MKTG 445 Spring 2021
Using a systematic approach to market segmentation reduces the risk of neglecting segments and making wrong inferences.
True
Using primary or secondary data can be used to better describe segments and lay the foundation for marketing decisions.
True
When a marketer attempts at describing market segments based on survey data, it is important that the sample is representative of the larger population of customers (e.g., US citizens).
True
Why is the Pirate Funnel called Pirate Funnel? List its elements in chronological order.
1.Acquisition 2.Activation 3.Retention 4.Referral 5.Revenue
How many steps does the Facebook ad creation process involve? 15 5 3 9 7
7
A company that sells personal care products sends a trained observer to watch potential buyers in their homes, to monitor their morning and evening personal care routines. This is an example of ________ research. netnographic ethnographic archival experimental quantitative
?
What are advantages of the dropship distribution model? Check all that apply. The entrepreneur needs no upfront investment for production. The supplier keeps a large share of the retail price. The entrepreneur has no hassle with logistics. Customer relationship resides with supplier. The entrepreneur has no risk of stockpiling. The entrepreneur has no control over shipment time. The entrepreneur could be legally liable for production failures.
?
Why would user entrepreneurs be okay with undercutting market prices for their products (and thus give up profits)? Please check all that apply. They receive community-related benefits such as recognition and esteem. Making money off of it would just be a nice bonus but isn't a must. They get personal self-rewards from the activity. They do not perceive product development time as work time.
?
When you collect primary data to better understand your segments, what information can be considered essential (vs. nice to have)? A measure of willingness to pay A measure of shopping frequency A measure of your segmentation variable(s) A measure of income
A measure of your segmentation variable(s)
Provide an example of an entrepreneurial marketing opportunity where a new product/technology is sold to a new market. (Do not use any of the examples mentioned in the video.)
An example of an entrepreneurial marketing opportunity where a new product/technology is sold to a new market could be psilocybin that drug companies will begin selling to those with eating disorders, which is a new form of medicine to a group of individuals who have never had any form of medicine issued to them, making them a new market.
Which phases constitute the A3R3 Funnel? Awareness, Acquisition, Activation, Retention, Revenue, Referral Awareness, Recall, Activation, Reinforcement, Arousal, Repurchase Awareness, Activation, Action, Retention, Revenue, Referral Awareness Awareness, Acquisition, Action, Retention, Reselling, Referral
Awareness, Acquisition, Activation, Retention, Revenue, Referral
... marketing involves a more direct channel of distribution. Sustainable B2C Relationship B2B Growth Product
B2B
Sarah has come up with an idea for a new product and is presenting this idea to some potential consumers. She has prepared a mock-up of the product since it does not yet exist. Sarah's main goal of talking to others is to get an understanding of how customer acceptance may look like. What stage of the Product Development Process is Sarah at? Concept Stage Idea Stage Product Development Test Marketing Stage Marketing Strategy Development
Concept Stage
What are the pricing parameters that (typically) determine the range of a sales price for a newly developed product? Check all that apply. Most expensive competitor product in the market Consumer income Competitors' costs of production Consumer willingness to pay Costs of production
Consumer willingness to pay Costs of production Competitors' prices
Which is not a growth hacking strategy? Ambush marketing Product marketing Content marketing Content marketing Advertising
Content marketing
From the viewpoint of the consumer, new products can be classified depending on how much behavioral change or new learning is required. How are the three classes called? New Product for Existing Market; Existing Product into New Market; New Product for Emerging Market Radical and Breakthrough Innovations Strategically Continuous; Continued Learning; Disconnected Innovations Continuous; Dynamically Continuous; Discountinuous Innovations Continuous; Discontinuous; Ordinary Innovation
Continuous; Dynamically Continuous; Discountinuous Innovations
Which strategies can entrepreneurs use to disrupt an inertia mindset? (Check all that apply.) Create fear-of-missing-out. Offer guarantees. Improve the objective quality of the product. Stimulate variety seeking. Arouse new consumption goals.
Create fear-of-missing-out. Offer guarantees. Stimulate variety seeking. Arouse new consumption goals.
Ideally, activities that are rewarded should __________ __________ for the business. minimize costs maximize costs create value be new
Create value
The McMullen-Shepherd model discusses two stages of entrepreneurial action. Which of the following statements are correct? C. Stage 1 is determining whether an opportunity exists for oneself. F. Stage 2 is about the importance of knowledge, motivation, and investor relations. D. Stage 1 often results in realization that an opportunity is not something for oneself. E. Stage 1 is the realization an opportunity exists for someone.
