MKT 601 Final
"Which of the following is not a reason why businesses choose to do Mobile Social Media Marketing? A) Sell Products B) Increase social network C) To geotarget potential customers D) Allow customers to express themselves digitally
" "C) To geotarget potential customers - this is a reason adversiters choose mobile social marketing Answer A, B and D are all reason businesses chose mobile social marketing
"According to Steenburgh and Avery, Social Media Marketing allows consumer to do all of the following except: A) Establish Social Network B) Co-create brand and experiences C) Express themselves Digitally D) Spend less time on social media
" "D. Spend less time on social media - average consumer spends 23% of media time online B, C & D are all what social media allows the customer to do in addition to share creation and expressions with their social networks.
"From the HBR Article, ""Make Pricing Power a Stategic Priority For Your Business,"" Pricing power is: A) The ability to enact price increases. B) Related to customer relative preferences for product features and price premium. C) The process through which organizations extract a superior value from the market as a result of a higher willingness-to-pay for their products (and therefore a lower price sensitivity) and/or superior marketing and sales efficiency. D) The ability of a company to get the price it deserves for the value it delivers. E) All of the above.
" "E) All of the above. Pricing power is: A) the ability to enact price increases, B) related to customer relative preferences for product features and price premium, C) the process through which organizations extract a superior value from the market as a result of a higher willingness-to-pay for their products (and therefore a lower price sensitivity) and/or superior marketing and sales efficiency and D) the ability of a company to get the price it deserves for the value it delivers.
"Samsung uses a ________________ distribution strategy, where the organizations offerings go through as many retail outlets as possible A) Intensive B) Exclusive C) Selective D) Effective
" A) Intensive Distribution- Samsung is trying to get as many outlets as possible. IE. example from the book- Coca-Cola's Retail distribution objective is to make sure their products are "within an arms reach of desire"
"Intensive Distribution is when the manager attempts to distribute through as many -------- outlets as possible. A) Retail B) Commercial C) Industrial D) Medical
" A) Intensive distribution is when the manager attempts to distribute through as many RETAIL outlets as possible.
"The company tries to move its products through the distribution channel by convincing channel members to offer them A) Push Strategy B) Pull Strategy C) Distribution Strategy D) Direct Sales
" A) Push Strategy- Push marketing is a promotional strategy where businesses attempt to take their products to the customers
"In areas where they were already established, and faced fiece competition from rivals such as Lyft, Uber frequently referred to a variety of tactics to draw more drivers to their platform. In some cases, drivers for other services, such as Lyft, were offered bonus that included gift cards, free lunch, gasoline, and even a year of commission free driving in exchange for switching to Uber. This strategy could best be described as a: A. Market-development Strategy B. Go-to-market Strategy C. Market-penetration Strategy D. Line Extension Strategy
" C. Market-penetration Strategy. In Uber's case, this was a case of market-penetration strategy. Uber and their competitors were already established, but Uber sought to gain greater dominance in the market and emerge with a greater share. A, B, and D are all wrong. Option A would have been used only if they were entering a new territory. Option B would have been done early in the company's history as they identified the best ways to deliver a value proposition in their chosen markets. Option D would be used later as Uber created lines such as UberEats and UberRush. Here, however, the objective was expanding market share of the existing ride sharing model, thus Line Extension Strategy would be incorrect.
IKEA's key customer segments in India were NOT: A) fun-loving customers B) upper-class customers C) brand-conscious D) middle-class customers
B) upper-class customers: IKEA India's key customer segments were middle-class customers, fun-loving customers and brand conscious
Of the three types of media which one includes yelp reviews and Facebook reviews? A. Owned B. Earned C. Paid
B. Earned. Owned media is a website or facebook page. Paid media is banner ads, billboards, and TV ads.
When was the first electric vehicle built? A.1930 B.1900 C.1830 D.None of the above
C. 1830
What year was Tesla Motors founded? a.2000 B.2001 C.2002 D.2003
D.2003
There are six "M's" to marketing. They include: A.)Market B.)Management C.)Mission D.) Money E.) A,C and D
E. Management is not one of the six M's of marketing. The six M's of marketing are: Market, mgmt, mission,money,message,media
Social Media marketing allows consumers to co-create brands and experiences, establish social networks, express themselves digitally, and share creations and expressions with their social networks
TRUE - According the Steenburgh and Avery (2008), social media marketing allows consumers to do each of the mentioned
An example of a direct distribution method would be proctor and gamble selling products door-to-door in the Phillipines because there are not many indirect distribution opportunities in the country.
