MKT 368 Quiz Questions
The brand and offering strategy need to address these conditions? (Check all that apply). - Firms must have a relative advantage over their competitors - SCA must be hard to duplicate or substitute - SCA must be easy to understand and duplicate - Customer must care about what SCA offers
- Firms must have a relative advantage over its competitors - SCA must be hard to duplicate or substitute - Customer must care about what SCA offers
If a marketing analyst wants to know whether customers in Ames buy more products than those in Ankeny, what are the types of analyses can the analyst run? (Choose all that apply) 1. t-test 2. regression 3. equal variance test 4. F test
1 & 2
Which one of the followings is NOT an appropriate use of conjoint analysis? - Assess the value of customers. - Design new offerings that enhance customer value. - Forecast sales/market share/profit of alternative offerings. - Identify the "best" concept/offering for a target segment. - Explore impact of alternative pricing and service strategies.
Assess the value of customers.
Which of the following is not included in the First Principles of Marketing Strategy? - All competitors react - All customers change - All customers are alike - All resources are limited
All customers are alike
Which of the following is not included in the First Principles of Marketing Strategy? - All resources are limited - All competitors react - All customers are homogeneous - All customers change
All customers are homogeneous
Which of these variables in the CLV equation does loyalty impact? - Margin - Annual marketing costs - Retention rates - Acquisition costs - All of the above
All of the above
What are the sources of customer heterogeneity? Select all that apply. - Individual differences - Life experience - Functional needs - Self identify - Promotional activities
All the above
Universal Services Inc. provides communication services to residential and business customers in rural and small urban communities primarily in northern England. The company offers services such as local and long distance voice, data, and Internet and broadband product offerings. The company, in an attempt to increase the attractiveness of its offerings, decides to provide special voice and data packages to its customers. The company designs eight different packs that offer varying voice and data benefits to customers. The company then asks a few of its customers to rank the packs in order to choose two best packs. What testing methods should used in this scenario?
Conjoint Analysis
Suppose you are a regional manager overseeing the Chicago-Minneapolis area. You feel that certain types of products (let's say red vs. green shoes) sell better in retail stores located in Chicago area than Minneapolis . What statistical test is most appropriate to test your hypothesis?
Chi Square
Which statistical test should you run to test the association between the state that an individual was born (Wisconsin vs. Minnesota) and favorite football team (Packers vs. Vikings)? - Chi-Square - T-test - Correlation - ANOVA - Linear Regression
Chi Square, because it is good with measuring the association between qualitative variables.
______________ is used to test the relationship between gender and favorite color (Red vs. Blue).
Chi Square. A chi-square test is a statistical test used to compare observed results with expected results. The purpose of this test is to determine if a difference between observed data and expected data.
The ____________ stage has firms that are trying to upsell or cross-sell to expand their sales and engagement with existing customers.
Expansion
True of False: Confidence interval is a plausible range of values for the sample parameter.
False
True of False: The chance of making an alpha risk (Type I error) does depend on sample size.
False
True or False: Discriminant variables include characteristics that tell us why segments differ (e.g., needs, wants, benefits, solutions to problems) whereas Segmentation variables include characteristics that tell us how to find, reach, identify segments (age, income, education, location, org structure).
False
True or False: Preference and choice are the same.
False
True or False: Results from the conjoint analysis can provide an understanding of a numerical assessment of the absolute importance that customers attach to attributes of a product category.
False
True or False: The dendogram shows how much distance separates the next two dissimilar segments.
False
True or False: Low R-squared values imply that you need to disregard the results from the linear regression.
False, you should consider some changes in your variables. However, the model is not a very good one so you will have to see if some variable changes improve the R-Squared.
True or False: Confidence interval represents a range of values that's likely to include a sample value with a certain degree of confidence.
False. A confidence interval, in statistics, refers to the probability that a population parameter will fall between a set of values for a certain proportion of times.
True or False: The p-value is the probability that the null hypothesis is true.
False. The p-value is a statistic that indicates how likely it is that a result occurred by chance alone. The level of statistical significance is often expressed as a p-value between 0 and 1. The smaller the p-value, the stronger the evidence that you should reject the null hypothesis. A p-value less than 0.05 (typically ≤ 0.05) is statistically significant.
A ____________ variable is a variable created to assign numerical values to levels of categorical variables. Each dummy variable represents one category of the explanatory variable and is coded with 1 if the case falls in that category and with 0 if not.
