Marketing 3325.W01 Quiz

A competitive advantage is some unique aspect of a firm's offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition. true false

true

A firm's ability to satisfy the needs of a segment impacts the decision as to whether or not to target a specific segment. true false

true

A general advantage of the questionnaire approach over the observational approach is its versatility or wide scope. true false

true

A good brand will possess a number of important characteristics or qualities are help the customer and consumer value the exchange. true false

true

A major concern of marketers is how profitable a specific segment will be. true false

true

A positioning statement includes the specification of the target segment(s). true false

true

A set of segments may be very clear from a statistical perspective, but they need to be useful from a managerial point of view. true false

true

A solid brand name should have enough flexibility so as to not constrain the growth and future expansion of the venture. true false

true

A stimulus is a unit of input from either an external or internal source that can affect sight, smell, taste, touch, or hearing true false

true

Aggressive pricing, extensive distribution, and heavy investment in promotions tend to lead to rapid diffusion. true false

true

An advantage of sample surveys is the ability to use a probability so that the results of the sample can be projected to the overall population with a certain amount of accuracy. true false

true

Conjoint studies are used to provide insight about customer preferences for a particular brand and the customers willingness to make trade offs between features. true false

true

Customers who participate in repeat purchasing are willing to pay premium prices for the products or services that they value and that solve their particular consumption problems. true false

true

During the new idea generation stage, the entrepreneurial marketer should focus on the customers who are know to be the lead users of the potential product or service. true false

true

Entrepreneurial opportunities can come from information that people have that helps them to recognize opportunities and from changes in the external world. true false

true

Entrepreneurs are most successful when they start a company that meets a verifiable real need in the marketplace. true false

true

Generally, for a product to be called a business product, it must be used to manufacture other products, become part of another product, facilitate the normal operations of a firm, or be acquired for resale with no substantial change in form. true false

true

Group interaction is the key aspect that distinguishes focus group interviews from depth interviews. true false

true

If consumer behavior is not well understood, a marketer will have difficulty creating an appropriate marketing mix. true false

true

In marketing, we deal with customer differences through segmentation. true false

true

In more marketing-oriented companies, customer feedback is sought at most phases in the process. true false

true

In the world of social media, influencers are often the opinion leaders that influence others through word of mouth and can accelerate the diffusion of new products and services. true false

true

It is useful for marketers to understand the psychological and lifestyle choices that are relevant to the brand(s) the marketer is pitching. true false

true

Niche positioning is a matter of exclusivity and size. true false

true

One of the biggest advantages of mail questionnaires is the convenience offered to the respondent. true false

true

Positioning is about designing a product to have benefits that the target segment will value. true false

true

Positioning is about identity (i.e., who you are in the marketplace vis-à-vis the competition). true false

true

Positioning may call for the product itself to remain the same as the company appeals to different segments. true false

true

Ritualistic behavior can be highly expressive, symbolic influences and can include behaviors about marriage, death, birth, and special occasions. true false

true

Situational influences include social surroundings, the antecedent states just prior to a purchase, and the urgency that may accompany a particular situation. true false

true

Success at entrepreneurial marketing activity requires the entrepreneur to develop a business idea that can reasonably defend against competition. true false

true

Technological changes are a good source of entrepreneurial opportunities because they tend to make it possible for people to do things in new and more productive ways. true false

true

The adoption processes are a set of five (5) basic stages of customer preparedness to purchase. true false

true

The concept of targeting involves customer selection. true false

true

The exploitation of valid niches requires quick and agile entrepreneurs who can take advantage of market segments that other firms have left unsatisfied. true false

true

The goal of homogeneity in customers' likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve. true false

true

The ideal goal for the entrepreneurial marketer is to find an untapped (or at least relatively underserved) group of customers whose needs can easily and profitably be met by the products or service offerings provided by their business. true false

true

The phrase "business model" refers to how a business will operate and how it intends to make a profit. true false

true

The reference groups that surround and influence student purchase behavior include clubs, sororities, and professional society chapters located on a particular university campus. true false

true

The voice of the consumer (VOC) is one of the best and most important part of the opportunity evaluation process because it is information that comes directly from the customer. true false