E. Stage 1 is the realization an opportunity exists for someone.
A collection of songs is a straightforward example for the option of selling them in a bundle. What are other ways for entrepreneurs to create bundles that help increase profits? Think of the entrepreneurial opportunity your team pursues. What bundles could you offer? Please describe in ~100 words.
Entrepreneurs can create bundles in several ways to help increase profit by implementing a buy more save more mindset, by allowing for potential customization to bundling, and by suggesting bundling for products that are already popular and are already frequently purchased. I believe that for our mobile application that has the goal to make ordering and having access to your tab can have a bundling approach by offering 5 $10 gift cards for $30, where this may actually lead to more individuals using our application rather than paying the normal way, as they would technically receive $50 credit for $30. This could eventually have a huge impact on our app by making it a preferred method in restaurants and could benefit restaurants who choose to integrate our mobile application in their restaurant by keeping more returning customers.
A "less for much less" positioning statement is undesirable for entrepreneurs.
False
A "more for more" statement is more desirable than a "more for less" statement.
False
Offering a product bundle is attractive because your profit margin is always higher, compared to selling products individually.
False
SEO involves online and social media optimization.
False
The difference between reach and impressions is that impressions only count unique visitors.
False
The reason why offering a product bundle increases profits is that it always leads to larger profit margins than selling products individually does.
False
There is no need for entrepreneurs to be proactive about PR - the media will find them and will be happy to feature their story as long as the product has high quality.
False
To reduce uncertainty among consumers that comes with a new brand and product, entrepreneurs can use segmentation and price discounts.
False
Two perspectives on eWOM are valence and sentiment.
False (valence and volume)
Marketing strategy and action decisions answer the question: Where do we come from How do we get there? Where do we want to go? Why do we do this?
How do we get there?
How would you define marketing?
I would define marketing as the process of creating and delivering content and general offerings that can potentially appeal to clients, partners, and other interested parties. This content can present a product's unique attributes and therefore attract and interest more individuals to the product or service being sold or bought. Marketing has many different factors, including the 4 P's (product, price, promotion, and place).
In your own words, how would you describe SEO?
In my own words, SEO is the general process of enhancing your website by expanding its search visibility which has the ability to attract potential customers, along with existing customers. SEO determines specific key terms when an individual searches a phrase and therefore can alter the content to the preferences of the searcher.
When advertising for their new product, entrepreneurs need to decide how their ad should appeal to consumers. For new products, which advertising appeal will likely fail to get the most favorable response? Positive emotional Informational Neutral emotional Negative emotional
Negative emotional
Which is not an imitation strategy? Not me Franchising Me too Sorry, you can't trick me. All of the possible answer choices are imitation strategies.
Not me
Which tool can be used to utilize consumer perceptions of product categories and brands within that category for positioning purposes?
Perceptual mapping
Which is not a digital marketing instrument? Social media marketing Print ad Email marketing Display ad Search engine marketing Location-based marketing communication Affiliate marketing
Print ad
o draw a perceptual map, information is needed on: (Check all that apply.) Purchase criteria deemed important by consumers. The location / place of residence of consumers. What an "ideal" brand would offer. Consumer ratings of existing brands on purchase-relevant criteria.
Purchase criteria deemed important by consumers. What an "ideal" brand would offer. Consumer ratings of existing brands on purchase-relevant criteria.
Indicate which combination of purchase criteria is used in most perceptual maps: Quality & Benefits Design & Battery Life Segment Size & Growth Psychographic & Behavioral Quality & Price Psychographic & Socio-demographic
Quality & Price
What is true about discontinuous innovations? Require new learning Require some relearning Can face reduced acceptance Require no behavioral change
Require new learning
Marketing goals should be: S.W.I.F.T. S.M.A.R.T. R.A.P.I.D. A.G.I.L.E.
S.M.A.R.T
What is true about search engines such as Google? Search returns are organic and list the best websites for a given query. Search returns are riddled with advertising.
Search returns are riddled with advertising.
