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MBA 706 EXAM 2 GRADED A+ 2024
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MBA 706 EXAM 2 GRADED A+ 2024
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MBA 706 EXAM 2 GRADED A+ 2024Activity Based Costing - ANSWER-identify the real costs associated with serving each
customer; the costs of products and services based on the resources they consume
Beliefs and Attitudes - ANSWER-- belief: conviction that something is true or real,
regard- less of whether or not it is
- attitudes: person's enduring favorable or unfavorable evaluations, emotional feelings,
and behavioral tendencies toward an object or idea
Bottom of the Pyramid (BOP) - ANSWER-socioeconomic concept used in reference to
the largest but poorest group of the world's population, who live on less than $2.50 a
day
Brand Activism - ANSWER-a company taking a stand on an important—typically
controversial—social, economic, environmental, or political issue
Brand Associations - ANSWER-consist of all brand-related thoughts, feelings,
perceptions, images, experiences, beliefs, and attitudes that become linked to the brand
node
Brand Community - ANSWER-specialized community of consumers and employees
whose identification and activities center revolve around the brand
Building Customer Lifetime Value - ANSWER-- improving customer service
- engaging customer
- enhancing the growth potential of each customer
- managing unprofitable customers
- rewarding the most profitable customers
Cause Marketing - ANSWER-the firm's contributions toward a designated cause to
customers' engaging directly or indirectly in revenue-producing transactions with the
firm
Chapter 19 Summary - ANSWER-1. Customer loyalty reflects a deeply held
commitment to patronize a particular product, service, or brand for future purchase and
consumption occasions. Loyalty is a continuum, with different levels of loyalty varying in
terms of their strength and ranging from satisfaction with the company's offering to
advocacy and evangelism.
2. Customer satisfaction is the key to building customer loyalty. Satisfaction is a
person's feelings of pleasure or disappointment that result from comparing the actual
performance of a product or service to expectations. Recognizing that high satisfaction
leads to high customer loyalty, companies must ensure that they meet or exceed
customer expectations.
, 3. Customer satisfaction, product and service quality, and company profitability are
intimately connected. Higher levels of quality result in higher levels of customer
satisfaction, which support higher prices and (often) lower costs.
4. To ensure sustainable growth, a company must not only attract new customers; it
must also keep them and increase their business. Losing profitable customers can
dramatically affect a firm's profits. Three of the most effective strategies for building
customer loyalty are interacting closely with customers, developing loyalty programs,
and building brand communities.
5. Customer relationship management (CRM) is the process of carefully managing
detailed information about individual customers and all customer touch points to
maximize loyalty. The ultimate goal of CRM is to develop programs to attract and retain
the right customers and to meet the individual needs of valued customers. Popular
strategies for enhancing customer relationship management include customization,
customer empowerment, customer word of mouth, and customer complaints.
6. Customer lifetime value (CLV) reflects the monetary equivalent of
Chapter 21 Summary - ANSWER-1. The most admired companies in the world abide by
high standards of business and marketing guidelines that dictate serving people's
interests, not only their own. Raising the level of socially responsible marketing calls for
pursuing a triple bottom line that focuses on the community and the environment, in
addition to corporate prof its.
2. Achieving socially responsible growth calls for marketers to invest resources to create
value for the community in which a company operates. There are several domains in
which community-based corporate social responsibility typically occurs: improving the
workplace, engaging in corporate philanthropy, supporting low-income communities,
fostering cause marketing, and engaging in social marketing.
3. A growing number of companies focus on the largest but poorest group of the world's
population commonly referred to as the bottom of the pyramid in the belief that they can
profitably serve these customers, while
at the same time promoting social change.
4. Many aspects of "green" culture, from organic products or ingredients to recyclability,
have gone mainstream, as consumers increasingly turn to digital devices to learn about
the environment and share their green experiences. Sustainability—the ability to meet
humanity's needs without harming future generations—now tops many corporate
agendas. Major corporations outline in great detail how they improve the long-
term impact of their actions on communities and the environment
5. Pursuing a triple bottom line routinely poses challenges for profit-driven companies,
because some of their stakeholders may not endorse corporate social responsibility that
comes at the expense of corporate profits. To ensure a meaningful commitment to
corporate social responsibility, a company must find the right balance between
profitability and societal b
Chapter 3 Summary - ANSWER-1. To successfully compete in the market and create
customer value, managers must fully understand both the theory and the reality of
consumer behavior.
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