Basic Human Needs and Market Offerings Quiz

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What is the final step in creating customer value and building strong customer relationships?

Targeting

Capturing value in return (correct)

Segmentation

Positioning

Which of the following is NOT a factor considered in segmentation?

Climate

Market share (correct)

Income

Values

What does CRM stand for?

Customer Reward Mechanism

Customer Relationship Management (correct)

Consumer Return Method

Company Resource Management

Which step involves evaluating market segments' attractiveness and selecting the ones to enter?

Targeting Signup and view all the answers

What is Customer Equity?

The total combined customer lifetime values of all the company’s current and potential customers Signup and view all the answers

In which type of factor would education and social status be classified in segmentation?

Demographic Signup and view all the answers

Which digital marketing strategy involves sending emails to prospects and customers?

E-mail Marketing Signup and view all the answers

What is the main purpose of Broadcast Marketing?

To gain viewers and listeners attention through television or radio broadcasts Signup and view all the answers

What is the primary goal of Affiliate Marketing?

To earn a commission by promoting a company’s product or service Signup and view all the answers

Which type of marketing involves physically printed media to reach customers?

Print Marketing Signup and view all the answers

What is the critical element in the atmosphere of services?

The physical environment Signup and view all the answers

What is a characteristic of products in the hospitality and travel tourism industries?

Heterogeneous Signup and view all the answers

What do human needs shape when backed by buying power?

Wants Signup and view all the answers

Market offerings can include which of the following?

Experiences and ideas Signup and view all the answers

What is a set of actual and potential buyers of a product or service called?

Markets Signup and view all the answers

How do customers make purchasing decisions according to the text?

Based on their perception of value and satisfaction Signup and view all the answers

What becomes demands when people possess buying power?

Wants Signup and view all the answers

What is it called when someone obtains a desired object by offering something in return?

Exchanges Signup and view all the answers

What type of strategy involves pushing the product through distribution channels to final consumers?

Push strategy Signup and view all the answers

In hospitality companies targeting consumer markets, where do they typically spend more of their promotional budget?

Advertising Signup and view all the answers

Which promotional tool plays a more significant role in the awareness and knowledge stages of buyer readiness?

Advertising Signup and view all the answers

What does a pull strategy in promotion involve?

Directing marketing activities toward final consumers Signup and view all the answers

When do hospitality firms spend more on personal selling?

When targeting commercial organizations Signup and view all the answers

Which factor influences the promotional mix depending on whether a push or pull strategy is chosen?

Type of product and market Signup and view all the answers

What term refers to a set of different marketing approaches developed by marketers to optimize promotional efforts?

Promotional Mix Signup and view all the answers

Which element of the Promotion Mix involves short-term incentives to encourage the purchase or sale of a product or service?

Sales Promotion Signup and view all the answers

What is the purpose of Public Relations as part of the Promotion Mix?

Building good relations with the company's various publics Signup and view all the answers

Why is understanding the customer's post-purchase behavior crucial for marketers?

To influence future purchasing decisions Signup and view all the answers

Which factor is essential for a segment to be considered for tailored marketing programs?

Economic feasibility Signup and view all the answers

What key element characterizes the New Marketing Communications Landscape according to the text?

Rapid changes in communication technology Signup and view all the answers