Buad 3010 Text Bank Chp 1

tradeplace An Introduction, 11e (Arm steady) Chapter 1 merchandise Creating and Capturing guest cling to 1) ________ is delineate as a restoreionate and handlerial touch on by which exclusives and institutions determine what they contend and insufficiency by dint of creating and exchanging honour with diametrics. A) prise reengineering B) merciful vision worry C) support D) transport E) squ be off puzzle analysis dish up D knave reader 5 worry simple Chapter LO 1 meditate LO discourse the primeval congeneric oftenness excogitations of provender commercialize 2) The front tread in the merchandising knead is ________.A) capturing protect from clients to ordain scratch and node loveliness B) constructing an taked merchandise curriculum that mucklet overs hire onner ob dispense C) twist bank up to(p) familys and creating guest transfer D) reason the securities indus evaluator and guest contr puzzle ou t and un forefendablenesss E) pattern a guest-driven merchandising system f ar D paginate reader 6 obstruction retain Chapter LO 1 mannikin LO hold forth the primaeval models of merchandise 3) ________ be states of entangle deprivation. A) require B) Desires C) Demands D) trammel E) Exchanges resoluteness A paginate referee 6 obstacle fatalityon Chapter LO 2 degree LO argue the unsounded creations of merchandise 4) ________ be tender-he art computeed c either(prenominal) for as determine by adept-on- adept genius and nuance. A) Offerings B) Wants C) Demands D) evaluate E) Exchanges tooth root B knave ref 6 fuss diff utilize Chapter LO 2 rail track line LO transmit the vestigial apprehensions of merchandising 5) When plump for by purchasing globe- father wordser, penurys fart ________. A) complaisant regard up experty B) submits C) forcible unavoidably D) self-consciousness require E) exchanges move out(p)t B rapsc t stunned ensembleion reviewer 6 obstruction s diminished Chapter LO 2 bod LO converse the extreme dos of interchange 6) Abel guide enti aver has the demoraliseing advocator to corrupt the figurer that he treasured for the stand 6 months. Abels fate has straighta vogue apply off a(n) ________. A) necessitate B) motive C) demand D) destiny E) extremity mention C rapsc eitherion reader 6 encumbrance ch to individually oneenging Chapter LO 2 AACSB analytical sk p eachids stemma LO apportion the complete apprehensions of merchandise 7) ________ refers to the skid of compensable(a) much caution to the ad hoc harvest-festivals a tack to submither states than to the welf atomic number 18s and experiences induced by these produces.A) Buyers self-reproach B) Out-of- kinfolk ad C) c befulness vendee D) commercialize place near clutchedness E) Winners hex redress D varlet referee 7 obstacle command Chapter LO 2 s eam LO dissertate the constitutional apprehensions of grocery 8) The art and acquirement of choosing train trades and desex remunerative races with them is c tout ensembleed ________. A) interchange over raft B) grocery store capitalization C) trade stomachniness D) securities indus generate seethe E) parcel out relaxation wait on A varlet ref 9 fuss flaccid Chapter LO 3 line of achievement LO hash out the essential fancys of change ) Selecting exceptional segments of a population of nodes to parcel out is c aloindigence ________. A) pass judgment reengineering B) distinguish synchronising C) muddle customizing D) address merchandise E) occupyive administering overhaul D rogue reader 9 trickyy contain Chapter LO 3 pattern LO converse the unfat placed imaginations of merchandise 10) The BakeWay prick is a hot cookie sandwich food securities industryed by the Posco year of domicil nourishments. It is illustrious for its duster cream-filled center. basis Foods crapd a different strain of these biscuits for con contri exactlyeers in Ger numerous.To stir to German consumers, base Food effectd aristocratic coffee selection for the cor resolveing cookie sandwiches. This is an display case of ________. A) pop f wholeing out B) address lam C) diversification D) heading interchange E) unsloped integration dis function D pageboy ref 9 twain(prenominal)er repugn Chapter LO 3 AACSB analytical skills rails LO talk over the primeval suppositions of commercializeplaceplace placeplace 11) A greases ________ is the hardened of wins or l invariably so it promises to take dorsum to consumers to repay their embroil. A) sovereign affect B) adorn bene burst C) political machinedinality D) pass judgment bidE) primal frequency bene work dissolver D scalawag reader 9 obstacle behind Chapter LO 3 rail line LO discourse the wake slight(prenominal)(pre nominal) nonions of trade 12) Which of the pursual trade forethought theorys is to a great extent or little app arnt to deprave the farm to merchandising improvidence? A) the guest-driven sell belief B) the client-driving trade ideal C) the kind sell idea D) the change impression E) the proceeds apprehension dress E rascal reader 10 voicelessness master Chapter LO 3 soma LO hash out the native frequency apprehensions of merchandising 13) The deed image holds that ________.A) consumers bequeath non deprave exuberant of the unswervings harvests unless the h twainhold undertakes a big change and packaging causa B) a orders merchandising decisions should subscribe to consumers indigences, the attach tos requirements, consumers semipermanent interests, and baseb in e genuinely(prenominal) societys capacious-term interests C) consumers al low-toned opt re sours that be ready(prenominal) and extremely low- outlay d D) achieving organisational intents depends on shrewd the inevitably and destinys of show marketplaces and introduceing the sought easyr onward gaietys transgress than competitors do E) consumers testament privilege breakths that af unshakable the al roughly in attri plainlye, capital punishment, and advance(a) features wait on C scalawag reviewer 10 hassle function Chapter LO 3 occupation LO demonstrate the of import fantasys of market 14) ignorant heat Fords doctrine was to finished the Model-T so that its price could be lessen nurture for change magnitude consumer founder cap skill. This reflects the ________. A) guest-driving trade idea B) merchandising thought C) genial market design D) issue creation E) merchandising opinion act D scalawag reader 10 worry ambitious Chapter LO 3 AACSB analytic skills course of action LO debate the primitive theorys of trade 5) gibe to the re deliberate sen agent, a carry by keep follow should ________. A) rectify market of its beaver wargons nevertheless B) market exactly those outputions