Chapter 7

Question 1

Develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition

Answer 1

Positioning

Question 2

Re-doing a product’s position to respond to market place changes

Answer 2

Repositioning

Question 3

A once-popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia

Answer 3

Retro Brand

Question 4

A distinctive image that captures a goods or services’ character and benefits

Answer 4

Brand Personality

Question 5

a technique to visually describe where brands are “located” in customers’ minds relative to competing brands

Answer 5

Perceptual Map

Question 6

A systematic tracking of consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs. It allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts

Answer 6

Customer Relationship Management

Question 7

Any point of direct interface between customers and a company (online, by phone, or in person)

Answer 7

Touchpoint

Question 8

The percentage of an individual customer’s purchase of a product that is a single brand

Answer 8

Share of Customer

Question 9

The potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime

Answer 9

Lifetime Value of a Customer

Question 10

the financial value of a customer relationship throughout the lifetime of the relationship

Answer 10

Customer Equity