Midterm - Marketing Management
CLV stands for ____.
customer lifetime value
Which of the following questions does a value proposition answer for a prospective customer? (Choose the best answer.)
"Why should I do business with you?" and "How are you different than your competitors?"
Having a bad meal or poor service at your favorite fast food restaurant is an example of ____.
Brand experience
Apple is known for its clean design, use of white space, and a generally uncluttered, streamlined look and feel. This is an example of ____.
Brand identity
Red Bull utilizes exciting, extreme sports videos and imagery in its communications. This is an example of ____.
Brand identity
Heinz ketchup may be your favorite, but if a competing brand is cheaper, you'll buy it. This is an example of ____.
Brand preference
Apple having $260 billion in revenues and a company worth of $2 trillion is an example of ____.
Brand value
True or False: Marketing entails developing a strategy and executing to support the strategy.
T
True or False: Marketing management is defined as "planning, executing, and managing a variety of functions to deliver value to the customer and the organization."
T
True or False: The "consumer buying process" begins with recognizing a problem or opportunity.
T
True or False: The "value exchange" is the idea that two parties both give and receive something of value.
T
True or False: The 4 Ps was largely focused on "product" when it was developed in 1960.
T
True or False: The Tesla brand is associated with the luxury, high-powered, electric car subcategory of automobiles.
T
True or False: There are six commonly held benefits that customers may (or may not) experience from making a purchase.
T
True or False: Valuable brands are intentional and internally driven.
T
True or False: You have to be aware of a brand, product, or service before you can purchase it.
T
LTV
lifetime value of a customer
Increasing customer retention rates by _____ increases profits by ________to______.
5% 25-95%
Acquiring a new customer is anywhere from ____________ times more expensive than retaining an existing one.
5-25%
Harley Davidson selling branded perfume is an example of ____. (Choose the best answer.)
A brand extension
Brands can create a lot of value by developing new ____. (Choose the best answer.)
Both categories and subcategories
True or False: The Business Buying Process is exactly the same as the Consumer Buying Process.
F
A company has to manage selling the same product to different customer segments in different places. This is called ____.
Channel conflict
Someone purchasing on price — whether it's the cheapest or the most expensive, is an example of ____.
Cost benefit
True or False: There is only one type of competition for businesses — direct competitors.
F
True or False: There is really only one type of customer — a new customer.
F
In the Business Buying Process, there are often several people involved in making the purchase decision, including all except ____.
Executive management who have the final say over all purchase decisions
True or False: "Brand value" refers to a company's annual revenue and profits.
F
True or False: A line extension refers to a brand moving into an entirely new category.
F
True or False: Customer retention is NOT a primary objective in subscription / recurring revenue models.
F
True or False: Customers don't have much power over companies through their purchases.
F
True or False: If someone makes a purchase based on a functional benefit, it means they have always purchased that particular product.
F
True or False: If you work hard in marketing for a few years, it is likely you will reach the level of CMO within 10 years of graduating.
F
True or False: Most recent graduates would likely step into a marketing manager role right out of college.
F
Which of the following is NOT a marketing "basic" as described in the "Marketing Management Today" textbook?
Getting customers to buy your product
Customer Lifetime Value (CLV) and Customer Acquisition Cost (CAC) help companies determine ____.
How much customers are worth to the organization and how much should be spent on acquiring new customers
Brand perception ____. (Choose the best answer.)
Is initially the feeling about a brand and ultimately is the intersection between brand promise and brand experience
Grouping prospects and customers by various characteristics, behaviors, and traits is referred to as ____.
Market segmentation
"Marketing is art and science" means which of the following? (Choose the best answer.)
Marketing is creative and analytical.
MRR stands for ____.
Monthly recurring revenue
The 4 Ps are...
Product, Price, Place, Promotion
True or False: If you love Nike and purchase a new pair of Nike shoes every year, it is reasonable to assume the Nike "brand" has impacted CLV.
T
True or False: "Brand" can mean many things, but a common definition is a promise to the customer that they will receive something of value for money spent.
T
True or False: "Performance review" is a step in the Business Buying Process.
T
True or False: A persona expands on standard market segmentation with more detail based on research representing an ideal customer.
T
True or False: A social benefit means making a purchase because it makes the buyer feel a sense of belonging to a particular group or class.
T
True or False: A target market is a group of people with similar characteristics who may be likely to buy a company's products or services.
T
True or False: Brand architecture refers to the way a company organizes its portfolio of brands, products, and services in a consistent and cohesive way.
T
True or False: Brand identity is important because it impacts our senses and emotions.
T
True or False: Brand positioning is defined as "creating a unique place in someone's mind when they think of a brand."
T
True or False: Brand purpose refers to a brand standing for something deeper than just revenue and profits.
T
True or False: Brand relevance means there is only one relevant choice for a consumer and that all other choices are irrelevant.
T
True or False: Brands create value for the company and the customer.
T
True or False: Brands often have personalities, similar to people having personalities.
T
True or False: Categories and subcategories are important to building valuable brands.
T
True or False: Companies should be as concerned about indirect competitors as direct competitors when it comes to customers.
T
True or False: Customer experience could be characterized as the culmination of all the interactions and touchpoints a customer has with a brand.
T
True or False: Customer retention is about companies keeping the customers they already have.
T
Customer Lifetime Value (CLV) could best be described as ____.
The worth of a customer over their lifetime of doing business with an organization
CAC formula
Total ad spend/total customers acquired
The primary goal of the "Marketing Management Today" textbook is to help you ____. (Choose the best answer.)
View marketing from both customer and company perspectives
