Pts 1 ref 7 obj 01 3 type comp top aacsb reflective

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PTS: 1 REF: 7 OBJ: 01-3 TYPE: Comp TOP: AACSB Reflective Thinking| TB&E Model Strategy 10. Customer value is the relationship between company profits and company costs. ANS: F Customer value is the relationship between benefits and the sacrifice necessary to obtain those bene- fits. PTS: 1 REF: 7 OBJ: 01-3 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Customer 11. The way to achieve customer satisfaction and value is to offer the lowest price. ANS: F Marketers interested in customer value offer realistic prices and try to achieve customer satisfaction and value by ensuring customer expectations are met or exceeded. PTS: 1 REF: 7-8 OBJ: 01-3 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Customer 12. 3D Systems is a company that uses computers to generate new product prototypes. It has generated loyal business clients by providing the best customer support in the industry. The company also provides direct sales consultations that give its salespeople intimate knowledge about what exactly its customers want. This partnership between 3D Systems and its customers entails relationship market- ing. ANS: T PTS: 1 REF: 9 OBJ: 01-3 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Customer 13. Only a firm's salespeople need to be customer-oriented. ANS: F All employees need to be customer-oriented because in the customer's eyes, the employee (regardless of the position held in the organization) is the firm and may be the only firm representative the cus- tomer ever sees. PTS: 1 REF: 9 OBJ: 01-3 TYPE: Comp
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TOP: AACSB Reflective Thinking | TB&E Model Customer 14. Retailers who give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment. ANS: T PTS: 1 REF: 9 OBJ: 01-3 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Customer 15. In the early 1920s, Ford promised its customers any color vehicle they wanted as long as it was black. Ford's management assumed anyone buying a car would accept the color black, so it made products af- fordable by offering only one variety in large quantities. Ford is an example of a market-oriented firm. ANS: F A market-oriented organization recognizes that different customers groups want different features or benefits. PTS: 1 REF: 10-11 OBJ: 01-3 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Customer 16. The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs of its consumers. ANS: T PTS: 1 REF: 5 OBJ: 01-2 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Customer 17. While most marketing organizations rely on various forms of promotion to succeed, sales-oriented or- ganizations make the most effective use of their entire marketing mix. ANS: F Sales-oriented firms usually rely more heavily on promotion alone than do market-oriented firms.
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