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Exam 8: Building a Powerful Marketing Plan

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Question 41

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It takes much less money and time to keep existing customers than it does to attract new ones.

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Question 42

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The unique selling proposition (USP) focuses on:

A) a feature that is unlike others found in competing products that answers the question: What is different?
B) a unique customer benefit that answers the question: What's it in for me?
C) a premier priced product that answers the question: What product offers the highest quality?
D) emulating the most successful products in the industry.

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Question 43

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The foundation of every business is:

Entrepreneurs can find the right match based on trends, their products or services, and the appropriate target markets through:

Most customers never complain to the business; in fact, for every complaint that a company receives, there are ________ other complaints that go unspoken.

Your friend has decided to conduct market research to assist in making informed decisions for his small business. What should you recommend as the first step in the market research process?

Secondary research data is less time consuming and less costly to gather than primary research data.

In addition to treating employees with respect, smart entrepreneurs see customer service as an investment that builds long-term value for their companies through:

Mini-Case 8-1: Customers: Key to Success Lloyd Dixon has owned and operated a small dress shop for the past three years. Each fashion season, Lloyd attends the apparel shows and he is always very impressed by the glamour and the hundreds of different manufacturers, all with the merchandise that they say will be this season's biggest sellers. Lloyd caters to an older market and baby boomers. He hopes to tap into the upscale market. After his first year of operation, Lloyd recognized that some of his merchandise was not selling. The "inventory close-out sale" did rescue his investment in this merchandise but did not make him a profit or contribute much to his overhead. Lloyd knew that it was not reasonable to expect to sell everything you bought, but he was not sure exactly how much of his inventory was comprised of slow movers. Lloyd believed that when he went into business he knew what women wanted in dresses. He had always prided himself on having good taste. When he had the opportunity to open this store, he was confident that he could choose merchandise that would be well received. In the first three years of operations, sales have not met Lloyd's expectations. -Faith Popcorn offers several ways Lloyd Dixon could collect information about his customers and competitors. Explain at least five of those ways.

Demographics is the study of important population characteristics such as age, income, education, race, and others.

Which of the following guerrilla marketing tactic(s) allow a small company to utilize relationship marketing successfully?

Explain the concept of total quality management. How is it different from the quality inspection of a final product just before being packaged?

A ________ is a company's "face" in the marketplace and communicates a key message to the target market.

________ can be an effective part of a guerrilla marketing strategy, enabling an entrepreneur to economically communicate with large numbers of customers.

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

Because a majority of the average company's sales come from present customers, few can afford to alienate any customers.

Which of the following techniques does marketing consultant Faith Popcorn recommend to small business owners interested in tracking market trends?

Tracking ________ patterns can enable entrepreneurs to adjust their strategies accordingly to better position them to take advantage of the opportunities these trends may create.

Studies of shifting patterns in age, income, education, race, and other population characteristics are the subject of:

Because about 20 percent of a typical company's customers account for about 80 percent of its sales, a business should focus its resources on keeping its best customers rather than trying to chase "fair weather" customers who will defect to any better deal that comes along.