MKT 5360 Test 1 Review

Each of the five Cs is critical, but in marketing none is more important than the C of competition and looking at the world through their eyes

False

The best customer value proposition that a company can develop is to claim the following: "we can save your money"

False

The first thing every founder must do is to create a business plan: a static document that describes the size of an opportunity, the problem to be solved, and the solution that the new venture will provide

False

The ideal research methods to understand the jobs that customers are trying to get done are closed-ended survey questions, or data bases where researchers can find information about trends and population characteristics that fit their target market.

False

The parents of an 18-year-old girl decide to allow her to select a car for her graduation present as long as it is safe and within their budget. The girl plays the role of buyer in this purchase.

False

The primary purpose of the Lean Start-up methodology is to be able to produce a new product by spending less on development

False

Today is NOT common for companies to reach different customers through different channels.

False

When facing a new product, consumers don't care much about the potential losses the new product might imply as long as the new product offers some benefits that the consumers can enjoy.

False

The source of revenue in a subscription revenue model is:

Fees from subscribers in exchange for access to content or services

Assume that Park Paper Products believes its customers typically use satisficing decision making when purchasing paper products. Which of the following would likely be the least effective marketing strategy?

Focus advertising on the technical reasons why products are best in class

(Fill in the blank) With new business models, __________________ is key

experimentation

In "Finding the right job for your product," what is the role of customer research in understanding the job-to-be-done?

It uncovers customer needs and desired outcomes.

Which of the following is most associated with a purchase using cognitive processes compared to emotional factors?

Real-estate loan

Subaru car owners are renowned for their repeat buying and brand loyalty. What type of connection would Keller conclude that the customer has achieved with the brand?

Salience

In the past, a manufacturer of impact-resistant glass has sold only to automobile and aircraft makers. But under new management, the firm will start marketing to builders of skyscrapers and other structures that must resist strong winds and weather. Of the three basic components of strategy, which one is management primarily seeking to change?

Scope

For an average consumer, which of the following BEST describes the purchase of a washing machine in terms of the influences on consumer decision making?

Search good with a utilitarian purpose

Which of the following can be considered a weakness of a branded-house strategy?

The inability to target a diverse customer base

Which of the following is NOT a characteristic of Ethnographic interviews (or in-depth interviews)

The interviewer uses a predetermined set of closed-ended questions.

Which of the following would LEAST likely be included in a product's positioning statement?

The product's strongest competitors

A customer is shopping for spices in a US supermarket. She pauses as she compares the Goya brand of cinnamon to the McCormick brand. She opts for the McCormick cinnamon, judging it to be of better quality. This instinctual bias is known as:

The provenance paradox

Many B2B (business-to-business) marketers segment markets based on demographic criteria. Which of the following characteristics of a potential customer would NOT routinely be considered as part of B2B demographic segmentation?

Age/gender distribution of workforce

A toothpaste manufacturer believes its most likely customers are parents of young children who value a brand with a kid-friendly taste and texture. The company's segmentation is probably based on:

A combination of demographics and benefits sought.

You work for an online retailer. Your company is eager to understand how its customers navigate the website and their pain points. Your team has been tasked with understanding this issue and one of your team members just learned about human-centered design and design thinking. She is very eager to undertake research of this nature to answer the question. Organize the steps she must follow in the design thinking process:

1. Empathize with the customer, determine his or her jobs to be done and identify the specific needs that arise in different contexts. 2. Define the problem that should be solved based on the customer's job-to-be perspective 3. Ideating for solutions brings up for potential ideas 4. Develop prototypes 5. Test the prototyped solutions

Organize the correct sequence of activities when engaging in aspiration decision-making in marketing strategy formulation:

1. Segmentation 2. Targeting 3. Positioning

Suppose you work for a vendor of recycling equipment. Your clients are cities that are looking to buy this recycling equipment. You need to talk to at least four different people: a recycling coordinator, an engineer, a purchasing agent, and a city administrator. Match each person to the respective emphasis this person might have when deciding on the recycling equipment

A recycling coordinator D. This person wants to make sure that the equipment can be adapted to deal with paper waste, glass, and plastic. This is the new mix of materials to be recycled. An engineer A. This person is interested in knowing more about manufacturer's warranties and service contract. A city administrator C. This person is under pressure from the mayor of the city to identify equipment that will outdo recycling rates in neighboring towns. A purchasing agent B. This person wants to get the lowest price

Which of the following BEST describes empathy building?