True- A direct distribution strategy is when a producer takes the product directly to the ultimate buyer.
Sealy, Tempur-Pedic, Simmons, and Serta were the Big Four that Casper was competing against?
True- Although Casper also had competition with Big Mastress Stores these were considered the Big Four
From the HBR Article, "How to Win in an Omnichannel World", Inventory-only Showrooms are third-party locations (typically stores that sell apparel and accessories) that display the full line. Customers can visit these stores, try on the products and then have them fufilled via delivery just as if they had ordered them online.
True- The inventory-only showroom is an example of quadrant 3, as information is delivered offline, but product sales are fulfilled via delivery.
" True or False. In the emerging presence of Mobile Advertising, search and display are among the top forms advertising in the mobile environment.
True. According to the class slides, mobile search and mobile web display advertising are the most popular forms of advertising on mobile.
"Which of the following is not a role of the marketer in ""talking with"" consumers via two way communication in social media marketing? A) Deliiver opportunities for digital self-expression B) Brand Co-Creation C) Create prepackaged messages D) Social Affilitaion
" "C) Create prepackaged messages is a role of the marketer in ""talking with"" consumers via one way communication A, B, and D are the role of the marketer in ""talking with"" consumers via two way communication
"From the HBR Article, ""Make Pricing Power a Stategic Priority For Your Business,"" Which of the following is not a critical driver of pricing power? A) Marketing Conditions B) Customer Dynamics C) Technology Position D) Competitive Pressure
" "C) Technology Position is not a critical driver of pricing power. A, B, and D are all critical drivers in addition to Innovative Position, Differentiation Position, Supply Life Cycle
"Social Media Marketing is a set of tools allowing businesses to deliver which of the following: A) Right Message B) RIght Medium C) Right Customer D) All of the above
" "D - all of the above Choice A, B and C are the goals each business should set prior to starting a social media marking campaign
"_____ Consist of indivduals and organizations involved in the process of making a product or service avalible for users A) Supply Chain B) Marketing Channels C) Go-to-Market Strategy D) Marketing Mix
" B) Marketing Channels- A marketing channel is the people, organizations, and activities necessary to transfer the ownership of goods from the point of production to the point of consumption.
When IKEA India was given approval to open a retail store in India, they did immediately.
FALSE. Ikea India spent three years doing market research prior to opening one store
True or False. Casper was the first company to offer a direct to consumer "in-a-box" mattress.
FALSE. Tuft & Needle beat Casper to market by two years
" True or False. Mobile Marketing effectiveness is measured the most by behavior metrics (i.e. post click engagement, traffice to sites, etc)
False - Mobile marketing effectiveness is measures most by engagement metrics (i.e. video completion rates, social sharing, CTR, etc) with 70%. Behavior metrics comes in 2nd with 61%.
"Tupperware's decision to sell its merchandise to Target hurt many independent tupperware distributors who created their business by selling the product directly in peoples homes. This resulted in US Tupperware sales going down. This is an example of: A) Multi-Channel Marketing B) Channel Conflict C) Selective Distriution D) Direct Distribution
" B) Channel Conflict- this is channel conflict because another channel engaged in behavior that prevented the original channel from achieving its goals (tupperware sales directly in home)
"ABC Company has a scheduled and constant intensity of media that doesn't change over time to promote it's new product. This media pattern best represents... A) Flighting B) Continuity C) Pulsing D) Blitzing
" B) Continuity - The steady / unchanging pattern is the definition of the continuity pattern. Flighting has periods of intermittent high intensity in between zero activity. Pulsing has periods of intermittent high intensity in between low intensity activity. Blitzing is very high activity in the front end followed by zero activity.