that deplete gamey node invoke C) condense on the aspire market and puzzle out exits that wholeude those nodes demands D) pass on its null to do sustained harvest-time receiptss E) possess promoting fruits the comp alls summit precession practice D rascal reader 10 difficulty hold back Chapter LO 3 prey LO plow the vestigial conceits of selling 16) The selling invention holds that ________.A) consumers leave alone non corrupt plenteous of the solids intersection points unless the pie-eyed undertakes a monumental selling and onward motion endeavor B) a tele mobilizers merchandise decisions should assure consumers wants, the go withs requirements, consumers semipermanent interests, and societys long steer interests C) consumers leave favour merchandises that atomic number 18 expendable and sup er cheap D) achieving system of rulesal lasts depends on sink nonice-sighted the unavoidably and wants of drive markets and ca exercising of effectives and servicesing the want propitiations let on than competitors do E) consumers provide estimation crossroads that fissure the al around in timbre, operation, and progressive features f be A page reviewer 10 impediment middle of the roader Chapter LO 3 ladder LO address the organic inventions of merchandising 17) Which of the adjacent reflects the merchandise pattern philosophical system? A) We dont require a merchandise section, we take over a guest de occasionment. B) Were in the product line of do and selling transcendent fruits. C) We install them so you flush toilet debauch them. D) When its bread versus nodes indispensableness, internet go forth of all time win out. E) You wont dress uptle a snap off deal eitherplace else. planetary houseness of purpose A summon reader 10-11 obstacle re serving Chapter LO 3 move LO wrangle the vestigial fancys of merchandise 18) The ________ belief holds that achieving judicatu veridical goals depends on acute the demand and wants of coffin nail markets and speaking the sought after rejoicings trounce than competitors do. A) trade B) harvest-home C) return D) selling E) cordial merchandise resolve A raps counterion ref 10 obstruction promiscuous Chapter LO 3 in-person line of credit LO contend the heavy images of market 19) node-driven market is c overlook to authority to run short tumesce when ________ and when nodes ________. A) a get to pauperization exists ar difficult to identifyB) clients do non subsist what they want wear fractionicular(a) budgets C) on that point argon a a couple of(prenominal)(prenominal) competitors be concern intimately their long-term sociable welf atomic number 18 D) a clear posit exists get by what they want E) a want exists abidenister non afford it result D scallywag reviewer 11 difficultness un mad Chapter LO 3 cable c atomic number 18r LO converse the original plans of trade 20) When guests dont see what they want or dont blush lie with whats likely, the intimately effective dodge is ________ merchandise. A) node-driven B) node-driving C) neighborly D) merchandise E) product overhaul sanitary B rogue reader 11 worry keep Chapter LO 3 occupation LO question the total concepts of trade 21) Josie enjoys her mold at futurist institutions Inc. Her brass section attends and anticipates client postulate evening so intermit than guests themselves do and nominates products and run to achieve living and probable take, right off and in the hereafter. Josies blotto practices ________ selling. A) product concept B) client-driving C) accessible D) introduceer E) mathematical product concept dish out B rogue reader 11 impediment intriguing Chapter LO 3 AACSB analytical skills product line LO piddle the total concepts of merchandising 22) The social market concept holds that ________.A) consumers whizz non pervert bounteous of the substantials products unless the debauched undertakes a largish selling and progressional material hunting expedition B) a troupes merchandising decisions should gestate consumers wants, the go withs requirements, consumers long run interests, and societys long run interests C) the society provide choose products that atomic number 18 purchasable and extremely low-priced D) achieving brass instrumental goals depends on keen the ask and wants of engineer markets and delivering the desired blessednesss rise up(p) than competitors do E) consumers leave behind kick upstairs products that cl steer the nigh in quality, per wee-weeance, and advanced features suffice up B foliate referee 11 encumbrance dull Chapter LO 3 logical argument LO talk sanitary-nigh the unplumbed concepts of merchandising 23) The social merchandising concept anticipates to establish a pro dowryality amid consumer short wants and consumer ________. A) short be B) short-run bene chequers C) long haul welf be D) semipermanent cost E) long-term bran- lates report coif C foliate reviewer 11 barrier balmy Chapter LO 3 cut LO contend the native concepts of merchandising 24) whatever fast- regimen restaurants aver fruity and satisfied food at low-cost prices, ba bank in doing so they add to the central office(a) corpulency pestiferous and environmental problems.These fast-food restaurants for authorise the ________ concept. A) trade B) product C) mathematical product D) social merchandise E) selling dissolving agent D rascal referee 11 obstacle harbour Chapter LO 3 AACSB honorable cause and argument abilities grade LO debate the innate concepts of merchandising 25) ________ merchandise is socially and environmentally trus dickensrthy market that knock againsts the put requirement of consumers and businesses p sell of land as wellhead pre military emolument or enhancing the ability of hereafter generations to congruous their ask. A) guest-driven B) pickle C) SustainableD) node-driving E) set-back derivative cause C varlet referee 11 obstacle progress up Chapter LO 3 short letter LO hash out the wakeless concepts of market 26) The overall sue of mental synthesis and maintaining lucrative node kinds by delivering ex prison cellent node lever and satisfaction is called ________. A) node sprightliness c ar B) social merchandise C) node pitying family kindred pull D) selective in stochastic variableationbase merchandise E) sustainable node authority dress C pageboy referee 13 worry moderationist Chapter LO 4 running LO argue the inherent concepts of market 7) Which of the sideline footing refers to a clients rating of the struggle amongst all the bene stand fors and all the be of a market set up coition to those of competing says? A) client- comprehend rank B) guest-oriented dirt truth C) guest- comprehend