Reference no: EM132448537

Question 1: Describe the VALS framework.

Question 2: Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?

• customer retention
• customer service
• customer acquisition
• customer profitability
• customer loyalty

Question 3: Which of the following statements is TRUE of geographic segmentation?

• It divides consumer groups based on a variety of readily measurable descriptive factors about the group.
• In most instances, it is an insufficient criterion in and of itself.
• It does not consider climate while segmenting markets.
• It does not consider the size of population while segmenting markets.
• It is useful because the demand for all kinds of products is determined by where a person lives.

Question 4: For many marketing managers, segmentation by benefit sought is the best place to start the process of market segmentation.

• True
• False

Question 5: In the context of change drivers impacting the future of marketing, the way a firm looks at strategy and tactics is reflected in the ________.

• shift to product glut and customer shortage
• shift in power from marketer to customer
• shift in generational values and preferences
• shift to distinguishing Marketing (Big M) from marketing (little m)
• shift to justifying the relevance and payback of the marketing investment

Question 6: When a salesperson calls on a prospect and meets face to face, it is an example of an interactive touchpoint.

• True
• False

Question 7: Hannah's alterations business works around the needs of the customer by providing hours of operation that vary throughout the week, including some evening and weekend hours. It could be said that Hannah's business is ___________.

• differentiated
• customer-centric
• market oriented
• product oriented
• socially responsible

Question 8: When a company tries to make the product or service significantly easier to obtain than the competition, it is trying to achieve ________ leadership as a source of differentiation.

• service
• image
• price
• personnel
• convenience

Question 9: The 4Ps of marketing refer to ________.

• product, price, place, and promotion
• policy, production, plan, and preference
• promotion, plan, place, and procedure
• price, policy, program, and position
• place, production, provision, and plan

Question 10: In order for Marketing (Big M) to succeed, firms should create ________ strategies.

• predatory pricing
• market-driving
• diversification
• vertical integration
• market-driven