26. Customer loyalty is an important method of:A. creating new products.B. promoting efficiency.C. sustaining an advantage over competitors.D. promotional pricing strategies.E. all of the above. 27. Whenever Harry goes down on Bay Street to havesomething to drink, he goes to Luther’s Pharmacy. There are many other“watering holes” on Bay Street but Harry will only go to them ifLuther’s is closed. Luther’s has achieved __________________ from Harry.A. customer loyaltyB. strategic acceptanceC. relative market shareD. value-based penetrationE. operational excellence 28. Banks have begun offering special accountsdesigned to attract junior high school children. These kids save in very smallamounts creating more work than the account is probably worth to the bank butbankers know consumers are creatures of habit and young people they service nowwill likely become adult customers. These banks recognize:A. operational excellence as a macro strategy.B. the life-time value of customers.C. product excellence leads to loyal customers.D. segmentation, targeting, and positioning strategy.E. diversification demographics. 29. The key to modern customer retention programsis:A. operational excellence as a macro strategy.B. viewing customers with the life-time value perspective.C. product excellence leads to transactional customers.D. segmentation, targeting, and positioning strategy.E. situational ethics. 30. Most marketers spend heavily on customer retentionprograms, recognizing customer retention leads to:A. product design excellence.B. mission statement satisfaction.C. sustainable price decreases.D. increased long term profits.E. producer excellence. 31. _________________ are an example of anincentive-based customer loyalty program.A. Frequent-flyer programsB. Quantity discount incentivesC. Customer referral programsD. Everyday low pricesE. Cost-based pricing programs 32. Narbonne’s, an upscale department store, instructssales personnel that whenever a customer asks where something is, they shoulddrop what they are doing and offer to escort the customer to what they arelooking for. The company’s reputation for excellent customer service hasresulted in:A. product design excellence.B. mission statement satisfaction.C. sustainable price decreases.D. a sustainable competitive advantage.E. producer excellence. 33. Firms achieve ___________ through efficientprocedures and excellent supply chain management.A. customer loyaltyB. strategic acceptanceC. relative market shareD. value-based penetrationE. operational excellence 34. Marketers want their firms to develop efficientoperations because:A. it leads to lower prices or greater pricing flexibility.B. marketers can then offer greater value to the customers.C. it makes it easier to get the products customers want to them when theywant it.D. it can lead to more attractive margins.E. All of the above 35. Marketers want their firms to develop excellentsupply chain management and strong supplier relations so they can:A. persuade stores to refuse to carry competitors’ products.B. use their power and control within the supply chain to compel weakermembers of the supply chain to accept less favorable terms and agreements.C. control prices and lock-in margins.D. create competitive advantages.E. develop information not available to others on strategic moves to helpwith its own acquisitions and pricing. 36. Allen is in the marketing department of amid-sized firm that develops and sells communications systems. He is proud ofthe Human Resources area in the company that provides the firm with excellentemployees. Allen himself really enjoys his work, but he knows the work of HRhelps create an advantage for the firm because:A. customers appreciate the kind of service that knowledgeable employeesprovide.B. employees play a major role in the success of the firm.C. it’s easier to communicate with and inspire the customer if theemployees really believe in what the firm is doing.D. building customer loyalty depends on a committed workforce.E. All of the above. 37. Which of the following represents a way to build asustainable competitive advantage using product excellence?A. Being the first to offer customers desired features, even ifcompetitors can match these.B. Positioning the product using a clear, distinctive brand image.C. Having the most features on each model.D. Focusing on being cutting edge and continually eliminating olderfeatures though this may alienate some customers.E. All of the above. 38. Product excellence occurs through:A. customer loyaltyB. strategic acceptanceC. branding and positioningD. value-based penetrationE. operational excellence
26. Customer loyalty is an important method of:
A. creating new products.
B. promoting efficiency.
C. sustaining an advantage over competitors.
D. promotional pricing strategies.
E. all of the above.
27. Whenever Harry goes down on Bay Street to have
something to drink, he goes to Luther’s Pharmacy. There are many other
“watering holes” on Bay Street but Harry will only go to them if
Luther’s is closed. Luther’s has achieved __________________ from Harry.
A. customer loyalty
B. strategic acceptance
C. relative market share
D. value-based penetration
E. operational excellence
28. Banks have begun offering special accounts
designed to attract junior high school children. These kids save in very small
amounts creating more work than the account is probably worth to the bank but
bankers know consumers are creatures of habit and young people they service now
will likely become adult customers. These banks recognize:
A. operational excellence as a macro strategy.
B. the life-time value of customers.
C. product excellence leads to loyal customers.
D. segmentation, targeting, and positioning strategy.
E. diversification demographics.
29. The key to modern customer retention programs
is:
A. operational excellence as a macro strategy.
B. viewing customers with the life-time value perspective.
C. product excellence leads to transactional customers.
D. segmentation, targeting, and positioning strategy.
E. situational ethics.
30. Most marketers spend heavily on customer retention
programs, recognizing customer retention leads to:
A. product design excellence.
B. mission statement satisfaction.
C. sustainable price decreases.
D. increased long term profits.
E. producer excellence.
31. _________________ are an example of an
incentive-based customer loyalty program.
A. Frequent-flyer programs
B. Quantity discount incentives
C. Customer referral programs
D. Everyday low prices
E. Cost-based pricing programs
32. Narbonne’s, an upscale department store, instructs
sales personnel that whenever a customer asks where something is, they should
drop what they are doing and offer to escort the customer to what they are
looking for. The company’s reputation for excellent customer service has
resulted in:
A. product design excellence.
B. mission statement satisfaction.
C. sustainable price decreases.
D. a sustainable competitive advantage.
E. producer excellence.
33. Firms achieve ___________ through efficient
procedures and excellent supply chain management.
A. customer loyalty
B. strategic acceptance
C. relative market share
D. value-based penetration
E. operational excellence
34. Marketers want their firms to develop efficient
operations because:
A. it leads to lower prices or greater pricing flexibility.
B. marketers can then offer greater value to the customers.
C. it makes it easier to get the products customers want to them when they
want it.
D. it can lead to more attractive margins.
E. All of the above
35. Marketers want their firms to develop excellent
supply chain management and strong supplier relations so they can:
A. persuade stores to refuse to carry competitors’ products.
B. use their power and control within the supply chain to compel weaker
members of the supply chain to accept less favorable terms and agreements.
C. control prices and lock-in margins.
D. create competitive advantages.
E. develop information not available to others on strategic moves to help
with its own acquisitions and pricing.
36. Allen is in the marketing department of a
mid-sized firm that develops and sells communications systems. He is proud of
the Human Resources area in the company that provides the firm with excellent
employees. Allen himself really enjoys his work, but he knows the work of HR
helps create an advantage for the firm because:
A. customers appreciate the kind of service that knowledgeable employees
provide.
B. employees play a major role in the success of the firm.
C. it’s easier to communicate with and inspire the customer if the
employees really believe in what the firm is doing.
D. building customer loyalty depends on a committed workforce.
E. All of the above.
37. Which of the following represents a way to build a
sustainable competitive advantage using product excellence?
A. Being the first to offer customers desired features, even if
competitors can match these.
B. Positioning the product using a clear, distinctive brand image.
C. Having the most features on each model.
D. Focusing on being cutting edge and continually eliminating older
features though this may alienate some customers.
E. All of the above.
38. Product excellence occurs through:
A. customer loyalty
B. strategic acceptance
C. branding and positioning
D. value-based penetration
E. operational excellence
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