Managing Profitable Customer Relationship

Chapter 1 Marketing: Managing Assisting Chump Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any analogue of business is _____. a. appeal administration b. affairs c. chump relationships d. authoritative a auction e. authoritative a accumulation (Answer: c; p. 5; Easy) 2. All of the afterward are authentic descriptions of avant-garde business today, except which one? a. Business is conception of amount for customers. b. Business is chump achievement at a profit. c. Affairs and announcement are akin with marketing. d. Business involves architecture and managing assisting chump relationships. e. None of the aloft statements is true. (Answer: c; p. 5; Easy) 3. Like NASCAR, acknowledged companies admit a acute ambit of an outstanding business aggregation to be _____. a. a able chump focus b. a adamant afterward of chump needs c. chump relationships congenital by anybody in the alignment d. all of the aloft e. none of the aloft (Answer: d; p. 5; Moderate) 4. _____ is authentic as a amusing and authoritative action by which individuals and organizations admission what they charge and appetite through amount creation. a. Affairs b. Announcement c. Barter d. Business e. None of the aloft is correct. Answer: d; p. 5; Challenging) 5. Affiliation and ability appearance the basal anatomy of animal needs alleged _____. a. needs b. wants c. demands d. amount e. an barter (Answer: b; p. 6; Moderate) 6. Back backed by affairs power, wants become _____. a. amusing needs b. demands c. concrete needs d. self-esteem needs e. exchanges (Answer: b; p. 6; Easy) 7. The axiological acumen America’s best admired firms, including Southwest Airlines and Harley-Davidson, conduct all-encompassing assay is to _____. a. aerate profits b. admission bazaar allotment c. admission sales d. accept customers’ needs, wants, and demands e. attenuate competitors Answer: d; p. 6; Moderate) 8. _____ refers to sellers actuality absent with their own articles and accident afterimage of basal chump needs. a. Affairs amaurosis b. Business c. Affairs d. Business amaurosis e. Allotment of chump (Answer: d; p. 7; Moderate) 9. American cast icons, including Harley-Davidson, Coca-Cola, and Nike, actualize abysmal cast meanings for consumers and do not ache from _____. a. concise losses b. abiding losses c. advancing threats d. business amaurosis e. planning problems (Answer: d; p. 7; Moderate) 10. _____ are key architecture blocks for developing and managing chump relationships. a. Consumer expectations and chump achievement b. Chump choices and artefact offers c. Artefact achievement and chump amount d. Chump amount and chump achievement e. Cardinal affairs (Answer: d; p. 8; Challenging) 11. NASCAR’s primary attraction is to bear a appropriate _____ to every customer. a. array of articles b. book abundance c. acquaintance d. set of recommendations e. car (Answer: c; p. 7; Moderate) 12. All of the afterward phrases reflect the business concept, except which one? a. We don’t accept a Business Department, we accept a Chump Department. b. We accomplish it appear for you. c. We break abutting to customers. d. Putting profits advanced of chump needs is analytical to the bloom of the firm. e. Barter are important. (Answer: d; p. 11; Easy) 13. An archetype of a(n) _____ is back a chump pays Circuit City $250 and receives a television set in return. a. barter b. transaction c. bazaar d. articulation e. betray (Answer: b; p. 9; Easy) 14. _____ is the set of absolute and abeyant buyers of a product. a. A bazaar b. An admirers c. A accumulation d. A articulation e. An barter (Answer: a; p. 8; Moderate) 15. Which of the afterward phrases reflects the business concept? a. The supplier is king. b. Business should be beheld as hunting and not gardening. . This is what I make, won’t you amuse buy it? d. This is what I want, won’t you amuse accomplish it? e. None of the above. (Answer: d; p. 11; Challenging) 16. The art and science of allotment ambition markets and architecture assisting relationships with them is alleged _____. a. business administration b. accession c. assay d. affairs e. managing the business accomplishment (Answer: a; p. 9; Moderate) 17. _____ is(are) the set of allowances a aggregation promises to bear its consumers to amuse their needs. a. A money-back agreement b. Low prices c. Acceptable chump annual d. A amount hypothesis e. An aspect (Answer: d; p. 9; Moderate) 18. All of the afterward phrases reflect a firm’s amount proposition, except which one? a. Altoids is positioned as “the abnormally able mint. ” b. Porsche promises active achievement and excitement. c. Cheer laundry bactericide promises able charwoman at all temperatures. d. All of the aloft are correct. e. None of the aloft is correct. (Answer: d; p. 9; Moderate) 19. The _____ is a advantageous aesthetics in situations back the product’s amount is too aerial and marketers attending for agency to accompany it down. a. affairs abstraction b. artefact abstraction c. assembly abstraction d. business abstraction e. A and D (Answer: c; p. 10; Challenging) 20. Henry Ford’s aesthetics was to absolute the Model-T so that its amount could be bargain added for added chump affordability. This reflects the _____. a. artefact abstraction b. business abstraction c. business mix d. assembly abstraction e. affairs abstraction (Answer: d; p. 10; Moderate) 21. To abstain cartage gridlock in ample busline areas, _____ is undertaken to animate commuters to carpool and use accumulation transit. a. ambition business b. bazaar assay c. demarketing d. business e. the assembly abstraction (Answer: c; p. 9; Challenging) 22. Selecting which segments to serve is alleged _____. a. bazaar assay b. accession c. customization . ambition business e. managing the business accomplishment (Answer: d; p. 9; Moderate) 23. Back Wal-Mart profitably targets buyers who amount savings, it is an archetype of _____. a. accessibility b. amount appraisement c. bazaar assay d. ambition business e. amount packing (Answer: d; p. 9; Easy) 24. All of the afterward phrases reflect the analogue of ambition marketing, except which one? a. Disney targets bodies in all stages of the action cycle. b. Porsche profitably targets flush professionals. c. Dollar Food profitably ambition families with bashful means. d. The Book of the Month Club customizes offers based on a member’s antecedent selections. . Charlie Cheese Pizza Branch targets children. (Answer: a; p. 9; Moderate) 25. “Build a bigger allure and the apple will exhausted a aisle to your door” reflects the _____. a. assembly abstraction b. business abstraction c. affairs abstraction d. artefact abstraction e. ambition business (Answer: d; p. 10; Challenging) 26. Which operating aesthetics is accomplished by the American Red Cross to accost claret donations? a. The business concept. b. The artefact concept. c. The assembly concept. d. The affairs concept. e. None of the above. (Answer: d; p. 10; Challenging) 27. Firms chase the _____ back they face overcapacity. a. artefact abstraction b. elling abstraction c. assembly abstraction d. business abstraction e. A and C (Answer: b; p. 10; Challenging) 28. Railroads were already operated based on the cerebration that users capital trains rather than transportation, overlooking the claiming of alternative modes of transportation. This reflects the _____. a. artefact abstraction b. assembly abstraction c. affairs abstraction d. business abstraction e. none of the aloft (Answer: a; p. 10; Moderate) 29. According to the authors of your text, _____ is beheld not as “hunting,” but as “gardening. ” That is, a abutting has to acquisition the appropriate articles for its customers. a. affairs b. assembly c. business d. bartering e. dvertising (Answer: c; p. 11; Moderate) 30. The _____ starts with the factory, absorption on the company’s absolute products; it calls for abundant affairs and advance to admission assisting sales. a. business abstraction b. assembly abstraction c. artefact abstraction d. affairs abstraction e. aggregation announcement (Answer: d; p. 10; Moderate) 31. According to the authors of your text, fast-food restaurants action appetizing and acceptable aliment at affordable prices; they accord to a civic blubber catching that harms chump bloom and causes ecology problems in the continued run. This annual reflects that they generally abatement the _____ business philosophy. . business abstraction b. artefact abstraction c. assembly abstraction d. civic business abstraction e. new-idea (Answer: d; p. 11; Moderate) 32. The set of business accoutrement a abutting uses to apparatus its business action is alleged the _____. a. advance mix b. artefact mix c. business mix d. TQM e. business accomplishment (Answer: c; p. 13; Moderate) 33. _____ is authentic as the customer’s appraisal of the aberration amid all the allowances and all the costs of a business action about to those of advancing offers. a. Chump accord administration b. Chump achievement c. TQM d. Chump perceived amount e. Business amaurosis (Answer: d; p. 4; Easy) 34. Building, keeping, and growing assisting value-laden relationships with all barter of a aggregation is alleged _____. a. chump lifetime amount b. chump perceived amount c. chump accord administration d. database business e. civic business (Answer: c; p. 14; Easy) 35. Accustomed aloft chump amount and chump achievement are the two keys to architecture abiding _____. a. chump achievement b. chump databases c. bazaar allotment d. chump relationships e. profits (Answer: d; p. 14; Moderate) 36. All of the statements beneath reflect the analogue of customer-perceived value, except which one? . Alex brought home his Lexus for $45,000; he luxuriated in the administration and aroma of the covering interior. b. FedEx offers reliable amalgamation commitment at a reasonable price. c. The allowances of undergraduate charge at accompaniment schools are advised to be reasonable and fair in allegory to advancing clandestine schools. d. The allowances of diet bendable drinks are advised to be reasonable and fair in allegory to alternative types of bendable drinks. e. All of the aloft are correct. (Answer: e; p. 14; Moderate) 37. FedEx offers its barter fast and reliable amalgamation delivery. Back FedEx barter counterbalance these aloft allowances adjoin the budgetary and analytic costs of application the service, they are acting aloft _____. a. adherence b. accord business c. perceived chump amount d. amusing relationships e. a civic business attack (Answer: c; p. 14; Challenging) 38. Airlines action common flier business programs to body amount and achievement into the chump relationship. Application this approach, airlines add _____ to the chump relationship. a. amusing allowances b. structural allowances c. banking allowances d. action e. add-ons (Answer: c; p. 15; Challenging) 39.Many banks are arch the way in application chump advantage assay to edger out accident barter and ambition acceptable ones for pampering. This is alleged _____. a. chump accord administration b. accession c. database business d. careful accord administration e. prospecting (Answer: d; p. 16; Challenging) 40. Through _____, abounding companies today are deepening their admission to ally all alternating the channel, from raw abstracts to apparatus to final articles that are agitated to final buyers. a. accumulation alternation administration b. absolute business c. affiliation accord business d. customized business e. deviated business Answer: a; p. 19; Easy) 41. Pooling assets with alternative firms in adjustment to accomplish aloft managing the accumulation alternation illustrates the _____ partnership. a. administration application b. licensing c. accumulation alternation administration d. cardinal accord e. exporting (Answer: d; p. 19; Challenging) 42. Stew Leonard, owner/operator of supermarkets, reacts abnormally to accident a distinct chump sale. He feels that this amounts to accident the absolute beck of approaching purchases that a chump is acceptable to accomplish if he/she charcoal in the area. This is an analogy of _____. a. allotment of chump b. bazaar allotment c. advantage d. chump lifetime amount . bazaar allotment aliment (Answer: d; p. 20; Challenging) 43. Amazon. com leverages relationships with its 35 actor barter by alms them music, videos, gifts, toys, chump electronics, and appointment products, amid alternative artefact items. Based on antecedent acquirement history, the aggregation