Quiz MKT 540

Why has CX become even more important in the digital age? a. There are fewer opportunities to interact one-on-one with customers. b. The emotional component is more challenging to provide in a digital environment. c. Customers' satisfaction or dissatisfaction is publicized much more widely in a digital environment. d. Customers feel increasingly like just one of the masses and appreciate treatment that feels individual.

C

Sequential incentives are a key strategy in which stage of marketing? a. Value Growth b. Acquisition c. Retention d. Conversion

D

T/F: 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.

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

C

An effective social media marketing strategy includes which elements? a. Listening to the target audience, communicating with the audience, engaging the audience, and creating community b. Identifying the target audience, engaging the audience, creating effective content, and responding to the audience c. Identifying the target audience, developing relationships, and creating effective content d. Listening to the target audience, creating effective content, developing relationships, and creating community

A

Digital transformation is: a. Especially important for marketers in thinking about customer experience. b. Primarily effective when it focuses on changes to the overall business model. c. Best accomplished when the company is not responding to immediate competitive pressure. d. Significantly changing the speed with which companies respond to competition.

A

How does the business perspective compare to the technology perspective regarding internet change waves? a. 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. b. Both perspectives acknowledge the same major shifts in internet development, but the business perspective focuses on what is available to the greatest number of people while the technology perspective focuses on the newest developments. c. The business perspective and the technology perspective both currently see virtual reality as the most exciting potential change in the internet. d. While initially the perspectives overlapped, the business perspective has diverged from the technology perspective to acknowledge how the internet has changed customer buying habits.

A

How is the recent concept of the value chain different from Porter's original concept? a. 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. b. Porter's model was a linear analysis of distribution, while later models took into account interactive knowledge exchange. c. Porter's model recognized traditional aspects of the supply chain that added value, like manufacturing, while later models integrated features like human resources and technology infrastructures. d. Porter's model focused on production, while later models emphasized customer-facing channels of distribution.

A

Which of the following is NOT a barrier to forming an effective SMM team? a. CEOs and top management tend to expect immediate returns on SMM. b. It is difficult to demonstrate the effectiveness of SMM. c. Managers are less likely to use social media themselves and so doubt its value. d. It is difficult to find the right staff members to balance social media expertise and marketing skill.

A

How did the REM system affect Otis Elevator's value chain? a. It allowed Otis to create smarter elevators that respond to usage patterns to recommend features like express elevators. b. It allowed pre-emptive identification of problems to minimize the impact on customers. c. It collected large amounts of data about elevator usage to make elevators safer. d. It allowed them to implement energy-saving features to save customers money and provide a more sustainable service.

B

Since 2000: a. The growth rate of the internet in developing countries exceeded its growth rate in the US. b. The rate of growth of internet users has been roughly the same as the rate of growth of Facebook users. c. Internet penetration has increased at a consistent rate. d. Over 50% of the world population has gained access to the internet.

B

The "resilient brand" concept: a. Explains that branding does not change significantly in the digital age. b. Expresses the idea that brands must be capable of weathering disruption. c. Shows how a brand can develop immunity to negative responses. d. Describes brands whose products and identity have transferred easily to the digital environment.

B

The advertising-supported model: a. Works for companies like YouTube because they have a desirable target audience b. Works when there is a limited space for ads and a large central market. c. Is becoming the most profitable for online companies d. Is widely accepted to have failed in the modern world

B

Which of the following is NOT part of marketing effectiveness in a digital environment? a. Marketing must work closely with customer service to provide immediate brand development. b. Beating competitors to new digital platforms. c. Optimizing multi-touch customer experience. d. Assuming mobile media will be the first point of contact with consumers.

B

Which of the following is the central component of all definitions of a business model set out in the chapter? a. The company's plan for marketing its goods or services b. How the company will make enough money to sustain itself c. Manufacturing or the creation of a product d. The company's plan for growth

B

(More than one answer) The biggest change in the digital ecosystem brought by the mobile web has been: a. The growth in the percentage of internet access coming from devices that are not laptops, desktops, or phones. b. The surge in users who have internet connectivity, but only through mobile devices. c. That social media now accounts for the majority of mobile-based internet interaction. d. 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.

B and D

A value proposition must include: a. Your product's benefits, the value it brings to customers, and the way that message will be delivered b. How your product solves problems or improves things, your target customer, and why your customer would prefer you over someone else. c. Your product's benefits, how the products serve particular customer needs, and how your product or business is differentiated from competitors. d. The value your product brings, the cost to the consumer, and the relative value of your product compared to others.

C

All of the following are ways the internet provides a better medium for direct marketing than earlier methods except: a. It allows more immediacy of response. b. It allows more interactivity between marketer and customer. c. It encourages more inventive modes of contact. d. It is more involving, creating engagement through rich media or action options.

C

Earned media: a. Refers to the goodwill and familiarity created by using a single advertising platform frequently. b. is the result of doing both paid and, especially owned, media well. c. is generated by creating engaging content. d. Refers to the media companies can produce using their own platforms: their own website, user communities, etc.

