MKT 3401 FINAL EXAM – KARAM QUESTIONS AND
ANSWERS
Marketing Strategy Framework (definition) - Answers - Framework for how you process
"how do I market this new product that I have"
Service Profit Chain - Answers - Employee Job Satisfaction creates Customer Value
which creates Customer Satisfaction which generates Customer Loyalty which leads to
Profit
Personal Branding Formula - Answers - P1 (performance)+P2 (personality)+Visibility
(are you seen?)+ Trust (can destroy PB)
3 Key Marketing Concepts - Answers - Customer Value, Customer Satisfaction,
Develop and maintain relationships
Customer Value - Answers - CV=benefits-cost
The more benefits you have, the more customer value
Customer Satisfaction - Answers - Employee Satisfaction=Customer Satisfaction
Key is employee satisfaction. If the employee is satisfied, then usually you'll get good
satisfaction
Customer Service - Answers - Have to feel that the service/experience is good.
77% who have a bad customer service experience will tell at least 1 person (word of
mouth)
7% of customers who receive bad customer service are going to tell the service provider
2 types of unsatisfied customers - Answers - Angry- lets you know how they feel
remorseful-doesn't say anything, smiles
Core Service Failure - Answers - Service you wanted didn't please you.
Service you paid for, you didn't get
Service Encounter Failure - Answers - Terrible service (no attention b/c of what you
have on or what car you drive)
Employees fail to serve you
Rude, worst failure is lack of knowledge
2 industry situations in Service Encounter Failure - Answers - "The Antee"- you're
suppose to be polite, what is expected for good customer service
Moment of truth- failure, customers are mad
, Failure & Recovery (service failure) - Answers - Something bad happens, recovery
system needs to be put in place
confront it, synchronized strategies
Some companies are so good that they fail on purpose (minor failure for an amazing
recovery)
it shows attention & yields a loyal customer
Examples of failure & recovery - Answers - 1. Delta Airlines: customer service was
horrible, ratings were down-put together 1.2 billion dollars for customer service training
program
2. United breaks guitar- United accidentally breaks guitar & blamed it on customer on
already being broken
Customer complained and wrote song-lots of views-effects brand
a)united ignored situation at hand b)power of internet
How long does it take for an image to be created or destroyed? - Answers - 1/24th of a
second
Speaking too fast is more persuasive then speaking too slow/arrogance limits growth,
tone of voice important
Default look - Answers - everyday "sitting look"
Steps in Consumer Decision Making Process - Answers - 1. Need Recognition
2. Information Search
3. Evaluate Alternatives
4. Purchase
5. Post Purchase behavior - evoked set NOT a part of this
Consumer Decision Making Process (definition) - Answers - Consumer behavior based
on persuasion- conscious attempt to modify the thoughts & behavior/actions of a
consumer & influence them towards a predetermined goal
"If you don't want to be converted, don't go to the revival." job of marketer is to get you
to go to the revival
Step 1 (consumer decision making process) - Answers - Need Recognition- a need that
is unmet/unfilled
Step 2 (consumer decision making process) - Answers - Information Search: once the
need has been identified, you involve yourself in the search for it
Bigger the risk, the bigger level of involvement (time and effort spent in evaluating)
Levels of involvement (information search in consumer decision making process) -
Answers - routine, limited, extensive
Information search - Answers - Internal: Experience is so rich that you use this
experience to make a decision
ANSWERS
Marketing Strategy Framework (definition) - Answers - Framework for how you process
"how do I market this new product that I have"
Service Profit Chain - Answers - Employee Job Satisfaction creates Customer Value
which creates Customer Satisfaction which generates Customer Loyalty which leads to
Profit
Personal Branding Formula - Answers - P1 (performance)+P2 (personality)+Visibility
(are you seen?)+ Trust (can destroy PB)
3 Key Marketing Concepts - Answers - Customer Value, Customer Satisfaction,
Develop and maintain relationships
Customer Value - Answers - CV=benefits-cost
The more benefits you have, the more customer value
Customer Satisfaction - Answers - Employee Satisfaction=Customer Satisfaction
Key is employee satisfaction. If the employee is satisfied, then usually you'll get good
satisfaction
Customer Service - Answers - Have to feel that the service/experience is good.
77% who have a bad customer service experience will tell at least 1 person (word of
mouth)
7% of customers who receive bad customer service are going to tell the service provider
2 types of unsatisfied customers - Answers - Angry- lets you know how they feel
remorseful-doesn't say anything, smiles
Core Service Failure - Answers - Service you wanted didn't please you.
Service you paid for, you didn't get
Service Encounter Failure - Answers - Terrible service (no attention b/c of what you
have on or what car you drive)
Employees fail to serve you
Rude, worst failure is lack of knowledge
2 industry situations in Service Encounter Failure - Answers - "The Antee"- you're
suppose to be polite, what is expected for good customer service
Moment of truth- failure, customers are mad
, Failure & Recovery (service failure) - Answers - Something bad happens, recovery
system needs to be put in place
confront it, synchronized strategies
Some companies are so good that they fail on purpose (minor failure for an amazing
recovery)
it shows attention & yields a loyal customer
Examples of failure & recovery - Answers - 1. Delta Airlines: customer service was
horrible, ratings were down-put together 1.2 billion dollars for customer service training
program
2. United breaks guitar- United accidentally breaks guitar & blamed it on customer on
already being broken
Customer complained and wrote song-lots of views-effects brand
a)united ignored situation at hand b)power of internet
How long does it take for an image to be created or destroyed? - Answers - 1/24th of a
second
Speaking too fast is more persuasive then speaking too slow/arrogance limits growth,
tone of voice important
Default look - Answers - everyday "sitting look"
Steps in Consumer Decision Making Process - Answers - 1. Need Recognition
2. Information Search
3. Evaluate Alternatives
4. Purchase
5. Post Purchase behavior - evoked set NOT a part of this
Consumer Decision Making Process (definition) - Answers - Consumer behavior based
on persuasion- conscious attempt to modify the thoughts & behavior/actions of a
consumer & influence them towards a predetermined goal
"If you don't want to be converted, don't go to the revival." job of marketer is to get you
to go to the revival
Step 1 (consumer decision making process) - Answers - Need Recognition- a need that
is unmet/unfilled
Step 2 (consumer decision making process) - Answers - Information Search: once the
need has been identified, you involve yourself in the search for it
Bigger the risk, the bigger level of involvement (time and effort spent in evaluating)
Levels of involvement (information search in consumer decision making process) -
Answers - routine, limited, extensive
Information search - Answers - Internal: Experience is so rich that you use this
experience to make a decision