A research approach that uses observations of consumers as they conduct routine activities looking for "pain points" and frustrations

A Pivot is a key term in Lean Startup thinking. The best definition of a pivot is

A structured change designed to test a new fundamental hypothesis

Benson Shapiro's "three degrees of interaction" include all of the following EXCEPT:

ANS: Synergy Leverage Consistency Integration

All the following indicators heighten consumer sensitivity to price EXCEPT:

ANS: difficult comparability. price is high in a relative sense. difficult comparability. price is not needed as quality cue. the fact that reference prices exist.

When looking at key inputs to the pricing decision, the feasibility zone includes all of the following EXCEPT:

ANS:true economic value (TEV) perceived value (PV) costs of goods sold true economic value (TEV) price

Compared to consumer marketing managers, B2B (business-to-business) product managers spend less time on:

Advertising and promotions

Most executives agree that brand strategies must be engineered across the entire marketing mix and throughout the life cycle of a product. Which of the following is NOT a component of that marketing mix?

B, C, and D

All of the following statements correctly differentiate B2B (business-to-business) markets from B2C (business-to-consumer) markets, EXCEPT:

B2B markets are characterized by fixed pricing.

How much would you pay for a solution to [problem]?

Bad question

I imagine [problem] makes you feel [emotion]. Is that true?

Bad question

If we created your ideal solution to [problem], how much would you pay for it?

Bad question

Which of the following is NOT a marketing channel task?

Before-sales service

Match the concept with the corresponding definition

Business model _______ is a description of how your business runs Competitive strategy _______ explains how you will do better than your rivals Value proposition _______ contains the promises made to the customer

Being product oriented could help avoid business model erosion.

False

Match the type of decision making with the corresponding example

Compensatory decision making: When you buy an Iphone: you may have some concerns about various features including faulty WiFi connections, poor battery, and high price. But you like a lot the usability, sleekness, and novelty of the device, so you are willing to buy it Noncompensatory decision making: In your honeymoon, you want to go to a place where you have beach, and within a five-hour plane ride and you are not willing to negotiate these factors.

The five C refer to (Choose all that apply)

Competition Context Customers Collaborators Core capability

The segmentation process should begin by grouping:

Customers with similar needs and preferences.

Match the right definitions with the names

Decider Makes the purchasing choice User Consumes or uses the product Influencer Although they do not make the decision, this person has an input in it DMU Decision Making Unit

Which of the following choices is NOT one of the steps that Shapiro has defined in the marketing process?

Defining the vision and mission statement

Four types of distribution channels are commonly used by B2B (business-to-business) firms. From the following list, choose the channel that is most appropriate when buyers are geographically concentrated, offerings are complex, and orders are relatively high-priced.

Direct sales personnel

Match the definition of these four types of innovations with their respective examples

Easy sells (limited product changes and behavior changes)-- Cookies with organic ingredients Sure failures (limited product changes with few benefits, significant behavior changes)-- The Dvorak keyboard over the QWERTY keyboard Long hauls (significant product and behavior changes)-- Smart phone back in the day when was launched Smash hits (significant product changes and limited behavior changes)-- Google search engine when it was first launched

OBCs (Organizational Buying Centers) typically include representatives from several functional areas, each of whom brings distinct types of concerns and inputs to the table. From the following list of functional areas, choose the one whose representative is most likely to introduce concerns and inputs about product performance requirements and technical specifications.

Engineering

Match the respective method with its correct definition

Ethnographic observations: Field work that is used to help build assumptions and hunches about people's needs. As a researcher, you stay in the background and capture all what the target person does. Ethnographic interviews: This method helps the researchers to gain a deeper understanding of why people do things they way they do them.

