What is the marketing process?

• A series of steps that assist businesses in planning, analyzing, implementing, and adjusting their marketing strategy

• A series of steps that assist businesses in managing their finances

• A series of steps that assist businesses in hiring and training employees

• A series of steps that assist businesses in developing new service processes

What is the focus of a customer-driven marketing strategy?

• The product or service of the stock market

• The company's financial goals

• The company's competitors

• The users/customers of the product or service

What does the value proposition of a company communicate?

• The company's financial performance

• The company's marketing budget

• The benefits of the company's products or services

• The company's organizational structure

What does functional value refer to?

• The cost of the product relative to its perceived worth

• How much owning the product allows the customer to connect with others

• How much the product allows the customer to to gain

• What the product 'does' for the customer in terms of solving a particular want or need

What is the goal of marketers in Step 4 (grow profitable customer relations) of the marketing process?

• To acquire, keep, and grow customer relationships. This will compel customers to repurchase products/services.

• To analyze the company's financial performance

• To develop new products or services

• To focus on the company's organizational structure

What is the key to profitable customer relationships?

• Reminding customers about the company's products and services

• Offering discounts and promotions to lifelong customers

• Expanding the company's product line into Europe

• Increasing the company's marketing budget

What is customer equity?

• The potential profits a company earns from its current and potential customers

• The value of a company's stock on the market

• The total revenue generated by a company in one quarter

• The number of customers a company has

What does increasing customer loyalty result in?

• Higher customer equity

• Lower customer satisfaction

• Decreased customer retention

• Reduced company profitability

What does higher customer equity lead to?

• Decreased company profitability in Europe

• Lower customer satisfaction for the sales department

• Reduced customer loyalty

• Increased company profitability

What is the ultimate goal of increasing customer loyalty?

• To generate more profit for the company

• To decrease customer satisfaction

• To reduce customer retention

• To lower customer equity