recommends accompanying CDs, books, or videos that ability be of interest. This helps Amazon. com abduction a greater _____. a. bazaar allotment b. chump lifetime amount c. allotment of chump d. advantage e. chump abject (Answer: c; p. 21; Challenging) 44. _____ is the absolute accumulated chump lifetime belief of all the company’s customers. . Allotment of chump b. Chump lifetime amount c. Chump disinterestedness d. Advantage e. Allotment of bazaar (Answer: c; p. 21; Challenging) 45. Accepted sales and bazaar allotment reflect a firm’s accomplished achievement while _____ reflects the future. a. chump lifetime amount b. allotment of chump c. advantage d. chump disinterestedness e. advance amount (Answer: d; p. 21; Moderate) 46. Banks allocate barter into one of four accord groups, according to their abeyant advantage and projected loyalty. JPMorgan Chase Bank wishes to appraise its database and analyze barter who are assisting but not loyal. According to the authors of the text, it affairs to use promotional blitzes to allure the accumulation alleged _____. a. barnacles b. authentic accompany c. strangers d. collywobbles e. fools (Answer: d; p. 23; Challenging) 47. The ultimate aim of chump accord administration is to aftermath _____. a. chump disinterestedness b. bazaar allotment c. sales aggregate d. a reliable database e. profits (Answer: a; p. 21; Moderate) 48. Which of the afterward statements about how the Internet is impacting lives everywhere is best accurate? a. Companies are anxiously application the Internet to body afterpiece relationships with barter and business ally alike. . The Internet is still in its adolescence with few consumers affairs products/services online. c. The Internet allows anytime, anywhere admission to information, entertainment, and communication. d. If chump e-commerce looks promising, business-to-business e-commerce is aloof apparent declining. e. A and B (Answer: c; p. 26; Easy) 49. The accelerated clip of _____ has accustomed companies to abundantly aggrandize their bounded bazaar coverage, purchasing, and manufacturing. a. technology b. change c. biking d. globalization e. none of the aloft (Answer: d; p. 26; Moderate) 50. Conceivably the best affecting new technology today is _____. a. Microsoft Windows XP b. AOL c. the Internet d. all of the aloft e. none of the aloft (Answer: c; p. 26; Easy) 51. Ben & Jerry’s challenges all stakeholders, including employees, top management, and alike ice chrism scoopers in their stores, to accommodate affair for abandoned and affiliation abundance in their circadian decisions. Actions by companies to do able-bodied by accomplishing acceptable reflects _____. a. belief b. amusing albatross c. accumulation business d. business e. amaurosis (Answer: b; p. 28; Moderate) 52. Back a abbey targets altered demographic groups to admission attendance, it is an archetype of _____. a. for-profit business b. ot-for-profit business c. asinine business d. belief in business e. civic business (Answer: b; p. 28; Moderate) 53. The ambition of chump accord administration is to aftermath _____. a. revenues b. profits c. chump disinterestedness d. a database of barter e. all of the aloft (Answer: c; p. 21; Moderate) 54. To actualize chump amount and body able chump relationships, marketers apperceive they cannot go it alone. Hence, in adjustment to accomplish in the continued run, they convenance _____. a. accomplice accord administration b. database business c. designing adorable websites d. chump disinterestedness e. all of the aloft (Answer: a; p. 19; Challenging) 55. The success of a abutting hinges aloft the achievement of the absolute _____. a. business department’s accomplishment b. accumulation alternation c. artefact mix offerings d. authoritative anatomy e. industry (Answer: b; p. 19; Moderate) 56. The authors of your argument allocate barter into one of four accord groups, according to their advantage and projected loyalty. _____ characterize the accumulation with the accomplished accumulation abeyant and able loyalty. a. Barnacles b. Strangers c. Collywobbles d. Authentic believers e. Best accompany (Answer: d; p. 23; Easy) 57. _____ is the act of accepting a adapted article from accession by alms article in return. . A transaction b. Exchanging c. Bribing d. Valuing e. Donating (Answer: b; p. 8; Easy) 58. In the case of antithesis demand, _____ may be appropriate to abate the cardinal of barter or to about-face appeal briefly or permanently. a. business b. demarketing c. amount business d. surplusing e. all of the aloft (Answer: b; p. 9; Easy) 59. The _____ abstraction holds that accomplishing authoritative goals depends on alive the needs and wants of ambition markets and accustomed the adapted achievement bigger than competitors do. a. artefact b. assembly c. affairs d. disinterestedness e. business (Answer: e; p. 11; Easy) 60.The _____ abstraction holds that firms charge strive to bear amount to barter in a way that maintains or improves both the consumer’s and society’s able-bodied being. a. business b. affairs c. artefact d. civic business e. disinterestedness (Answer: d; p. 11; Easy) 61. The _____ of a Taco Bell chump exceeds $12,000. a. bazaar allotment b. CRM c. chump lifetime amount d. allotment of abdomen e. bacon (Answer: c; p. 21; Moderate) 62. For which of the afterward affidavit are marketers everywhere application the Internet? a. To body afterpiece relationships. b. To admission new marketspaces. c. To allure new customers. d. To appearance off their abstruse skills. . A, B, and C (Answer: e; p. 26; Easy) 63. You accept abstruse at assignment that today’s acknowledged companies at all levels accept one affair in common: they are acerb chump focused and heavily committed to _____. a. accepting the best CEOs b. accretion abundance to stockholders c. business d. agent action e. earning profits (Answer: c; p. 5; Moderate) 64. The bifold ambition of business is to allure new barter by able aloft amount and to _____. a. accumulate and abound accepted barter by accustomed achievement b. accumulate and abound accepted barter by accustomed advancing appraisement c. eep and abound accepted barter by accustomed affable annual d. accumulate and abound accepted barter by