Core audience uses five criteria to define your target audience. Except for "Connections," these criteria should sound familiar. In which context have your seen them before? Pricing Positioning Promotion Situation analysis Market research Segmentation
Segmentation
Which of the following variables does not influence the degree of direct distribution? Strategy-related variables Sorry, you can't trick me. All of the possible answer choices influence the degree of direct distribution. Product-related variables Transaction cost variables
Sorry, you can't trick me. All of the possible answer choices influence the degree of direct distribution.
A "less [quality/benefits] for more [price]" positioning statement is undesirable for entrepreneurs.
True
A "less [quality] for more [price]" positioning statement is undesirable for entrepreneurs.
True
A common trend for entrepreneurs is to focus on growth first, followed by readjusting their strategy to become more profitable.
True
Customization limits the potential for economies of scale but makes the product more appealing to a larger audience.
True
The difference between a discount strategy and using coupons for sales promotion is that the latter is a promotional tactic intended to boost sales in a short time frame (mostly to hit some sales objectives at the end of a quarter or during holidays).
True
To improve segmentation outcomes, one can combine two or more variables.
True
To reduce the uncertainty among consumers that comes with introducing a new product, entrepreneurs can use informational advertising or comparison marketing.
True
When it comes to product life cycles, there is a tension between producers and consumers. For entrepreneurs, this means they need to consider how frequently their products need to be updated and replaced by new generations.
True
What approaches to measuring consumers' willingness to pay do exist? Check all answers that apply. Using a direct type of measurement in a hypothetical context. Using an indirect type of measurement in an indirect context. Using a direct type of measurement in a real context. Using an indirect type of measurement in a hypothetical context. Using an indirect type of measurement in a real context. Using a real type of measurement in a hypothetical context.
Using a direct type of measurement in a hypothetical context. Using a direct type of measurement in a real context. Using an indirect type of measurement in a hypothetical context. Using an indirect type of measurement in a real context.
According to VentureChoice.com, what is the difference between an idea and an opportunity? You can make a profit from it There aren't too many competitors Customers will buy it You can build it and get into the market
You can make a profit from it There aren't too many competitors Customers will buy it You can build it and get into the market
Trinity is advocating for keeping her company's retail locations open. Part of her arguments centers on the benefits that retail locations provide over online stores, which includes facilitating consumers in obtaining immediate gratification and _______________: being able to provide consumers with meaningful, detailed product information enabling consumers to viewing a greater selection of products allowing the opportunity to touch allowing consumers to compare prices from competitors efficiently providing consumers with personalized offers
allowing the opportunity to touch
Typically, which resources are not scarce when entrepreneurs form a new venture? a. Time b. Ideas c. Personnel d. Money
b. Ideas
The smart entrepreneur that seeks a realistic estimate of consumers' willingness to pay would directly ask consumers about the maximum they would pay for the product and ___________________. deduct 5-10% from the average competitor sales price. add 5-10% to the average number they get as a response. add 20-25% to the average number they get as a response. deduct 20-25% from the average number they get as a response. add 5-10% to the average competitor sales price. deduct 5-10% from the average number they get as a response.
deduct 20-25% from the average number they get as a response.
Malia is an entrepreneur that has established their own website and retail stores through which they sell their products. This indicates that Malia is utilizing a(n) __________ channel structure. post-modern direct indirect
direct
Besides creating brand awareness and favorable brand attitudes, a main objective of digital outbound marketing is to _________. identify search keywords engage followers on Instagram rank high in Google encourage brand action
encourage brand action
Enjoyment and aesthetic appeal are examples of: altruistic benefits social benefits economic benefits hedonic benefits
hedonic benefits
Google's tool for finding new keyword ideas is called
keyword planner
Entrepreneurial opportunities are those situations in which ______, ______, or ______ can be introduced and sold at greater than their cost of production. Please check all that apply. bricolage raw materials organizing methods new goods
raw materials organizing methods new goods
Exposure to (un)favorable eWOM can alter consumer preferences for a product. Which are the three eWOM factors that have been linked with increased sales?
review valence crtics' reviews third-party sources
In the article, it is mentioned that gamified elements should be inherently _______________. difficult individualistic fast paced social
social
Status and esteem are examples of: hedonic benefits social benefits altruistic benefits economic benefits
social benefits
For startups, the marketing budget typically is between _____ and ____ % of forecast sales. 10, 25 15, 30 15, 25 12, 15 12, 20 10, 15
12,20
According to the text, what are signs of a bad opportunity? Entrepreneur acts out of desperation Big talk but little action Product is for niche only History repeats itself
?