"In their MIT Sloan Management Review, "How to Win in an Omnichannel World," the authors created an "Information and Fulfillment Matrix." The four cornered grid placed companies according to where they placed on a vertical line for Information Delivered (upper space for "offline" and lower space for "online"), and along a horizontal line for Fulfillment (left space for "pickup" and right space for "delivery"). Using this matrix, two companies, Warby Parker and Bonobos would both fall into the same quadrant. Which one? A. Traditional Retail (using an offline and pickup model) B. Online Retail Plus Showrooms (using an offline and delivery model) C. Shopping and Delivery Hybrid (using an online and pickup model) D. Pure-Play E-Commerce (using an online and delivery model)
" B. Because Warby Parker and Bonobos both rely on both their website and on showrooms to introduce customers to their products, but deliver their products via delivery and not through an inventory in their showrooms, they fall in quadrant B. None of the others would be true because they do not offer pickup or rely exclusively on their online storefront for business.
"Uber has gained a prominent, if not dominant, position in the transporation industry over the years. Uber though, built upon its value proposition, considers itself a ""middelman"" of sorts by matching supply (drivers) with demand (riders) through its mobile application. Due to this Uber does not claim its drivers as employees and as a result doesn't have to pay its drivers benefits. People are still willing to drive for Uber even without these benefits and it is because of not only the flexibility of making their own schedules, but the commission they receive on each trip they drive. What is the split between what Uber makes on a trip versus what the driver makes on a trip? A) There is no split. Drivers earn the whole trip fare while having to pay a flat fee to Uber each month to be a driver B) 50% to Uber & 50% to the Driver C) 80% to the Driver & 20% to Uber D) 80% to Uber & 20% to the Driver
" C) - 80% to the Driver & 20% to Uber. In order to attract individuals to serve as drivers for Uber the pay needs to be enticing, especially since they are not receiving benefits. Therefore for each trip completed by a driver, they receive 80% of the amount being paid by the consumer (rider) and Uber receives 20%. This makes sense and is why the other three options A, B & D are all wrong. Option A would be great for the drivers, but Uber would be against it because they would be getting shorthanded, especially if some drivers drove a large amount of trips in a given month and were making much more than the hypothetical monthly flat fee a driver had to pay Uber to be a driver. Lastly, Options B and D wouldn't make sense nor be sufficient because the potential earnings for a driver wouldn't be high enough to compensate for not being paid benefits. In additon drivers are doing most of the work and should be compensated accordingly by earning at least 75% of each of the fares (which they are in that they are receiving 80%).
"It is important to know how changing the price of a good alters its demand. Some price changes might not affect demand that much at all, but a subtantial price change could result in severe backlach from consumers and result in demand dropping drastically. Quantifying this can be of much value to companies and the formula to do so is known as the percentage change in unit volume for a product per 1 percent change in price, or the actual term is: A) Price Inelasticity B) Price Tolerance C) Price Elasticity D) Value
" C) - Price Elasticity. The reason option C is the correct answer is because price elasticity is an important concept used to characterize the nature of the price-quanity relationship. Its coefficient, E, is a measure of the relative responsiveness of the quantity of a product or service demanded to change in the price of that product or service. Basically it shows how senstitive demand for an offering is to a subsequent price change. Option A is wrong because price inelasticity means a price reduction will have less of an impact on revenues and that is not the name of the equation. Option B is wrong because price tolerance is not necessarily a defined word, but in my mind how a consumer as in myself justifies paying a price for a good if it is higher than anticipated. Lastly, Option D is wrong because value is defined as the ratio of perceived benefits to price.
"The entity moves its product through the distribution channel by building consumer demand for the products and so convincing retailers to stock these items A) Push Strategy B) Sales Promotion C) Pull Strategy D) Direct Marketing
" C) Pull Strategy-The goal of pull marketing is to get the customers to come to you, hence the term pull, where marketers are attempting to pull customers in
"Which one of the following techniques is NOT a method used in mobile marketing advertising? A) Text Messaging B) Mobile Applications C) QR Codes D) E-Mail
" D) E-Mail -- Text messaging, QR Codes, and Mobile Apps are all used as direct marketing techniques in the mobile space. E-Mail is part of a broader internet advertising approach
"From the HBR Article, ""Upstream Social Marketing Strategy"", The first step of the upstream social marketing process is to determine the upstream target audience. What is an example of an upstream audience? A) Manufacturers B) Customers C) Suppliers D) Policy Makers
" D) Policy Makers. A policy maker has the ability to make strucural changes to society which is the definition of an upstream audience. The other choices are various stakeholders within the market but do not have the ability to infuence societial changes in the same way that a policy maker could
"Based on the class slides and textbook, there are six unique methods of mobile marketing. For instance, Mobile Web uses banner ads that are only activated when the user interacts with it. Mobile Apps are downloaded applications that run on the users smartphone. One of these unique methods uses 2-12 digit combinations where users are encouraged to text a word to a specific digit combination. What is the abbreviation of this method? A. SMS B. MMS C. QR D. ADC
" D. The correct answer is ADC - short for Abbreviated Dial Codes. This is a process where users are told, for example, to text "CSU" to "45-444" in order to receive a reply with a link or to subscribe to a list.
