Marketing final
What is the role of brand management in marketing? A. Brand management is slowly being eclipsed by product management due to digital disruption, but it is still used in more traditional firms. B. Brand management is a niche field of marketing that only large companies include in their marketing plans. C. Building a strong brand is the essential foundation for successful marketing. D. Branding is the last step in marketing and can come only after a marketing materials have been developed and tested.
C. Building a strong brand is the essential foundation for successful marketing.
A marketer is in charge of which of the following tasks in a business? Creating a strategic plan to guide branding, marketing, and communications Directly selling products to customers Developing and fostering interaction between departments in the business Producing the company's long-term financial forecasts
Creating a strategic plan to guide branding, marketing, and communications
Branding is figuring out how to make your product ____________ in the minds of consumers. Valuable, exciting, and transformative Novel, important, and exciting New, improved, and special Different, better, and special
D
Edward Deming wrote that 94% of problems in most corporations are due to inadequate _________. Management Branding Human resources Systems
D
How can businesses cope with the quick pace of digital disruption? A. Provide as many routes to purchase as possible. B. Rely on forecasts from economists to know how to proceed. C. Adopt new technologies immediately after they are released. D. Let marketing lead the way.
D
The brand positioning statement provides the foundation for __________. Advertising Pricing Promotions All of the above
D
The first words of the "Reason Why" in the brand positioning must be what? To illustrate What it does Brand name That's because Product mane
D
What innovation problem led to the failure of Kellogg's Breakfast Mates? Marketing for the product appealed to the wrong target audience. The new product was not different from anything that was already offered in the market. Customers disliked the taste of the new product. The product required a new distribution system that led to many difficulties.
D
What is a "concept" as described in this topic? An idea from a brainstorming session deemed to have merit by the moderator An explanation of the target audience, benefit, and compelling reason why for a product A proposed design or schematic plan for an innovation A one-paragraph ad for a proposed innovation based on the
D
What is the law of gravitational marketing? The most successful new products are those that catch the eye of highly influential people, who then draw others to the new product with the weight of their opinion. Products that draw on new and exciting scientific research will always be ahead of the game in marketing. Customers tend to gravitate toward what they are already familiar with, so it pays off in the end to imitate existing products. To successfully introduce a new product, you must disrupt marketplace equilibrium by offering something significantly different, better, and special than current offerings.
D
What term was coined by that Company for when a consumer turns to a device to take action on what they want? Critical moments Four-circle moments Purchase moments Micro moments Inclusive moments
D
When customers react negatively to small price changes, its called: Price discrimination Price elasticity Price insensitivity Price sensitivity
D
When pricing through the product life cycle, at which inflection point do you have to start dropping price? Mature Introduction / Early Adopters Growth Declining
D
Which company invented the business strategy of brand management? UPS Disney Coca-Cola Procter & Gamble
D
Which of the following is a way to reduce risk in the innovation process? Don't spend too much on marketing at first Fail once and don't fail again Invest is prototyping and manufacturing early so you can ramp up easily Conduct concept testing Get nationwide distribution quickly
D
Which of the following is true about innovation? Innovation becomes necessary only when competitors have shown signs of adopting new technologies and innovations. Well-established companies have little need for innovation due to brand name recognition. We have no idea if innovation will be important 10 to 20 years from now, so it's best to wait it out and see if it becomes necessary. Companies that fail to innovate will eventually see their brands decline and die.
D
Which type of device should brands focus on using to earn customers and why? Mobile—customers perform more searches on mobile devices than on computers. Desktop—customers actually go through with purchases more often on desktop than mobile. Mobile—customers can use mobile devices on the go, which is where they do most of their shopping and researching. Both mobile and desktop—customers cannot be separated between mobile and desktop users, because both play a role in the purchase journey.