true

Two important strategic criteria for targeting segments include the firm's strengths and the attractiveness of the segment. true false

true

When Alan buys rock-climbing equipment, he will only buy Black Diamond, Petzl, Edelweiss, or Wild Country brands even though other brands exist. These listed brands make up Alan's consideration set. true false

true

When conducting a brand analysis the entrepreneurial marketer should examine the customers, competitors, and their venture to determine possible right-fit branding opportunities. true false

true

While product diffusion involves the adoption process it has more to do with how the new products and services spread across or among groups of customers over time. true false

true

_____ is a key ingredient in the philosophy of marketing; it occurs when people give up something in order to receive something that they would rather have. a. Exchange b. Reciprocity c. Transformation d. Synergy e. Leveraging

A. exchange

Laws and regulations of various governmental entities and their ongoing development and change are an example of _____ factors and are part of all organizations' external environment. a. competitive b. regulatory c. economic investment d. research and development e. demographic

B. regulatory

Blogs (either written or video) created by consumers can be used to assess customer attitudes toward new products as well as customer perceptions of new products. The entrepreneurial marketers' ability to search for key words used in the blogs is an example of a change in the _____ factor of the external environment. a. economic b. technological c. competitive d. psychographic e. demographic

B. technological

Which of the following is NOT a demographic characteristic of a population? a. age b. values c. birthrate d. income level e. education

B. values

The study of people's vital statistics, such as their ages, births, deaths, and locations, is called: a. psychometrics b. ecology c. demography d. ethnography e. cultural sociology

C. demography

What is apparently the most difficult external variable for entrepreneurial marketing personnel to forecast, influence, or integrate into marketing plans? a. demography b. economic conditions c. social factors d. technology e. competition

C. social factors

The term marketing refers to: a. new product concepts and improvements b. advertising and promotion activities c. selling d. a philosophy that stresses customer satisfaction e. planning sales campaigns

D. a philosophy that stresses customer satisfaction

In order for exchange to occur: a. a profit-oriented organization must be involved in the process b. money or other legal tender is required c. organized marketing activities must also take place d. each party must have something the other party considers to be valuable e. a complex societal system must be involved

D. each party must have something the other party considers to be valuable

The external environment: a. does not have an impact on Fortune 500 companies b. does not change over time c. can be controlled in much the same manner as the internal marketing mix d. must be continually monitored by entrepreneurial marketers e. cannot be influenced by marketing managers

D. must be continually monitored by entrepreneurial marketers

The external environment is a strong influence on a target market and can be a source of _____ for the entrepreneurial marketing firm. a. environmental loopholes b. opportunities and weaknesses c. product myopia d. opportunities and threats e. threats and strength

D. opportunities and threats

The number of firms a company must face, the relative size of these firms, and the degree of interdependence within the industry are all part of its _____ environment. a. demographic b. political c. social d. economic e. competitive

E. competitive

An entrepreneurial new business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of: a. production b. accounting c. human resources d. a control system e. marketing

E. marketing

_____ factors are the environmental factors concerned with the changes in people's values, lifestyles, and family roles. a. Economic b. Demographic c. Competitive d. Political e. Social

E. social

Question 9 When considering the video titled " Our Approach to Innovation is Dead Wrong," the most important central issue for the small entrepreneurial business is the fact that planning is enough given the dynamic nature of the global economy. True False

False

Brands occasionally come along that are priced high but offer low quality.

True

Question 10 When considering the companion video from the Kauffman Founder's School titled " Entrepreneurial Marketing: Introduction," the most important lesson to be learned is that the single worst thing for the small entrepreneurial business is to market a product or service that no one wants. True False

True

The reason why Neil Patel's information is of value to the small entrepreneurial marketer is because he has ten years of experience as an entrepreneur and someone who understands the specific needs of the successful entrepreneurial marketer. True False

True

The way Dr. Byus describes entrepreneurship is as a way of thinking, reasoning, and acting and not just about starting a business. True False

