Chapter 12: Building Customer Relationships

Question 1

a highly visible marketing activity

Answer 1

advertising

Question 2

process of creating relationships with customers by offering goods, services and experiences that they value

Answer 2

Marketing

Question 3

past era marketing where emphasis is put on increased output and production efficiency

Answer 3

Production orientation

Question 4

current era in marketing where organization first determines what customers need then develop product to fill needs

Answer 4

customer orientation

Question 5

the need to move from production orientation to customer orientation was driven by______ which lead to more competition

Answer 5

Falling production costs and increased global trade

Question 6

Business must mobilize its marketing resources to:

Answer 6

1. provide a product that satisfies customer
2. price product at acceptable level
3. promote product
4. ensure product is distributed

Question 7

business should provide goods/services that satisfy customer needs through coordinated set of activities to reach objectives

Answer 7

Marketing concept

Question 8

focuses on using info about customers to create marketing strategies to sustain good customer relationships

Answer 8

Customer Relations Management

Question 9

• the relationship between company and customers built on trust
• makes our purchase decisions simpler and less risky

Answer 9

Branding

Question 10

Satisfying a customer requires giving them:

Answer 10

the right product, right place, at the right price, at the right time

Question 11

Utility

Answer 11

the ability of a product to satisfy a human need

Question 12

converting production inputs into finished products

Answer 12

form utility

Question 13

created by making a product available at a location where customers wish to purchase it

Answer 13

place utility

Question 14

created by making a product available when customers wish to purchase it

Answer 14

time utility

Question 15

created by transferring title/ownership of product to a buyer

Answer 15

possession utility

Question 16

Marketing directly creates:

Answer 16

place,time and possession utility

Question 17

element of marketing mix that includes decisions about the products design, features, brand naming, packaging and warranties

Answer 17

product

Question 18

setting a price based on demand and cost for good/service

Answer 18

pricing

Question 19

• combination of marketing activities that deliver value to customers: (products, pricing, placement and promotion)
• must remain consistent in order for consumer trust

Answer 19

Marketing mix

Question 20

creating means where products flow from producer to consumer

Answer 20

placement (distribution)

Question 21

element of M.M that focuses on providing info to target markets

Answer 21

promotion

Question 22

a plan that enables an organization to make best use of its resources to meet its objectives

Answer 22

marketing strategy

Question 23

1. selection and analysis of a target market
2. creation and maintenance of appropriate M.M or combination of marketing activities to satisfy customer needs/preferences

Answer 23

what a marketing strategy consists of

Question 24

provide framework for categorizing the M.M a company uses to reach target customer

Answer 24

the 4 P’s

Question 25

group of individuals where a business develops a specific M.M

Answer 25

target market

Question 26

the most powerful factor in establishing a brand connection

Answer 26

personal experience

Question 27

Consumer Buying Decision Process

Answer 27

1. recognize problem/opportunity 2. search for info 3. evaluate alternatives 4. purchase 5. evaluate after purchase

Question 28

- separating, identifying, and evaluating the layers of a market to identify a target market - one of most powerful marketing/branding strategies - 3 dimensions= demographic, geographic and lifestyle/behaviour

Answer 28

marketing segmentation

Question 29

written document that specifies organizations resources, objectives, marketing strategy to be used in marketing a product

Answer 29

marketing plan

Question 30

effects the economic conditions on customer's ability and willingness to buy

Answer 30

economic forces

Question 31

influences in society/culture that results in changes in attitude, beliefs and lifestyles

Answer 31

sociocultural forces

Question 32

actions of competitors who are implementing their own marketing plans

Answer 32

competitive forces

Question 33

Legal and regulatory forces

Answer 33

laws that protect

Question 34

technological changes that create new marketing opportunities

Answer 34

technological forces

Question 35

4 steps of the market research process:

Answer 35

1. define the research goal 2. gather information 3. interpreting information 4. use the data to make marketing decisions

Question 36

process of gathering and analyzing data concerning a particular marketing program

Answer 36

marketing research

Question 37

market research info that has already been gathered and published by someone outside the company

Answer 37

secondary research

Question 38

market research info that is collected by company using surveys, customer interviews, etc.

Answer 38

primary research

Question 39

a department of the fed gov. that offers advice for how to conduct market research

Answer 39

Canada Business Network

Question 40

1. Consumer hopes to find products that satisfy needs | 2. companies hope to sell products that satisfy customer needs

Answer 40

Building Brand Value