HFT 2500 Midterm Study Guide
questions well answered
Customer equity is ________________ - ANS ✔✔The discounted lifetime values of all the
company's current and potential customers.
Marketing Myopia is ________________ - ANS ✔✔To over-emphasize the wants over needs.
are NOT service characteristics - ANS ✔✔Interactivity and Invariability
become important by advent of relationship marketing - ANS ✔✔Customer loyalty, Customer
lifetime value, and CRM
stage - ANS ✔✔Economic function in experience economy is ______________:
are among management strategies for service businesses - ANS ✔✔managing perceived risk,
managing capacity and demand, managing differentiation, and managing service quality
True - ANS ✔✔Physical evidence are Tangible clues such as promotional material, employees of
the firm, and the physical environment of the firm. Physical evidence is used by a service firm to
make its product more tangible to customers
is not part of marketing mix - ANS ✔✔Positioning
Market - ANS ✔✔A set of actual and potential buyers of a product
, Marketing - ANS ✔✔The art and science of finding, retaining, and growing profitable customers
Exchange - ANS ✔✔The act of obtaining a desired object from someone by offering something
in return
Customer Relationship Management CRM - ANS ✔✔IT involves managing detailed information
about individual customers and carefully managing customer "touch points" in order to
maximize customer loyalty
Customer Value - ANS ✔✔The difference between the benefits that the customer gains from
owning and/or using a product and the costs of obtaining the product
True - ANS ✔✔Backward integration is a growth strategy by which companies acquire
businesses supplying them with products or services
Strategic alliances - ANS ✔✔Relationships between independent parties that agree to
cooperate but still retain separate identities
Return on marketing investment. - ANS ✔✔The net return from a marketing investment divided
by the costs of the marketing investment. It measures the profits generated by investments in
marketing activities
is NOT integrative growth strategy - ANS ✔✔Internal Integration
True - ANS ✔✔Diversification growth makes sense when good opportunities can be found
outside the present businesses
Product development - ANS ✔✔Introducing new product to existing market is ______________:
questions well answered
Customer equity is ________________ - ANS ✔✔The discounted lifetime values of all the
company's current and potential customers.
Marketing Myopia is ________________ - ANS ✔✔To over-emphasize the wants over needs.
are NOT service characteristics - ANS ✔✔Interactivity and Invariability
become important by advent of relationship marketing - ANS ✔✔Customer loyalty, Customer
lifetime value, and CRM
stage - ANS ✔✔Economic function in experience economy is ______________:
are among management strategies for service businesses - ANS ✔✔managing perceived risk,
managing capacity and demand, managing differentiation, and managing service quality
True - ANS ✔✔Physical evidence are Tangible clues such as promotional material, employees of
the firm, and the physical environment of the firm. Physical evidence is used by a service firm to
make its product more tangible to customers
is not part of marketing mix - ANS ✔✔Positioning
Market - ANS ✔✔A set of actual and potential buyers of a product
, Marketing - ANS ✔✔The art and science of finding, retaining, and growing profitable customers
Exchange - ANS ✔✔The act of obtaining a desired object from someone by offering something
in return
Customer Relationship Management CRM - ANS ✔✔IT involves managing detailed information
about individual customers and carefully managing customer "touch points" in order to
maximize customer loyalty
Customer Value - ANS ✔✔The difference between the benefits that the customer gains from
owning and/or using a product and the costs of obtaining the product
True - ANS ✔✔Backward integration is a growth strategy by which companies acquire
businesses supplying them with products or services
Strategic alliances - ANS ✔✔Relationships between independent parties that agree to
cooperate but still retain separate identities
Return on marketing investment. - ANS ✔✔The net return from a marketing investment divided
by the costs of the marketing investment. It measures the profits generated by investments in
marketing activities
is NOT integrative growth strategy - ANS ✔✔Internal Integration
True - ANS ✔✔Diversification growth makes sense when good opportunities can be found
outside the present businesses
Product development - ANS ✔✔Introducing new product to existing market is ______________:
