Test 1 Ch 4

Question 1

True or False: There is really only one type of customer — a new customer. Your answer: False

Answer 1

False

Question 2

Which of the following is an example of a customer “type”? (Choose the best answer.) Your answer: Each of these options

Answer 2

Each

Question 3

True or False: There is only one type of competition for businesses — direct competitors. Your answer: False

Answer 3

False

Question 4

An example of a “substitute” (not a “direct” competitive offering) for a hamburger at McDonald’s is ____. (choose the best answer) Your answer: Making a hamburger at home instead of buying one at McDonald’s

Answer 4

Making a hamburger at home instead of buying one at McDonald’s

Question 5

True or False: Companies should be as concerned about indirect competitors as direct competitors when it comes to customers. Your answer: True

Answer 5

True

Question 6

True or False: If someone makes a purchase based on a functional benefit, it means they have always purchased that particular product. Your answer: False

Answer 6

False

Question 7

Someone purchasing on price — whether it’s the cheapest or the most expensive, is an example of ____. Your answer: Cost benefit

Answer 7

Cost benefit

Question 8

True or False: A social benefit means making a purchase because it makes the buyer feel a sense of belonging to a particular group or class. Your answer: True

Answer 8

True

Question 9

True or False: There are six commonly held benefits that customers may (or may not) experience from making a purchase. Your answer: True

Answer 9

True

Question 10

True or False: The “consumer buying process” begins with recognizing a problem or opportunity. Your answer: True

Answer 10

True

Question 11

True or False: Customer experience could be characterized as the culmination of all the interactions and touchpoints a customer has with a brand. Your answer: True

Answer 11

True

Question 12

Customer Lifetime Value (CLV) and Customer Acquisition Cost (CAC) help companies determine ____. Your answer: How much customers are worth to the organization and how much should be spent on acquiring new customers

Answer 12

How much customers are worth to the organization and how much should be spent on acquiring new customers

Question 13

True or False: Customers don’t have much power over companies through their purchases. Your answer: False

Answer 13

False

Question 14

Which is / are among the basic stages of the Buyer’s Journey? (Choose the best answer.) Your answer: Each of these options Correct 10/10

Answer 14

Each