Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising. Pete knows that today few successful firms still practice this type of true ________ and are instead turning to selective relationship management. (Points : 1) club marketing frequency marketing mass marketing customer satisfaction marketing segmenting 2. Which of the following is the most likely result of a marketing strategy that attempts to serve all customers? (Points : 1) All customers will be delighted. Customer-perceived value will be increased. Customer evangelists will become unpaid salespersons for the service or product. Few customers will be satisfied. The company will likely need to follow up with a demarketing campaign. 3. Sally purchased Brand X lotion. In comparing her perception of how the lotion performed to her expectations for Brand X lotion, Sally was measuring her level of ________. (Points : 1) customer perceived value customer satisfaction exchange demand customer lifetime value 4. The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________. (Points : 1) frequency marketing program basic customer relationship club marketing program consumer-generated marketing program structural benefit provided for top customers 5. Suzie Chan strengthens her company's connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? (Points : 1) outside partnering inside partnering marketing supply chain customer development 6. All of the following are accurate descriptions of modern marketing today, EXCEPT which one? (Points : 1) Marketing is the creation of value for customers. Marketing is managing profitable customer relationships. Selling and advertising are synonymous with marketing. Marketing involves satisfying customers' needs. Marketing is used by for-profit and not-for-profit organizations. 7. When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following? (Points : 1) disappointing loyal customers decreasing customer satisfaction failing to attract enough customers failing to understand their customers' needs incorrectly identifying a target market 8. The ________ concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales. (Points : 1) marketing production product selling societal marketing 9. Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ________. (Points : 1) product concept production concept selling concept marketing concept societal marketing concept 10. Which of the following strategies would a company most likely use to increase customer satisfaction? (Points : 1) decreasing variety of services offered lengthening the supply chain lowering prices "firing" unprofitable customers limiting experiences with a brand 11. Effective positioning begins with ________ the company's marketing offer in order to give consumers more perceived value. (Points : 1) pricing aligning differentiating promoting placing 12. Acme, Inc., has modified the production processes of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a ________ strategy. (Points : 1) market penetration market development diversification harvesting product development 13. Favorite Memories specializes in serving market segments that major competitors overlook and ignore. Which of the following best describes Favorite Memories? (Points : 1) market follower marketer challenger market seeker market nicher full market coverer 14. The Bank of New York bought Pershing, an off-shore investment firm with operations in India, from Credit Suisse First Boston. The Bank of New York is pursuing a ________. (Points : 1) product development strategy downsizing strategy diversification strategy market penetration strategy product adaptation 15. When the makers of a ballpoint pen state they are in the communication equipment business, they are defining their mission too ________. (Points : 1) narrowly realistically specifically broadly early 16. For Hyundai Corporation, customers who care primarily about the price of a car and its operating economy make up one ________. (Points : 1) market position value network market segment customer extension value chain 17. Paul Pendergraff has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n) ________. (Points : 1) target market market segment market market position undefined niche 18. Wal-Mart, the world's largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., and Germany, and other nations. This is an example of how Wal-Mart is pursuing ________ as a growth strategy. (Points : 1) market penetration product development demographic market development geographical market development diversification 19. Starbucks has an annual plan in place to deal with the company's current SBUs and their operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and international markets. This requires Starbucks to constantly monitor the environment and adapt to the opportunities with which it is presented. To take advantage of its changing marketing opportunities, it is most important for Starbucks to have which of the following in place? (Points : 1) value-delivery network mission statement supporting objectives profit analysis strategic plan 20. Monsanto operates in many businesses, including pharmaceuticals and food products. The company defines its ________ as creating "abundant food and a healthy environment." (Points : 1) strategy market development business portfolio mission value-delivery network