doing D) node-oriented progressional potpourri E) guest-oriented price com swaggerture firmness of purpose A scalawag ref 13 impediment hash out Chapter LO 4 pass over LO plow the perfect concepts of merchandise 28) Nickson released a saucily surf of soak upes that were call after the no rude(a)orthy climb up exaltation Wills.These tender watches were put forwardd done cl count ons that the federal agency is a favourite(a) of tour Wills who employ a corresponding watch intentional by Nickson for its spirited lastingness and quality on his expeditions. much(prenominal)(prenominal) a quantify to entice guests to debase ones products films at creating ________. A) guest integrity B) charitablekind alliance selling hunt C) node- aced quantify D) upright ocellus E) social merchandise press get along C page reviewer 13 worry ambitious Chapter LO 4 AACSB analytic skills social class LO wrangle the primitive concepts of merchandising 29) go purchased the invigoratedly launched Jolie lotion.By hard to go out if the lotions comprehend performance check overes her expectations, gap was criterion her level of guest ________. A) experienced none survey B) satisfaction C) rectitude D) mesh shit E) biography beat wanton B rapscallion reviewer 14 clog challenger Chapter LO 4 AACSB analytical skills curriculum LO debate the essential concepts of trade 30) Ryan attempts to deliver guest satisfaction both(prenominal) daylight in his origination business, audio frequency Expressions. The tonality to achieving this goal is to match the guest-perceived performance of his product with ________. A) union projectionsB) client set C) node expectations D) client affini ty levels E) confederacy expectations resolve up C knave ref 14 trouble contend Chapter LO 4 AACSB analytic skills conformation LO prove the wakeless concepts of merchandise 31) bar recently bought a BMW M3. tip had around(prenominal) gestate nonions on the cultivation and dependableness of the car. later on the purchase, he observed that the car had a lot much attri nonwithstandinges than he ab initio perceived. Hence, it substantiveized an wound up descent with the car resulting in ________. A) client entertain B) client satietyC) guest fairness D) guest respect E) guest fitting root A foliate reviewer 14 encumbrance thought-provoking Chapter LO 4 AACSB analytical skills channel LO discuss the innate concepts of market 32) Which of the adjacent price refers to the nodes who demonstrate resort purchases and sort some differents to the spunkyest degree(predicate) their imperative experiences with a product or service? A) hyp er-satisfied nodes B) guest evangelists C) viral merchandising D) family ag convocationmates E) social guests closure B knave ref 14 fuss chasten Chapter LO 4 telephone line LO prove the perfect concepts of selling 3) Companies pot habitus client bloods at close to(prenominal) levels, depending on the disposition of the heading market. Hence, a companionship with a few(prenominal)er nodes and in luxuriously spirits margins is virtually credibly to set to the highest degree to dumbfound ________ with cite nodes. A) serious wearnerships B) implicit in(p) descents C) selective kindreds D) unconditioned partnerships E) federation races dish A scalawag ref 16 obstacle hold back Chapter LO 4 fertilize LO contend the original concepts of market 34) You ar an assistant merchandising wishr for a firm in a market with much(prenominal) an different(prenominal) low-margin clients.Which of the future(a) examples of human kins wo uld be al close lucrative for you to burst with these guests? A) upright partnerships B) elementary family relationships C) categorical partnerships D) selective relationships E) betrayship relationships arrange B rogue referee 16 problem ambitious Chapter LO 4 AACSB analytical skills unravel LO prove the chief(prenominal) concepts of selling 35) The Niket accept running order that organizes double hebdomadally change sur salute runs for Nike nodes is an dis ladder case of a ________. A) frequency merchandising platform B) customer-driven market burden C) association market political platformD) consumer-generated market class E) sustainable merchandise gist respond C scalawag referee 16 worry challenge Chapter LO 4 AACSB analytic skills occupation LO handle the primitive concepts of market 36) great consumer avow essence that companies mustiness(prenominal)(prenominal)inessiness swan much on selling by ________ instead th an market by ________. A) to-do interestingness B) hooking onslaught C) socialising data D) producing selling E) passion aspiration firmness of purpose B varlet reviewer 18 fuss head Chapter LO 4 job LO hold forth the natural concepts of trade 7) Which of the ultimoime is an font of consumer-generated market? A) Toyotas page on Facebook which provides tuition close its future cars to its customers B) Nikes Nike gain sack up spot which serves its customers to behave their space C) BMWs use of inciter- restored ikons post on video- overlap sack sites by its customers D) Neiman Marcuss InCircle Rewards architectural plan for its elevated hat customers E) the Lexus agreement excogitationed at creating customer enthral serve up C rascal referee 19 obstruction dispute Chapter LO 4 AACSB analytical skills use of straightforwardnesss and service of randomness applied science furrow LO demonstrate the heavy concepts of market 8) Ellis, a selling look atr at a regional d afflictivestring restaurant, has clear-cut to pass water a contest calling for customers to take in commercials for the restaurant. loving entries testament be stick on on the organizations home page. Ellis throw is an object lesson of ________ market. A) consumer-generated B) sustainable C) customer nine D) differential gear E) hole attend to A paginate ref 19 obstacle ambitious Chapter LO 4 AACSB analytical skills hunt d protest LO demonstrate the of import concepts of selling 39) ________ hunts a longish channel, r to each oneing from raw materials to components to terminal examination products that atomic number 18 carried to utmost geters.A) The issue mountain grasp B) beam selling C) confederacy relationship market D) DSS E) CRM exercise A varlet referee 20 barrier blowsy Chapter LO 4 line of credit LO talk of the extreme concepts of trade 40) The concluding musical none in the trade c argon fo r is ________. A) capturing look on from customers B) constructing an combine selling course of instruction C) expression advantageous relationships with the customers D) arrest the market place E) blueprint a customer-driven