation
c. advertised outcomes and real outcomes
d. past experience and present experience
e. customer attitude and salespersons
attitude

11. The ultimate goal of the customer-centered
firm is ________.
a. high customer satisfaction
b. high profits
c. low costs
d. maximum stakeholder satisfaction
e. none of the above

12. Buyers form their expectations from all of
the following EXCEPT ________.
a. past buying experience
b. friends and associates advice
c. marketers information
d. competitors information
e. governmental newsletters

13. A customers decision to be loyal or to
defect is the sum of many small encounters with the company. In order for all these small encounters to
add up to customer loyalty, many companies, such as Joie de Vivre Hospitality,
strive to create ________.
a. a reward program
b. a comprehensive customer database
c. a branded customer experience
d. strong word-of-mouth promotions
e. a top-notch advertising campaign

14. One key to customer retention is ________.
It would be wise for a company to measure this factor frequently.
a. heavy promotion
b. deep discounts for intermediaries
c. to have an ethics officer
d. customer satisfaction
e. to have customers on the board of directors

15. ________ can track customer satisfaction
directly and also gauge consumers willingness to recommend the company and
brand to others.
a. Periodic surveys
b. Mystery shoppers
c. Customer loss rates
d. Customer focus statements
e. All of the above

16. Studies of
customer dissatisfaction show that customers are dissatisfied with their
purchases about 25% of the time, but only about ________ complain.
a. 1%
b. 5%
c. 10%
d. 15%
e. 20%

17. Of customers who register a complaint,
________.
a. the majority will do business with the
company again because they are unwilling to dedicate the effort required to
find another vendor
b. none will do business with the company
again
c. customers whose complaints are
satisfactorily resolved spread more word of mouth than those who continue to be
dissatisfied
d. the speed of resolution has no impact on
the likelihood of repeat business
e. between approximately half and
three-quarters will do business with the company again if their complaint is
resolved

18. ________ is the totality of features and
characteristics of a product or service that bear on its ability to satisfy
stated or implied needs.
a. Performance
b. Value
c. Quality
d. Customer retention
e. Customer loyalty

19. Total quality is the key to value creation
and customer satisfaction. A marketing manager has several roles to play in a
quality-centered company, including ________.
a. participating in cross-functional team
building
b. correctly identifying customers needs and
requirements
c. ensuring costs are adequately controlled
during order fulfillment
d. setting expectations both internally and
externally
e. working closely with the sales team to
create a dynamic sales message

20. The 2080 rule reflects the idea that
________.
a. the top 20% of customers often generate 80%
of the companys profits
b. the top 20% of customers are highly
satisfied and 80% of customers will recommend the company to a friend
c. 20% of customers are unprofitable, and 80%
make up a companys profits
d. 20% of the companys profits are generated
by the top 80% of customers
e. any new product offering will be accepted
by 20% of the customers immediately, but 80% of the customers will be up for
grabs throughout the products life cycle

21. Most companies have learned that the
________ are often the most profitable because of service expectations and
their willingness to pay almost full price.
a. large-size customers
b. midsize customers
c. small-size customers
d. niche customer
e. target market customers
22. A(n) ________ 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. semiprofitable
c. unprofitable
d. niche
e. target

23. Customer profitability analysis (CPA) is best
conducted with the tools of an accounting technique called ________.
a. input-output analysis
b. factor analysis
c. revenue-based costing (RBC)
d. activity-based costing (ABC)
e. future date costing (FDC)

________ describes the net present value of the stream of future profits
expected over the customers lifetime purchases.
f. Activity-based costing
g. Customer profitability analysis
h. Customer value analysis
i.
Customer-perceived
value
j.
Customer
lifetime value

24. The aim of customer relationship management
(CRM) is to produce high customer ________.
a. value
b. loyalty
c. profitability
d. satisfaction
e. equity

25. A customer touch point in the airline
industry would include an item such as ________.
a. reservations
b. mechanics ability to service the airplanes
c. ease of access to the airport
d. the value of air travel versus surface
transportation
e. competency of a travel agent

26. Customer relationship management enables
companies to provide excellent real-time customer service through the effective
use of _______.
a. reports from mystery shoppers
b. survey data from customers who have
defected
c. market research into overall consumption
trends
d. individual account information
e. demographic trend data

27. 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 customer
b. interacting with individual customers to
learn their needs
c. always offering the lowest price
d. differentiating customers in terms of their
needs and value to the company
e. identifying your prospects and customers

28. Winning companies improve the value of
their customer base by excelling at each of the following strategies EXCEPT
________.
a. retaining all customers regardless of
profitability
b. reducing the rate of customer defection
c. increasing the longevity of the customer
relationship
d. making low-profit customers more profitable
or terminating them
e. focusing disproportionate efforts on
high-value customers

29. Harley-Davidson sells more than motorcycles
and accessories. Its dealerships also
sell branded clothing and licensed goods.
This expansion of dealership sales offerings is an attempt to increase
the value of the customer base by ________.
a. reducing the rate of customer defection
b. increasing the longevity of the customer
relationship
c. enhancing the growth potential of each
customer through cross-selling
d. making low-profit customers more profitable
e. terminating low-profit customers