Which is not a growth hacking strategy? Product marketing Ambush marketing Advertising Content marketing
Ambush marketing
After you have learned the "official" marketing definition by the American Marketing Association, what do you consider its most important elements? How can this definition be a guide for your group project (i.e., the development of an entrepreneurial marketing plan)? Write 300-400 words and state the word count at the end of your answer. The answers to each of the two questions will be graded as follows: 0 pts - no submission/inadequate answer 1 pt - below-average answer 2 pts - average answer 3 pts - superior answer (Note that this means the majority of students should expect 2 pts.)
After learning the "official" marketing definition by the American Marketing Association, I consider its most important elements to be two main parts of the definition. "the activity, set of institutions, and processes" is a crucial part of the definition, as it points to the idea that marketing is not just an activity, a set of institutions, OR processes, but rather all three, hence the 'and'. This insinuates that marketing can be as little as a quick activity and as large as a set of institutions and processes, which clearly describes the large range of marketing that can exist, especially entrepreneurial marketing. Marketing heavily consists of carefully strategizing and going through a process to ensure that it is done efficiently and effectively, which is a point that they carefully brought across without explicitly saying so. Aside from that, is the part that states "for creating, communicating, delivering and exchanging", which also retains huge importance in this definition. This shows that marketing can come in different forms and methods, along with different types of interactions rather than just delivering, and more so comes in a mutual format. I think it's really important to approach marketing with the mindset that it is one of the most crucial parts of a business model, as it essentially connects society to the product both directly and indirectly. These four key words I believe connect to the four P's of marketing, place, price, product, and promotion, where you need to be able to create, communicate, deliver, and exchange when it comes to places, prices, products, and promotion. The definition can be a guide for our group project by encouraging us to take several approaches to our marketing plan, including making creativity and communication two of our main goals throughout our entrepreneurial marketing plan and our other deliverables. Making sure that we approach all of our projects with this definition in mind will lead us towards success by making sure that our marketing plan strays away from attempting to advertise, sell, or manipulate and aim towards creating, communicating, and delivering VALUE to society. This definition will also allow us to keep in mind that having some type of value is also really crucial to a successful business plan. Word Count: 371
Ideally, gamification activities that are rewarded should __________ __________ for the business. create value be new minimize costs maximize costs
Create value
To wrap it up, what can - and often does - go wrong when entrepreneurs segment the market? (Check all that apply.) Overreliance on ease of identifying segments. Consumers across segments are too heterogenous. Consumers within a segment are too homogenous. Not all market segments are identified.
Overreliance on ease of identifying segments. Not all market segments are identified.
What does the acronym PEST stand for?
Political Economic Socio-cultural Technological
Understanding consumers and competitors is important for: Targeting Franchising Segmentation Positioning B2B relationships
Positioning
A perceptual map that is based on more than two dimensions is more complex to analyze but offers a greater potential to identify spots for unique positioning.
True
While marketing is part of business plans, a marketing plan is also meant to stand alone.
True
Positioning based on (consumption) benefits can refer to ________. (Check all that apply.) social benefits economic benefits economies-of-scale benefits hedonic benefits altruistic benefits
social benefits economic benefits hedonic benefits altruistic benefits
Ultimately, market segments represent _____________. the levels of segmentation variables the number of segmentation criteria the name of segmentation variables the name of segmentation criteria
the levels of segmentation variables
Applying the voice-of-consumer approach, an entrepreneur has provided 100 consumers with a short product description and asked them how likely it was that they would buy from her business. The replies were as follows: (refer to lv quiz 3_2) The consumers spend an average of $100 on a similar product and 100,000 potential customers live in the trade area. What is the projected revenue?
2,500,000
You believe you can reach a market share of three percent in a market that is estimated to be $2,000,000 next year. What revenue do you project? (Enter the numerical value only.)
60,000
You have talked to 150 potential customers of your new product, and these people spend an average of $60 per year on a similar product. Each consumer would also indicate how likely they were to purchase your product. Responses were:Very unlikely: 30Unlikely: 10Neither unlikely nor likely: 20Likely: 55Very likely: 35 If 25,000 families live in trade area, how large is the extent of your opportunity, according to the voice-of-consumer approach?
