Quiz Questions

Each social network platform has unique strengths. Which platform is best for thought leadership? A. YouTube B. Facebook C. Pinterest D. LinkedIn E. Pandora

D. LinkedIn

Burton (snowboarding company) launched the newest Step On bindings on October 18, 2021. "Ditch the straps and get right to riding with fresh colors and styles." Local retailers anticipated the launch of the newest Step On bindings with great excitement because they believed they could reach this segment through the company's promotion and distribution channels. Which characteristic of effective segmentation is illustrated with this example? A. Accessible B. Durable C. Measureable D. Substantial E. Unique needs

A. Accessible

Advertising seeks to achieve one or more objectives--cognitive, affective, and behavioral. The cognitive objective seeks to: A. Build awareness B. Gain interest C. Gain liking D. Stimulate action E. Both B and C are correct

A. Build awareness

In order for a sales team to achieve the full potential, modern day sales organizations assign specialized roles to increase efficiency and production of their sales teams. For example, ________________________ are farmers, with the sole responsibility of increasing customer loyalty and retention through additional services so that customers continue to use and expand a firm's product and service offerings. A. Customer Success or Client Development Reps B. Sales Development Reps (SDRs) C. Account Executives (AEs) D. Market Response Reps E. Sales Managers

A. Customer Success or Client Development Reps

Reference price is an important concept in pricing strategy. ______________ is what consumers think they should pay for the product, given their past experience and the buying situation, and _______________ is what what everyone else is paying for the product. A. Internal reference price; external reference price B. External reference price; internal reference price C. Referral reference price; accepted reference price D. High reference price; low reference price E. Personal reference price; relevant range reference price

A. Internal reference price; external reference price

Advertising effectiveness is measured by: A. Recall (remember the ad and the advertiser) and persuasion (remember the benefit) B. The amount of humor and the level of entertainment C. Media buying--CPM, GRP, TRP D. Brand legacy E. Push versus pull promotions

A. Recall (remember the ad and the advertiser) and persuasion (remember the benefit)

What is the key driver in engaging and converting potential customers using social media? A. Relevant content B. Short, precise messages C. Google AdWords D. Multiple media E. Product blogs

A. Relevant content

Net Promoter Score (NPS) enables businesses to measure progress of their brand. NPS is the difference between: A. The percentage of brand promoters and the percentage of brand detractors B. National brands and store brands C. Competitor brands and company brands D. The percentage of swing group members and the percentage of swing group non-members E. Introduction stage and growth stage in the product life cycle

A. The percentage of brand promoters and the percentage of brand detractors

Today's salespeople face highly informed customers and unprecedented pressure to sell more and sell faster. To boost performance, sales organizations rely on technology and sales tools. Combined, these technologies and sales productivity tools are called: A. The sales technology stack B. Productivity enhancers C. Automatic enhancers D. Firm resources E. Tech boosters

A. The sales technology stack

A systematic approach for new product development provides structure for this important process with important stages or gates from idea generation to commercialization. For marketers, the most critical stage in the new product development process is the concept testing stage because: A. Type I and Type II errors can be estimated B. Profit projections, including sales forecasts and costs, are estimated C. Product development begins in earnest D. This is the first time the idea is tested with potential customers E. All elements of the marketing mix are tested

A. Type I and Type II errors can be estimated B. Profit projections, including sales forecasts and costs, are estimated C. Product development begins in earnest D. This is the first time the idea is tested with potential customers E. All elements of the marketing mix are tested

Unit contribution is: A. Unit price minus unit variable cost B. Unit price divided by total contribution C. Contribution multiplied by the total number of units sold. D. Fixed cost divided by price minus unit variable cost E. The break-even volume for a specific product item

A. Unit price minus unit variable cost

Which sales promotion method is best for building brand loyalty, defining brand personality, and introducing new, complementary products to brand champions?

A. Value-added promotions B. Interactive promotions C. Trade promotions D. Coupons E. Price promotions

Pillsbury has developed a new toaster strudel. It is far superior to Pop Tarts but the retailers don't know that. As a result, Pillsbury sends salespeople out to the retailers to convince them to sell the toaster strudels. By promoting to the retailers to ultimately reach the consumers Pillsbury is utilizing which strategy? A.Push Strategy B.Pull Strategy C.Economic Strategy D.Price Skimming Strategy

A.Push Strategy

Nike launched Legend Tights. These tights are marketed to active women ages 18-35 who value performance and style. In deciding whom they should exchange with, Nike is: A.Selecting the Target Market B.Segmenting the Market C.Positioning a Product D.All of the above

A.Selecting the Target Market

What is generally the best strategy? A.Sell to the swing group through the eyes of the love group B.Sell to the love group through the eyes of the love group C.Sell to the hate group through the eyes of the swing group D.Sell to the swing group through the eyes of the swing group E.Sell to the hate group through the eyes of the love group