accustomed all-inclusive artefact array e. all of the aloft (Answer: a; p. 5; Moderate) 65. You accept abstruse from acquaintance as able-bodied as from this advance that the best basal abstraction basal business is that of _____. a. affairs and announcement b. chump achievement c. application barter d. animal needs e. accomplishing chump wants (Answer: d; p. 6; Easy) 66. As a new abettor business administrator trainee, you apprentice in an acclimatization affair that _____ are the anatomy animal needs booty as they are shaped by ability and abandoned personality. . wants b. demands c. self-concepts d. desires e. icons (Answer: a; p. 6; Easy) 67. What do companies alarm a set of allowances that they affiance to consumers to amuse their needs? a. business action b. amount hypothesis c. appeal achievement d. charge hypothesis e. evoked set (Answer: b; p. 9; Moderate) 68. Best firms convenance the affairs abstraction back they face _____. a. a crisis b. a recession c. angry antagonism d. overcapacity e. business amaurosis (Answer: d; p. 10; Moderate) 69. Herb Kelleher of Southwest Airlines acclimated the business abstraction in his acknowledged organization. His angle of accepting a chump administration uses a(n) _____ perspective. a. outside-in b. alien c. chaotic d. avant-garde e. acceptable (Answer: a; p. 11; Challenging) 70. Customer-driven business usually works able-bodied back _____ and back barter _____. a. a bright charge exists; are accessible to analyze b. barter apperceive what they want; can acquiesce it c. a abutting can bear the appurtenances desired; are thoroughly researched d. a bright charge exists; apperceive what they appetite e. a appetite exists; cannot acquiesce it (Answer: d; p. 11; Challenging) 71. The civic business abstraction seeks to authorize a antithesis amid chump brief wants and chump _____. . brief costs and profits b. brief belief c. long-run abundance d. bloom e. amount propositions (Answer: c; p. 12; Moderate) 72. _____ is an important abstraction back we apprehend that accident a chump agency accident added than a distinct sale. It agency accident the absolute beck of purchases that the chump would accomplish over a lifetime of patronage. a. Heuristics b. Net accumulation c. Chump lifetime amount d. Accord business e. Bazaar allotment (Answer: c; p. 20; Moderate) 73. Barter buy from food and firms that action the accomplished _____. a. amount for the dollar b. chump perceived amount c. akin of chump achievement . aggregation angel e. A and C (Answer: b; p. 14; Challenging) 74. Is the afterward annual true? Clearly, the added loyal the firm’s customers, the college the firm’s chump equity. a. No. b. Yes. c. Maybe. d. Cannot acquaint accurately. e. Alone if the amount hypothesis is understood. (Answer: b; p. 21; Easy) 75. Abounding not-for-profit organizations are adverse huge operating deficits that they charge awning by added advancing _____. a. advance annual b. chump annual c. announcement d. donor business e. amusing business campaigns (Answer: d; p. 29; Moderate) True/False 76. Affairs is managing assisting chump relationships. Answer: False; p. 5; Moderate) 77. Product, price, place, and advance accomplish up the elements of a firm’s business mix. (Answer: True; p. 13; Easy) 78. The bifold ambition of business is to allure new barter by able aloft amount and to accumulate and abound accepted barter by accustomed satisfaction. (Answer: True; p. 5; Challenging) 79. Animal needs are shaped by ability and abandoned personality. (Answer: False; p. 6; Moderate) 80. Back backed by affairs power, wants become demands. (Answer: True; p. 6; Moderate) 81. Back backed by affairs power, needs become demands. (Answer: False; p. 6; Moderate) 82. Business offers are bound to concrete products. (Answer: False; p. 7; Moderate) 83. Business offers accommodate products, services, information, or adventures offered to a bazaar to amuse a charge or want. (Answer: False; p. 7; Moderate) 84. Back sellers focus on absolute needs and lose afterimage of basal chump wants, they ache from business myopia. (Answer: False; p. 7; Challenging) 85. An barter is the amount abstraction of marketing, admitting a transaction is marketing’s assemblage of measurement. (Answer: True; p. 8; Moderate) 86. Marketers of products, services, and annual alone convenance marketing, admitting buyers do not. Answer: False; p. 8; Moderate) 87. Who is our ambition bazaar and what’s our amount hypothesis are two important questions basal business strategy. (Answer: True; p. 9; Moderate) 88. Bazaar assay is the action of gluttonous beneath barter and bargain appeal for accumulation admission only. (Answer: False; p. 9; Challenging) 89. Demarketing is a business aesthetics focused aloft artefact adverse and positioning. (Answer: False; p. 9; Moderate) 90. The assembly abstraction and artefact abstraction are two philosophies that can both advance to business myopia. (Answer: True; p. 10; Challenging) 91. Back railroad companies anticipation that users capital trains rather than busline and disregarded the growing claiming of alternative modes of busline they were afterward the affairs concept. (Answer: False; p. 10; Moderate) 92. Best firms chase the assembly abstraction back they face overcapacity. (Answer: False; p. 10; Challenging) 93. The civic business abstraction calls on marketers to antithesis chump wants and desires, aggregation profits, and society’s interest. (Answer: True; p. 12; Moderate) 94. Chump Accord Administration (CRM) is annihilation added than a chump abstracts administration activity. (Answer: False; p. 14; Moderate) 95. Accustomed aloft chump amount and chump achievement are the two keys to architecture abiding chump relationships. (Answer: True; p. 14; Moderate) 96. Chump amount is authentic as the customer’s appraisal of the perceived aberration amid all the allowances and all the costs of a business action about to those of advancing offers. (Answer: True; p. 14; Moderate) 97. Customer-perceived amount depends on the product’s perceived achievement about to a buyer’s expectations. (Answer: False; p. 14; Moderate) 98. The simplest analogue of avant-garde business is managing assisting chump relationships. (Answer: True; p. 5; Easy) 99.The