D
In order to find success, marketer's must have product superiority versus competitors products and services. T/F
F
The monetary cost of a pruduct or service is the primary decision maker of whether or not to make a purchase. T/F
False
To be successful in today's competitive environment, marketer's should spend most of their efforts on finding ways to lower the price of their products and services to customers. T/F
False
When determining a pricing strategy, your competitors price is the primary factor in determining what you can charge. T/F
False
You are the BIGGEST Utah Jazz fan that ever lived, and are buying tickets today for the upcoming Jazz game in Salt Lake City. The ticket prices are $250 each, and you need four tickets for your family. (Total cost $1,000). Which life currencies likely impacted your decision to make such a large purchase? Human Energy Convenience Space Love Frustration Information
Fear; Love
Which of the following contributes to an effective environment for brainstorming? Scheduling it midday so everyone's awake Fun An office conference room Having just your core group participate to retain security of the ideas Lots of people
Fun; Lots of people; Having just your core group participate to retain security of the ideas
Since 2017, consumers have watched video content the most on which type of technology? A. Televisions B. Desktop computers C. Movie screens D. Mobile phones
Mobile phones
You live in a small, rented one-bedroom apartment that's about 566 sq ft. You were out shopping today, and walked into Costco. By the doors they have the TV's displayed. Your eyes are drawn to the magnificent 83 inch LG OLED that's on sale for $3,899. It's expensive, but its also AWESOME. The prettiest picture you've ever seen on a TV. You just got your tax return, so you have the cash available to buy it. You REALLY want it, but you walk away and don't purchase it. What life currency most likely drove this decision? Money Trust Quality Fear Expertise Space Human Emergy Love Information
Space
A good friend told of this cool new shoe called Kizik that you can step right into without needing to bend down or tie shoe laces. No heel crushing, no hands. Interesting, right? You are standing in their new store at Fashion Place Mall, but it's busy with customers and only one clerk is working. You want to try on a pair of their Athens model (price $129) and ask some questions (like, does the back of the shoe break down and wear out quickly?). You've been standing around for 20 minutes and the clerk is still busy, so you leave the store. What life currencies likely caused you to leave without making a purchase? Location Information Trust Space Benefits Location Innovation
Space; Information
The combined working mission and operating charter create the backbane for developing the marketing plan. T/F
T
How has the media consumption of young adults and teenagers changed in recent years? A. These groups prefer watching TV on streaming services but have resisted the same trend with music streaming services. B. These groups tend to browse the internet for information and entertainment rather than relying on print sources. C. These groups tend to read more news and consume less video content than previous generations. D. These groups tend to use the TV to watch shows rather than play video games.
These groups tend to browse the internet for information and entertainment rather than relying on print sources.
A marketer's job is to _____________. Increase brand affinity by creating content that will cause consumers to come and linger for longer than they do for competitors' content Make a bigger impression than any other brand or company to get noticed by consumers in a favorable way Understand how a product or service fits into the target consumer's life in a way that will make their life better and tell them that Introduce new products in a way that appeals to the strongest appetites of potential consumers, such as a desire for money or sex
Understand how a product or service fits into the target consumer's life in a way that will make their life better and tell them that
Which of the following describes responsive purchasing? When people conduct heavy research before making a purchase decision When brand management doesn't have much of a role in the purchase decision When the customer doesn't consider any alternatives to purchasing a particular brand When a customer makes a purchase based on a recommendation or an advertisement
When a customer makes a purchase based on a recommendation or an advertisement
Operating charters are created at which level of an organization? Each department can create its own operating charter. The management team typically has an operating charter for the executive officers to follow. The organization as a whole has one operating charter. Each person within an organization creates their own operating charter.
a
What is an operating charter? A single sentence that helps focus employees on the company's ultimate objective and map out the road to success A document that defines interactions and authority across and between groups in an organization or department An often long and flowery description of the company's objectives published for the public to read A legal form that must be filed with the state to register a business
b
How long should a working mission statement be? One page As long as it needs to be to convey the company's values One sentence One paragraph
c
What is a working mission statement? An often long and flowery description of the company's objectives published for the public to read A draft of a company's mission statement that is built from the input of both employees and management A concise statement that helps focus employees on the company's ultimate objective and map out the road to success A chart that provides a hierarchical structure of organizational roles and responsibilities
c
What question does the working mission statement aim to answer for employees in a business? When are your projects due? How well do you do your job? What do you do? Who is your boss?
c
Which of the following is an element needed when building a working mission statement? Who your biggest investors and supporters are Who is in charge of different responsibilities in the company The core ideas that sum up your job activities The key constraints that limit the way you work
c
An important principle when creating new ideas is that innovations must _____________. Thrive on their own merit, not just because of having a known brand name Be connected to a well-known company or brand Carry a name that is obvious to consumers in explaining what the product is Build on the innovations of competitors
A
What are the two main types of research that marketers use that are related to the number of people that the research is conducted on? Qualitative research and Quantitative research Primary research and secondary research Quantitative research and segmentation research Systematic research and objective research
A
What does "Kitchen Logic" mean? You need to ensure that you've stated your reason why in a clear, uncomplicated way such that two people sitting at the kitchen table could explain it easily to one another. You need to ensure that the reason why is presented in an orderly manner, or else you won't be able to find the right utensils when you're "cooking up" a campaign. You need to ensure that the reason why statement is equally understandable to the entire family from young children to seniors. You need to ensure that the reason why plays on the senses of consumers, as if they were smelling or tasting their favorite meal cooking.
