1

QUIZ # 2 DIVISION _____ R. NO._______________

1. Businesses succeed by g_________, k__________, and g__________customers.

2. Customer perceived value is the difference between the prospective customer’s
evaluation of all b____________ and all c____________ of an offering and the
p______________ alternatives.
3. CPV = ______________________ MINUS____________________________.
4. To maximize CPV, ______ economic, functional or emotional ________ and/or
________ one or more of the various types of ________.
5. Customer Loyalty is defined as a deeply held commitment to _______________
a preferred product or service in the future d_________situational influences and
marketing efforts having the potential to cause s_________ b_________.
6. Customer Satisfaction is a person’s feelings of ___________or ____________that
result from comparing a product’s p_________ p______________(or outcome) to
their e_____________.
7. A highly satisfied customer generally stays _______longer, buys _________as the
company introduces new products and upgrades existing products, talks ________
to others about the company and its products, pays ______ ________ to
competing brands and is less _________to price, __________product or service
ideas to the company, and costs _________ to serve than new customers because
transactions can become r___________.
8. Out of those whose complaints are thus resolved, _____out of________will have
a good word to speak about the company and about the good treatment they
received. But a dissatisfied and annoyed customer will speak to ________others.
9. Higher levels of quality result in higher levels of c________ s____________,
which support higher _______and often lower _______, resulting in higher _____
for the company.
10. Customer lifetime value describes the net ________value of the stream of ______
_______expected over the customer’s ________ __________.

1
 2

11. Pareto Principle states that for many events, roughly ______of the effects come
from _____of the causes.

12. The company could improve the p____________ considerably by ignoring the
worst ______customers. It is not always that the company’s largest customers
yield the most p______.

13. Consumer Behavior is the study of how individuals, groups and organizations
_________, _______, ______, and ___________ goods, services, __________ or
______________ to satisfy their needs and wants.
14. An opinion leader is the person who offers informal _________or ____________
about a specific product or product category.
15. Marketing and environmental s______ enter the consumer’s c____________, and
a set of p__________ p_________ combine with certain c_______ c__________
to result in d______ p________ and p______ d________.
16. Four Psychological Processes __________, _________, ___________, and
_____________influence consumer responses.
17. Perception is the process by which we s_________, o____________, and
i________ information inputs to create a meaningful picture of the world.
18. Five stages of buying decision process are _________________, _____________,
_________________, ________________and ___________________________.
19. Three methods to measure consumer satisfaction are (1) ___________________
(2) ___________________________(3) __________________
20. CRM is the process of carefully __________ __________ ______________ about
individual consumers and all customer “_____________” to maximize
_________ __________.

2
 3

MARKETING MANAGEMENT – QUIZ # 2

21. Businesses succeed by getting, keeping and growing customers.

22. Customer perceived value is the difference between the prospective customer’s
evaluation of all benefits and all the costs of an offering and the perceived
alternatives.
23. CPV = what customer gets (benefits) – what he gives (costs)
24. To maximize CPV, raise economic, functional or emotional benefits and/or
reduce one or more of the various types of costs.
25. Customer Loyalty is defined as a deeply held commitment to rebuy or repatronise
a preferred product or service in the future despite situational influences and
marketing efforts having the potential to cause switching behaviour.
26. Customer Satisfaction is a person’s feelings of pleasure or disappointment that
result from comparing a product’s perceived performance (or outcome) to their
expectations.
27. A highly satisfied customer generally stays loyal longer, buys more as the
company introduces new products and upgrades existing products, talks favorably
to others about the company and its products, pays less attention to competing
brands and is less sensitive to price, offers product or service ideas to the
company, and costs less to serve than new customers because transactions can
become routine.
28. Out of those whose complaints are thus resolved, one out of two will have a good
word to speak about the company and about the good treatment they received. But
a dissatisfied and annoyed customer will speak to eleven others.

3
 4

29. Higher levels of quality result in higher levels of customer satisfaction, which
support higher prices and often (lower) costs, resulting in higher profits for the
company.
30. Customer lifetime value describes the net present value of the stream of future
profits expected over the customer’s lifetime purchases.

31. Pareto Principle states that for many events, roughly 80% of the effects come
from 20% of the causes.
32. The company could improve the profitability considerably by ignoring the worst
20% customers. It is not always that the company’s largest customers yield the
most profit.
33. Consumer Behavior is the study of how individuals, groups and organizations
select, buy, use, and dispose of goods, services, ideas or experiences to satisfy
their needs and wants.
34. An opinion leader is the person who offers informal advice or information about a
specific product or product category.
35. Marketing and environmental stimuli enter the consumer’s consciousness, and a
set of psychological processes combine with certain consumer characteristics to
result in decision processes and purchase decisions.
36. Four Psychological Processes Motivation,Perception, Learning and Memory
influence consumer responses.
37. Perception is the process by which we select, organize and interpret information
inputs to create a meaningful picture of the world.
38. Five stages of buying decision process are problem recognition, information
search, evaluation of alternatives, purchase decision and post-purchase behavior.
39. Three methods to measure consumer satisfaction are (1) Periodic surveys
(2) Monitoring customer loss rate (3) Mystery shopping
40. CRM is the process of carefully managing detailed information about individual
consumers and all customer “touch points” to maximize customer loyalty.

4
5