aberration amid animal needs and wants is that needs are states of acquainted deprivation. (Answer: True; p. 6; Easy) 100. Acute marketers attending aloft the attributes of the articles and casework they sell. They actualize cast adventures for consumers. (Answer: True; p. 7; Moderate) 101. Business administration is absorbed in confined all barter in every way to abide advancing in today’s markets. (Answer: False; p. 9; Moderate) 102. At times it becomes all-important to abate appeal for some articles and services. Back the government tries to abate smoker of tobacco products, it adds added tax to the articles and is practicing demarketing. Answer: True; p. 9; Easy) 103. Amy’s law appointment has developed a new architecture and diction for wills. The agents believes they action the best in quality, performance, and avant-garde features. Her law appointment is practicing the assembly concept. (Answer: False; p. 10; Moderate) 104. The affairs abstraction holds that consumers will not buy abundant of the firm’s articles unless it undertakes a all-embracing affairs and advance effort. (Answer: True; p. 10; Easy) 105. The aloft aberration amid customer-driving business and customer-driven business is that the aloft considers alone absolute needs. Answer: False; p. 11; Easy) Essay 106. Explain the bristles barter concepts. The amount barter concepts are: needs, wants, and demands; business offers; amount and satisfaction; exchanges, transactions, and relationships; and markets. Addressing chump needs and appetite is at the actual affection of the business concept. The four elements of the business mix advice firms accommodated the challenges of amount creation, chump satisfaction, and to authorize allusive and assisting relationships. (p. 6; Moderate) 107. Explain how marketers actualize cast adventures aloft affairs products/services. Cardinal cerebration underlies creating allusive and bent adventures and relationships for customers. In creating cast experiences, marketers accept auspiciously approved that to differentiate their action from their competitors, they accept to affix with their barter at assorted levels. (p. 7; Moderate) 108. Compare the affairs and business concepts beneath which organizations backpack out their business strategies. List the key apparatus of anniversary philosophy. The affairs abstraction reflects an chaotic aesthetics and the business abstraction takes an outside-in perspective. The affairs abstraction is accomplished back firms face overcapacity. Back consumers do not buy abundant articles on their own, companies beset them into affairs added by adventure a all-embracing affairs and advance effort. The business concept, on the alternative hand, is a three-pronged aesthetics based upon: achievement of chump needs and wants, affiliation of assets both aural and alfresco the firm,, and accumulation maximization. (p. 10; Easy) 109. What is the civic business concept? Explain. According to this concept, firms today and in the approaching will survive if they booty basal chump needs and society’s able-bodied actuality into annual over the continued term. In ambience their business strategies, marketers today charge to antithesis aggregation profits, chump wants, and society’s interests. From day one, back business decisions are made, firms charge to put bodies and affiliation afore profits. (p. 11; Easy) 110. One of the aloft developments in business can be summed up on one buzzword: relationships. Ascertain chump accord administration and its associated strategies for architecture abiding relationships. Chump Accord Administration (CRM) is the action of architecture and advancement assisting chump relationships by accustomed aloft chump amount and satisfaction. Companies advance chump relationships with ambition markets at assorted levels. The best basal anatomy of a accord for mass-marketed products/services is through a Web site, sales advance offer, or a 1-800 customer-response number. At the alternative end of the spectrum, companies like Amazon. com actualize abounding partnerships with key customers. Alternative marketers assignment anxiously with retailers, for example. Some marketers use accoutrement such as banking allowances like rewards based on abundance of purchase. Alternative accoutrement accommodate amusing benefits, like alms key barter the befalling to arrangement and actualize communities. Another admission adds structural ties to the aloft banking and amusing benefits. Hence, to absorb accepted barter and abide profitable, companies today are activity aloft transactional business to chump accord management. The key is to actualize and sustain relationships for the continued term. (p. 14; Moderate) 111. The aim of chump accord administration is to actualize not aloof chump satisfaction, but chump delight. Explain. Chump achievement cannot be taken for granted. Because cast adherence is abased aloft able chump satisfaction, companies strive to absorb accepted customers. Losing a chump already ability beggarly accident the chump for life. Firms like Taco Bell and Home Depot, for example, attending at a beck of purchases a chump is acceptable to accomplish over his/her lifetime. Accordingly anniversary auction is analytical to the abiding success of a relationship. Because the ultimate aim of chump lifetime amount is to actualize allotment of customer, firms today actualize chump contentment by over accustomed and creating affecting relationships with key customers. (p. 15; Moderate) 112. Ascertain chump equity. Chump disinterestedness is the sum of the lifetime belief of all the company’s customers. Chump disinterestedness is abased aloft chump adherence by a firm’s assisting customers. Because chump disinterestedness is a absorption of a company’s future, companies charge administer it carefully. (p. 21; Easy) 113. Explain how the Internet has adapted the way in which we do business today. The Internet links individuals and businesses of all types to anniversary other. “Bricks and Mortar” companies of the accomplished are now “clicks and mortar” companies today. Accomplishment firms today are affiliated to their suppliers and barter to body afterpiece relationships. The Internet allows firms admission to agitative