Which of the below is true when comparing customer lifetime value and customer equity:

A. customer equity assesses financial value whereas customer lifetime value does not.

B. customer lifetime value considers the total value of all current and future customers.

C. customer equity takes into account a firm's current and future customers and the costs associated with each.

D. customer equity reflects the total stream of purchases that a single customer could contribute to a company over the length of the relationship.

E. customer lifetime value focuses on purchases over the next year, while customer equity takes into account a longer time horizon.

Question 32

The first thing a marketing manager should do if sales of one of their firm's products begin to decline is:

Group of answer choices

conduct a survey to assess product quality ratings

define the problem.

set research priorities.

do a situation analysis.

interview representative customers.

Question 33

The following headlines are for articles from the WALL STREET JOURNAL. Which article is most likely to be reporting a MACRO-marketing topic?

Group of answer choices

"Mercedes Goes after Luxury Sport Utility Buyers."

"Adidas Jumps as Footwear Competition Heats Up."

"CVS Drugstore Aims at Seniors."

"Hardee's Fried Chicken Takes on KFC."

"Yoga Popularity Leads to More Yoga Studios."

Question 34

The part of the relevant population that is surveyed by a researcher is called the:

Group of answer choices

customer profile.

focal group.

valid population.

sample.

research group.

Question 35

The phrase "big data" refers to:

Group of answer choices

the top five firms in the marketing research industry.

data sets too large and complex to manage with typical database tools.

the use of market research in big marketing decisions.

marketing research data taken from social media sources.

market information taken from the U.S. Census.

Question 36

The process of naming broad product-markets and then breaking them into groups of similar customers in order to select target markets is called:

Group of answer choices

Market penetration.

Market segmentation.

Market development.

Market research.

Market pioneering.

Question 37

The "micro-macro dilemma" refers to the idea that:

Group of answer choices

small companies contribute most to GDP.

marketing people cannot agree on whether marketing should be driven by a free-economy or be government-controlled.

macro-marketing is just a small part of a larger micro-marketing system.

the micro view of marketing is concerned with the flow of goods and services from producers to consumers--while the macro view is not.

what is "good" for some producers and consumers may not be good for society as a whole.

Question 38

This frequently used approach for analyzing and interpreting marketing research data shows the relationship of answers to two different questions.

Group of answer choices

Observation

Focus group interviews

Online response rates analysis

Experimental approach

Cross-tabulation

Question 39

To improve their value to their current target customers and compete more successfully with its many competitors, Famous Amos added a new line of "extra chunky" premium cookies. This type of strategy is called:

Group of answer choices

combination.

market penetration.

market development.

product development.

diversification.

Question 40

Jeff and Jasmine are preparing to purchase a new car. Jeff currently has a Toyota Camry and Jasmine has a Honda Accord. They now have two children under age 5, so they plan to trade in Jasmine's car to purchase a minivan. Jasmine and Jeff decided on a Honda Odyssey because Jasmine is familiar with Hondas and thinks they are very reliable. In this purchase situation, Jeff and Jasmine's family life cycle stage is a _____________ segmenting dimension, and the need/benefit Jasmine seeks (reliability) is a _____________ segmenting dimension.

Group of answer choices

geographic; demographic

demographic; behavioral

geographic; behavioral

demographic; geographic

behavioral; demographic

Question 41

When a firm produces a large quantity of a product, the cost of producing each individual unit usually goes down. This is known as:

Group of answer choices

discrepancies of quantity.

exchange efficiency.

economies of scale.

macro-marketing.

discrepancies of assortment.

Question 42

When dealing with consumer attitudes, marketers should know that:

Group of answer choices

it is usually easier to change a negative attitude about a product than to reinforce a positive attitude.

consumer attitudes tend to be hard to change.

an attitude is the same thing as motivation in consumer behavior.

all of the above.

none of the above.

Question 43

When looking for attractive opportunities, a marketing manager should consider:

Group of answer choices

the firm's producing capability and flexibility.

the firm's financial strengths.

whether the firm has a strong distribution system and supply chain.

the firm's marketing strengths.

All of these should be considered.

Question 44

Which of the following is NOT a step in the learning process?

Group of answer choices

Dissonance

Drive

Response

Cues

Reinforcement

Question 45

Which of the following is a business or organizational customer?

Group of answer choices

Producers of goods or services.

A retailer.

A wholesaler.

A government agency.

All of the above are business and organizational customers.

Question 46

Which of the following is a consumer market demographic dimension?

Group of answer choices

Gender

Age.

Occupation.

Education.

All of the above are examples.

Question 47

Which of the following statements about bidding for government business is true? (Choose the BEST answer.)

Group of answer choices

Government buying needs are hard to identify--and their only concern is with finding the lowest price.

Government buyers avoid using approved vendor lists to maximize competition.

A government buyer may be forced to accept the lowest bid that meets the specifications.

Government buyers usually choose the bid that is accompanied by the most bribes.

All of the above are true statements.

Question 48

Which of the following statements about economic systems is true?

Group of answer choices

Consumers usually have more freedom of choice in a market-directed economy.

Command economies are most effective for countries with large and complicated varieties of goods and services.

Branding is less common in a market-directed economy than in a command economy.

The United States is a good example of a command economy.

None of these statements is true.

Question 49

____ refers to market situation where one firm completely controls a broad product-market.

Group of answer choices

Monopoly

Oligopoly

Pure competition

Monopolistic competition

Collectivist competition

Question 50

______ refers to processes that screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs.

Group of answer choices

Selective exposure

Selective learning

Selective retention

Selective attention

Selective perception