A.Sell to the swing group through the eyes of the love group

Which of the following sets a service business apart from its competitors? A.The service provider's personal behavior B.The service provider's ability to manage perishability C.The ability to do the job D.Better pricing strategies

A.The service provider's personal behavior

Products travel through life cycles starting with introduction stage and finishing with maturity stage. In which stage of the product life cycle do marketing managers seek to build market share by emphasizing product distinctions and/or add channels of distribution and market segments? A. Introduction B. Growth C. Maturity D. Decline E. Obsolete

B. Growth

Which pricing strategy is used when marketers set a relatively low price to capture market share quickly? A. Price skimming B. Price penetration C. Promotional pricing D. Cost-plus pricing E. Competitive pricing

B. Price penetration

Frito-Lay, a Pepsi company, promotes its salty snacks--Lay's, Doritos, Ruffles, Funyuns, Fritos, Sun Chips, Tostitos, Cheetos, and Maui Style Potato Chips--directly to final consumers to increase demand at retail. This is an example of: A. Physical strategy B. Pull strategy C. Preventive strategy D. Push strategy E. Progressive strategy

B. Pull strategy

Perceptual maps show the judgments customers make regarding the performance of a brand's features and benefits. Gap analysis extends the perceptual maps method by asking customers to make judgments regarding: A. The performance of competitive brands B. The importance of a brand's features and benefits to the buying decision C. Psychological differences among consumers D. Cultural differences among consumers E. The performance of external forces in the environment

B. The importance of a brand's features and benefits to the buying decision

What is NOT one of the four steps for creating a social media marketing strategy? A.Track Success and Improve B.Deliver Viral Content C.Set Social Media Marketing Goals D.Determine the Social Media Network E.Know Your Buyer Personas

B.Deliver Viral Content

Until two years ago, Walt believed that cell phones were just a fad and insisted on using payphones. Walt is an example of a(an) _________ in the diffusion process (Adoption Life Cycle). A.Innovator B.Laggard C.Early Majority D.Late Majority E.Early Adaptor

B.Laggard

Media convergence shows an ad becoming viral at the intersection of...? A.SEO, AdWords and Social Media B.Owned, Purchased and Earned Media C.Facebook, Twitter and YouTube D.Branded, Engaged, Converted Media

B.Owned, Purchased and Earned Media

Deborah is the brand manager for a new product that is priced for the whole market. Deborah is using a _____ pricing method. A.Bundling B.Penetration C.Versioning D.Skimming

B.Penetration

Sven, a research analyst for IKEA, wants to segment the home furnishings market in Europe based on differences in core benefits customers seek, usage situations, brand loyalty, usage rates, and price sensitivity. Which segmentation approach would Sven use? A. Geographic segmentation B. Demographic segmentation C. Psychographic segmentation D. Behavioral segmentation E. Local segmentation

Behavioral segmentation

Sally is introducing a new product - bacon and chocolate bubble gum. She discovered a good segment: adults (18-30) in the southern region of Bacon Land. Sally is segmenting using A.Demographic only B.Behavioral and Demographic C.Demographic and Geographic D.Psychographic and Geographic E.Demographic and Behavioral

C Demographic and Geographi

Research on marketing services identifies five determinants of service quality--reliability, assurance, tangibles, empathy, and responsiveness. Empathy includes: A. Delivering and performing the service dependably and accurately B. Appearance of physical facilities and personnel C. Access, communication, and understanding D. Helping customers promptly E. Competence, courtesy, credibility, and security

C. Access, communication, and understanding

A sketch or composite picture of the ideal customer who buys or may buy the firm's products is known as a(n) A. Decision maker B. Gatekeeper C. Buyer persona D. Personal shopper E. Influencer

C. Buyer persona

Expectancy model of motivation includes expectancies, instrumentalities, and valence. The valance part of the model answers the question: A. How many competitors in the category? B. How will my effort affect my performance? C. How much do I value the reward? D. How much money can I expect to make? E. How will my performance be rewarded?

