MLT8101 Marketing for Luxury Tourism - Marketing Process Quiz

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Questions and Answers

Define customer value.

Customer value is the difference between the customer benefits from owning and/or using a product and the costs of obtaining the product.

Explain customer satisfaction.

Customer satisfaction is perceived value delivered relative to a buyer’s expectations.

What is quality in the context of a product or service?

Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs.

Define a market.

A market is a set of actual and potential buyers who might transact with a seller. Signup and view all the answers

What is Customer Relationship Management (CRM)?

Customer Relationship Management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Signup and view all the answers

List the three characteristics of a loyal customer.

A loyal customer believes in the value of your offering, considers you the best available choice, and continues to choose you over the competition. Signup and view all the answers

What is the primary objective of a marketing manager's job?

To find, attract, keep and grow target customers by creating, delivering, and communicating superior customer value. Signup and view all the answers

What are the four components of the marketing mix that start with the letter 'P'?

Product, Place, Promotion, and Price. Signup and view all the answers

What is the difference between a need and a want?

A need is a state of felt deprivation, while a want is how people communicate their needs. Signup and view all the answers

What is the definition of a product in marketing?

Anything that can be offered to satisfy a need or a want. Signup and view all the answers

What is the marketing process, according to Kotler et al?

The process by which companies create value for customers and society, resulting in strong customer relationships that capture value from the customers in return. Signup and view all the answers

What is the difference between the 4Ps and 4Cs of the marketing mix?

The 4Ps are Product, Place, Promotion, and Price, while the 4Cs are Customer Needs, Convenience, Communication, and Customer Costs. Signup and view all the answers