900,000
Wang and their entrepreneurial team are considering which segment they will target for their marketing mix efforts as a new, local coffee company. One team member advocates that targeting commuters is the best option, as the company's production and staff are tailored toward quickly and efficiently brewing coffee for their customers - a need which is experienced by the commuter segment. Among the several decision criteria used for selecting target segments, the one described would relate to the _________________. the size of the target segment the cost of reaching the target segment the company's competitive position toward the target segment the expected growth of the target segment size
?
When you combine two segmentation variables, how many segments will result? You multiply the number of levels of each segmentation variable and subtract all segments that seem to be small. You multiply the number of segmentation variables. You sum up the number of levels of each segmentation variable. You multiply the number of levels of each segmentation variable.
?
You have talked to 100 potential customers of your new product, and these people spend an average of $150 per year on a similar product. Each consumer would also indicate how likely they were to purchase your product. Responses were:Very unlikely: 5Unlikely: 15Neither unlikely nor likely: 50Likely: 25Very likely: 5 If 25,000 families live in trade area, how large is the extent of your opportunity, according to the voice-of-consumer approach?
?
Provide an example of an entrepreneurial marketing opportunity where a new product/technology is sold in an existing market. (Do not use any of the examples mentioned in the video.)
An example of an entrepreneurial marketing opportunity where a new product/technology is sold in an existing market would be ArcGIS Indoors, an indoor mapping product. There were already tons of indoor mapping softwares but this software stood out due to initially being acquired by the lead mapping software company in the industry, Esri. Esri then improved and enhanced this product to stand out in comparison to their competitors by making it compatible on different devices, making it accessible from almost any device. Aside from this, they added kiosk mode, and also gives individuals the opportunity to map both indoors and outdoors, something that a lot of indoor mapping softwares are not capable of.
Provide an example of an entrepreneurial marketing opportunity where an existing product/technology is sold to a new market. (Do not use any of the examples mentioned in the video.)
An example of an entrepreneurial marketing opportunity where an existing product/technology is sold to a new market could be Dutch Bros expanding to areas of the country that they do not already have locations in. Dutch Bros is primarily in the Pacific North West but are slowly making their way down south, which would be an existing product in a new market.
What is growth hacking? An umbrella term describing strategies focused on growth. A growth strategy where you hack your competitors' IT. A term describing the growth of the umbrella industry. An umbrella term describing strategies to limit non-organic growth.
An umbrella term describing strategies focused on growth.
Which phase of the A3R3 funnel is not included in the pirate funnel? Action Awareness Reinforcement Repurchase Arousal
Awareness
Halo Top ice cream, a recent start-up business with more limited financial resources than the competition, is determining which targeting strategy they will use for their organization. From their research, it appears that consumer wants greatly vary in relation to ice cream and that there is, indeed, a diverse range of potential ice cream varieties that can be produced. Given this information, Halo's best choice of targeting strategy is to select no more than two market segments in order to be successful.
False
If the outcome of a scoring approach to target segment selection differs from what the entrepreneurial team believed would be the most attractive segment, there was probably something wrong with the model, and the team should discard the score.
False
If they have the choice, entrepreneurs should always opt for a technology orientation.
False
Observable proxies are perfect substitutes for non-observable segmentation variables.
False
Positioning is concerned with the position a product occupies on a retail shelf.
False
Primary data is of primary importance to entrepreneurs as it exists already and is thus readily available.
False
The "product opportunity evaluation matrix" (POEM) is comprised of five forces that drive market opportunity, 1) sales price, 2) size, 3) color, 4) material, and 5) durability.
False
The goal of segmentation is to reduce uncertainty among consumers that comes with a new brand and product.
False
The two main objectives of an entrepreneurial marketing plan are (1) to establish how the entrepreneur will compete and operate in the marketplace and (2) how the entrepreneur can secure funding.
False
When demographic, psychographic, and other variables ares used to describe market segments, statistical analyses are of little value.
False
Which of the following is true of focus group discussions? Focus group discussions are typically lead by a moderator, who should provide unbiased questions to the group to guide their discussion. The quantitative data generated through focus groups can be evaluated quickly and economically. Focus groups are a more cost-effective method of contact and research overall than other methods of research, including online surveys. They do not lead to significant "depth" of data. They are not ideal for tangible demonstrations and hands on exposure to a company's products for review.
Focus group discussions are typically lead by a moderator, who should provide unbiased questions to the group to guide their discussion.