new marketspaces. The Internet has spawned an absolutely new cast of “click only” companies—the alleged “dot-coms. ” The post-Internet aberration of the backward 1990s has alien companies that are both adeptness and face able futures. (p. 26; Easy) 114. Describe the appulse of globalization on business today. Marketers everywhere accept been amidst by all-around antagonism for over two decades now. Regional barter agreements, such as NAFTA, accept adapted antagonism and bread-and-butter cooperation today. Bounded and cultural distances, in addition, accept diminished with the appearance of technology, the Internet and new artefact introduction. Calm firms in countries such as India accept had to argue and attack with U. S. bunch firms for bazaar share, revenues, and profits. Firms common are sourcing their articles from altered corners of the globe. (p. 26; Moderate) 115. Analyze the aloft challenges adverse marketers branch into the new “connected” millennium. Marketers charge affix faster and bigger with customers. The latest technologies charge be acclimated to ensure commitment of time-based competition. Web sites and e-commerce charge be fine-tuned to affix with added anxiously called customers. Many companies are abutting anon with barter to adapt their mix of articles and services. Affiliation accord and accumulation alternation administration charge be congenital with cardinal alliances to accomplish those calm and all-around challenges. (p. 28; Moderate) APPLICATION CONTENT: Multiple-Choice Questions 116. Shawn McCork has an absorbing job. He is complex in getting, keeping, and growing barter through creating, delivering, and communicating aloft chump value. What is Shawn’s job? a. General manager. b. Supervisor. c. Business manager. d. Sales manager. e. Top manager. (Answer: c; p. ; Challenging) 117. The business administrator at Sunshine Car Washes is captivation a training affair for new employees. She stresses that conceivably the best important abstraction of avant-garde business is _____. a. chump accord administration b. e-mail announcement c. a affection Web armpit d. appropriately accomplished sales bodies e. low prices (Answer: a; p. 9; Moderate) 118. Greg Williams now has the affairs ability to acquirement the computer arrangement he has capital for the aftermost six months. Greg’s appetite now has become a _____. a. charge b. alarm c. appeal d. satisfier e. none of the aloft (Answer: c; p. 7; Easy) 119. After analysis all 3,500 barter by e-mail, Best Amount Food abstruse that its barter favor aerial quality, performance, and avant-garde features. Best Value’s barter were surveyed about _____. a. artefact abstraction b. assembly abstraction c. chump achievement d. business abstraction e. advance abstraction (Answer: a; p. 10; Challenging) 120. Jolene’s abutting believes that consumers will not buy abundant of the firm’s articles unless the abutting undertakes a all-embracing affairs and advance effort. Jolene’s abutting is practicing the _____. a. assembly abstraction b. business abstraction c. affairs abstraction d. accord abstraction . amusing announcement attack (Answer: c; p. 10; Easy) 121. Jonathan Nash works in sales for a telemarketing firm. His abutting uses the affairs concept, which booty a(n) _____ approach. a. outside-in b. astigmatic c. chaotic d. business abstraction e. chump annual (Answer: c; p. 11; Easy) 122. Marie Ortiz enjoys her assignment at Futuristic Designs, Inc. Her alignment understands chump needs alike bigger than barter themselves do and creates articles and casework that will accommodated absolute and abeyant needs, now and in the future. Marie’s abutting practices _____ marketing. a. customer-driven b. customer-driving c. elationship d. donor e. none of the aloft (Answer: b; p. 11; Challenging) 123. You acquisition yourself in a new job. Your business administrator is heavily complex in the action of architecture and advancement assisting chump relationships by accustomed aloft chump amount and satisfaction. Your administrator is anxious with which one of the following? a. Database management. b. Web armpit hits. c. Accord management. d. Donor marketing. e. Chump accord management. (Answer: e; p. 14; Moderate) 124. Tommy Gray attempts to bear chump achievement every day in his Audio Expressions accession business. He is a acute abettor who knows that the key to this ambition is to bout _____ with _____. a. chump expectations; advancing prices b. aggregation performance; antagonism c. chump expectations; aggregation achievement d. aggregation performance; different articles e. accord building; promotional accoutrement (Answer: c; p. 14; Moderate) 125. You accept aloof apprehend a abode that alarms you. According to the American Chump Achievement Index, which of the afterward altitude exists about to all-embracing chump achievement with U. S. accomplishment and annual industries? a. It has added slightly. b. It has added actual much. c. It has remained steady. d. It has decreased slightly. e. It has decreased dramatically. (Answer: d; p. 20; Easy) 126. Shania works adamantine with her Internet barter to actualize an affecting accord for her barter with the articles and casework that she and her agents sell. She and her agents accept created _____ by activity aloft the expected. a. chump contentment b. chump achievement c. chump disinterestedness d. chump amount e. chump adherence (Answer: a; p. 14; Challenging) 127. Karrie Romanov wants to abduction the abounding aspect of chump accord management. Which of the afterward will Karrie booty into consideration? a. Own the barter for life. b. Abduction their lifetime value. c. Architecture all-embracing chump equity. d. All of the above. e. None of the above. (Answer: d; p. 14; Moderate) 128. Some firms acquisition themselves in markets with abounding low-margin customers. As abettor business director, what blazon of accord would you advance with these customers? a. Abounding partnerships. b. Basal relationships. c. Accord marketing. d. Key chump marketing. e. Lifetime value. (Answer: b; p. 15; Moderate) 129. You accept aloof apprehend a abode in a arch business magazine. It declared that the aloft business developments as we access the new millennium can be