1. About 50 years ago, developing or implementing "the right marketing strategy" was about __________ whereas today, emphasis has changed to strategies to both attract AND retain customers over the long term.

Group of answer choices

aggressive direct selling in order to maximize sales volume

conducting extensive research to discover customer needs

making products of moderate quality that could be sold at the lowest possible price

making the highest quality product

creating a large number of transactions in order to maximize the firms market share

2. Brand marks can be extremely important to companies. Which of these is a great example?

Group of answer choices

Honda

BMW

7-Eleven

WD-40

Nike swoosh

3. Some companies place a large emphasis on private label branding. Walmart is one of those companies. They offer brands such as Sams Choice, Equate, and Ol Roy dog food. There are many advantages to this strategy if a company can make it work. What is arguably the primary reason for offering these brands?

Group of answer choices

reduced marketing costs

enhances Walmarts image

lowers the risk of a product failure

lower inventory costs

increased profit margin

4. As I talked about in my lecture, most companies "talk" about customer service. One of the rules that companies might adopt is the "80-20" rule. Thinking about this rule, which of these statements would be FALSE?

Group of answer choices

The 20 percent of customers in the bottom tier should be fired so the firm can focus on its top customers.

Advances in technology and data collection techniques allow firms to profile customers in real time.

The firms top customers are the most obvious candidates for retention strategies.

Some customers are too expensive to keep given the low level of profits that they generate.

Twenty percent of customers provide 80 percent of business profits.