Which of the following is true of focus group discussions? They are not ideal for tangible demonstrations and hands on exposure to a company's products for review. They do not lead to significant "depth" of data. Focus group discussions are typically lead by a moderator, who should provide unbiased questions to the group to guide their discussion. Focus groups are a more cost-effective method of contact and research overall than other methods of research, including online surveys. The quantitative data generated through focus groups can be evaluated quickly and economically.
Focus group discussions are typically lead by a moderator, who should provide unbiased questions to the group to guide their discussion.
In your own words, how would you describe gamification? Provide one self-invented example of gamification. (Note: copy + pasting text in here will not get you all points.)
I would describe gamification as attempting to educate or accomplish a business goal indirectly, typically through a platform that acts in the same manner as games with mechanisms and standards. Gamification allows for education and information to become measurable and generally more engaging, which can increase interest for students. One of the first examples that came to mind was Kahoot!, which is a platform where a class or group of students or individuals can come together to quiz themselves and learn, while also competing against each other on who can answer the most questions right and answer them the fastest. This allows for individuals to retrieve the information quickly and also retain the information after answering the right or wrong answer.
Which of the following is not a phase of the overarching marketing process? Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships, and create customer delight Design a customer value-driven marketing strategy Understand the marketplace and consumer wants Capture value from customers to create profits and customer equity Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process.
Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process.
Which of the following is not a phase of the overarching marketing process? Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process. Engage customers, build profitable relationships, and create customer delight Design a customer value-driven marketing strategy Understand the marketplace and consumer wants Capture value from customers to create profits and customer equity Construct an integrated marketing program that delivers superior value
Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process.
Which of the following contents do not belong into an entrepreneurial marketing plan? STP (Segmentation, Targeting, Positioning) Situation analysis Sorry, you can't trick me. All of the possible answer choices belong into a good entrepreneurial marketing plan. Executive summary Customer experience design Marketing goals and objectives Budgeting
Sorry, you can't trick me. All of the possible answer choices belong into a good entrepreneurial marketing plan.
The uniqueness of a product can be based on different things. Which is not one them? Uniqueness is in the product package Uniqueness is in the consumer concept Uniqueness is in the product attributes Uniqueness is in the sales price
Uniqueness is in the sales price
When prior consumption behaviors beget further consumption behaviors of the same kind, we speak of: customer engagement marketing myopia variety seeking customer inertia
customer inertia
Which of the following is not a phase of the overarching marketing process? a. Understand the marketplace and consumer wants b. Construct an integrated marketing program that delivers superior value c. Capture value from customers to create profits and customer equity d. Design a customer value-driven marketing strategy e. Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process. f. Engage customers, build profitable relationships, and create customer delight
e. Sorry, you can't trick me. All of the possible answer choices are phases of the overarching marketing process.
The overall purpose of market segmentation and targeting is to answer the question of "who to serve," which at its core: reduces the market down to a size comparable to who the competition targets. identifies which segment of consumers is most feasible to target with micromarketing techniques. enables the marketer to effectively and efficiently use resources by developing separate marketing mixes for distinct groups of buyers who have different needs, characteristics or behaviors. identifies the largest group(s) of consumers possible in order to effectively generate a desirable return on investment. divides the market into equal sized segments of consumers in terms of size and growth.
enables the marketer to effectively and efficiently use resources by developing separate marketing mixes for distinct groups of buyers who have different needs, characteristics or behaviors.
If you are unsure about the exact market share estimate, you can modify the typical opportunity assessment approach and create multiple ______________. market share scenarios revenues business ideas target groups
market share scenarios
Cresta, a Swiss manufacturer of electric bikes, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Cresta offers a(n) ________ value proposition. all-or-nothing more-for-the-same more-for-less more-for-more same-for-less
more-for-more
Registration and purchase are two examples of conversions.
True
An entrepreneurial opportunity could stem from (check all answers that apply): A new product for a new market An existing product for an existing market A new product for an existing market A new market
A new product for a new market A new product for an existing market A new market
Marketers need to optimize the presence of keywords in their online text copy based on: Value to lead Propensity to convert Competition All of the possible answer choices are important criteria for keyword selection.. Search volume
All of the possible answer choices are important criteria for keyword selection.
Because demographics such as age and gender are easy to identify, both can be considered the most useful segmentation variables.
False
Brainstorming is a written form of brainwriting.
False
Entrepreneurial marketing is challenging because, among other things, the entrepreneur must manage existing channels of distribution.