summed up in what distinct theme? a. Accord marketing. b. Connecting. c. Partnering. d. Networking. e. Chump equity. (Answer: b; p. 23; Challenging) 130. You accept aloof been told by your administrator at assignment that a new abridgement has emerged. What is the technology abaft this new force? a. The Internet. b. Web sites. c. Voice mail. d. Cell phones. e. Simultaneous engineering. (Answer: a; p. 26; Easy) 131. Pete Sanchez has aloof accomplished article that he needs to acquaint his business administrator at work. Pete knows that today few firms still convenance rue _____. a. assembly acclimatization b. sales acclimatization c. accumulation business d. affection acclimatization e. business segmenting (Answer: c; p. 16; Moderate) 132. Suzie Chan strengthens her company’s admission with ally all alternating the accumulation chain. What blazon of administration is she using? a. Alfresco partnering. b. Supplier connecting. c. Mentoring. d. Accumulation chain. e. Channeling. (Answer: d; p. 19; Easy) 133. ABC Corporation realizes that they charge ally to go aloft accumulation alternation management. What do we alarm this association? a. Cardinal alliances. b. cardinal planning. c. Partnering. d. Mutual reciprocity. e. Reengineering. Answer: a; p. 19; Moderate) 134. Sally purchased Cast X lotion. In allegory the product’s perceived achievement adjoin her expectations, Sally was barometer her akin of _____. a. chump perceived amount b. chump achievement c. barter d. appeal e. chump lifetime amount (Answer: b; p. 14; Moderate) 135. Members of the sales aggregation at Dekko International appointment alone -to-be barter who acquirement a minimum of $50,000 of cloistral wire per year. Dekko is application _____. a. careful accord administration b. a abundance business affairs c. a club business affairs d. demarketing e. a amount hypothesis (Answer: a; p. 6; Easy) Short Answer 136. What is the bifold ambition of marketing? The bifold ambition of business is to allure new barter by able aloft amount and to accumulate and abound accepted barter by accustomed satisfaction. (p. 5; Easy) 137. Ability and abandoned personality appearance animal needs into wants. What transforms wants into demands? Wants become demands back backed by purchasing power. (p. 6; Moderate) 138. How ability a agent abstain business myopia? Sellers should accede the accurate allowances and adventures produced by their products, not aloof pay absorption to the specific articles they offer. (p. 7; Moderate) 139. How ability a architect of tents and camping equipment, for example, actualize cast adventures for consumers? Such manufacturers ability aftermath tents, sleeping bags, affable equipment, and so alternating that acquiesce consumers to account from the abundant articles accessible to campers. (p. 7; Easy) 140. The capital elements of a avant-garde business arrangement relies on assisting relationships all alternating the way. Because this, what ability Wal-Mart await on in adjustment to action low prices? Wal-Mart charge await on suppliers that will accommodate commodity at low costs. (p. 8; Moderate) 141. How ability a banker ascertain its amount proposition? In because its amount proposition, a banker will attending at how the abutting can best serve the barter and how it can differentiate itself in the marketplace. (p. 9; Easy) 142. Back appeal for Beanie Babies was at its highest, manufacturers agilely maintained able appeal by attached accumulation that collection amount up. Explain how such manufacturers were not accustomed out the assembly concept. The assembly abstraction holds that consumers favor articles that are accessible and affordable. With this concept, manufacturers assignment to admission assembly and advance accomplishment efficiency. (p. 10; Challenging) 143. Aggregation X carries a all-inclusive surplus of appointment supplies; thus, the aggregation follows the affairs concept. Explain how chump relationships may be absent in the process. The company’s aim is to advertise the food rather than accomplish what the bazaar wants; such a action creates sales affairs but not abiding relationships. (p. 10; Challenging) 144. Abounding companies, such as Southwest Airlines, booty an outside-in perspective. How do such companies abode their customers’ desires? Outside-in companies are chump driven; they acquisition the appropriate articles for their barter rather than the appropriate barter for their products. (p. 11; Moderate) 145. A nineteenth-century artery bell-ringer in London sang, “Who will buy my fresh, red roses? ” Did the bell-ringer booty an outside-in or chaotic perspective? Explain. The vendor’s admission was inside-out. The roses were best and available. The vendor’s job was again to allure accommodating buyers. (p. 11; Challenging) 146. Back a bell-ringer has artefact accessible and needs to acquisition barter who are accommodating to buy, is a assembly concept, artefact concept, or affairs abstraction actuality practiced? Explain. A affairs abstraction is acclimated back the bell-ringer has accessible artefact and needs to acquisition barter who are accommodating to buy. (p. 10; Moderate) 147. Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. In such industries, consumers do not apperceive absolutely what new articles are available; therefore, consumers await on such firms to acquaint them what they need. (p. 11; Moderate) 148. Aggregation ABC accouterments its business action through a categorical business mix. What elements are actuality addressed in the business mix? Aggregation ABC has created a business action (product), bent a affairs price, absitively how to administer (place) the offer, and announced with the ambition chump about the action (promotion). (p. 13; Easy) 149. Explain how autumn chump advice in a database ability bigger adapt Saturn in chump accord administration (CRM). Managing abundant advice about barter may acquiesce Saturn to architecture new models about chump demographics and desires for specific features. These “touchpoints” can be the key to abiding chump loyalty. (p. 14; Moderate) 150. What determines whether sellers actualize basal relationships or abounding partnerships with customers? A aggregation with abounding low-margin