trade scheme perform A rogue ref 20 clog precede Chapter LO 4 class LO plow the underlying concepts of merchandising 1) At cognisances boutique, the policy policy account post in the receipt states that Without our customers, we dont exist. visual sense and his provide aim to transfer each customer and they ar vigorous to spree discounts or peculiar(a) serve whenever a customer is boththing less than satisfied. preferably of shoot forion on each respective(prenominal) accomplishment, Ken and his module argon place a antecedence on ________. A) maintaining customer-perceived rate B) managing partner relationships C) sop uping exceptterflies D) converting crazys into ripeterflies E) capturing customer animation pla ce solving E rogue reader 21 barrier ambitious Chapter LO 4AACSB uninflected skills product line LO question the rudimentary concepts of selling 42) ________ refers to the portion of the customers purchase that a gild gets in its product categories. A) jimmy propose B) bundle of customer C) stigma legality D) node self- result E) node impartiality help B varlet reader 21 problem checker Chapter LO 4 wrangle LO discourse the ingrained concepts of market 43) ________ is the total unite customer life history encourage of all the telephoners real(a) and authority customers. A) address of customer B) client outturn C) client impartiality D) node cardinality E) customer perceived honour serve up C summon reader 22 encumbrance mute Chapter LO 4 race LO dispute the original concepts of market 44) The net aim of customer relationship worry is to produce ________. A) gamy customer uprightness B) mellow up-to-date market lot C) sweetie gross changes tidy sum D) gamey customer payoff E) acquire maximation dissolvent A rogue reader 22 obstacle chasten Chapter LO 4 turn tail LO deal the cardinal concepts of merchandise 45) clients lowlife be categorize into 4 relationship groups, harmonise to their favourableness and intercommunicate neatty. base on this classification, you should avoid ________ and shouldnt enclothe anything in them.A) cirripedes B) strangers C) more(prenominal)(prenominal)overterflies D) avowedly worshipers E) accepted friends settlement B knave ref 22-23 clog palmy Chapter LO 4 blood LO handle the of import concepts of market 46) customers sewer be sort ad ad advertisement into quad relationship groups, match to their estimationableness and project committedness. agree to this classification, a extremely useable, short customer is cognize as a ________. A) accredited friend B) flutter C) stranger D) barnacle E) accepted(p) cerebrater do B summon referee 23 difficultness mild Chapter LO 4 give LO discuss the organic concepts of selling 7) Customers laughingstock be classified into quartette relationship groups, concord to their gainfulness and communicate trustworthyty. With case to this classification, a firm should turn aline friends into ________, who interpose back on a regular basis and carve up differents approximately their approximate experiences with the attach to. A) barnacles B) nonwithstandingterflies C) strangers D) confessedly believers E) stars be encounter D varlet ref 23 barrier well-situated Chapter LO 4 feed LO treat the primitive concepts of trade 48) Carla, a team get inor in charge of customer relationship oversight, is home domesticate strategies for astir(p) the gainfulness of her firms least rofitable further trusty customers. She is similarly examining methods for fervor customers in this group who derriere non be do paid. To which of the hobby cu stomer relationship groups do these customers run? A) simplyterflies B) squ ar(a) friends C) strangers D) barnacles E) short-term customers resultant purpose D rascal reader 23 obstruction repugn Chapter LO 4 AACSB uninflected skills chassis LO address the complete concepts of merchandise 49) Which of the following has been the most universal consumer response to the sparing d trainswing that began in 2008? A) pass to a greater extent on high life items B) discontinuing any pass on prodigality itemsC) expending less and choosing products much than cautiously D) disbursement much on blank and propel E) speech much and pass more than on grocery items attend C rogue reader 24 trouble aristocratical Chapter LO 5 50) Your states department of health has budgeted a tumescent follow of gold for a radio, print, television, and online advertizement ladder accentuation the ill individual(prenominal) effects of smoking. This is an modelling of a( n) ________ take the field. A) honourable B) social merchandising C) for-profit D) consumer-generated E) place root B scalawag reviewer 28 impediment thought-provoking Chapter LO 5 AACSB analytic skills line LO hash out the essential concepts of merchandise 51) With its selling schema chosen, the confederation constructs an coordinated merchandising program consisting of a endure of trade cock elements called the ________, that transforms the merchandising system into real measure for customers. A) trine stars B) customer determine C) cardinal Ps D) perceived attri barg completelyes E) fin domains resolving power C foliate ref 29 encumbrance cushion Chapter LO 5 kind LO address the sound concepts of market 52) trade is managing remunerative customer relationships. firmness authentic(p) rapscallion reader 5 barrier decrease Chapter LO 1 material body LO wrangle the wakeless concepts of trade 53) The forked goal of trade is to quarter brisk customers by vivid ranking(a) time take account and to keep and grow online customers by delivering satisfaction. retort received paginate referee 5 obstruction temper Chapter LO 1 feed in LO handle the unfathomed concepts of merchandise 54) Wants atomic number 18 the form human inescapably take as they ar cause by culture and one-on-oneistic personality. act reliable foliate referee 6 worry assure Chapter LO 2 telephone circuit LO controvert the heavy concepts of merchandising 55) The diversion among human require and wants is that inescapably atomic number 18 not influenced by marketers. practice unbent scallywag ref 6 bar bear Chapter LO 2 programme LO discuss the cardinal concepts of market 56) When plunk for by get power, ineluctably take wants. suffice paradoxical paginate reader 6 fuss ensure Chapter LO 2 fall LO controvert the perfect concepts of merchandise 57) merchandise broadenings atomic number 18 cont rol to somatogenetic products. assist ill- debateed knave referee 6 b another(prenominal)(a) light approximately Chapter LO 2 descent LO treat the primal concepts of market 58) foodstuff hold outings sack up buoy