UCF MAR 3023 Exam 1 Questions With Correct Solutions, Already Passed!!

Value is what you get for what you give. - Answer-True Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena most likely operates in the __________ era of marketing. - Answer-Value-Based Marketing Four Winds Art Gallery recently began offering appraisals of customers' art collections, in addition to continuing to sell paintings. Four Winds is: - Answer-Expanding from offering just goods to also services. The _____ consists of the product, price, place, and promotion of an offering. - Answer-Marketing Mix A national hotel chain engages in conversations with its customers through Facebook and even allows them to book their hotel reservations through its Facebook page. This is an example of marketing using: - Answer-Social Media Crest toothpaste targets different consumer _____ by offering different types of toothpaste for smokers than it does for children based on their differing needs and wants. - Answer-Segments A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers is known as - Answer-Customer Relationship Management Which of the following marketing mix variables is involved in the capture of value in the marketing exchange? - Answer-Price Kroger collects massive amounts of data about how, when, why, where, and what people buy, and then analyzes those data to better serve its customers. This refers to - Answer-Marketing Analytics Rather than being just a random activity, good marketing requires _____ in determining appropriate actions to produce sound decisions. - Answer-Thoughtful PlanningUnderstanding consumers' _____ is fundamental to marketing success. - Answer-Needs and Wants Which of the following is one of the core practices among value-oriented marketers? - AnswerConstantly measuring the benefits that customers receive against the costs of offerings. When marketers communicate the value proposition, it involves the _____ element of the marketing mix. - Answer-Promotion A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings? - Answer-Ideas During the last couple of decades, it has become important for value-oriented marketers to _____ with customers. - Answer-Move toward a relational perspective form a transactional orientation A mission statement describes the specific actions a firm will take to achieve its goals. - Answer-False After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in - Answer-Target Marketing When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as - Answer-Integrated Marketing Communications Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan? - Answer-GM (Gross Margin) According to the BCG matrix, which type of product typically has excess resources which can be used to support other products that need additional resources? - Answer-Cash Cows