Marketing

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Chapter 1 Questions and Answers:
1. Which of the following is marketing's central role? Create and keep customers 2. Which of the following statements is true? It is more expensive to attract new customers than to retain existing ones 3. Why is there a need to monitor and understand competitors? Because customers will turn to competitors if their needs are not being me 4. Which of the following statements is true? The costs of attracting a new customer have been found to be up to six times higher than the costs of retaining old ones 5. Which of these is not part of the marketing concept? Matching competitors' offering 6. What is the purpose of production orientation focus? The purpose of the organisation is to manufacture the highest quality products 7. Which of these is not a feature of a market driven business? They stick with the same products 8. Why do marketing-orientated companies attempt to create customer value? In order to attract and retain customers 9. Customer Value =______________?Perceived Benefits – Perceived Sacrifice 10. Which of the following is seen as the key to achieve marketing success? Exceeding the value offered by competitors 11. When does customer satisfaction occur? Customer satisfaction occurs when perceived performance matches or exceeds expectations 12. What is meant by the term "perceived sacrifice"? The total costs associated with buying the product 13. In order to achieve commercial success in today's competitive climate, what customer needs have to be achieved? Expectations need to be exceeded so that customers are delighted with the outcome 14. Which of the following is not a characteristic of the Kano model of customer satisfaction? "Much More" 15. What is meant by the term "efficiency"? It does things right 16. What is meant by the term "effectiveness"? It does the right things 17. What is the essential difference between efficiency and effectiveness? That the former is cost-focused while the latter is customer-focused 18. The marketing mix consists of which of the following four major elements? Promotion, Place, Product and Price 19. Which of the following is an example of a "Must Be" characteristic of the Kano model of customer satisfaction? In a hotel, customers expect service at reception and a clean room 20. Which of the following is an example of a "More is Better" characteristic of the Kano model of customer satisfaction? In a hotel, customers expect a rapid and satisfactory response to a complain 21. What is the "Delighters" characteristic of the Kano model of customer satisfaction? "Delighters" are the unexpected characteristics that surprise the customer. Their absence does not cause dissatisfaction but their presence delights the customer 22. What is the core problem with the "Delighters" characteristic of the Kano model of customer satisfaction? A problem for marketers is that over time "delighters" become expected 23. What does the "Product" element of the marketing involve? Involves deciding what goods or services should be offered to a group of customers 24. Which of the following is not an important element of the product decision? Distribution 25. What is the major difference between the "Price" element of the marketing mix and its other elements? All of the other elements represent costs, for example, expenditure on product design (product), advertising and salespeople (promotion) and transportation and distribution (place) 26. Which of the following is not controlled by the promotional mix? Trade Prices 27. What does the "Place" element of the marketing involve? Place involves decisions concerning the distribution to be used and the management of the distribution activity, the locations of outlets, methods of transportation and inventory levels to be held. 28. What are distribution channels? Distribution channels consist of organisations such as retailers or wholesalers through which...
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