SBM - Chpt 8 - Review

________ is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning and retaining loyal customers.

• Marketing

• Personal selling

• Promotion

• Customer service

Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as ________.

• market research

• astonishing customer service

• bootstrap marketing strategies

• psychographics

The specific group of customers at whom a company aims its good or services is referred to as a ________.

• market segmentation

• bootstrap marketing

• niche marketing

• target market

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

• psychographics

• demographics

• sociographics

• paleontology

An individualized (one-to-one) marketing campaign requires business owners to ________.

• collect information on their customers, linking their identities to their transactions

• calculate the long-term value of their customers so they know which ones are most desirable and most profitable

• practice "just-in-time marketing" by knowing what their customers' buying cycle is and time their marketing efforts to coincide with it

• all of these

A process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customers' behavior is known as ________.

• guerilla marketing

• data mining

• individualized marketing

• total quality management

A combination of news covered by the media that boosts sales without having to pay is best described by the term ________.

• bootstrap marketing

• entertailing

• public relations

• data mining

A key customer benefit of a product or service that sets it apart from the competition answers the critical questions every customer asks: "What's in it for me?" and is known as ________.

• its brand identity

• the unique selling proposition (USP)

• total quality management (TQM)

• branding

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

• blog

• logo

• unique selling proposition (USP)

• brand

Examples of ________ include a presence on Facebook, LinkedIn and Twitter.

• Web sites

• blogging

• social media marketing

• online advertising