Quiz #2 >> Introduction to Marketing
1. Because of technology-enabled product development, product life cycles are much shorter now, and companies are constantly reiterating and thinking of new ideas. Which “crack in product centricity” captures this?
- Commoditization
- Saturation
- Innovation
- Globalization
2. Which of the following is NOT a crack in the product-centric approach?
- Customer attrition
- Globalization
- Deregulation
- Smart customers
- Retail saturation
3. Which of the following is not true about direct marketing?
- It allows companies to know who their customers are and what they buy
- It aims to determine marketing communication based on past purchases
- It determines and leverages combined customer value
- The individual customer is the unit of analysis
4. Which of these retailers would Professor Fader describe as highly customer centric?
- All of them
- Nordstrom
- None of them
- Apple
- Starbucks
- Walmart
5. What is the correct definition of customer centricity?
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their long-term financial value to the firm.
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current needs of a select set of customers in order to maximize their long-term financial value to the firm.
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their short-term financial value to the firm.
6. Professor Fader discussed “salesperson of the month.” What would he say is the best way to pick a salesperson of the month?
- The number of repeat purchases made by existing customers.
- The number of quality referrals they generate.
- The change in total customer lifetime value for that month.
- The number of new customers brought in.
7. Is maximizing shareholder value the overarching objective for a customer-centric commercial enterprise or a product-centric commercial enterprise?
- Both
- Neither
- Product-centric
- Customer-centric
8. According to Professor Fader, success in a customer-centric world arises through enhanced and/or more efficient levels of the following EXCEPT:
- Customer retention
- Customer experience
- Customer development
- Customer acquisition
9. True or False. Customer centricity suggests that you should “fire” (i.e. get rid of) your least valuable customers.
- False
- True
10. In a product-centric company, sales bias is on the side of the ____________ in a transaction.
- Seller
- Buyer
- Broker
- Market