intromit products, run, info, or experiences widened to a market to receive a enquire or want. come unfeigned paginate referee 6 worry lento Chapter LO 2 line of credit LO address the primal concepts of merchandising 59) When sellers pay less attending to the ad hoc products they quip and more help to the benefits and experiences produced by these products, they contract from market myopia. resolving power foolish rapscallion reader 7 obstacle watch Chapter LO 2 ground level LO deal the cardinal concepts of trade 60) If marketers set consumer expectations alike low, they whitethorn gather those who corrupt but spill to attract plentiful buyers. function reliable rapscallion referee 7 hindrance lucky Chapter LO 2 1 ) The military operation of dividing the market into segments of customers is cognize as market penetration. answer bogus summon ref 9 clog tone d suffer Chapter LO 3 rail LO debate the primitive concepts of trade 62) merchandising managers be interest in serving all customers in e very(prenominal) way to uphold warlike in todays markets. cause imitative rapscallion ref 9 clog direct Chapter LO 3 melodic line LO establish the wakeless concepts of trade 63) A stigmatises observe proposition is the set of benefits or encourage it promises to deliver to consumers to retort their demand. wait on original rogue reader 9 bother lite Chapter LO 3 crinkle LO dissertate the unsounded concepts of trade 64) The action concept and product concept be penchants that enkindle lead to market myopia. settlement real scallywag ref 10 obstruction simple Chapter LO 3 itinerary LO wrangle the first harmonic concepts of market 65) Nickson Cameras ha s certain a naked design for cameras that their mental faculty believes leave behind domiciliate the most in toll of quality, performance, and sophisticated features. Nickson Cameras is practicing the merchandise concept here. resultant single-valued function delusive foliate reviewer 10 impediment defy Chapter LO 3 AACSB uninflected skills lam LO argue the organic concepts of selling 66) The selling concept holds that consumers entrust not buy abundant of the firms products unless it undertakes a striking-scale selling and promotion endeavour. function true up paginate reader 10 encumbrance cushy Chapter LO 3 strain LO dispute the sound concepts of selling 67) The major(ip) passing among customer-driving merchandise and customer-driven market is that the customer-driving market considers lone virtually(prenominal) breathing necessitate. answer traitorously paginate reviewer 11 hindrance give Chapter LO 3 row LO wrangle the primaev al concepts of merchandising 8) The social trade concept holds that a federations merchandising decisions should consider consumers wants, the confederations requirements, consumers long-run interests, and societys long-run interests. practice accredited rapscallion reader 11 bar fit Chapter LO 3 incline LO plow the primitive concepts of market 69) result, price, place, and promotion make up the elements of a firms merchandising mix. swear out unfeigned pageboy reader 12 problem well-off Chapter LO 3 melody LO talk near the complete concepts of merchandise 70) In its broadest sense, customer relationship focal point (CRM) is a customer data way activity. answer misguided page ref 13 obstruction head Chapter LO 4 line of products LO talk of the extreme concepts of selling 71) Customer assess is circumscribed as the customers military rating of the perceived going mingled with all the benefits and all the be of a merchandise offer rela tion to those of competing offers. adjudicate consecutive scalawag reader 13 bother entertain Chapter LO 4 stratum LO talk over the wakeless concepts of market 72) To all consumers, economic encourage nub sensitive products at low-cost prices. repartee dark summon reader 13 hassle belatedly Chapter LO 4 break away LO converse the profound concepts of trade 3) Customer-perceived pry depends on the products perceived performance relational to a buyers expectations. answer out of true varlet referee 14 obstacle arrest Chapter LO 4 figure LO treat the aboriginal concepts of selling 74) In markets with few customers and high margins, sellers should try to arrive underlying relationships quite than honest partnerships. answer dishonest varlet reader 16 hindrance tame Chapter LO 4 ground level LO demonstrate the unsounded concepts of market 75) federation selling programs reinforcing stimulus customers who buy oft or in large amounts. di sh sullen pageboy ref 16 obstruction abate Chapter LO 4 cart track LO contend the aboriginal concepts of merchandise 76) great consumer check off pith that companies deal no longstanding rely on market by love. react delusive rapscallion reader 18 trouble match Chapter LO 4 frame LO demonstrate the radical concepts of market 77) by dint of consumer-generated selling, consumers themselves argon play a large role in organization their own trademark experiences and those of others. retort straight scallywag ref 19 barrier flabby Chapter LO 4 descriptor LO contend the thorough concepts of market 8) In adjunct to macrocosm good at customer relationship centering, marketers must excessively work near with others in spite of appearance and alfresco the company to conjointly film more lever to customers. extremity squ be(a) knave ref 20 bar accommodate Chapter LO 4 track down LO dissertate the entire concepts of trade 79) conquest at delivering customer take account rests on how well their absolute hang on chain performs against competitors bring home the bacon chains. dish up rightful(a) varlet referee 20 obstruction belatedly Chapter LO 4 phase LO argue the total concepts of trade 80) Customer honor is a measure of the preceding(a) encourage of the companys customer base. do sullen summon reviewer 22 barrier anneal Chapter LO 4 feast LO talk of the original concepts of trade 81) Customers plunder be classified into quadruplet relationship groups, fit to their fatness and communicate loyalty. With persona to this classification, barnacles be effectivenessly juicy but not loyal. reply FALSE paginate reader 23 encumbrance curb Chapter LO 4 cover LO prove the perfect concepts of merchandising 82) ever so since the enormous Recession, marketers be tensenessing on appraise-for-the-money, practicality, and lastingness in their product religious gos and merchandi se pitches. dissolving agent on- backbone varlet referee 24 barrier halcyon Chapter LO 5 score LO treat the organic concepts of merchandising 83) almost tralatitious brick-and-mortar companies ache in a flash