Marketing Management Module
Check Your Understanding:
1. ________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
Customer perceived value (CPV) is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives (Kotler & Keller, 2006, p. 177).
2. The 20-80 rule states _____.
The well-known 20-80 rule says that the top 20 percent of the customers may generate as much as 80 percent of the company's profits. (Kotler & Keller, 2006, p. 184).
3. Formal groups having a direct influence on a person such as religious, professional, and trade union groups are _____.
A person's reference groups consist of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior. Groups having a direct influence on a person are called membership groups. Some membership groups are primary groups, such as family, friends, neighbors, and co-workers, those with whom the person interacts fairly continuously and informally. People also belong to secondary groups, such as religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction. (Kotler & Keller, 2006, p. 213)
4. _____ consist(s) of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, etc. that become linked to a brand "node."
Brand associations consist of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node. (Kotler & Keller, 2006, p. 224)
5. Derived demand refers to the fact that the demand for business goods is ultimately derived from the demand for _____.
The demand for business goods is ultimately derived from the demand for consumer goods. (Kotler & Keller, 2006, p. 247)
6. A _____ is a more narrowly defined customer group seeking a
1. ________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
Customer perceived value (CPV) is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives (Kotler & Keller, 2006, p. 177).
2. The 20-80 rule states _____.
The well-known 20-80 rule says that the top 20 percent of the customers may generate as much as 80 percent of the company's profits. (Kotler & Keller, 2006, p. 184).
3. Formal groups having a direct influence on a person such as religious, professional, and trade union groups are _____.
A person's reference groups consist of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior. Groups having a direct influence on a person are called membership groups. Some membership groups are primary groups, such as family, friends, neighbors, and co-workers, those with whom the person interacts fairly continuously and informally. People also belong to secondary groups, such as religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction. (Kotler & Keller, 2006, p. 213)
4. _____ consist(s) of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, etc. that become linked to a brand "node."
Brand associations consist of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node. (Kotler & Keller, 2006, p. 224)
5. Derived demand refers to the fact that the demand for business goods is ultimately derived from the demand for _____.
The demand for business goods is ultimately derived from the demand for consumer goods. (Kotler & Keller, 2006, p. 247)
6. A _____ is a more narrowly defined customer group seeking a