Changing value propositions in today’s economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson?Group of answer choicesCustomers will always seek the best quality regardless of price.Customers would rather perform service for themselves to save moneyCustomers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.Customers will always turn to the most recognized brand.Customers will always seek the best value regardless of quality.

Value-based marketing requires that firms charge a price that customers perceive as giving them good value for the products and services they receive. Charging a price that is too high can result in:Multiple ChoiceReduced profitsReduced marginsReduced sales volumeHigher sales volumeIncreased cx complaints

Which of the following is true of marketing plans and customer value?Group of answer choicesMarketing strategies should be inflexible since customers’ perceptions of value rarely change.Determining customer value through secondary market research is impossible for small businesses operating in niche markets.Determining customer value through primary market research tactics is impossible for multinational businessesDelivering customer value should be the key consideration in all marketing mix decisions.

Which of the following is true of customer value?Group of answer choicesIdentifying customer value is not essential for small businessesIdentifying customer value is important only when selling niche products.Customers’ perceptions of value remain constant over time.Evaluations of customer value must be conducted regularly.

One of the primary functions of price is communicating brand value.Group of answer choicesTrueFalse

Since it is much more costly to acquire new customers than to retain existing ones, many firms are now emphasizing the importance ofGroup of answer choicesclosing deals more quickly.customer lifetime value.focusing on bigger deals.increasing the volume of sales transactions