Chapter 02 - Putting the Customer First

Transcription

1 1. About hlf of every dollr tht consumers spend on products pys for mrketing costs. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: The mrketing concept requires mintennce of importnt reltionships with customers. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: The incresed stndrd of living in the United Sttes hs resulted in less discretionry income for consumers. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Producers re the driving force behind the mrketing concept. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Young fmilies often spend entertinment dollrs to ttend sporting events for their children. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Two mjor gols of mrketing re to determine wht consumers wnt nd how much they re willing to py. 7. Compnies tht hve comprtive dvntge re ble to pss svings to their customers in the form of lower prices. Cengge Lerning Testing, Powered by Cognero Pge 1

2 8. Physiologicl needs include recognition nd respect from others. 9. Economic uncertinty hs direct impct on consumer purchses. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: The best strtegy for business to rise bove the competition is to provide uncompromising, outstnding customer service. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Teengers in the United Sttes spend billions of dollrs nnully, mking them desirble trget mrket. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Mystery guests re sometimes hired to determine how well compnies re performing customer service. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Tody s consumers. re more mobile thn ever before b. hve more choices for their discretionry income c. consider benefits derived when mking purchses d. ll of the bove Cengge Lerning Testing, Powered by Cognero Pge 2

3 d 14. is not prt of Mslow s Hierrchy of Needs.. Finncil stbility b. Self-ctuliztion c. Security d. Physiologicl needs 15. Ech of the following is n exmple of mrket segment except. freshmen t four-yer high school b. students t university who purchse seson footbll tickets c. ll teengers in the United Sttes d. femle NASCAR fns c LEARNING OBJECTIVES: SEM.KO.4.LO: LO: segmenttion divides mrkets into physicl loctions, such s Estern, Northern, Southern, nd Western regions of the United Sttes.. Geogrphic b. Demogrphic c. Psychogrphic d. Behviorl-bsed 17. Reliztion of one s self potentil is referred to s the need in Mslow s Hierrchy of Needs.. self-esteem b. self-ctuliztion c. physiologicl d. security b 18. Emotionl purchses re more likely not to occur when. individuls re shopping for groceries on tight budget b. individuls re ttending their fvorite concert c. individuls re wtching college footbll rivlry nd their tem is winning d. fns re given the opportunity to ttend the Super Bowl 19. Most consumers. hve limited finncil resources b. conduct reserch before mking everydy Cengge Lerning Testing, Powered by Cognero Pge 3

4 c. use the decision-mking process to decide how to spend their limited resources d LEARNING OBJECTIVES: SEM.KO.4.LO LO purchses d. both nd c 20. Externl sources of informtion for businesses do not come from. government reports b. the compny s finncil reports c. trde nd professionl orgniztions d. business publictions b LEARNING OBJECTIVES: SEM.KO.4.LO LO Secondry dt. is collected by observing consumer behvior b. is collected through consumer surveys c. hs lredy been collected for some other purpose d. is obtined for the first time c LEARNING OBJECTIVES: SEM.KO.4.LO LO The first step in mrketing product is to determine. who specificlly the customer is for the product b. wht quntity of the product should be produced c. who the competition is in the mrketplce d. how the product will be dvertised nd promoted LEARNING OBJECTIVES: SEM.KO.4.LO LO The mrketing concept. focuses ttention on stisfying customer needs b. focuses ttention on mximizing profit c. involves stisfying exchnge reltionships between the consumer d. both nd c nd producer d LEARNING OBJECTIVES: SEM.KO.4.LO LO Purchses bsed upon creful thought nd sound resoning re purchses.. rtionl b. emotionl c. ptronge d. vlues-bsed Cengge Lerning Testing, Powered by Cognero Pge 4

