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Marketing and Sales Concepts Quiz

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Questions and Answers

What is the benefit that the customer gains from owning and using a product compared to the cost of obtaining the product?

Customer Loyalty

Customer Satisfaction

Customer Expectation

Customer Value (correct)

In customer satisfaction, what happens if the product's performance is lower than expectations?

Satisfaction remains unchanged

Satisfaction decreases (correct)

Satisfaction increases

Satisfaction becomes irrelevant

How do consumers choose among products and services based on value and satisfaction?

Based on the perceived performance relative to expectations (correct)

Based on their social status

Based on the product's cost

Based on their emotional attachment

Which level of customer relationship involves loyalty reward programs?

Frequency marketing programs Signup and view all the answers

What is the act of obtaining a desired object from someone by offering something in return?

Bartering Signup and view all the answers

In which customer relationship level do customers have the highest level of engagement?

True friends Signup and view all the answers

What is the goal of customer engagement marketing?

To foster direct and continuous customer involvement Signup and view all the answers

What is the significance of customer generated marketing?

It increases consumer empowerment and involvement in brand experiences Signup and view all the answers

What is the customer perceived value (CPV)?

The difference between the benefits and costs of a market offering relative to those of competing offers Signup and view all the answers

How does customer satisfaction depend on a product's performance?

It depends on the product's perceived performance in delivering value relative to a buyer's expectations Signup and view all the answers

What is customer lifetime value (CLV)?

The value of the entire stream of purchases that the customer would make over a lifetime of patronage Signup and view all the answers

What does customer equity represent?

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