"Uber introduced a type of increased costs for riders during times of high volume rider requests, called Surge Pricing. This was introduced as a way to entice more drivers to pick up potential riders in a given area and encourage them to begin working. Surge pricing can be as high as: A. 3-5x the normal Uber rate B. 8-10x the normal Uber rate C. 4x the normal Uber rate D. 1-3x the normal Uber rate E. None of the above
" E. None of the Above. According to the Uber case presentation, Uber's surge pricing is calculated by using an algorithmic mathematical formula that can increase rates by as high as 7-8x the normal rate for the Uber ride. This formula also assess the supply and demand within the given area.
"Full-Cost pricing strategies generally take one of three forms: markup pricing, break-even pricing, and rate-of-return pricing. The following is an example of markup pricing: Markup price= (total unit cost)/(1-desired markup) = ($16)/(1-.20) = $20.
" True- markup pricing is a strategy in which the selling price of a product or service is determined simply by adding a fixed amount to the cost of a product, which is usually expressed as a percentage of the total product cost. If the total unit product cost is $16 and a manager desires to earn a 20 percent markup, the unit selling price is $20.
For a business whose goal is to increase awareness, display banner ads would be a good tactic to use to help generate customer awareness.
"TRUE - Display banner ads are not good at generating conversion to sales but are good at generating customer awareness
From the HBR Article, "How to Win in an Omnichannel World", Omnichannel Retailing is a dynamic most stores across the world face and their biggest task to deal with is finding a balance between customers shopping online versus in their physical stores. Ultimately their best bet is to get online customers to visit their stores rather than get customers that typically shop in the store to shop online.
"True This is true because encouraging online customers to visit a store increases profits while incentivizing customers that typically shop in the stores to shop online led to profits decreasing. A factor to support this is customers that shop in the store make more impulse purchases than those that shop online, hence the increased profits from getting online customers to visit a store
Which is not one of the six M's of marketing?
(A) Market (B) Movement (C) Message (D) Money............(B) Movement; the six M's of marketing are market, message, money, mission, media, and management
Exclusive Distribution is where manufacturers have ---------- distributor (s) distribute their product within a specific geographic region. A) one B) 99 C) ? D) 0
A) One is correct answer. Usually one distributor operates within a specific geographic area in Exclusive distribution.
From the HBR article, "How to Win in an Omnichannel World", From a consumer's point of view, advantages of obtaining a product after a visit to a physical location (store) include: A. Does not have to pay for shipping B. Has to wait for the delivery of the product C. Does incur travel cost D. All of the Above
A. Does not have to pay for shipping - is an advantage. Answer B does not apply since this occurs when fullfillment is done through delivery, and would be a disadvantage of delivery. Answer C is a disadvantage. Answer D is incorrect because only Answer A is an advantage.
Which of the four Matress compaies did not offer a one foam mattress model? A.Saatva B.Leesa C. Tuft and Needle D. Casper
A. Saatva: It offers both an innersping and foam amttress that are deivered to consumers
In the mattress market, what Casper rival did not offer a direct to the consumer option? A. Seely B. Leesa C. Saatva D. Tuft & Needle
A. Seely. Although they make up 15% of the total mattress market, they do not offer a direct to consumer mattress. The three others are all variations of the DtC Market.