C

How has GE changed its business model over the last fifteen years? a. It serves a broader customer base. b. It focused on developing cloud platform technology. c. It focused on infrastructure technology. d. It developed a growth plan that placed reinvestment over profits.

C

The Business Model Canvas: a. Has largely been replaced by the Value Proposition Canvas b. Is best used by existing businesses that want to update or modify their business models c. Helps businesses choose and customize a business model d. Does not need to be completed in its entirety to aid a company

C

What is an example of how Dell used information to integrate its virtual value chain? a. It responded quickly to online customer complaints. b. It started selling products online sooner than other businesses. c. It added Premier Pages to make shopping easier for business purchasing departments. d. It performed extensive market research to decide which products to eliminate.

C

What is the connection between digital transformation and customer experience? a. Digital transformation is often invisible to the customer. b. Improving customer experience usually requires significant changes to the business model and operations. c. Customer experience affects all stages of digital transformation from customer identification to continued relationships. d. Digital transformation primarily affects customer experience in improved methods for identifying and acquiring customers.

C

What is the most important cost of social media marketing? a. Marketing focus groups and other target audience testing b. Paid media, like broadcast channels c. Human capital to support customer engagement d. Product placement in popular media

C

Which of the following is NOT an important business process for managing the supply chain? a. Managing inbound logistics. b. Maintaining process technology. c. Responding to customer requests promptly. d. Running batch manufacturing.

C

Which of the following is NOT true of recent media use trends? a. Desktop and laptop media use has declined. b. There is overall growth in time spent consuming media. c. All media growth is coming from mobile and connected devices. d. TV consumption has gone up even though overall traditional media has dropped.

C

A business that is built on the "pipe model": a. Develops products through interaction with customers b. Moves products or services without adding value c. Is a traditional model that does not adapt well to being an internet-only business d. Creates value before distribution to the customer

D

How is the "Internet of Things" different from the "Internet of Everything"? a. The Internet of Everything refers to the gradual shift of customers to expect all processes to be carried out online, while the Internet of Things refers to the way ordinary objects are incorporating online connectivity. b. The Internet of Things is a reference to how goods are increasingly bought and sold online, while the Internet of Everything considers the exchange of both goods and services. c. The Internet of Things considers internet-enabled devices, while the Internet of Everything refers to the expected shift of all commerce toward an internet-supported model. d. 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.

D

The concept of customer lifetime value takes into account: a. The net revenues obtained from the customer over the time a particular marketing campaign is run, minus the cost-per-customer of the campaign. b. The amount a customer spends minus the amount the average customer spends, divided by the cost of marketing per customer, over a period set by the company based on its strategic goals. c. Net customer revenues minus the cost of advertising to the customer, plus a projection of estimated future spending. d. 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.

D

The earliest technologies affecting supply chains had what in common? a. They were extremely expensive. b. They were not possible until the internet was widespread. c. They provided a way to take processes that had required paper records and forms and made them electronic for greater security and processing speed. d. They provided ways to track products and business records across multiple stages in the supply chain.

D

The loyalty loop: a. Occurs immediately before the customer makes an initial purchase. b. Shows how a happy consumer leads others to the brand. c. Describes how an initially positive customer experience can be ruined by bad customer service or insufficient post-purchase engagement. d. Describes the processes by which a consumer evaluates the product after purchase and cements or changes their opinion of the company.

D

The most important factor in engaging your audience is: a. To get as many people to see and hear it as possible b. To create innovative styles of marketing, using video and even virtual reality c. To communicate your product's values effectively d. To encourage customers to interact or create content themselves

D

The statement "all goods are services" is: a. False, because some products are still sold with the idea that they include no ongoing provision of services or support. b. True, because virtual goods are increasingly dominating the market, changing consumer expectations of seemingly standalone goods. c. Mostly false, because it emphasizes service aspects of the product at the expense of basic elements of production quality. d. True, because even tangible goods are sold based on their benefits to the customer, not their simple features.

D

Which of the following is NOT a reason to engage in social media marketing? a. Successful social media campaigns encourage users to interact with the company. b. Over a third of internet users use social media. c. It can help identify new audiences. d. It is free.

D

Which of the following is an example of how the NBA has used data mining? a. Teams have used data mining to compare home and away performance. b. Teams have used data mining to collect a greater amount of data about their customers. c. Teams have used data mining to predict when during a game people will buy the most souvenirs. d. Teams have used data mining to predict which single-ticket buyers were most likely to become season-ticket buyers.

D

Which of the following statements about the data warehouse is true? a. The data warehouse is usually a unified system linking multiple databases seamlessly. b. The data warehouse refers to the physical servers that store the increasingly large amounts of data required for responsive direct marketing. c. A data warehouse typically consists of four databases. d. The data warehouse usually consists of internally collected data linked to externally purchased or linked databases.

D

T/F: A brand community is composed of people who have purchased the same product(s).

False

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

False

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

False

T/F: Both social media marketing and traditional mass media marketing are many-to-many types of communication.

False

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

True

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

True

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

True

T/F: It is a good use of time for top management to be directly involved in day-to-day social media.

True

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

True

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

True

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

True

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

True

T/F: 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.

True

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

True