Test 1 Ch 5

Question 1

True or False: The 4 Ps was largely focused on “product” when it was developed in 1960.

Answer 1

True

Question 2

Customer focus is a much higher priority today because ____. (Choose the best answer.) Your answer: Each of these options

Answer 2

Each

Question 3

True or False: A persona expands on standard market segmentation with more detail based on research representing an ideal customer. Your answer: True

Answer 3

True

Question 4

Market research can help marketers by ____. (Choose the best answer.) Your answer: Each of these option

Answer 4

Each

Question 5

True or False: Customer retention is about companies keeping the customers they already have. Your answer: True

Answer 5

True

Question 6

Which of the following is part of “Customer Experience”? (Choose the best answer.) Your answer: Each of these options

Answer 6

Each

Question 7

True or False: The Business Buying Process is exactly the same as the Consumer Buying Process. Your answer: False

Answer 7

False

Question 8

In the Business Buying Process, there are often several people involved in making the purchase decision, including all except ____. Your answer: Executive management who have the final say over all purchase decisions

Answer 8

Executive management who have the final say over all purchase decisions

Question 9

MRR stands for ____. Your answer: Monthly recurring revenue

Answer 9

Monthly recurring revenue

Question 10

True or False: Customer retention is NOT a primary objective in subscription / recurring revenue models. Your answer: False

Answer 10

False

Question 11

The 4 Ps include all of the following EXCEPT ____. Your answer: People

Answer 11

People

Question 12

Customer Lifetime Value (CLV) could best be described as ____. Your answer: The worth of a customer over their lifetime of doing business with an organization

Answer 12

The worth of a customer over their lifetime of doing business with an organization

Question 13

True or False: “Performance review” is a step in the Business Buying Process. Your answer: True

Answer 13

True

Question 14

Customer churn is best described as ____. (Choose the best answer.) Your answer: Customers who no longer use a product or service and customers who dropped off, representing lost revenue to the business

Answer 14

Customers who no longer use a product or service and customers who dropped off, representing lost revenue to the business