MKTG 4500 Exam 3 Questions and
Answers 100% Pass
Personalization - ✔✔Companies are being forced to react to the growing
individualization of demand. At the same time, cost management remains
of paramount importance due to the competitive pressure in global
markets. Thus, making enterprises more customer centric efficiently is a
top management priority in most industries.
__________ is a key strategy to meet this challenge.
Benefits of personalization - ✔✔Product distinction: a standard product
becomes a specialized solution
Low cost access to luxury and status of personalized services
1
100% Pass Guarantee Katelyn Whitman, All Rights
,Survival through differentiation
Increased customer loyalty
Backlash - ✔✔Personalization efforts can produce _______
-excessive personalization wastes time
-sometimes, standardization is just fine
Personalization approaches - ✔✔1) Mass customization
2) Choice assistance
3) Personalized messaging
Mass customization - ✔✔Blending standard products with individual
information
-by offering modular production in the production of goods so as to meet
exactly the needs of each individual customer with regard to certain
2
100% Pass Guarantee Katelyn Whitman, All Rights
,product characteristics at costs comparable to standard, mass-produced
goods
-the last stage of production is simply delayed until individual choices,
tastes, and behavior can shape the firm's offering
*Personalization approach
Choice assistance - ✔✔Advice giving systems cut clutter of product choice
-Use the full multi-media approach of online interactions to better
understand user preferences and provide advice.
2 prominent approaches used online...
1) Intelligent systems that seek out one's interests and recommend
products based upon some underlying characteristics of specific info given
(ex. Pandora)
2) Base suggestions on feedback from other users creating an automated
WOM system
3
100% Pass Guarantee Katelyn Whitman, All Rights
, *Personalization approach
Personalized messaging - ✔✔Consumer needs and choices tracked across
repeated interaction
-The end goal is a successful and LT relationship where the customer and
the firm have an ongoing, interactive connection
-The firm seeks to satisfy the customers' needs and wants over repeated use
*Personalization approach
Mass customization - ✔✔Customization of....
1) How a product is represented (representation)
-Refers to how the company portrays a product to a customer. This creates
a tie to the packaging, positioning, and imagery used to describe the
product.
4
100% Pass Guarantee Katelyn Whitman, All Rights
Answers 100% Pass
Personalization - ✔✔Companies are being forced to react to the growing
individualization of demand. At the same time, cost management remains
of paramount importance due to the competitive pressure in global
markets. Thus, making enterprises more customer centric efficiently is a
top management priority in most industries.
__________ is a key strategy to meet this challenge.
Benefits of personalization - ✔✔Product distinction: a standard product
becomes a specialized solution
Low cost access to luxury and status of personalized services
1
100% Pass Guarantee Katelyn Whitman, All Rights
,Survival through differentiation
Increased customer loyalty
Backlash - ✔✔Personalization efforts can produce _______
-excessive personalization wastes time
-sometimes, standardization is just fine
Personalization approaches - ✔✔1) Mass customization
2) Choice assistance
3) Personalized messaging
Mass customization - ✔✔Blending standard products with individual
information
-by offering modular production in the production of goods so as to meet
exactly the needs of each individual customer with regard to certain
2
100% Pass Guarantee Katelyn Whitman, All Rights
,product characteristics at costs comparable to standard, mass-produced
goods
-the last stage of production is simply delayed until individual choices,
tastes, and behavior can shape the firm's offering
*Personalization approach
Choice assistance - ✔✔Advice giving systems cut clutter of product choice
-Use the full multi-media approach of online interactions to better
understand user preferences and provide advice.
2 prominent approaches used online...
1) Intelligent systems that seek out one's interests and recommend
products based upon some underlying characteristics of specific info given
(ex. Pandora)
2) Base suggestions on feedback from other users creating an automated
WOM system
3
100% Pass Guarantee Katelyn Whitman, All Rights
, *Personalization approach
Personalized messaging - ✔✔Consumer needs and choices tracked across
repeated interaction
-The end goal is a successful and LT relationship where the customer and
the firm have an ongoing, interactive connection
-The firm seeks to satisfy the customers' needs and wants over repeated use
*Personalization approach
Mass customization - ✔✔Customization of....
1) How a product is represented (representation)
-Refers to how the company portrays a product to a customer. This creates
a tie to the packaging, positioning, and imagery used to describe the
product.
4
100% Pass Guarantee Katelyn Whitman, All Rights
