ITB Chapter 11 Exam Questions and
Answers
an organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders - ANS-marketing
the ability of goods and services to satisfy consumer "wants" - ANS-utility
a business philosophy that makes customer satisfaction-now and in the future-the
central focus of the entire organization - ANS-marketing concept
the ongoing process of acquiring, maintaining, and growing profitable customer
relationships by delivering unmatched value - ANS-customer relationship management
(crm)
a customer perception that a product has a better relationship than its competitors
between the cost and the benefits - ANS-value
when a customer perceives that a good or service delivers value above and beyond
their expectations - ANS-customer satisfaction
when customers buy a product when the same supplier again and again-sometimes
paying even more for it than they would for a competitive product - ANS-customer
loyalty
a formal document that defines marketing objectives and the specific strategies for
achieving those objectives - ANS-marketing plan
dividing potential customers into groups of similar people or segments - ANS-market
segmentation
the group of people who are most likely to buy a particular product - ANS-target market
marketers who direct their efforts toward people who are buying products for personal
consumption - ANS-consumer marketers (also known as B2C)
marketers who direct their efforts toward people who are buying products to use either
directly or indirectly to produce other products - ANS-business marketers (b2b)
Answers
an organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders - ANS-marketing
the ability of goods and services to satisfy consumer "wants" - ANS-utility
a business philosophy that makes customer satisfaction-now and in the future-the
central focus of the entire organization - ANS-marketing concept
the ongoing process of acquiring, maintaining, and growing profitable customer
relationships by delivering unmatched value - ANS-customer relationship management
(crm)
a customer perception that a product has a better relationship than its competitors
between the cost and the benefits - ANS-value
when a customer perceives that a good or service delivers value above and beyond
their expectations - ANS-customer satisfaction
when customers buy a product when the same supplier again and again-sometimes
paying even more for it than they would for a competitive product - ANS-customer
loyalty
a formal document that defines marketing objectives and the specific strategies for
achieving those objectives - ANS-marketing plan
dividing potential customers into groups of similar people or segments - ANS-market
segmentation
the group of people who are most likely to buy a particular product - ANS-target market
marketers who direct their efforts toward people who are buying products for personal
consumption - ANS-consumer marketers (also known as B2C)
marketers who direct their efforts toward people who are buying products to use either
directly or indirectly to produce other products - ANS-business marketers (b2b)
