MFS-Quiz 1

1. Which dimension of service quality involves the ability to inspire trust and confidence?

• • Reliability

• • Responsiveness

• • Assurance

• • Empathy

1. What is the primary goal of market segmentation?

• • To increase product prices

• • To dissect the marketplace into submarkets

• • To grow in the market

• • To eliminate competition

Which factor is NOT typically considered in demographic segmentation?

• Household Income

• Brand Loyalty

• Gender

• Age

1. Which aspect of services marketing emphasizes managing customer expectations?

   • A) Service delivery processes

   • B) Pricing strategies

   • C) Communication strategies

   • D) Inventory management

• Service Delivery

• Pricing

• Communication

• Inventory Management

1. Which generational cohort is characterized by their digital savviness and social consciousness?

• Baby Boomers

• Gen X

• Millennials

• Gen Alpha

1. What is the main purpose of positioning in marketing?

• • To establish a differentiating image for a product or service

• • To reduce production costs

• • To target a wider market

• • To increase sales volume

1. What is a common measure of customer loyalty?

• • Customer Acquisition Cost (CAC)

• • Market Share Percentage (MSP)

• • Return on Investment (ROI)

• • Customer Lifetime Value (CLV)

Customers who give an organization scores of 9 or 10 on the likelihood of recommendation question (NPS) are referred to as

• Advocates

• Detractors

• Promoters

• Passives

1. What does SERVQUAL measure in service marketing?

• • Product features and benefits

• • Employee performance

• • Market share growth

• • Service quality based on customer expectations

1. What is the primary target market for Lemonade Insurance?

• • Seniors looking for retirement plans

• • Young adults seeking affordable insurance options

• • High-income individuals wanting premium services

• • Businesses requiring comprehensive coverage