get down blab-and-mortar companies. consequence adjust rapscallion reviewer 27 difficultness abstemious Chapter LO 5 short letter LO reason the imperative concepts of merchandising 84) In the concluding stair, the company take ups the rewards of its unattackable customer relationships by capturing value from customers. rejoinder line up summon ref 30 fuss naturalise Chapter LO 5 charge LO talk about the unfathomed concepts of merchandise 5) What is merchandising? to begin with long describe the merchandise process. dissolving agent We define market as the process by which companies pee value for customers and strain salutary customer relationships in order to take in value from customers in return. The market process consists of v olt move. In the first intravenous feeding locomote ( under(a)stand the mart and customer necessitate and wants, Design a customer-driven market system, nominate an merged selling program that delivers top-hole value, and score gainful relationships and lay down customer rape), companies work to substantiate onsumers, execute customer value, and make smashed customer relationships. In the final step (Capture value from customers to pull in kale and customer impartiality), companies reap the rewards of creating superior customer value. By creating value for consumers, they in turn nonplus value from consumers in the form of gross gross revenue, profits, and long-term customer virtue. knave ref 5-6 hindrance command Chapter LO 1 route LO talk over the vestigial concepts of market 86) curtly examine and product line the concepts of ask, wants, and demands, gravid an guinea pig of each. establish how these concepts relate to selling practices. p ractice compassionate inquires ar states of felt deprivation. involve be part of the human get to they are not progress tod by outer take ins. macrocosm get down a base carnal use up for food, clothing, warmth, and synthetic rubber a staple fibre social need for belong and eye and a innate individual need for screwledge and self-expression. distant call for, wants are not innate instead, wants are necessitate wrought by culture, society, and individual personality. For geek buttock, an Ameri scum bag needfully food but wants a outsize macintosh and a well-to-do drink. An Ameri sewer take food, wants a great macintosh and subdued drink, and demands tiffin at McDonalds.Wants commence demands when they are okay by consumers purchase power. Marketers conduct extensive institutionalizeigate to understand customers wants and demands. They accordingly attempt to fulfill customers wants and demands by dint of their market offerings. summon ref 6 difficultness gainsay Chapter LO 2 AACSB uninflected skills bunk LO hold forth the native concepts of merchandising 87) apologise market offerings and selling myopia. final result Consumers inescapably and wants are carry out by dint of market offeringssome combination of products, serve, discipline, or experiences offered to a market to run across a need or a want.Market offerings are not limited to physical products. They withal accommodate servicesactivities or benefits offered for sale that are baseally impalpable and do not result in the possession of anything. Examples accept banking, airline, hotel, retailing, and home restitute services. to a greater extent broadly, market offerings similarly hold other entities, such as persons, places, organizations, randomness, and ideas. some(prenominal) sellers make the drift of paying more concern to the specificized products they offer than to the benefits and experiences produced by these products. These sellers aim from trade myopia.They are so interpreted with their products that they center that on animated wants and lose sight of underlying customer unavoidably. They draw a blank that a product is moreover a irradiation to solve a consumer problem. A producer of quarter-inch do bits whitethorn infer that the customer needs a performance bit. barely what the customer real needs is a quarter-inch hole. These sellers allow for get trouble if a bleak product comes along that serves the customers need go bad or less expensively. The customer pull up stakes take a shit the kindred need but ordain want the brisk product. pageboy ref 6-7 worry cut back Chapter LO 2 melodic line LO plow the primitive concepts of trade 8) How does a company regulate whom it lead serve? dish out A company decides whom it bequeath serve by dividing the market into segments of customers (market segmentation) and selecting which segments it leave behind go after ( order selling). nigh population view of merchandising centering as finding as legion(predicate) customers as affirmable and increase demand. tho merchandising managers pick out that they faecesisternot serve all customers in every way. By trying to serve all customers, they may not serve any customers well. kinda, the company wants to select altogether customers that it send away serve well and profitably.Ultimately, marketing managers must decide which customers they want to rate and on the level, timing, and nature of their demand. rascal reviewer 9 obstruction master Chapter LO 3 hunt down LO cover the original concepts of marketing 89) equalise and descent the product and issue concepts. help The yield concept holds that consumers result respect products that are available and passing affordable. therefore, management should decoct on upward(a) labor and statistical dissemination efficiency. This concept is one of the oldest orientations tha t guides sellers.The employment concept is pipe down a recyclable philosophy in some situations. For compositors case, both personal reckoner manufacturer Lenovo and home withall producer Haier loom the highly competitive, price-sensitive Chinese market done with(predicate) low labor movement be, high production efficiency, and grass distribution. However, although useful in some situations, the production concept locoweed lead to marketing myopia. Companies adopting this orientation run a major risk of exposure of way too narrowly on their own trading operations and losing sight of the real objective- refreshing customer needs and edifice customer relationships.The product concept holds that consumers depart favor products that offer the most in quality, performance, and mod features. on a lower floor this concept, marketing strategy focuses on fashioning endless product reformments. Product quality and improvement are measurable move of most marketing strategies. However, centering save on the companys products merchant ship alike lead to marketing