30. Although actual
costs vary from business to business depending on the complexity of the sales
process, the most expensive customer acquisition method based on cost per
solicitation is ________.
a. personal selling
b. direct mail
c. telemarketing
d. banner
advertisements
e. e-mail1.
________ 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 companies2.
The opening vignette on Ritz-Carlton shows that
successful marketers are the ones that fully ________. a.
understand promotional strategyb.
diversify their product linec.
divorce themselves from a production mentalityd.
satisfy their customers profitablye.
understand the sales concept3. In
the modern customer-oriented organizational chart, which of the following is
considered to be at the top of the organizational pyramid? 4. ________ 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 rate5. Total customer
benefit 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. advertised 6. The bundle of costs customers expect to
incur in evaluating, obtaining, using, and disposing of the given market
offering is called the ________.a. organizational expense ratiob. shoppers fatiguec. total customer costd. analysis paralysise. comparison shopping to comparison buying
ratio 7. In applying a customers perceived value to
a decision, a seller who is at a disadvantage with respect to
customer-perceived value has two alternatives: to increase total customer
benefit or ________.a. increase a cash-back bonusb. decrease total customer costc. lose the sale to the competitord. advertise more frequentlye. offer an extended warranty 8. The final step of
customer value analysis is to ________.a. identify the
major attributes and benefits that customers valueb. assess the
companys and competitors performances on the different customer values
against their rated importancec. examine how
customers in a specific segment rate the companys performance against a
specific major competitor on an individual attribute or benefit basisd. monitor customer
values over timee. assess the
quantitative importance of the different attributes and benefits 9. 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 propositionA companys ________ includes all the experiences the customer will
have on the way to obtaining and using the offering.f. value propositiong. value delivery
systemh. customer-value
analysisi.
total customer benefitj.
total customer cost10. 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
attitude 11. The ultimate goal of the customer-centered
firm is ________.a. high customer satisfactionb. high profitsc. low costsd. maximum stakeholder satisfactione. none of the above12. Buyers form their expectations from all of
the following EXCEPT ________.a. past buying experienceb. friends and associates advicec. marketers informationd. competitors informatione. governmental newsletters 13. A customers decision to be loyal or to
defect is the sum of many small encounters with the company. In order for all these small encounters to
add up to customer loyalty, many companies, such as Joie de Vivre Hospitality,
strive to create ________.a. a reward programb. a comprehensive customer databasec. a branded customer experienced. strong word-of-mouth promotionse. a top-notch advertising campaign 14. 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 directors15. ________ can track customer satisfaction
directly and also gauge consumers willingness to recommend the company and
brand to others.a. Periodic surveysb. Mystery shoppersc. Customer loss ratesd. Customer focus statementse. All of the above16. Studies of
customer dissatisfaction show that customers are dissatisfied with their
purchases about 25% of the time, but only about ________ complain.a. 1%b. 5%c. 10%d. 15%e. 20% 17. Of customers who register a complaint,
________.a. the majority will do business with the
company again because they are unwilling to dedicate the effort required to
find another vendorb. none will do business with the company
againc. customers whose complaints are
satisfactorily resolved spread more word of mouth than those who continue to be
dissatisfiedd. the speed of resolution has no impact on
the likelihood of repeat businesse. between approximately half and
three-quarters will do business with the company again if their complaint is
resolved18. ________ 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 loyalty 19. Total quality is the key to value creation
and customer satisfaction. A marketing manager has several roles to play in a
quality-centered company, including ________.a. participating in cross-functional team
buildingb. correctly identifying customers needs and
requirementsc. ensuring costs are adequately controlled
during order fulfillmentd. setting expectations both internally and
externallye. working closely with the sales team to
create a dynamic sales message20. The 2080 rule reflects the idea that
________.a. the top 20% of customers often generate 80%
of the companys profitsb. the top 20% of customers are highly
satisfied and 80% of customers will recommend the company to a friendc. 20% of customers are unprofitable, and 80%
make up a companys profitsd. 20% of the companys profits are generated
by the top 80% of customerse. any new product offering will be accepted
by 20% of the customers immediately, but 80% of the customers will be up for
grabs throughout the products life cycle21. Most companies have learned that the
________ are often the most profitable because of service expectations and
their willingness to pay almost full price. a. large-size customersb. midsize customersc. small-size customersd. niche customere. target market customers22. A(n) ________ 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. semiprofitable c. unprofitable d. nichee. target 23. 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)
________ describes the net present value of the stream of future profits
expected over the customers lifetime purchases.f. Activity-based costingg. Customer profitability analysish. Customer value analysisi.
Customer-perceived
valuej.
Customer
lifetime value24. The aim of customer relationship management
(CRM) is to produce high customer ________.a. valueb. loyaltyc. profitabilityd. satisfactione. equity25. 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 agent26. Customer relationship management enables
companies to provide excellent real-time customer service through the effective
use of _______.a. reports from mystery shoppersb. survey data from customers who have
defectedc. market research into overall consumption
trendsd. individual account informatione. demographic trend data27. 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. identifying your prospects and customers28. Winning companies improve the value of
their customer base by excelling at each of the following strategies EXCEPT
________. a. retaining all customers regardless of
profitabilityb. 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 customers29. Harley-Davidson sells more than motorcycles
and accessories. Its dealerships also
sell branded clothing and licensed goods.
This expansion of dealership sales offerings is an attempt to increase
the value of the customer base by ________.a. reducing the rate of customer defectionb. increasing the longevity of the customer
relationshipc. enhancing the growth potential of each
customer through cross-selling d. making low-profit customers more profitablee. terminating low-profit customers30. Although actual
costs vary from business to business depending on the complexity of the sales
process, the most expensive customer acquisition method based on cost per
solicitation is ________.a. personal sellingb. direct mailc. telemarketingd. banner
advertisementse. e-mail

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