C. How much do I value the reward?

Why dosen't "me too" positioning work as a value positioning strategy? A. Competitors are just too difficult to copy B. Competitors may have lower cost structures C. This positioning approach does not give consumers a reason to change D. Imitation is the sincerest form of flattery E. Customers want consistency among competitors

C. This positioning approach does not give consumers a reason to change

Dave loves apple products. He is loyal to apple and has bought the iPhone 3, iPhone 4s, iPhone 5, and iPhone 6. Dave recently decided that he would by the new Gold MacBook instead of an HP. Dave's new MacBook purchase is an example of ________. A.Brand Image B.Brand Awareness C.Brand Equity D.Brand Loyalty

C.Brand Equity

Which of the following is not a common metric relevant to Paid Search? A.Cost-per-click (CPC) B.Cost-per-action (CPA) C.Clicks-per-email (CPE) D.Cost-per-thousand (CPM) E.Click-through-rate (CTR)

C.Clicks-per-email (CPE)

If a company is in survival mode, at the very least they should cover _____ costs. A.Fixed and variable B.Fixed C.Variable D.Employee Salaries

C.Variable

Service providers cannot store their services. For example, movie theaters cannot save seats from the 7:00 pm showing for the 9:30 pm showing. Airline companies cannot save seats from an empty flight in the morning for a full flight in the afternoon. Which unique characteristic of services is represented by this description? A. Intangibility B. Inseparability C. Variability D. Perishability E. Automatically

D. Perishability

Extensive, data-driven research demonstrates that the primary determinants of B2B salesperson performance are: A. Appearance, appreciation, promotion, product B. Assertiveness, charisma, charm, company C. Quotas, competition, compensation, budets D. Role perceptions, skills, motivation, and aptitude E. All of the above

D. Role perceptions, skills, motivation, and aptitude

In the late 1980s J. Crew was an online catalog exclusive, meaning that there were not retail outlets and customers ordered by phone from the catalog. This is an example of which promotional element? A.Advertising B.Personal Selling C.Sales Promotion D.Direct Marketing E.Public Relations

D.Direct Marketing

Image brands like Range Rover, Ralph Lauren, Louis Vuitton, and Mercedez-Benz connect with customers through emotional images, symbols, and associations. Which marketing mix element is emphasized the most with image brands? A.Product B.Price C.Place D.Promotion E.All of the above

D.Promotion

Break-even analysis provides a useful method for examining the relationship between price, cost, revenue, and profit at various levels of sales. At the break-even point: A. Total revenue equals total cost. B. There are no profits. C. There are no losses. D. B and C E. All of the above

E. All of the above

Market segmentation benefits companies by: A. Providing and effective way for reaching customers B. Helping allocate marketing resources C. Identifying new market opportunities D. A and B above E. All of the above

E. All of the above

Marketing managers use elements of the promotion mix to communicate value to consumers by: A. Informing them about the benefits of the product B. Persuading them to try or continue using the product C. Reminding them of the product benefits D. A and B above E. All of the above

E. All of the above

Service marketers use the expanded marketing mix when considering how to market services to consumers. The expanded marketing mix includes elements specifically helpful in dealing with the challenges of intangibility, inseparability, variability, and perishability. These elements include: A. People B. Process C. Physical environment D. A and B above E. All of the above

E. All of the above

Social media marketing may be more effective than traditional marketing communications channels because social media: A. Offers greater flexibility of content and duration B. Has credibility similar to word-of-mouth C. Can build awareness and interest at a much lower cost D. Both A and B E. All of the above

E. All of the above

To be successful, a product must have a competitive angle. A product's competitive angle defines the severity of the problem and the quality of the solution the product provides compared to the competition. A competitive angle: A. Is unique or different than current offerings in the market B. Makes a positive personal connection with consumers C. Lifts consumers over a hurdle (reduce pain or increase fun) that other competitors fail to do D. A and C E. All of the above

E. All of the above

To the buyer, price represents the money paid, or the economic sacrifice, to acquire the product. To the seller, price is the money received, or the revenue. Buyers have incentive to purchase and sellers have incentive to sell when the price is: A. Below the seller's cost of goods sold B. Below the buyer's perceived value C. Above the seller's cost of goods sold D. Above the buyer's perceived value E. Both B and C are correct F. Both A and D are correct G. All of the above are correct

E. Both B and C are correct

Suppose you are a sales manager for Qualtrics. One of your salespeople is struggling with the presentation step of the sales process. As you coach this salesperson, you begin by explaining that the purpose of the "presentation" step of the sales process is to: A. Close the sale. B. Qualify the buyer. C. Gather data on the customer. D. Create entertaining PowerPoint slides to engage the customer. E. Match the benefits of your product offering to the customer's needs.

E. Match the benefits of your product offering to the customer's needs.

Marty McFly Inc. sells hover boards to the general population. Recently a news channel picked up the story saying how much better the hover boards are than regular skateboards. This free promotion would be be represented as? A.Advertising B.Direct Selling C.Sales Promotion D.Direct Marketing E.Publicity

E.Publicity

When firms track and analyze their social media data, they find insights into: A. Demographics and psychographics of buyers B. Best time to engage buyers in social media C. Most effective social network platforms for reach and impact D. Content that works best for a given audience E. Both A and B above F. Both C and D above G. All of the above

G. All of the above