A
What is the cardinal rule of brainstorming? Keep all ideas and treat them as if they are great, no matter how ridiculous they sound. Assume that everyone has something to contribute. Do not stop until you have all agreed on the best idea. The moderator has the final say on which ideas have merit.
A
What is the difference between marketing and branding? Marketing focuses on execution, while branding is the strategy that guides the marketing. Marketing is the underlying strategy, while branding includes the tactics used to carry out the strategy. Marketing and branding are one and the same. Marketing is done by marketing teams, while branding is carried out by sales reps.
A
What is typically the key to success in marketing? Differentiating your product or servuce from competitors' products / services so that they see you as the ONLY solution to their problem. Offer just a few good products rather than a large variety of mediocre products. Offer the lowest prices compared to competitors. Stick with old-school marketing techniques rather than quickly adopting new and popular ones.
A
What pricing strategy is used by airlines to maximize profit? Dynamic pricing Skimming Captive product pricing Product bundle pricing
A
What should a brand's online content focus on? Creating snackable, educational content Increasing the number of "purchase here" opportunities Having step-by-step instructions Making the hard sell
A
What three attributes of a company's message do consumers say influence brand perception? Quality, timing, relevance Easy to find, easy to use, easy to understand Informative, easy to find, valuable Helpful, relevant, widespread
A
When the Maverik Convenience Store chain enters a new market, they price their gasoline at a 25 cent discount to the competitive prices at existing gas stations in order to attract gas buyers and force the other gast station owners to sell their stations to them. What is this pricing strategy called? Predatory pricing High-low pricing Targeted pricing Price prejudice
A
Which of the following best describes price elasticity? Sell until the marginal profit equals the marginal cost. Sell at a high price to enhance brand image and brand berception Specialize so that you get manufacturing efficiencies. Buy low, sell high. Sell at a low price to capture market share
A
Which of the following correctly describes a line extension? A line extension borrows the name and brand equity from an existing product to create new products within the same product category. A line extension uses a well-established brand name to create new products in different product categories than those it usually competes in. A line extension involves changing the brand name of a product currently offered by a company. A line extension benefits from the success of another company's brand by creating a new, similar product at a different company.
A
Which of the following is a life currency that a marketer could manipulate, as discussed in this topic? All of these Space Time Love Information Money
A
Which type of pricing changes the price depending on time of day? Price Discrimination Cost-plus pricing Premium pricing Loss-leader
A
What are the four stages of the AIDA model? Awareness, interest, desire, action Alignment, integration, delivery, acknowledgement Avoidance, interest, denial, acceptance Autonomy, inspiration, dedication, action
Awareness, interest, desire, action
An important principle when creating new ideas is to push _________, not ___________. Product features; consumer advantages Consumer benefits; product functions Positive viewpoints; negative criticism Value created; price points
B
Branding is about understanding how your product or service fits into the customers ______ in order to make it better? Trust Life Decision choice set All of the above
B
How do we define the life currency "Frustration"? A feeling of anger from inner turmoil. A feeling of dissatisfaction from unfulfilled needs or problems. A feeling of indifference from others. A feeling of resentment from neglect.