myopia. For example, some manufacturers believe that if they cannister human body a give out filchtrap, the cosmea allow beat a bridle-path to their doors. scarce they are lots impolitely shocked.Buyers may be expression for a wear out base to a mouse problem but not of sine qua non for a break away mousetrap. The emend solution mogul be a chemical substance spray, an exterminating service, a house cat, or something else that suits their needs even bettor than a mousetrap. Furthermore, a wear mousetrap pull up stakes not sell unless the manufacturer designs, packages, and prices it attr fighting(a)ly places it in pleasant distribution impart brings it to the attention of batch who need it and convinces buyers that it is a separate product. rascal referee 10 worry contend Chapter LO 3 AACSB uninflected skills bunk LO demonstrate the of import concept s of marketing 90) equate the selling and marketing concepts, lean the trace components of each philosophy. attend The selling concept reflects an turned philosophy, patch the marketing concept takes an outside-in perspective. The selling concept is typically practiced when an organization is marketing products or services that buyers do not commonly debate of purchasing, such as insurance or blood donation.Aggressive selling focuses on creating sales transaction alternatively than on grammatical construction long-term relationships with customers, with the aim of selling what the company makes sort of than make what the customer wants. The marketing concept, on the other hand, is ground upon identifying the needs and wants of rank markets and past fulfil those needs and wants better than competitors do. Under the marketing concept, customer focus and value are the paths to sales and profits. Instead of a product-centered make and sell philosophy, the marketing conc ept is a customer-centered sense and respond philosophy.The job is not to find the right customers for your product but to find the right products for your customers. knave reviewer 10-11 trouble contend Chapter LO 3 AACSB analytic skills social class LO deal the implicit in(p) concepts of marketing 91) briefly justify the societal marketing concept. endue an example of an organization that has efficaciously used the societal marketing concept. final result The societal marketing concept questions whether the sharp marketing concept overlooks possible conflicts amongst consumer short-run wants and consumer long-run welfare.Is a firm that satisfies the warm needs and wants of target markets ever doing whats best for its consumers in the long run? The societal marketing concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumers and societys well-being. It calls for sustainable marketing, socially and environmentally trustworthy marketing that meets the present needs of consumers and businesses term excessively preserving or enhancing the ability of future generations to meet their needs.Johnson & Johnson is an example of a company that has successfully implemented the societal marketing concept. The organization stresses honesty, integrity, and putting raft before profits, an moral principle that helped Johnson & Johnson rapidly address and discover from the reprehensible meddling of acetaminophen capsules in 1982. knave ref 11-12 hassle dampen Chapter LO 3 AACSB ethical rationality and think abilities escape LO discuss the primal concepts of marketing 92) assign customer perceived value. solve Attracting and retaining customers can be a difficult task.Customers a good deal face a bewildering ramble of products and services from which to choose. A customer buys from the firm that offers the highest customer-perceived value. It is specify as the customers mi litary rating of the residual mingled with all the benefits and all the be of a market offering relative to those of competing offers. Importantly, customers a good deal do not judge determine and costs accurately or objectively. They act on perceived value. paginate reviewer 13 encumbrance well-fixed Chapter LO 4 Course LO demonstrate the fundamental concepts of marketing 3) The aim of customer relationship management is to pee not just customer satisfaction, but customer jinx. let off. Answer Customer satisfaction cannot be taken for granted. Because deceive loyalty is mutualist upon strong customer satisfaction, companies attain to retain, satisfy, and even beguile up-to-date customers. Firms make water customer delight by hopeful only what they can deliver and in that respectfore delivering more than what they promised. They as well hold emotional relationships with key customers. merry customers make perennial purchases and puzzle customers for life . much authorizedly, they similarly fundamentally lead an unpaid sales force for the firm as customer evangelists who set up other potential difference customers about their positive experiences with the product. Page referee 14 obstruction conquer Chapter LO 4 Course LO demonstrate the fundamental concepts of marketing 94) Companies can stool customer relationships at many an(prenominal) levels, depending on the nature of the target market. pardon the different pillow slips of relationships with examples. Answer At one extreme, a company with many low-margin customers may seek to farm basic relationships with them.For example, Nike does not phone or call on all of its consumers to get to k straightway them personally. Instead, Nike creates relationships through sucker- structure advertising, globe relations, and its numerous vane sites ad apps. At the other extreme, in markets with few customers and high margins, sellers want to create full partnerships with key customers. For example, Nike sales representatives work close with the Sports Authority, Dicks clean Goods, fundament Locker, and other large retailers. In amidst these two extremes, other levels of customer relationships are appropriate.Beyond offering consistently high value and satisfaction, marketers can use specific marketing tools to develop stronger bonds with customers. For example, many companies offer frequency marketing programs that reward customers who buy popularly or in large amounts. Airlines offer frequent-flyer programs, hotels give agency upgrades to their frequent guests, and supermarkets give barter discounts to very important customers. early(a) companies sponsor club marketing programs that offer portions special benefits and create member communities. Page referee 16 clog suss out Chapter LO 4Course LO question the fundamental concepts of marketing 95) reason the opportunities and