Mktg Lesson 3 Chapter 1 T/F

True
61) Marketing is managing profitable customer relationships.
False
62) When backed by buying power, wants become needs.
True
63) Market offerings include entities such as people, places, information, and ideas.
False
64) When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.
False
True65) A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.
True
66) A market is a segment of potential consumers who share a common need or want.
False
67) The process of dividing the market into segments of customers is known as market penetration.
True
68) A brand’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
True
69) The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.
False
70) Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.
False
71) Customer-driving companies create products and services that serve only the existing needs of consumers.
True
72) Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing.
True
73) Product, price, place, and promotion make up the elements of a firm’s marketing mix.
False
74) Customer relationship management focuses on retaining existing customers but not on acquiring new customers.
True
75) Customer-perceived value is defined as a customer’s evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.
False
76) The more loyal a firm’s profitable customers, the lower its customer equity.
False
77) In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.
False
78) Club marketing programs reward customers who buy frequently or in large amounts.
True
79) Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
True
80) Success at delivering customer value rests on how well a company’s entire supply chain performs against competitors’ supply chains.
False
81) Customer equity is a measure of the past value of a company’s customer base.
False
82) Barnacles are customers who are potentially profitable but not loyal.
True
83) After the Great Recession, marketers have started focusing on value-for-the-money, practicality, and durability in their product offerings and marketing pitches.
False
84) Since less than ten percent of smartphone owners use their phones for shopping-related activities, mobile marketing is a slow growing digital marketing platform.
True
In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.