Quiz: Building Customer Relationships Through Effective Marketing
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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.
- 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
- 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
- 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.
- 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.
- 5.The four Ps of marketing are Product, Price, Placement (or distribution) and Paparazzi.
- A.
True
- B.
False
- 6.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
- 7.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.
- 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
- 9.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.
- 10.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.
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