Understanding why customers buy a product (i.e., or finding the right job for your product) can help firms do all of the following EXCEPT:

Form segments based on consumer lifestyles.

According to "Finding the right job for your product" by Christensen, Anthony, Berstell, and Nitterhouse (2007), what is one key aspect of the "job" that customers hire a product to do?

Functional or emotional problem-solving

Can I follow up with you when we build a solution to [problem]?

Good question

Do you know anyone else experiencing a similar [problem]

Good question

What's the hardest part for you about being a [role]?

Good question

When was the last time you tried to solve [problem]?

Good question

Which of the following is NOT an example of a post-purchase marketing strategy?

In-store displays and promotions

A company's core competency (choose all that apply)

Is difficult for competitors to imitate Makes a significant contribution to the creation of perceived customer value

Why is understanding the job-to-be-done critical for successful product management?

It improves customer satisfaction and loyalty.

All of the following are elements of the six Ms model of integrated marketing communication EXCEPT:

Management

During which stage in the buying process will an OBC (Organizational Buying Center) decide whether to make or buy the needed product?

Need recognition and benefits sought

Of the four types of benefits that make up the benefit typology, which has the LEAST potential to attract new customers to an untried vendor?

Noneconomic, intangible benefits.

Match the appropriate definitions with the names of the concepts

Points of parity: Elements with a very similar level of performance of functionality as those of the next best alternative Points of difference: Elements that make the supplier's offering either better or worse than the next best alternative Points of contention: Elements in which the supplier and the customer disagree regarding how their performance compare with those of the next best alternative

Which of the following does the marketing process of segmentation, targeting, and positioning (STP) NOT address?

Potential competitors

The P that directly creates revenues for the firm is

Price

According to the reading, the centerpiece of the marketing mix is:

Pricing decisions

The concept of marketing myopia was developed by

Theodore Levitt

Brands serve which following purpose?

They are a means of achieving emotional engagement with consumers.

Which one of the following is NOT likely to be true of low-involvement purchases?

They are in the mid-price range

If you suffer from myopic marketing, what is the role of marketing for a company that sells pet snacks?

To create sales of pet snacks

Assume you are a sales manager of landscaping products. Your customers are municipalities that range in size from very large to very small. Your company offers its customers a wide range of products— everything from simple rakes and shovels to large heavy-duty tractors and complex computerized irrigation equipment that customers might buy one time. Thus, purchases made by your customers include straight rebuys, modified rebuys, and new-task purchases. You have a meeting scheduled this week with your regional sales manager. He wants to talk about your ideas about the most likely classification of these three products: simple rakes and shovels, different tractors, and computerized irrigation equipment. Match the type of products with their respective class in the buyclass framework:

Tractors of different sizes and their spare parts C. Modified Rebuy Computerized irrigation equipment D. New-Task buy Rakes and shovels A. Straight Rebuy

Business models could be described as "how the organization is planning to make money" but at the same time as "assumptions about what a company gets paid for"

True

Qualitative research typically lends itself to more fundamental, open-ended questions

True

Singer and reality TV star Jessica Simpson helped boost the sales of skin care brand Proactiv by appearing in infomercials where she explained how and why she used the acne-removal product. What type of communication is illustrated by this example?

Two-way with a time lag

What other challenges are you facing?

What other challenges are you facing?

Line is the most widely used messaging app in Japan, Thailand, and Taiwan. After achieving success by focusing on chatting, video calling, photo sharing, and other communication functions, the firm leveraged its large customer base to expand beyond these functions. Line now offers online purchasing, delivery, taxi-hailing, and financial services. Of the three major product policy decisions faced by a firm, Line has been primarily engaged in:

Widening product accessibility

All the factors below affect how a company might customize prices EXCEPT:

fixed costs.

Advertisements that rely on cognitive appeals when selling a functional automobile use all of the following EXCEPT:

personality

Which of the following best defines demographics?

statistics that measure observable aspects of a population