B
How would you define market research? Concept testing The systematic gathering information about consumers' needs and preferences. Systematic planning Repetitive product evaluation
B
The __________ method of brainstorming is often successful because it uses the brain to absorb and process things or events, then make new connections. Brain draining Stimulus response Creative juices White board
B
The ___________ is at the center or every marketing decision. Market analysis Consumer Brand management Product
B
What are the three main elements of a brand positioning statement? Awareness, buy-in, click-through Target audience, benefit, compelling reason why Analytics, brand awareness, call to action Attention, brand name, company values
B
What are the three strategies essential to winning micro-moments? Track, target, trigger Be there, be useful, be quick Anticipate, connect, eliminate Be ready, be available, be dependable
B
What are the two ways to be quick on mobile sites or apps? Decrease screen changes and increase instruction availability Eliminate steps and fill in forms Fewer clicks and more comprehensive steps Drop-down menus and touchable content-to-order
B
What company's research department discovered the moments that matter when it comes to online e-commerce for business? The Nielsen Company Google Meta McKinsey Consulting Accenture
B
What is an example of a product that offers a functional benefit? A car that looks expensive An energy drink can that is resealable A security system that provides peace of mind A shirt that makes you feel attractive
B
What is the key to creating an emotional connection with the consumer? Benefits Trust Patience Eye-catching marketing
B
What phrase should always begin the articulation of the benefit in brand positioning? "That's because" The product name "New and improved" "Not only . . . but also"
B
When someone makes a local search, 50% of those that make that search will visit that store within _____? The next two weeks The day The hour The week The next two-days
B
When you calculate how much money you can make off a single purchase, what do we call that? Price analysis Profit margin Price / Profit None of the above—its impossible to calculate that.
B
When you price your product or service at $99.99 instead of $100.00 it is called. Price discrimination Psychological pricing High-low pricing Dynamic pricing
B
Which of the following describes brand positioning? An analysis to determine where the brand has competitive advantage and superiority versus competitors The focused articulation of the brand strategy using insights gained from research A definition of the underlying principles of the brand The creation of distinguishable elements that help consumers identify a brand
B
Which of the following is true of an effective brand positioning statement? It lists every benefit the product could provide to consumers. It drives everything the customer knows and believes about the product. It should be revisited and revised frequently to keep up with market trends. It provides clever phrases that should be used in the advertising.
B
Why is it important to have a generous marketing budget set aside for a new product launch? It takes a large investment up front to ensure that the product will remain in stock as customers begin to buy it. If customers don't know the product exists, then there's no way they will buy it. The most successful new products make a lot of noise with flashy marketing campaigns. A large investment in marketing will convince company employees that the product is worth their time and effort.
B
You buy 10,000 advertisement views. Your ad is shown 10,000 times, and you pay for that, regardless of whether any users clicked on your ad. What is this called? Real-time bidding Pay-per-view Pay-per-click Indirect buy
B
You found an interesting survey online that was conducted on 5,000 American's getting their opinions related to climate change. You are going to use this research as part of a paper you are working on. What type of research would this be classified as? Test market Quantitative Secondary research Qualitative Primary research Secondary Qualitative research
B
____________ provides consumers a method of classification, differentiation, and identification for similar products. Segmentation analysis Branding Product placement Consumer demographics
B
You are doing your federal income tax return. It's very complicated, so you decide to take your information to H&R Block and have them do your taxes for you. The cost of their service is quite expensive for a college student at $299.00, yet you decide to pay for it anyway. Which of these are life currencies that could have impacted your decision? ` Sincerity Benefit Trust Frustration Frugality Persistence Reluctance
BCDE
A brand consusts of three core components. One is Brand Strategy, another is Brand Positioning. What is the third? Brand Insight Brand Advertising Brand Trust Brand Packaging Brand Identity
Brand Identity
Which of the following are included in an operating charter? Annual sales targets Marketing strategies Company values Quantitative measures of success Brand Positioning
Brand Positioning; Annual sales targets; Quantitative measures of success
How does the brand development process begin? By determining key marketing strategies and tactics By designing a logo and brand name By identifying influencers who can promote the brand By researching the market to determine the target audience
By researching the market to determine the target audience
At times, marketers assume they know enough to sell their product without the need for consumer insight/. What do we call this? The Knowledge Trap The Ideology Trap The Assumption Trap Brand Positioning
C
Consumers have three different ways of processing in order to make a purchase. What is the one where you have to do a lot of research in order to make the decision? Responsive Time-consuming Cognitive Habitual Reflexive
C
Fred and his buddy Mike went to a football game and decided to grab some food / drinks before they sat down. They walked the concourse looking at the options, and decided on Cheesesteaks and beer. The total price came to $94 for two cheesesteaks and 2 beers. No one in their right mind would pay that much elsewhere? Why did they do it and feel OK about it? The dollar amount it is sold for equates to quality The social approval the customer feels after buying it drives the purchase. The value each customer places upon the purchase is a combination of life currencies determines their actions. Everything tastes better at a ballgame.
