Building Customer Relationships Through Effective Marketing

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Quizzes Created: 6 | Total Attempts: 2,052

Questions: 10 | Attempts: 524 | Updated: Nov 16, 2023

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Building Customer Relationships Through Effective Marketing - Quiz

Here in this quiz, we will focus on building customer relationships through effective marketing. This 10-question quiz covers the material presented in Chapter 12 of Business (Pride, Hughes, & Kapoor, 2014). Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2014). Business(12thEd. ). Mason, OH: South-Western, Cengage Learning.

Questions and Answers

1.

CRM or customer relationship management may include (select the best answer):
- A.
  
  Utilizing relationship marketing to establish long-term, mutually satisfying buyer-seller relationships.
- B.
  
  Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers.
- C.
  
  Determining a customer lifetime value, or the measure of a customer's worth (sales minus cost) to a business over one's lifetime.
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
CRM entails all of the above. See pages 332-333 in Business (Pride, Hughes, & Kapoor, 2014).

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2.

Utility is the ability of a good or service to satisfy a human need. This may include form utility, place utility, time utility, and possession utility.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
See pages 333-334 in Business (Pride, Hughes, & Kapoor, 2014).

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3.

The marketing concept is a business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allow the firm to achieve its objectives. To accomplish this, the firm must (check all that apply):
- A.
  
  Communicate with potential customers to assess their product needs.
- B.
  
  Discover ways to cut costs and increase profitability.
- C.
  
  Develop a good or service to satisfy those needs.
- D.
  
  Continue to seek ways to provide customer satisfaction.
Correct Answer(s)
A. Communicate with potential customers to assess their product needs.
C. Develop a good or service to satisfy those needs.
D. Continue to seek ways to provide customer satisfaction.

Explanation
See page 334 in Business (Pride, Hughes, & Kapoor, 2014).

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4.

In the undifferentiated approach to marketing, a company (select the best answer):
- A.
  
  Designs a single marketing mix and directs it at a single market segment.
- B.
  
  Designs multiple marketing mixes and directs them at multiple market segments.
- C.
  
  Designs a single marketing mix and directs it at the entire market for a particular product.
- D.
  
  None of the above.
Correct Answer
C. Designs a single marketing mix and directs it at the entire market for a particular product.

Explanation
See pages 337-339 in Business (Pride, Hughes, & Kapoor, 2014).

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5.

The four Ps of marketing are Product, Price, Placement (or distribution) and Paparazzi.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
See pages 340-341 in Business (Pride, Hughes, & Kapoor, 2014).

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6.

A marketing plan is a written document that specifies an organization's (select the best answer):
- A.
  
  Resources to be used in marketing a specific product or product group.
- B.
  
  Objectives and marketing strategy to be used in marketing a specific product or product group.
- C.
  
  Implementation and control efforts to be used in marketing a specific product or product group.
- D.
  
  All of the above.
Correct Answer
D. All of the above.

Explanation
See page 342 in Business (Pride, Hughes, & Kapoor, 2014).

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7.

Laws that protect consumers and competition and government regulations that affect marketing are known as (select the best answer):
- A.
  
  Economic forces
- B.
  
  Sociocultural forces
- C.
  
  Political forces
- D.
  
  Competitive forces
- E.
  
  Legal and regulatory forces
- F.
  
  Technological forces
Correct Answer
E. Legal and regulatory forces

Explanation
See page 342 in Business (Pride, Hughes, & Kapoor, 2014).

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8.

A sales forecast is an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
See page 343 in Business (Pride, Hughes, & Kapoor, 2014).

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9.

Discretionary income is defined as (select the best answer):
- A.
  
  The income an individual receives from all sources less the Social Security taxes the individual must pay.
- B.
  
  Personal income less all additional personal taxes.
- C.
  
  Disposable income less savings and expenditures on food, clothing, and housing.
- D.
  
  Income that is spent discreetly, or in secret.
Correct Answer
C. Disposable income less savings and expenditures on food, clothing, and housing.

Explanation
See page 349 in Business (Pride, Hughes, & Kapoor, 2014).

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10.

The steps of marketing research include (check all that apply):
- A.
  
  Define the problem.
- B.
  
  Make a preliminary investigation.
- C.
  
  Plan the research.
- D.
  
  Provide coffee and doughnuts for all researchers.
- E.
  
  Gather factual information.
- F.
  
  Interpret the information.
- G.
  
  Reach a conclusion.
Correct Answer(s)
A. Define the problem.
B. Make a preliminary investigation.
C. Plan the research.
E. Gather factual information.
F. Interpret the information.
G. Reach a conclusion.

Explanation
See page 345 in Business (Pride, Hughes, & Kapoor, 2014).

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Building Customer Relationships Through Effective Marketing

CRM or customer relationship management may include (select the best answer):

Utility is the ability of a good or service to satisfy a human need. This may include form utility, place utility, time utility, and possession utility.

The marketing concept is a business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allow the firm to achieve its objectives. To accomplish this, the firm must (check all that apply):

In the undifferentiated approach to marketing, a company (select the best answer):

The four Ps of marketing are Product, Price, Placement (or distribution) and Paparazzi.

A marketing plan is a written document that specifies an organization's (select the best answer):

Laws that protect consumers and competition and government regulations that affect marketing are known as (select the best answer):

A sales forecast is an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort.

Discretionary income is defined as (select the best answer):

The steps of marketing research include (check all that apply):