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Exam 9: Marketing: Providing Value to Customers

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Question 71

Multiple Choice

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It is estimated that it costs about _____ times more money to attract and sell to a new customer than to an existing customer.

A) 3
B) 6
C) 9
D) 12

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Question 72

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"Culture" refers to a set of accepted values.

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Question 73

Multiple Choice

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When the market for it stabilizes, a product has entered the _____ stage of the product life cycle.

Your trademark consists of what you say about the product on your packaging, not only identifying the product but providing information about the contents of the package.

Social media marketing presents companies with a number of challenges including:

Though once extremely important, the Baby Boomer generation is now declining as a major marketing force.

Your _____ market consists of a specific group of consumers who are interested in your product, have access to it, and possess the means to buy it.

Retaining customers is the purpose of _____, a marketing strategy that focuses on nurturing and maintaining strong relationships with current customers.

Between the two types of data, marketers generally begin by looking at primary data-previously collected information pertaining to the target market.

What's the basic function of an advertising agency

Among Americans born in the last 60 years, marketers ascribe such characteristics as "individuality, tolerance, and self-absorption" to _____.

In order to put a marketing concept into practice, you need a _____ for performing two tasks, including selecting a target market.

What does just-in-time production mean

Online surveys are easier to answer but get poorer response rates than telephone surveys.

Using _____ branding, a company makes a product and sells it to a retailer who resells it under its own name.

During the _____ stage of the product life cycle, advertising costs will go up.

_____ is not an aspect of marketing strategy.

When consumers prefer and insist upon buying Dell products, they're demonstrating brand loyalty.

Although repeat customers tend to spend less, they're much more likely to recommend a company to other people.

SCENARIO-BASED Roger Levin owns and manages Forever Yours Jewelers in a Midwestern city. Sales clerks are especially trained in meeting customer needs, and the Levin family itself is committed to promoting the image of the store and its products and services. Levin buys frequent spots on a local radio station, and holds monthly giveaway contests to give away $200 items of the winner’s choice. Founded by Levin’s grandfather, the family owned business has been around for 65 years and enjoys an enviable reputation in the community. Recently, an article appeared in the local newspaper revealing Levin’s contributions to local charities. -Monthly contests constitute a _____ strategy.