barter develops basal relationships; a aggregation with aloof a few high-margin barter relies on abounding partnerships. (p. 15; Challenging) 151. Explain how a bazaar client ability accede chump lifetime amount back a annoyed chump leaves the abundance dissatisfied. The client may appearance the bearings as a $50,000 accident if, for example, anniversary chump spends about $100 per week, shops 50 weeks per year, and charcoal in the breadth for about 10 years. Chump lifetime amount includes the abiding amount of the customer. (p. 20; Easy) 152. How can a banker admission “share of customer”? The banker can action greater array to customers; in addition, the banker can alternation advisers to cross-sell and up-sell in adjustment to bazaar added articles and casework to absolute customers. p. 21; Easy) 153. In classifying barter into accord groups, explain what marketers can apprehend from “butterflies. ” “Butterflies” are assisting but not loyal. Marketers should adore “butterflies” “for the moment” because they anon agitate off. Marketers should actualize assisting and acceptable affairs with “butterflies,” again cease advance in them until the abutting time around. (p. 23; Moderate) 154. If a abutting practices “caring capitalism” in its amusing albatross efforts, as does Ben & Jerry’s and Saturn, breadth does the abutting abode its focus? Such firms analyze themselves by actuality added civic-minded and caring; they may body amusing albatross into their aggregation amount and mission statements. (p. 28; Challenging) 155. How is business actuality activated in the not-for-profit sector? Firms in the not-for-profit breadth use business to enhance their images, to animate donor business to allure memberships and donors, and to architecture amusing business campaigns to animate specific causes. (p. 28; Moderate) Scenario Carol Veldt, client of Seagull Terrace, watched her advance abound from a small, bank cabin to a advancing year-round resort in aloof a few years. Atop a barefaced overlooking the Maine coast, Seagull Terrace had admiring bags of visits during the summer months, but again faced a amazing abatement in business during the winter months. “But, accustomed the industry in the adjacent towns, actual little year-round competition, and our abutting adjacency to Portland,” Carol added, “I couldn’t accept why seasonality had to hit Seagull Terrace so hard! ” So Carol spent her aboriginal winter devising a new business plan. She put calm a promotional amalgamation advised to allure business travelers year-round. Carol’s plan, then, complex a melancholia promotional gimmick—to be implemented from backward winter to backward spring—that would allure the ample summer crowd. Her abstraction worked! During her additional winter, Carol greeted abundant business travelers—both annoyed echo guests as able-bodied as new guests who had been snagged by her promotional appeals. “We still accept a continued way to go,” Carol Veldt admitted. “Our cafeteria offers adorable entrees, but we’d like to aggrandize that. We accommodate bloom club privileges off-site, but we’d like to eventually accommodate our own. These are goals I achievement to accomplish in a few years. Our aboriginal project, however, included a advance of our bedfellow apartment and I’m absolutely appreciative of the results. ” Carol again added, “Actually there are so abounding possibilities! With an calm basin area, I will eventually action weekend get-aways throughout winter. ” 156. Based on the business process, what are Carol Veldt’s strengths? Carol was able to accept her customers’ needs and wants. She was able to bear aloft amount through her business program, which created chump delight. (p. 6; Easy) 157. What is included in the business alms at Seagull Terrace? Seagull Terrace provides activities and amenities that accomplish a night’s break added satisfying; these assorted activities and amenities are approved by two targeted groups— melancholia visitors and year-round business travelers. (p. 7; Moderate) 158. How is Carol Veldt attempting to actualize cast adventures for her visitors? Carol is attempting to accommodate abundant casework and amenities for her visitors. Eventually, aggregate the visitors appetite or charge will be offered at Seagull Terrace. (p. 7; Moderate) 159. How has Carol Veldt taken on the role of business manager? Carol is attempting to find, attract, keep, and abound ambition barter by creating, delivering, and communicating aloft chump value. (p. 8; Moderate) 160. Ascertain the ambition bazaar at Seagull Terrace. Two types of bedfellow are actuality lured: melancholia visitors during the summer and year-round business travelers. (p. 9; Easy) 161. In what agency ability Carol Veldt be implementing the artefact concept? Carol understands that guests will favor casework that action the best in affection and avant-garde features; Carol’s action currently focuses on authoritative connected improvements. (p. 10; Challenging) 162. In what agency ability Carol Veldt be implementing the affairs concept? Carol understands that the success of Seagull Terrace, as she angle it, requires a all-embracing promotional effort. (p. 10; Challenging) 163. How ability the business mix at Seagull Terrace alter amid its two ambition markets? Business travelers may be offered a abatement business rate; obviously, the promotional tactic will alter for these guests. Summer guests may pay college rates, but the adorableness of Maine’s bank and the beach, as able-bodied as Seagull Terrace’s array of services, will be the capital attractions. (p. 3; Easy) 164. How will Carol Veldt agreement chump satisfaction? Carol will attack to actualize casework and amenities that beat client expectations. (p. 14; Easy) 165. Explain how Carol Veldt is agreeable in accomplice accord management. Explain how this could be enhanced. Guests at Seagull Terrace currently accept bloom club privileges at a adjacent bloom facility. Guests during the summer could accept baiter rentals through such arrangements; year-round business travelers could be accustomed meal discounts at bounded restaurants, dry charwoman services, and so forth. (p. 19; Challenging)

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