False
Entrepreneurial marketing is easy because, among other things, the entrepreneur has total freedom of selecting their "first customer."
False
Examples of owned media are display ads and digital signage.
False
What advertising appeals can be differentiated? (Check all that apply.) Informational Negative emotional Neutral emotional Positive emotional
Informational Negative emotional Positive emotional
A line extension is: Riskier than launching an entirely new product. Less risky than launching an entirely new product.
Less risky than launching an entirely new product.
Please indicate which is not a criterion for selecting target segments: Competitive position Size of segment Lifestyle Cost of reaching a segment
Lifestyle
List the four entrepreneurial marketing priorities: (Check all that apply.) Manage existing distribution methods New product development Sell existing products to existing key customers Superior customer experience Awareness generation Brand management Brand building
New product development Superior customer experience Awareness generation Brand building
Launching a new and different product in the same category where the entrepreneur already sells a product, is called _______________. Product modification Leveraging Vertical integration Product line extension Cross-buying
Product line extension
How are package shape and brand status perceptions linked to one another? The are not linked with one another. Shorter, wider packages are associated with more status. Taller, slender packages are associated with less status. Taller, slender packages are associated with more status.
Taller, slender packages are associated with more status.
The "Product Opportunity Evaluation Matrix" (POEM) is comprised of five forces that drive market opportunity, 1) customer, 2) product, 3) timing, 4) competition, and 5) finance.
True
According to the text, SEO is about optimization for which website user? Lurkers Search engines Frequent shoppers Infrequent shoppers
Search engines
A "hook & bait" business model: Sells consumer data which it gets in return for a free product. Sells a free or cheap basic product but high-margin refil or complementary products. Sells a basic product as well as several add-on products. No answer text provided. No answer text provided. Sells a free basic product and a high-margin premium product.
Sells a free or cheap basic product but high-margin refill or complementary products.
Which of the following does not belong in this list? Social media Paid media Earned media Owned media
Social media
Which digital marketing strategies exist? (Check all that apply.) Social media marketing Shared media marketing Digital outbound marketing B2B marketing Digital inhouse marketing Digital inbound marketing
Social media marketing Digital outbound marketing Digital inbound marketing
Which four criteria do market segmentation variables fall into?
Socio-demographic Geographic Psychographic Behavioral
The McMullen-Shepherd model discusses two stages of entrepreneurial action. Which of the following statements are correct? Stage 1 often results in realization that an opportunity is not something for oneself. Stage 1 is the realization an opportunity exists for someone. Stage 1 is determining whether an opportunity exists for oneself. Stage 2 is about the importance of knowledge, motivation, and investor relations.
Stage 1 is the realization an opportunity exists for someone.
Which of the following statements is correct? Targeting is the process of identifying different market segments that are heterogenous Targeting is the process of evaluating each market segment's attractiveness & selecting one or more segments to enter Targeting is the process of identifying different market segments that are homogenous Targeting is the process of evaluating each market segment's attractiveness & develop different products for each segment
Targeting is the process of evaluating each market segment's attractiveness & selecting one or more segments to enter
Shana is planning to start a new venture. Because Shana is concerned with developing the best possible marketing mix that resonates well with customers, she is segmenting the market. After talking to potential customers and sending a survey, Shana identifies three segments, Baby Boomers, Millennials, and Gen Z. Which of the following statements is correct? The segments are probably not the most useful ones, because they lack heterogeneity, although homogeneity is given. The segments are probably not the most useful ones, because they lack homogeneity, although heterogeneity is given. The segments are very useful, because both homogeneity and heterogeneity are not present. The segments are very useful, because both homogeneity and heterogeneity are given.
The segments are probably not the most useful ones, because they lack homogeneity, although heterogeneity is given.
A popular pricing tactic is to set an artificially high (recommended) sales price and then offer the product with a discount. This way, consumers may think they get more value for money due to the perceived price-quality relationship.
True
Because you can always merge levels and thereby reduce the number of levels you work with, it is advisable to start with a more nuanced approach that considers more levels. This is particularly important if you send out surveys to learn about how frequently the different levels exist.
True
Consumer insights provide the foundation for designing a customer value-driven marketing strategy.
True
Despite sharing many similarities, problem inventory analysis is easier for idea generation than focus groups because it is easier to relate known products to suggested problems.
