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

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