While only 2 in 5 (40%) plan to use mobile wallet technology. What will that percentage rise to by 2020? A.) 64% B.) 55% C.)70% D.) 44%
A.)64% . Wrong answers: B.) 55% C.)70% D.) 44%
Channel Power takes -------- forms. A) None B) 4 C) 15 D) 1
Answer is B) 4 Channel power has 4 forms
Which of the following statements best describes augmented reality? A) It implies a complete immersion experience that shuts out the physical world, such as VR video games or headsets. B) It adds digital elements to a live view often by using the camera on a smartphone. C) It is a type of software program marketers utilize to keep track of consumer data and be notified when consumers view their ads in real time. D) It is the stage and ad reaches when it has become so popular on social media that the ad has helped augment or boost a company's sales of a particular product significantly.
B) It adds digital elements to a live view often by using the camera on a smartphone. Examples of augmented reality are snapchat lenses or Pokemon Go. A) is incorrect because virtual reality implies a complete immersion experience that shuts out the physical world. Examples are VR video games and headsets. C) is incorrect because augmented reality is not a software program marketers utilize to keep track of consumer data or be notified when consumers view their ads. D) is incorrect because augmented reality has nothing to do with augmenting or boosting a company's market share because of the popularity of an ad on social media.
" Which is a reason that consumers do NOT go online? A) Get information they are interested in B) Experience information as a "search good" C) Enjoy network effects
B. Experience information as a "search good". Consumers go online to experience information as an "experience good"
In what way did Lionsgate segment its customer base that deviated from more traditional marketing mix? A. Lionsgate tried to reach all customers B. Lionsgate only attempted to engage with existing fans of the series C. Lionsgate did not segement its customer base D. Lionsgate only appealed to parents of teenage children
B. Lionsgate only attempted to engage with existing fans of the series. Lionsgate only tried to further engagement of their customer base. Since this was the second installment of the series, they only appealed to already exisiting fans. The other answers are ways to segment customers but to ways that Lionsgate used.
Ikea India has been present in India for over 40 years. When they received approval to open a brick and mortar store, this meant they could utilize a _________________ marketing? A. Multichannel marketing B. Omnichannel marketing C. Direct Marketing D. Diversity Marketing
B. Omnic Channel Marketing. (Omni Channel marketing is offering mutiple channels to customers such as catalog, online and in store.)
What type of trap is used when higher-priced competitors match the lower prices but have longer staying power because of deeper cash reserves? a. Fragile-market-share b. shallow-pockets trap c. low quality trap d. price-war trap
B. Shallow-pockets trap. Fragile-market share happens when a company falls into a trap on account of reducing prices of its products or brands to get higher market share. A low price may increase market share but not market loyalty. The same customers will shift to any lower-priced firm that comes along. Price war trap happens when competitors respond by lowering their prices even more, triggering a price war. Customers often question the motivation behind price changes. They may assume the item is about to be replaced by a new model; the item is faulty and is not selling well; the firm is in financial trouble; the price will come down even further; or the quality has been reduced. The firm must monitor these attributions carefully.
Channel power can best be described by which one of the following statements? A) A company is significantly better at distributing products through an extensive distribution channel than competitors. B) Occurs when one channel member controls how profit margins are distributed among different channel members. C) Occurs when one member of the channel seeks to coordinate, direct, and support other channel members. D) Occurs when a company's brand has become so popular to the point where multiple retailers are selling that same brand.
C) Occurs when one member of the channel seeks to coordinate, direct, and support other channel members. Channel power is used to reduce the likelihoood of channel conflict. To reduce the likelihood of conflict, sometimes a member of the channel will coordinate, direct, and support other channel members. This channnel member assumes the reole of a channel captain because of its power to influence the behavior of other channel members. A) is incorrect because channel power has nothing to do with a company's ability to utilize distribution channels or its ability to use distribution more effectively than competitors. B) is incorrect because channel conflict deals with one channel member taking control over how profit margins are distributed among different channel members. An example of this is when General Motors demanded lower prices for tires from its supplier Michelin, to increase its profit margin. D) is incorrect because channel conflict deals with multiple retailers carrying the same brands or when a manufacturer engages in dual distribution. An example of this is Tupperware's decision to sell merchandise in Target stores which alienated independent dealers.
