Marketing Final Exam

Market share from competitors the sales due to a

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ormational marketing data mining ANS: C One-to-one marketing is an individualized method of marketing to customers. PTS: 1 REF: 134 Thinking KEY: CB&E Model Strategy OBJ: 08-8 TOP: AACSB Reflective MSC: BLOOMS Application 114. Increasing share of customer means: a. b. c. d. selling more products to each customer increasing the number of customers winning market share from competitors the sales due to a customer relative to the costs of attaining and retaining that customer individual customer revenue minus costs to satisfy that customer e. ANS: A Share of customer represents how much a customer spends with a business, so increasing customer share attempts to sell more products to each customer rather than attempting to gain more customers overall. PTS: 1 REF: 134 Thinking KEY: CB&E Model Strategy OBJ: 08-8 MSC: BLOOMS Comprehension 115. The basic goal of one-to-one marketing is to: a. b. c. d. e. TOP: AACSB Reflective increase the market for the product category to new and current customers eliminate the use of mass media for promotion and locate a direct communications channel increase operating costs and locate new customers reduce the number of company employees and increase overall sales reduce costs through customer retention and increase revenue through customer loyalty ANS: E Loyal customers are less costly to maintain than acquiring new customers. PTS: 1 REF: 134 Thinking KEY: CB&E Model Strategy OBJ: 08-8 TOP: AACSB Reflective MSC: BLOOMS Comprehension 116. All of the following have been identified as trends that will lead to the continuing growth of oneto-one marketing EXCEPT: a. the growing number of customers who do not have time to spend shopping b. the fact that consumers do not want to be treated like the masses c. technology that allows the collection of detailed information on customers d. consumers are loyal to companies and brands that have earned their loyalty and reinforce it at every purchase occasion e. mass marketing is no longer appropriate, especially for consumer packaged-goods products ANS: E All of these are trends impacting the growth of one-to-one marketing except the inappropriateness of mass marketing for consumer packaged-goods products. PTS: 1 REF: 135 Thinking KEY: CB&E Model Strategy OBJ: 08-8 TOP: AACSB Reflective MSC: BLOOMS Analysis 117. The Ritz-Carlton hotel chain is renowned for its service and individual treatment of its customers. All service staff and employees have note pads and are taught to record every little piece of information they learn about a customer. If a business traveler ordered soft pillows, only wanted martinis in his mini bar, and needed access to a fax machine, he would find all of these amenities in his room when he arrived. The Ritz-Carlton is basing its one-to-one marketing on which of the following trends? a. The growing number of customers who do not have time to spend shopping b. The fact that consumers do not want to be treated like the masses c. Data mining capabilities...
View Full Document

Ask a homework question - tutors are online