Digital Marketing Test 1

It's estimated that by 2020 there will be how many objects connected to the internet:

50 billion

Algorithms that control the objects and environments of the future will be:

Able to sense your current states, moods, and needs Able to offer you choices before you even specify what you want

What are the four marketing objectives that marketers should keep in mind in considering digital transformation?

Acquisition, conversion, retention, and value growth.

Which of the following is true of recent media use trends?

All media growth is coming from mobile and connected devices.

Which of the following is NOT part of marketing effectiveness in a digital environment?

Beating competitors to new digital platforms.

Sequential incentives are a key strategy in which stage of marketing?

Conversion

A business that is built on the "pipe model":

Creates value before distribution to the customer

What is the connection between digital transformation and customer experience?

Customer experience affects all stages of digital transformation from customer identification to continued relationships.

Why has CX become even more important in the digital age?

Customers' satisfaction or dissatisfaction is publicized much more widely in a digital environment.

The loyalty loop:

Describes the processes by which a consumer evaluates the product after purchase and cements or changes their opinion of the company.

Digital transformation is:

Especially important for marketers in thinking about customer experience.

The "resilient brand" concept:

Expresses the idea that brands must be capable of weathering disruption.

A business model is critical for a business because it provides detailed strategic guidance. T/F

False

A strong value proposition is the most important step to a successful business. T/F

False

Amazon is an example of an internet-enabled model. T/F

False

Compared to technologies like cloud computing and Software-as-a-service, Internet-of-Things technologies like wearable devices have little effect on the supply chain. T/F

False

Creative execution is the most important element in direct marketing strategy. T/F

False

Digital transformation strategies should focus first on opportunities for marginal improvement. T/F

False

Ecological sustainability is important for customer relations but has minimal impact on other aspects of business success. T/F

False

Marketing to B2C and B2B customers is fundamentally different. T/F

False

One example of "big data" is the accumulation of more information about each customer that marketers have available. T/F

False

The "funnel" model is more accurate than the linear process in describing the customer journey. T/F

False

The goal of a sales promotion is to promote brand awareness among consumers. T/F

False

The idea of the Value Proposition Canvas is to take your product or service and find the customers who want it. T/F

False

The pains and gains in the customer profile describe the financial rewards of competing customer jobs. T/F

False

The value proposition canvas is most helpful for comparing the value of your product to those of your competition. T/F

False

To get digital statistics that are up-to-date and accurate, you must pay for access to a paid database. T/F

False

The Business Model Canvas:

Helps businesses choose and customize a business model

Which of the following is the central component of all definitions of a business model set out in the chapter?

How the company will make enough money to sustain itself

What is an example of how Dell used information to integrate its virtual value chain?

It added Premier Pages to make shopping easier for business purchasing departments.

How did the REM system affect Otis Elevator's value chain?

It allowed pre-emptive identification of problems to minimize the impact on customers.

All of the following are ways the internet provides a better medium for direct marketing than earlier methods except:

It encourages more inventive modes of contact.

How has GE changed its business model over the last fifteen years?

It focused on infrastructure technology.

What are part of marketing effectiveness in a digital environment?

Optimizing multi-touch customer experience. Marketing must work closely with customer service to provide immediate brand development. Assuming mobile media will be the first point of contact with consumers.

How is the recent concept of the value chain different from Porter's original concept?

Porter's model showed how value was produced at multiple stages in the distribution process, while later the term was used to refer to seamless integration of activities in the distribution process.

The smart living room of the future will control the user's environment by:

Predetermined settings & Biosensors

What is NOT an important business process for managing the supply chain?

Responding to customer requests promptly.

It is called the Internet of Things because:

Sensors connect objects to the internet

Which of the following is an example of how the NBA has used data mining?

Teams have used data mining to predict which single-ticket buyers were most likely to become season-ticket buyers.

How is the "Internet of Things" different from the "Internet of Everything"?

The Internet of Things refers to the growing network of internet-enabled devices, while the Internet of Everything considers networked connections among things, people, processes and data.

The concept of customer lifetime value takes into account:

The amount the customer spends on the company's goods or services over 3-5 years, the costs of marketing to that customer, and the cost of the goods, services, and maintenance.

Which of the following statements about the data warehouse is true?

The data warehouse usually consists of internally collected data linked to externally purchased or linked databases.

Since 2000:

The rate of growth of internet users has been roughly the same as the rate of growth of Facebook users.

The biggest change in the digital ecosystem brought by the mobile web has been:

The surge in users who have internet connectivity, but only through mobile devices. The number of internet users has started to stagnate, but there is overall growth in the devices used to access the internet because of people using multiple devices.

How does the business perspective compare to the technology perspective regarding internet change waves?

The technological perspective primarily addresses the interface for interacting with the internet, while the business perspective focuses on what people can do when they are online.

The earliest technologies affecting supply chains had what in common?

They provided ways to track products and business records across multiple stages in the supply chain.

Customer experience (CX) describes all customer interactions over all touchpoints. T/F

True

Identifying and understanding customer journey touchpoints helps create a seamless customer experience. T/F

True

In most institutions, the customer database content will include order processing and inventory information. T/F

True

Mobile apps are not considered a new business model. T/F

True

One business effect of cloud computing has been the growing trend toward Software as a Service. T/F

True

One trend that is expected to affect supply chains in the next few years is focusing on the "base of the pyramid." T/F

True

Responsive websites that can be personalized are a good example of how information-driven marketing can serve the customer. T/F

True

The concept of fit in the Value Proposition Canvas describes the match between what customers want and what the company is offering. T/F

True

The successful outcome of a well-designed value proposition is product-market fit that gives a product a good chance of being successful. T/F

True

The virtual value chain has become especially important because companies are expected to produce six-sigma levels of quality. T/F

True

While early developments of the internet before the 1990s focused on technological changes, the development of search options has driven most of the change since the early 2000s. T/F

True

The statement "all goods are services" is:

True, because even tangible goods are sold based on their benefits to the customer, not their simple features.

The advertising-supported model:

Works when there is a limited space for ads and a large central market.

A value proposition must include:

Your product's benefits, how the products serve particular customer needs, and how your product or business is differentiated from competitors.

The customer journey is now seen as:

a loop process

One way to keep retail sales flowing is to create an easier ___________.

channel

The value proposition canvas:

connects the product's values to a customer segment's needs, wants, and fears.

Combining the technologies of AI, bots and voice is going to make the user interface more ____________.

conversational

A business model

describes how value is created and delivered to the customer.

Domino's believes they can be both a really good pizza company and a really good ___________.

ecommerce company

The goal of a sales promotion is to:

induce immediate action, whether buying a product, requesting more information, or signing up for further communication.

Big data refers to:

the collection of data from many sources and processing it or combining it in new ways.

The idea of the Value Proposition Canvas is:

to put the customer first, profiling the customer, then identifying (or creating) the pains and gains the product can offer to meet their needs.