Banking For Marketing An Introduction 14th Edition With question And Answer 2024 Graded A+

Banking For Marketing An Introduction 14th Edition With question And Answer 2024 Graded A+ Cross-selling - ANSWER-Sometimes at McDonald's your cashier will ask you, "Do you want fries with that?" What is this an example of? A car salesperson asking if a customer wants to get a "sport package" for a car she is buying. - ANSWER-An example of up-selling? Descriptive - ANSWER-Toys "R" Us is the name of a major retailer that sells toys and other kids products. What type of name is Toys "R" Us? Superlative - ANSWER-The tagline for Disneyland is "The Happiest Place on Earth." What type of tagline is this? The motivation to elaborate and the ability to elaborate. - ANSWER-Under the Elaboration Likelihood Model, a firm should only use central routing in their marketing messaging if customers have: "You should use this product." - ANSWER-If a company has used a celebrity endorsement in an "imperative mode," what message is the celebrity conveying? Evoked set - ANSWER-Jane goes to buy a laptop. There are 53 available models in the world. Jane has heard of 12 of these models, of which she is considering buying 4 models. In this example, what is the number 12 referred to as? Perceived performance - ANSWER-For customer satisfaction, should a company be more concerned with actual performance or perceived performance? Popularity - ANSWER-Jonah Berger's STEPPS framework helps us understand which messages catch on and get shared. Which of the following is NOT one of the factors in the STEPPS framework? Place, Price, Promotion, Product - ANSWER-the marketing mix Frame of reference - ANSWER-When Steve Jobs updated his company name from Apple Computer to Apple in 2007, which part of the brand positioning was he changing? Generation Y cohor - ANSWER-They were born between 1977 and and 1997. They appreciate free content, access to wireless internet, and customization. They account for 30% of the population. Geographic - ANSWER-PRIZM is a segmentation scheme that defines the country based on what type of clusters? Customer - ANSWER-In a buyer's market, the buyer has the power and the market is ______-focused. Retail saturation Globalization Deregulation Smart customers - ANSWER-Cracks in the product-centric approach definition of customer centricity - ANSWER-Aa strategy that aligns a company's development/delivery of its products/services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm. The change in total customer lifetime value for that month - ANSWER-The best way to pick a salesperson of the month? Seller - ANSWER-In a product-centric company, sales bias is on the side of the ____________ in a transaction. Value - ANSWER-Instead of "cost per acquisition" (CPA), firms would be better off measuring "___________ per acquisition." Greater than - ANSWER-Customer lifetime value should be _________ the amount you would want to spend to acquire a customer. You have lost 55% of your customers during that year. - ANSWER-An annual churn rate of 55% means that: 5 years - ANSWER-If your attrition rate is 20%, then your typical customer lifetime is High switching costs Customer inertia Customer loyalty - ANSWER-Common explanations for low attrition rates Recognizing that some customers are more profitable than others since all customers are not inherently equal. - ANSWER-customer heterogeneity Production Orientation - ANSWER-Persuade customer to want what the firm has Marketing Orientation - ANSWER-Persuade firm to offer what the customer wants Experience Orientation - ANSWER-Manage customer's entire experience with the firm Trust Orientation - ANSWER-Prioritize building a relationship based on trust and discipline 3 Principles of Marketing - ANSWER-Customer Value Differentiation Segmentation, Targeting and Positioning