C
How can you differentiate your brand from other brands in the consumer's mind? Use a logical appeal to show customers your product is superior. Emphasize your company's industry experience and professional acclaim. Tell them how your product / service will fit into their life in a way that will make their fife better. Ensure that your product offers all the same benefits as similar products.
C
How long on average does the digital purchase journey take? With the ability to shop anytime and anywhere, the purchase journey has decreased to an average of 12 hours. From first search to purchase, the purchase journey takes approximately a week. From first search to purchase, the purchase journey takes an approximate 21 days. If micro-moments are being met, the purchase journey takes an average of 14 days.
C
It is important to make a new product available ____________ because that is where most people begin their shopping journey. In big-box retail stores On retail store websites On Amazon In grocery stores
C
Market research that you do yourself on a small number of people, would be classified how? Systematic and objective Concept and secondary Primary and qualitative Primary and segmented
C
Products are made in factories. Where are brands made? In customer interests At Point of Purchase In the mind In advertising On packaging benefits
C
Taco Bell managers ran a pricing test and discovered that ton matter what price they posted for their Crunchwrap Supreme, the volume they sold didn't change. In some stores they ridiculously priced it at $5.99, in others at just .99 cents. There was no difference in the Volume of sales at any of the test stores. All stores sold about 132 (plus or minus 5) per day. This research indicates what about consumers? Price sensitivity The price is right. Price Insensitivity Price elasticity
C
What are the stages of the improvement cycle (cycles of learning)? Study, do, test, revise Learn, know, do, become Plan, do, study, act Brainstorm, model, survey, test
C
What is concept testing as described in this topic? Brainstorming new ideas for a product that will solve a real problem in consumers' lives Applying for a patent for a new product to get a better position in the market Surveying people in the target audience to gauge their interest in a product concept without actually making the new product Developing a prototype of a new product to gain publicity
C
What is the definition of a "Dumb-To-Do" when doing an in-store learning exercise? A characterization than an individual consumer uses to determine product choice Things that all products in a category must do to remain competitive An action that a marketer takes that isn't driving incremental sales When a product is trying to convince a consumer that it is necessary
C
What is the moment at the beginning of the purchase journey when discovery and helpful information are found? I-want-to-learn moment I-want-to-buy moment I-want-to-know moment I-want-to-see moment
C
What is the next step after moving a product idea through concept testing and prototyping? Creating a name for the product Defining your target audience Figuring out how to sell the product Collecting survey responses from the target audience to gauge their interest
C
What is typically the best source of new business, product, and service ideas? Asking consumers what they want Copying successful products in the market Crowdsourcing Relying on a few trusted individuals for new ideas
C
When marketer's develop their brand, what is the ultimate emotional connection they seek to establish? Truth The consumer voice Trust Differentiation
C
When performing an in-store learning experience, the benefits that market leaders provide that set a product apart and give it a competitive advantage is called what? The "must-haves" for a product within that product category Benefits that focus on "smart" technology Smart To-Do's A product offer that makes a product completely unique from its competition
C
When you look at the behaviors of people as well as their demographics, their behaviors, and their psychological makeup, what are you trying to do? Determine the best fit for a test market Determining the brand positioning Determine the target audience Population analysis
C
Which of the following is an example of a brand extension? The Coca-Cola Company offering Vanilla Coke as a new variety of Coca-Cola. Chex cereal offering a new Chocolate Chex flavor. P.F. Chang's, a Chinese restaurant, offering frozen entrées at the grocery store. Yoplait yogurt offering a new line of sugar-free yogurt.
C
Which of the following is an indication of a flawed innovation process? The company is hesitant to stray from its current target audience. The product is significantly different from anything else on the market. Scientists and engineers are driving the process rather than consumer insights and marketing. The idea has never been tried in the past.
C
Which of the following is true about launching new business ventures? There are already too many businesses in the market for a new venture to be successful. It is fairly easy to get a new business idea up and running successfully. That 85% of new products, services, and businesses fail within the first 12 months. Most ideas for new products and services can be put into action quickly.
C
Which of the following is true of the target audience for a brand? The target audience can be determined by looking at the brand's spokespeople, who are usually members of the target audience. A brand positioning statement should appeal to the widest target audience possible. The target audience is the core group, but other consumers may be interested in the brand as well. Only members of the target audience will purchase the brand.
C
You walk into a Maverik gas station to get a drink, but you see that the Doritos display by the front door and grab some of those too! Which life currency is most responsible for impulse purchases such as this? Fear Information Convenience Love
C
