Market Final Review

Delta Air Lines selected their most loyal and profitable customers to make them offers for discounts on summer travel. This is an example of what stage of the CRM process?

Utilize Analysis to Build Customer Relationships

This dimension of brand equity relates to "how appropriate the brand is to you":

Relevance

According to the Edelman Trust Barometer mentioned in class, which of the following institutions is most trusted by Americans today?

Business in general

The design and standards gap is the difference between:

What the company thinks the customer expects and how it actually delivers that service

The dimension of brand equity that relates to "the brand's point of difference" is:

Differentiation

When a company uses its existing brand for a new product in a different product category (for example, if Crest were to introduce a new line of clothing under the Crest brand), that is known as a(n):

Brand extension

A marketing team at Home Depot uses the process of ______ to find relevant insights in its large customer data sets, then create specific customer profiles that it uses for custom offers.

Data mining

Jonah called the dog groomer and explained that his dog Pippin had been sprayed by a skunk. The groomer had a full schedule, but still promised to squeeze Pippin in as soon as Jonah could get there. What dimension of service quality does this best describe?

Responsiveness

As we discussed in class, Arm & Hammer is an example of a marketer who uses this strategy of branding all of the company's products with the same name:

Family branding

This measures the percentage of dollars that a customer spends on a company's products versus the dollars that customer spends on competing companies' products:

Share of Customer

The "Triple Bottom Line" approach to corporate social responsibility includes each of the following goals except:

Processes

This measure assesses how well a CRM program prioritizes customers based on each customer's profitability:

Lifetime Value

In this environmental marketing strategy, the company wants to be a product leader and establish lower operating costs:

Eco-efficiency

The dimension of brand equity that relates to "an intimate understanding of the brand" is:

Knowledge

Because services are "inseparable," which of the following factors becomes even more important to marketing them?

The interaction between customer and service provider

In this environmental marketing strategy, the company wants to lower its operating costs and increase its organizational effectiveness:

Environmental cost leadership

A customer signed up for a prepared meals service to ease dinner preparation on weeknights, but the meals never arrived on time. This best described as a ______ gap.

Delivery

This refers to the actions a company takes to try to improve a customer's satisfaction when there is a service failure:

Service recovery

Which of the following statements regarding services is most accurate?

Services cannot be perfectly standardized

One element of corporate social responsibility for companies is that they should ______ so they can provide a return on investment to their owners, create jobs for the community, and provide goods and services to the economy.

Be profitable

Every time Regina's Maids cleans Selby's apartment, Selby can count on the wood floors being waxed, the windows being washed, and the laundry folded and put away. The cleaning service always arrives on time as well. With regard to service quality, this is a function of:

Reliability

The four dimensions of corporate social responsibility (CSR) are:

Economic, legal, ethical, and philanthropic

Which of the following creates a communication gap in services?

A company's motto is "on-time delivery, guaranteed," but it knows that it is a promise it cannot keep

Customer service is best understood to be ______, while customer satisfaction is ______:

What a marketer does; the result that a customer feels

What is the service recovery paradox?

The phenomenon where companies can potentially have a more satisfied customer through their response to a problem than if the problem had never happened

In this environmental marketing strategy, the company wants to be a product leader and establish differentiation in its industry:

Sustainable value innovation strategy

As companies try to earn trust from consumers, it is important to understand how trustworthiness works in the market today. According to research across industries, the strongest impact on sales happens when companies or products have an average consumer rating in this range (on a 1-5 scale):

4.20 to 4.50

This measures how well the CRM program produced financial results, comparing investments made to get and keep customers versus the money committed to it:

Market Equity

This area of U.S. law is involved with protecting the owners of brand names (like Frosted Flakes), characters (like Tony the Tiger), and other unique brand markers:

Trademark

Tony the Tiger for Kellogg's Frosted Flakes is legally classified to be a:

Trade character

Greenwise is one example of a brand name, applied across several products, but available in only one retailer (in this case, Publix). Greenwise is thus considered to be a:

Private label

Which of the following describes why services are considered to be heterogeneous?

They are different every time they are created

This measures the total profit a customer brings to a company during the time that the individual or firm is a customer:

Lifetime Value

Which of the following statements is true, according to the most recent results shared in class from the Edelman Trust Barometer?

Over the past five years, trust and optimism have been declining in most of the world

This dimension of brand equity relates to "how well regarded the brand is":

Esteem

Which of the following is NOT one of the gaps that make up the Service Gaps Model?

Tangibility

A(n) ______ is the most basic data point for understanding a company's customer relationship management performance; it is every measurable contact between the company and its customers.

Touchpoint

In this environmental marketing strategy, the company wants to establish differentiation in its industry and also increase its organizational effectiveness:

Eco-branding

This organization is the most important one for U.S. companies that want to protect their exclusive rights to a brand:

U.S. Patent and Trademark Office

Each of the following is a characteristic of a service, EXCEPT:

Mass produced