5 25. The is focused on stisfying customer needs. mrketing concept LEARNING OBJECTIVES: SEM.KO.4.LO LO The is the difference between wht customers expect nd the service they receive from business. customer service gp LEARNING OBJECTIVES: SEM.KO.4.LO LO is the cpbility to produce products or services more efficiently nd economiclly thn the competition. Comprtive dvntge 28. The represents the minimum sles required to cover ll of the expenses. brekeven point LEARNING OBJECTIVES: SEM.KO.4.LO LO includes the five mjor humn res of need. Mslow s Hierrchy of Needs Pyrmid 30. purchses re bsed upon loylty to prticulr brnd or product. Ptronge 31. segmenttion is bsed upon ge, income, eduction, nd other distinguishing chrcteristics of prticulr mrket segment. Demogrphic 32. is the percentge of totl sles of product or service tht compny expects to cpture in reltion to its competitors. Mrket shre 33. is the rte t which compnies produce goods or services in reltion to the mount of mterils nd number of employees utilized. Productivity Cengge Lerning Testing, Powered by Cognero Pge 5

6 LEARNING OBJECTIVES: SEM.KO.4.LO LO purchses re mde with little thought during emotionl highs or lows. Emotionl 35. The is specific group of consumers tht compny wnts to rech. trget mrket LEARNING OBJECTIVES: SEM.KO.4.LO LO is the vlue tht people believe they receive from product or service. Benefits derived 37. Why re mrketers interested in cpturing lrger shre of the teenge mrket? Teengers spend billions of dollrs ech yer on clothing, food, nd numerous entertinment goods nd services. 38. Wht is the vlue of outstnding customer service in highly competitive mrketplce? Outstnding customer service my be the reson why consumers select one compny over numerous similr competitors. LEARNING OBJECTIVES: SEM.KO.4.LO LO Wht re the five needs tht mke up Mslow s Hierrchy of Needs? physiologicl, security, socil, esteem, nd self-ctuliztion 40. Wht is geogrphic segmenttion? Geogrphic segmenttion divides mrkets into physicl loctions, such s Estern, Northern, Southern, nd Western regions of the United Sttes. 41. Wht is opportunity cost? Opportunity cost is the vlue of the next best lterntive tht individuls pss up when mking purchse. Cengge Lerning Testing, Powered by Cognero Pge 6

7 LEARNING OBJECTIVES: SEM.KO.4.LO LO Wht is mrket segment? A mrket segment is group of consumers within lrger mrket who shre one or more chrcteristics. LEARNING OBJECTIVES: SEM.KO.4.LO LO Give concrete exmples of emotionl, rtionl, nd ptronge purchses in the sports nd entertinment industries. Answers will vry. emotionl purchses: fns purchse tem pprel fter big win; spend money on movies tht hve n emotionl theme rtionl purchses: consumers purchse running shoes tht reduce the chnce of injury; purchse flt-screen television tht tkes up less spce ptronge purchses: consumers purchse products bsed on loylty to the Nike brnd or loylty to certin musicins; loylty to ESPN sports coverge 44. Wht is the customer service gp? Give five solid exmples of personl experiences tht support this concept. The customer service gp is the difference between wht customers expect nd wht they ctully get. Exmples of personl experiences will vry. LEARNING OBJECTIVES: SEM.KO.4.LO LO Describe how the five levels of need in Mslow s Hierrchy of Needs could be met t college footbll gme. Answers will vry. physiologicl: food, wter, nd shelter provided by the stdium security: sfety t the gme socil: desire to be with friends nd other fns t the gme esteem: wnt respect for self nd the tem self ctuliztion: ssocite personl success with winning tem 46. Explin how emotionl purchses re relted to mjor sporting events. Answers will vry. Fns mke emotionl purchses when their tem wins the big gme. They will py high ticket prices to wtch their tem ply. They will lso purchse tem-relted merchndise. 47. Employees need to remember tht customer service is everyone's responsibility. Cengge Lerning Testing, Powered by Cognero Pge 7

8 LEARNING OBJECTIVES: SEM.KO.4.LO: LO: A vlues-bsed culture communictes vlues through high performnce nd excellent customer service. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Mrketers should never group consumers bsed on the benefits derived from products or services. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Mss mrketing is used by compnies when they re trying to ppel to diverse group of consumers with different needs. LEARNING OBJECTIVES: SEM.KO.4.LO: LO: Cengge Lerning Testing, Powered by Cognero Pge 8