What surprise customer base came from advertising on the radio in The Casper Case Study? A) Milennials B) Teenagers C) Older Age Customers D) Pre-teens
C) Older Age Customers. These new customers were older in age who may not have ever heard of them through Podcasts or New York Subway advertistments. They were able to track this by using a unique code for radio only.
What is the best way to treat new customers when email marketing? A) Use a lot of slang B) Don't put a subject C) Treat them like a "First Date" D) Never follow up
C) Treat them like a "First Date" A) is incorrect because it's unprofessional B) is incorrect because you must always put a subject in email marketing D) is incorrect because following up is a must especially for relevant offers
Since Uber created "demand pricing" for their rides, other companies have followed. What prominent company uses a similar model to Uber for demand pricing during peak business hours? A. Apple B. Cedar Point C. Disney Theme Parks D. None of the above
C. Disney Theme Parks. Disney was one of the first followers of Uber when announcing that they would use demand pricing at their theme parks. This means that similar to Uber, they will raise pricing for their theme parks when they are in "busy season" or when there is a higher than normal attendance during any specific day.
Which of the following does NOT describe cost-based pricing? A. Traditional way of thinking about pricing B. Retailers mark up the price C. More realistic way to think about pricing D. Ignores customer nees and willingness to pay more and competition
C. More realistic way to think about pricing. This is one of the factors that describe value-based pricing. Cost-based pricing is the traditional way of thinking about pricing while business considers only the cost of making a product and their desired prfoit margin. Retailers often mark up the price and customers will pay the final marked up rpice. Cost-based pricing ignores the customer's needs and willingness to pay more and their competition.
The marketing campaign for the Movie Hunger Games Catching Fire was not seemless. What channels did Lionsgate explore that were seen as failures? A. Creating responsive socail media accounts B. Engaging fans across multiple platforms C. Partnering with Subway for a Hunger Games line of sandwhiches D. Providing contest for fans to engage in the movie
C. Partnering with Subway for a Hunger Games line of sandwhiches This effort was seen as particular tone deaf especially because the movie is titled "Hunger Games" and Lionsgate partnered with sub-par fast food company. The other answers are example of Lionsgate's success in advertising the movie.
From the HBR Article, "How to Win in an Omnichannel World", in the information and fullfillment matrix, examples of an online retail plus showrooms are: A. HomeGoods and Ross B. Crate & Barrel and Toys "R" Us C. Warby Parker and Bonobos D. Amazon.com and Overstock.com
C. Warby Parker and Bonobos- Answer A includes examples of a traditional retail, Answer B includes examples of a shopping and delivery hybrid, and Answer D includes examples of a pure-play E-commerce
Which of the following was not a solution to overcoming Tesla's challenges when it introduced the first roadster? A. Target environmentally conscious consumers B. Internalize the battery value chain to control the cost reduction. C. Own the market for electric vehicles. D. None of the above.
D - all of the answers listed were all sloutions that Tesla implemented to overcome the challenges they faced trying to develop and introduce the roadster to the public.
Which of the following statements below best describes primary demand? A) Demand for a specific brand, product, or service such as Samsung televisions, Pepsi Cola, or Amazon Fresh. B) Demand that takes place during the later stages of the life cycle, when substitute products or services exist. C) The marketing message is intended to extol the benefits of a particular competitive offering and to diferentiate that offering from others. D) Demand for a product or service class, such as consumer electronics, lumber, hospitality, and fashion.
D) Demand for a product or service class, such as consumer electronics, lumber, hospitality, and fashion. Primary demand is demand for the product or service class. Examples of product or service classes are dairy products, personal computers, financial planning, consumer electronics, etc. A) is incorrect because demand for a specific brand, product, or service describes secondary demand. B) is incorrect because primary demand takes place during the early stages of the life cycle, whereas secondary demand takes place during the later stages of the life cycle. C) is incorrect because the marketing message of primary demand is intended to introduce the benefits of a product or service or overcome objections to the product or serice. Secondary demand intends to extol the benefitsof a particular offering and to differentiate that offering from others.
From the HBR article, "How to Win in an Omnichannel World", Which form of information delivery is most suited to products containing few, if any, "nondigital" attributes? A. Catalog B. Physical Access to Products C. Website D. A and C
D. A and C - Catalog and Website are most suited; physical access to products is especially well-suited to retailing products that have significant "high-touch" elements, important service requirements or significant nondigital attributes.