True

Entrepreneurial marketers cannot control _____, but they can at times influence it. a. how products are priced b. the external environment c. the distribution strategy d. where advertising is placed e. the sales force

b. the external environment

The concept of exchange is important to the entrepreneur while marketing because: a. money is the only medium of exchange for business marketers b. marketing activities are a requirement for exchange to take place c. marketing activities help to create exchange d. exchange provides money to marketers e. if all the conditions for an exchange are in place, then the exchange will be completed

c. marketing activities help to create exchange

A "Red Ocean" is characterized by a dying set of declining businesses where the strategy is to simply exist and avoid further market erosion. true false

false

A market segment is an individual customer who shares similar inclinations toward your brand. true false

false

Although customer service has in the past been an important factor in business buyer-seller relationships, its importance has been waning in the last decade. true false

false

As an entrepreneurial marketer, it is important to understand the demographics of the market in which you intend to operate. Demographics include geography, urbanicity, and topography. true false

false

Data sources for segmenting businesses and consumers tend to be the same. true false

false

Experts have classified six (6) general categories of adopters based on time of adoption. These include the innovators, early adopters, early majority, late majority, laggards, and the never gonna adopters. true false

false

Focus groups are a great tool for research because the group results are always representative of what would be true for the general population. true false

false

Idea generation is typically the least difficult stage in the new product process. true false

false

If an entrepreneurial firm gets its product to be accepted as the dominant design, that means its product is the very best one on the market. true false

false

In the maturity stage, sales are starting to decline, profits are very stable, and the demand for the product or service is decreasing. true false

false

Listening to someone describe how boring it was to be a movie extra is an example of ad hoc learning. true false

false

Most markets are comprised of customers whose tastes are very similar. true false

false

Nonprobability sampling is an objective procedure in which the probability of selection for the population units can be determined. true false

false

Observational research is often considered the best method of generating valid data as this method is completely error free. true false

false

Once new products or services advance through the screening and evaluation stage, they are immediately put into the development stage of the new product process. true false

false

One of the most important questions to be answered by the entrepreneur's business model is "How much business planning should be done before opening the business?" Keep in mind that without adequate planning on a very detailed basis, all businesses fail. true false

false

Opportunities & threats are internal considerations about the organization. true false

false

Positioning has more physical elements than perceptual ones. true false

false

Positioning statements should be lengthy and very detailed in order to communicate efficiently, They should be positive and passionate to be noteworthy, and they should be electrifying to spur attention. true false

false

Primary data are almost always less expensive and can be obtained and analyzed more quickly than secondary data. true false

false

Regulatory or political changes are more likely than any other change to help businesses improve productivity. Innovation plays very little role in enhancing productivity. true false

false

Research suggests that changes in regulations are the single most important source of entrepreneurial opportunities. true false

false

Since most marketplaces are international, country and cultural differences can be tremendously difficult to identify and respond to. true false

false

Sociocultural influences involve the customer's relationships with others that do not affect the customer's purchase behavior because we are all autonomous individuals. true false

false

Strengths & weaknesses are considerations that are external to the organization. true false

false

Surveying viewers or even having them keep detailed personal diaries is far more reliable at measuring viewing behavior with specific technology that measures viewing behavior from the device itself. true false

false

The basic purpose of all marketing research is to help develop new products. Customer needs are rarely the purpose of marketing research. true false

false

The largest segment of the adopter categories is actually the combination of the innovators and the early adopters who comprise almost 68 percent of the adopting market. true false

false

The level of analysis to be conducted on data depends on the nature of the research and the amount of time the entrepreneur has to return to college and learn new statistical mathematics. true false

false

The role of gatekeeper is often filled by a organizational security guard. true false

false

To be successful in preparing the customer to adopt the new product or service, the entrepreneurial marketer should make it as easy as possible for the customer to try or experiment with the new product or service. true false

false

To marketers, the most important feature of segments is their size, not their profitability.. true false

false

We target for the same reason we segment - to try to be all things to all people. true false

false

When considering the article titled " Marketing: The Unappreciated Workhorse," the most important central issue for small entrepreneurial businesses is the fact that the customer expects everyone in the organization to help solve their problems therefore making every person and every experience of the business part of brand. The entrepreneur must do everything to inform and instruct all employees of their vital role in shaping the marketing success of the firm. True False

false

While consumer and business markets differ in many ways, the volatility of demand for products is about the same for each type of market. true false

false

While lifestyle research is useful for describing individual consumers, it is not useful for segmenting consumer groups. true false

false