True
Entrepreneurial marketing is challenging because, among other things, the entrepreneur must establish initial price points.
True
Entrepreneurial marketing is challenging because, among other things, the entrepreneur must obtain their "first customer."
True
Forming opportunity beliefs often requires creative mental leaps based on superficial similarities and structural similarities between the source (such as the market) and the destination (such as the technology).
True
Gamification can be described as the application of typical elements of game playing to make marketplace offerings more engaging.
True
Imitation is not advisable if the first mover is seen as a "founder."
True
In a "freemium" business model, a company develops a free product version for one segment, and a (typically subscription based) payable, superior product version catered to another segment.
True
Marketers can frame their product as a bundle simply by putting a price tag on (some of) its components (e.g., selling all songs of a music album separately). If the 'component prices' are deliberately chosen to be high, bundling can be effective already because it makes the sales price for the entire product look more favorable.
True
Marketing research can be used to examine if consumers accept the product but also what is the most appropriate distribution strategy or what price should be charged.
True
Observable proxies are non-perfect but workable substitutes for non-observable segmentation variables.
True
Primary data is of primary importance to entrepreneurs as it can be precisely tailored to their needs and requirements.
True
Which resources are not scarce when entrepreneurs form a new venture? Sorry, you can't trick me. All of the possible answer choices represent scarce resources. Money Tutorials Time Personnel
Tutorials
What is value-based pricing? Describe the process and provide a numerical example of how you could determine an introductory price of a new product of your own choosing (except products with displays). Make sure you explicitly refer to each step mentioned in the article and you end up with a numerical introductory price.
Value-based pricing is defined as the act of setting a price calculated by a company with the intent of attempting to earn the differentiated worth of the company's product or service in relation to a specific customer segment. It is important to firstly focus on one specific segment, which is crucial in attracting a market. One example of this could be a make-up brand targeting older women rather than all women, where this brand has the ability to blur all wrinkles of their consumers. Next, one must compare the product with the next best alternative, which is essential for calculating your value-based price. Value-based pricing only works for products that have been out for some time rather than new products with no competitors. For example, this brand could compare itself to a brand that may appeal to more age groups and still partially does wrinkle blurring. Next, one must also understand the differentiated worth by determining the unique product features in comparison to the competitor's product features. Lastly, one must place a dollar amount on the differentiation by asking consumers how much they would pay for a product and also looking at the competitors' pricing. In my example, this could be asking older women how much they would pay for this specialized makeup. If the average individual said they would pay $20 more than the competitor's price of $30 for this extra technology, this means that they would pay $50 for my product. This would not mean that this would be the price, as we would probably deduct from this total to make the price more reasonable, potentially by knocking off 20%.
What formats are available for your Facebook ads? (Check all that apply.) Video Playables Carousel Reel Slideshow Stories Messenger Collection Photo
Video Playables Carousel Slideshow Stories Messenger Collection Photo
Which of the following questions can be impossible to answer for new ventures? Sorry, you can't trick me. All of the possible answer choices are impossible to answer. Where do we want to go? Where have we been? How do we get there?
Where have we been?
Choose one of the following sources and describe how you can generate a business idea from that source. (write ~200 words and state the word count at the end) Consumers Existing products Distribution channels
You can generate a business idea from an existing product by looking at competition and existing products in the market and analyzing how consumers utilize the existing products and what specific products they favor over others, as well as why they favor those products or features of a product over others currently in the market. Doing this will allow me to narrow down my ideas to only the most realistic ideas and the ideas that may give me the highest return and highest consumption rate. Aside from this, one may also look at what the products that already exist lack, whether that be certain features that could make a newer product more attractive or slight enhancements on features that already exist to 'change the game'. This would help me in creating a product that is still similar to the other products in the market but unique enough to the point where individuals will find my product more attractive over others due to my better attention to detail and my enhanced and unique features. Lastly, you can use existing products to generate business ideas by looking at the way that existing products are marketed and how they get individuals to purchase their items so that I can use an enhanced version of their marketing strategy for my own product, which could reach more individuals and potentially attract a new market.
Electronic word of mouth is: the act of consumers providing information about products and brands to other consumers through the internet. the act of recommending a product or brand to your neighbor when you meet them in front of your house. the act of using electronic assistants for voice detection. the act of consumers providing information about colleagues and celebrities to their friends through the internet.
the act of consumers providing information about products and brands to other consumers through the internet.