Which social media platorm did Catching Fire use to promote their movie?A. Twitter B. Pintrest C. Facebook D. All the above
D. Catching fire used all these social medias together in order to capture its target demographic
What is not an advantage of a press release? A. Cost B. Control of Message C. Introduce New Information D. Lack of Clutter
D. Lack of Clutter. Clutter and needing connections to have a change of success are the two disadvantages of press releases.
" From the HBR Article, "Make Pricing Power a Stategic Priority For Your Business," Which of the follwing is not a pricing tool/system to enable pricing power? A. Scientific Segmentation. B. Pricing optimization software. C. Pricing research. D. None of the above.
D. None of the Above. All other choices are an example of the 5 tools the article discusses. The other 2 are Pricing analytics platforms, and Vale-based pricing software.
Social media marketing is considered what type of advertising? A. Internet advertising B. Personable advertising C. Digital advertising D. Word-of-mouth advertising
D. Word-of-mouth advertising. Word-of-mouth advertising is extremely vital - people trust their peers more than the companies advertising their product.
Smart marketers are alread targeting mobile users, taking advantage of organic content and paid advertising. How much of Youtubes revenue comes from mobile advertising?(in millions) A.) 200 B.) 400 C.) 300 D.) 350
D.) 350 this 350 million is 25% of their revenue. Wrong answers: A.) 200 B.)400 C.)300
Which of the following is NOT one of the mobile marketing goals? A) Brand awareness B) Brand engagement C) Word of mouth D) Sales E) Increase social network
E) Increase social network. The other 4 are the main goals for mobile marketing. Answer E is not correct because, increase social network is a reason why businesses use mobile social media marketing.
There are 5 top metrics used to analyze ads. They include: A.) Awareness B.) Reach C.) Return on investment D.) Guessing E.) A,B and C
E. A, B, and C is correct. Awareness, reach, and return on investment (ROI) are all metrics used. Guessing is not one of the top 5 metrics.
Within Uber's core competencies as a company, the rider's (or customer's) viewpoint is very important for future success. The rider's viewpoint includes A. Convenience B. Ease of Use C. Accessibility D. Price-Point Transparency E. All the Above
E. All The Above. The answer is E all the above because this includes all of Uber's core competencies from a rider's viewpoint. All four combine to allow Uber to offer a service that is made for everyone to benefit from when using.
The marketing campaign for the movie Hunger Games Catching Fire departed from the traditional marketing approach by using transmedia marketing. Characteristics of transmedia marketing marketing include which of the following: A. Storytelling across multiple platforms B. Customer engagement C. Continuity of service D. Only A and B are correct E. All of the above
E. All of the above Transmedia marketing tells the story over multiple platforms (usually social media platforms) by engaging with its customers. The movie Hunger Games Catching Fire strategically creating games and competititions to engage its existing fans with the hopes of the fans bringing in new fans. Transmedia marketing also promotes the continuity of service of the brand.
From the HBR Article, "Upstream Social Marketing Strategy", What is one of the stages of the upstream social marketing strategy? A. Determine upstream target audience B. Determine peripheral target audiences C. Channel Selection Integration D. Message Creation E. All of the above are stages of the upstream social marketing strategy
E. All the above is correct as the five stages are 1. Determine upstream target audience 2. Determine peripheral target audiences 3. Channel Selection Integration 4 Message Creation 5. Measurement and Control. Four out of five of the stages are options in the questionn except for the final stage "measurement and control" hence why all of the above is correct
True or False. In 2008, the government allowed IKEA to expand to India under the foreign direct investment policy
FALSE - In 2012, government allowed the IKEA Group to open retail store under the single-brand retail foreign direct investment policy
From the HBR Article, "Upstream Social Marketing Strategy", Advocacy advertising is a powerful social media tool only used by non-profit organizations.
FALSE- Advocacy advertising is used by both non-profit and for-profit organizations. For example, for profit Italian company Benneton ran a campaign in the U.S. called We, On Death Row. The advertisements humanized people on death row with the intent of swaying public opinion against the death penalty. Non-profits such as zoos have advocacy advertisements to raise awareness and move people to action toward preserving animal habitats.