Dummy
The process of improving your relative advantage in the minds of your targeted customers is called ______________. - Crisis management - Positioning - Customer relationship management - Public relations
Positioning
_______________ to predict housing sale prices from house size, neighborhood, and number of bedrooms.
Regression
____________ is a process of dividing the overall market into groups with similar needs and desires. - segmentation - positioning - targeting - none of the above
Segmentation
Based on premise that consumers evaluate a product/service/idea (real or hypothetical) as a bundle of attributes so that the value/utility associated with it ("__________") is obtained by combining the separate amounts of utility provided by each attribute ("__________").
Total Worth; Part Worth
Conjoint analysis is based on premise that consumers evaluate a product/service/idea (real or hypothetical) as a bundle of attributes so that the value/utility associated with it. __________ is obtained by combining the separate amounts of utility provided by each attribute, which is _____________.
Total Worth; Part Worth
True or False: Conjoint analysis is valuable when the offering can be realistically decomposable into a set of basic attributes.
True
True or False: Customer Lifetime Value captures the contribution of each customer according to his or her expected migration path over the entire lifetime with the firm.
True
True or False: Customer heterogeneity may be latent or hidden.
True
True or False: Dynamic Customer Segmentation Approach captures customers entering the firm's portfolio and expanding over time, even as other customers slowly leave.
True
True or False: Regression describes the relationship between sales and price by "fitting the line" that best describes the data.
True
True or False: The chance of making a Type II error increases as the sample size decreases.
True
The coefficient of determination (R2) is the portion of the total _____________ in the ____________ that is explained by variation in the independent variable.
Variation; Dependent Variable
What is NOT the source of customer dynamics? - Stable environmental context - Discrete life events - Typical lifecycle - Learning effects - Product lifecycle
Stable environmental context
Segmentation _____________ should describe why customers respond differently (e.g., differences in their valuations of offerings, needs or wants) whereas segmentation ____________ help marketers deliver different offers to various customer segments based upon characteristics (e.g., age, income, use of media).
bases; descriptors
DJ's boss told him that he needs to identify a set of "observable" variables that helps the firm understand how to reach and serve the needs of selected clusters. DJ has no clue what his boss is asking him to do, so he asks his colleague, Jessica. Jessica indicates that DJ's boss is asking him to use a formal approach to profiling which seeks combinations of descriptor variables that best separate the clusters or segments. Jessica notes that DJ should engage in ________________ analysis.
discriminant
What is the statistical technique that allows us to simplify the complexity in high-dimensional perceptual and preference data while retaining important trends/patterns that can be more easily visualized and analyzed? - regression - conjoint analysis - principal components analysis - t-test
principal components analysis
Competitors are always copying successful strategies and innovating new ones. Thus, companies need to build a "barrier" to being copied, giving them time to adapt to innovation by others. These barriers are termed _____________ and are critical to long-term superior financial performance. - brand equity - competitive equity - relationship loyalty - sustainable competitive advantage
sustainable competitive advantage
_______________ to test whether sales are higher with your new (vs. old) advertising copy.
t-test or regression
Which statistical test should you run to test whether a retail store foot traffic is higher in Northgate Mall vs. Jordan Creek Mall? - t-test - p-value - Chi Square - F-test - Correlation
t-test, because you would be looking at the average number of people in the mall a week I would assume and t-test compares averages.
____________ also indicates how well the model fits the data, but it penalizes you for adding independent variables that do not fit the model.
Adjusted R-squared
________________ arises when two variables that measure the same thing or similar things (e.g., weight and BMI) are both included in a multiple regression model; that is, two (or multiple) variables regressors are highly correlated.
Multicollinearity
The ___________ stage deals with customers who migrate because of a mismatch in the core offering or a life event but because they have a basic propensity to switch.
Retention
What is a planned process of introducing new customers to a firm to improve their long-term satisfaction and loyalty?
Customer Onboarding
What does the acronym CRM stand for?
Customer Relationship Management: Customer relationship management is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Brands, offerings and relationships are 3 key marketing sources of______ - Five forces - Sustainable competitive advantage - Quantitative analytics - Firm liability
Sustainable competitive advantage
Which one of the following is a correct interpretation of a p-value? - The p-value is the probability of getting a value of a test statistic as or more extreme than the value of the statistic computed from the collected data, under the assumption that the null hypothesis is true. - (1-p-value) is the probability that the alternative hypothesis is true. - The p-value is the probability of getting a value of a test statistic as or more extreme than the value of the statistic computed from the collected data, under the assumption that the alternative hypothesis is true. - The p-value is the probability that the null hypothesis is true.
The p-value is the probability of getting a value of a test statistic as or more extreme than the value of the statistic computed from the collected data, under the assumption that the null hypothesis is true.
