Question 1

A company that develops one or more products for each of several customer groups with different product needs is using a/n ________ targeting strategy.

Accepted Answer

A)  fragmented
B)  concentrated
C)  differentiated
D)  customised
E)  undifferentiatedF) A) and D)
G) A) and E)

Question 2

The lifetime value of a customer is the total profit generated by the revenue stream produced by that customer.

Accepted Answer

A) True 
 B)False

Question 3

Using a CRM approach,customers must be ________ and communications ________ accordingly.

Accepted Answer

A)  differentiated; standardised
B)  targeted; implemented
C)  prioritised; standardised
D)  identified; targeted
E)  prioritised; customisedF) A) and C)
G) A) and B)

Question 4

Modifying a product's position in response to marketplace changes is called ________.

Accepted Answer

A)  re-segmentation
B)  attribute positioning
C)  differentiation
D)  repositioning
E)  regroupingF) B) and C)
G) B) and D)

Question 5

________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition.

Accepted Answer

A)  Mass customisation
B)  Benefit segmentation
C)  Customerisation
D)  Positioning
E)  Concentrated targetingF) All of the above
G) B) and C)

Question 6

'What's Happening in My World' is a newspaper designed to keep school children informed about what is happening in their country and their world.

Accepted Answer

A)  behavioural
B)  lifestyle
C)  socioeconomic
D)  psychographic
E)  demographicF) A) and E)
G) B) and D)

Question 7

The market segment towards which an organisation directs its marketing efforts is referred to as its ________.

Accepted Answer

A)  financial base
B)  customer base
C)  customer market
D)  target market
E)  demographic targetF) C) and E)
G) A) and B)

Question 8

People who are regular visitors to SciFi.

Accepted Answer

A)  geodemographic
B)  socioeconomic
C)  demographic
D)  ethnographic
E)  psychographicF) B) and D)
G) A) and D)

Question 9

Perceptual maps ________.

Accepted Answer

A)  identify consumer shopping preferences in terms of retail and non-retail locations
B)  are created as one stage of the new product development process
C)  cannot be used in industries where there are oligopolies
D)  are often used to predict product success
E)  cannot be created without consumer researchF) D) and E)
G) B) and D)

Question 10

A perceptual map is used to ________.

Accepted Answer

A)  locate consumers within a primary metropolitan statistical area (PMS
A)  
B)  identify at which stage of the targeting process the marketer needs to be
C)  identify psychographic segments such as people who cheat on their income taxes or steal from their employers
D)  determine how consumers position products in relation to each other
E)  create consumer cross-tabulations for marketing researchF) None of the above
G) A) and D)

Question 11

Discuss the steps involved in customer relationship management (CRM)and explain why marketers would adopt CRM.

Accepted Answer

The steps involved in CRM are: - Identif...

Question 12

Explain the philosophy of customer relationship management (CRM).Provide an example of one company that has implemented this style of business.

Accepted Answer

Customer relationship management (CRM)re...

Question 13

When brands are well known and have distinctive images and consumer groups have distinct product needs,adopting a concentrated target marketing strategy is most appropriate.

Accepted Answer

A) True 
 B)False

Question 14

The second step in developing a positioning strategy is to ________.

Accepted Answer

A)  set the marketing communications budget
B)  create a product with a competitive advantage
C)  identify segmentation variables
D)  analyse the competitors' position in the marketplace
E)  create target marketsF) A) and E)
G) A) and D)

Question 15

The ________ is of interest to marketers because it determines which groups have the greatest buying power.

Accepted Answer

A)  age breakdown of consumers
B)  family status of consumers
C)  neighbourhoods where consumers live
D)  education levels of consumers
E)  distribution of wealthF) A) and E)
G) All of the above

Question 16

Companies adopting a CRM approach do not consider the financial value of customer relationships over their lifetime when measuring success.

Accepted Answer

A) True 
 B)False

Question 17

The group of consumers born between 1965 and 1976 are called ________.

Accepted Answer

A)  Generation Y
B)  Generation X
C)  tweens
D)  baby boomers
E)  the silent majorityF) A) and B)
G) D) and E)

Question 18

Mass marketing is the most efficient method of marketing for marketers but the best strategy from a customer's perspective is one-to-one marketing.

Accepted Answer

A) True 
 B)False

Question 19

Some people want healthy cereal that will help them lose weight or possibly prevent certain kinds of cancer.

Accepted Answer

A)  market aggregation
B)  disintermediation
C)  market fragmentation
D)  market similitude
E)  economic aggregationF) D) and E)
G) A) and D)

Question 20

Companies that successfully practice ________ have different goals,use different measures of success,and look at customers in some different ways.

Accepted Answer

A)  customer relationship management
B)  consumer relationship marketing
C)  customer relationship marketing
D)  consumer relationship management
E)  customer relations marketingF) A) and C)
G) B) and D)

Exam 7: Sharpening the Focus: Target Marketing Strategies and Customer Relationship Management

________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition.

Correct AnswerverifiedShow Answer

A perceptual map is used to ________.

Correct AnswerverifiedShow Answer

Companies that successfully practice ________ have different goals,use different measures of success,and look at customers in some different ways.

Correct AnswerverifiedShow Answer

The lifetime value of a customer is the total profit generated by the revenue stream produced by that customer.

Correct AnswerverifiedShow Answer

Companies adopting a CRM approach do not consider the financial value of customer relationships over their lifetime when measuring success.

Correct AnswerverifiedShow Answer

The second step in developing a positioning strategy is to ________.

Correct AnswerverifiedShow Answer

The group of consumers born between 1965 and 1976 are called ________.

Correct AnswerverifiedShow Answer

When brands are well known and have distinctive images and consumer groups have distinct product needs,adopting a concentrated target marketing strategy is most appropriate.

Correct AnswerverifiedShow Answer

Mass marketing is the most efficient method of marketing for marketers but the best strategy from a customer's perspective is one-to-one marketing.

Correct AnswerverifiedShow Answer

People who are regular visitors to SciFi.

Correct AnswerverifiedShow Answer

Using a CRM approach,customers must be ________ and communications ________ accordingly.

Correct AnswerverifiedShow Answer

'What's Happening in My World' is a newspaper designed to keep school children informed about what is happening in their country and their world.

Correct AnswerverifiedShow Answer

Some people want healthy cereal that will help them lose weight or possibly prevent certain kinds of cancer.

Correct AnswerverifiedShow Answer

Discuss the steps involved in customer relationship management (CRM)and explain why marketers would adopt CRM.

Correct AnswerverifiedThe steps involved in CRM are: - Identif...View AnswerShow Answer

Modifying a product's position in response to marketplace changes is called ________.

Correct AnswerverifiedShow Answer

A company that develops one or more products for each of several customer groups with different product needs is using a/n ________ targeting strategy.

Correct AnswerverifiedShow Answer

The market segment towards which an organisation directs its marketing efforts is referred to as its ________.

Correct AnswerverifiedShow Answer

The ________ is of interest to marketers because it determines which groups have the greatest buying power.

Correct AnswerverifiedShow Answer

Explain the philosophy of customer relationship management (CRM).Provide an example of one company that has implemented this style of business.

Correct AnswerverifiedCustomer relationship management (CRM)re...View AnswerShow Answer

Perceptual maps ________.

Correct AnswerverifiedShow Answer

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Using a CRM approach,customers must be and communications accordingly.

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The steps involved in CRM are: - Identif...
View Answer

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Customer relationship management (CRM)re...
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Correct Answer
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