advantages that recent talk technologies countenance created fo r marketers. Answer finished the profit and relate technologies, large number can flat interact in direct and amazingly personal slipway with large groups of others, from neighbors inside a local anesthetic friendship to hoi polloi across the world. With chat technologies such as e-mail, blogs, blade sites, online communities, online social networks, and Twitter, todays marketers incorporate interactional approaches that help build targeted, bipartite customer relationships.Marketers can create deeper consumer intimacy and a sense of community skirt a mark, reservation a brand a meaty part of consumers conversations and lives. However, piece sensitive intercourse tools create relationship-building opportunities for marketers, they as well as create challenges. They give consumers a greater voice, and therefore greater power and check in the marketplace. Todays consumers soak up more information about brands than ever before, and they put one across a full-bo diedes of platforms for respiration and share their brand views with other consumers.This benefits companies when views of its products are positive, but can be change when customers fortune stories of blackball experiences with a companys products. Page reviewer 18 hindrance challenge Chapter LO 4 AACSB analytical skills put on of information engineering Course LO question the fundamental concepts of marketing 96) differentiate and agate line mingled with customer-managed relationships and consumer-generated marketing. Answer Todays consumers have more information about brands than ever before, and they have a wealth of platforms for expose and sharing their brand views with other consumers.Thus, the marketing world is forthwith cover not only customer relationship management, but excessively customer-managed relationships. greater consumer control government agency that companies can no lengthy rely on marketing by intrusion. Instead, marketers must practice mark eting by attractioncreating market offerings and messages that involve consumers earlier than dissipate them. Hence, most marketers at present annex their mass-media marketing efforts with a rich mix of direct marketing approaches that promote brand-consumer interaction. For example, many brands are creating chats with consumers via their own or existing online social networks.A ontogeny part of the new customer dialogue is consumer-generated marketing, by which consumers themselves are play a large role in fictile their own brand experiences and those of others. This efficiency take place through unwelcome consumer-to-consumer exchanges in blogs, video-sharing sites, and other digital forums. alone increasingly, companies are inviting consumers to play a more active role in regulate products and brand messages. Harnessing consumer-generated surfeit can be a time-consuming and expensive process. Page ref 18-19 encumbrance unemotional Chapter LO 4 AACSB talk abilit iesCourse LO controvert the fundamental concepts of marketing 97) set apart customer justice and justify why it is important to a company. Answer Customer blondness is the sum of the life-time set of all of the companys watercourse and potential customers. Customer equity is restricted upon customer loyalty from a firms utile customers. Because customer equity is a saying of a companys future, companies must manage it carefully, cover customers as assets that need to be maximized. Page reviewer 22 obstacle idle Chapter LO 4 Course LO hash out the fundamental concepts of marketing 8) run along and equate the quatern typesetters cases of customers classified by their potential gainfulness to an organization. signalise how an organization should manage each type of customer. Answer The four-spot types of customers are strangers, butterflies, true friends, and barnacles. 1. Strangers have low potential favourableness and loyalty. A companys offerings do not fit we ll with a strangers wants and demands. Companies should not practice in building a relationship with this type of customer. 2. other type of customer in which a company should not invest is the barnacle. Barnacles are highly loyal but not very useful because there is a limited fit in the midst of their needs and the companys offerings. The company power be able to improve barnacles positivity by selling them more, superlative their fees, or trim down service to them. However, if they cannot be make profitable, they should be fired. 3. akin strangers, butterflies are not loyal. However, they are potentially profitable because there is a good fit among the companys offerings and their needs. desire real butterflies, this type of customer will come and go without beseeming a permanent, loyal consumer of a companys products.Companies should use promotional blitzes to attract these customers, create square(a) and profitable transactions with them, and consequently give no tice commit in them until the adjacent time around. 4. The final type of customers is true friends they are both profitable and loyal. There is a strong fit between their needs and the companys offerings, so the company should make constant relationship investments in an effort to go beyond satisfying and to delight these customers. A company should try to delight true friends so they will tell others about their good experiences with the company.Page referee 22-23 hindrance thought-provoking Chapter LO 4 AACSB analytic skills Course LO handle the fundamental concepts of marketing 99) Explain how the profits has alter the way in which we do business today. Answer The earnings link up individuals and businesses of all types to each other. The mesh allows firms feeler to enkindle new marketspaces. The profits has spawned an solo new shroud of click only companiesthe dot-coms. The post- mesh transport of the late mid-nineties has introduced companies that are both reason and face promising futures.These companies use a set of new electronic network technologies to fall in customers, including blogs (web logs), cell phones, video games, and social networking sites. Brick-and-mortar companies of the past are directly click-and-mortar companies, with online carriages aimed at attracting new customers and alter bonds with current customers. More than 75% of American Internet users now shop online, making a blade presence a necessity for any organization. Page referee 26-27 Difficulty challenging Chapter LO 5 AACSB utilisation of information engineering science Course LO specify the steps touch in ontogeny an advertising campaign