True or False. Lionsgate's main promotion for the movie Hunger Games Catching Fire was the content of the movie itself.
FALSE. Lionsgate used transmedia marketing on social media sites such as Tumblr, Facebook, and Twitter to create fan interative games and competitions that focussed on topics such as fashion or what district do you belong to.
In 2016, one group of Uber passengers filed a class-action lawsuit against Uber for discovering their driver was drinking prior to picking them up.
FALSE. This is false because Uber was indeed involved in a class-action lawsuit in 2016, but this was due to a different matter. They were violating antitrust laws with price fixing of contractors. Independent contractors were going toward certain cities and causing surgers. Ultimately, this caused Uber to gain a bigger profit as a result.
True or False Consumers chose a search/deliberation shopping strategy when the consumers does not have a goal in mind.
False - Search / Deliberation shopping strategy is a goal oriented purpose where the consumer does extra research and makes comparisons.
Tesla Model S is the first Tesla to be massed produced to the public, and it is also the best selling model for the company.
False - Tesla model S is the first model to be mass produced to the public, but it is not their best selling model. The model 3 is Tesla's best selling model.
Tesla is an American company founded by Elon Musk.
False - Tesla was founded by two American entrepreneurs: Martin Eberhard and Marc Tarpenning
True or False. The media habits of consumers frequently change and evolve, as they have a substantially lower count of communication channels over the last 20 years.
False. There are 14 times more communication channels over the last 20 years. The amount of communication channels has drastically increased over the last 20 years, with the introduction of technology and digital social networks.
True or False? The 3 types of shopping strategies are: 1. Directed buying 2. Search/deliberation 3. Hedonic browsing
False. There are 4 types of shopping strategies. They are 1. Directed buying 2. Search/deliberation 3. Hedonic browsing 4. Knowledge buidling
A pull communications strategy is one in which the offering is pushed through a marketing channel is a sequential fasion with each channel level representing a distinct target market.
False. This is representative of a push communications strategy.
A Casper Queen Costs 850 dollars and was the cheapest one on the market?
False. Tuft and Needle offers Queen Sized Matress for 600 Dollars.
The Internet "Flow" Experience is a function of characteristics that define three direct determinates of the flow state: Control, Content and Motivational
False: There are 4 direct determinates: Perceived congruence of skills and challenges, focused attention, interactivity and telepresence. Control, Content and Motivational are the 3 characteristics that define the determinates
One advantage of Tesla's current business model is their direct to consumer method, where cars are ordered and delivered directly to the customer bypassing the need for traditional car dealerships.
TRUE - Tesla does not have car dealerships like other car companies. Customers order their car online or at a showroom and the car is then delivered a few weeks/months later directly to the customer
The three general objectives of traditional advertisements include brand building communications, interest arousing communications and motivating-action communications
TRUE - The effectiveness of each marketing communication is measured with a different customer response metric
From the HBR Article, "Upstream Social Marketing Strategy", The six elements of IMC are- (1) advertising, (2) direct marketing, (3) sales promotions, (4) public relations, (5) digital/internet marketing, and (6) personal selling
TRUE- By carefully managing the six elements of IMC, social marketers can expect to improve perceptions of trustworthiness.
From the HBR Article, "Make Pricing Power a Stategic Priority For Your Business," the concept of price sensitivity is the extent to which customers vary their purchases of a product as its price changes.
TRUE- The definition of price sensitivity is the extent to which customers vary their purchases of a product as its price changes.
True or False Traditional media has decreasing audiences.
TRUE. Consumers media habits are rapidly changing from traditional media to social media. Print, radio, and tv are being tuned out and hardly receptive by consumers.
" In the HBR Article How to Make The Most of Omnichannel Retailing, encouraging online customers to visit a store increased profits, but incentivizing in-store customers to shop online decreased them.
TRUE. For the study, the customers were willing to visit the store once incetivized, but the instore customers maintained their loyalty to instore shopping.
" True or False Social Media Marketing is a set of tools allowing businesses to deliver the right message, right medium and right customer
TRUE. With Social Media Marketing, compaines are able to align social media marketing message with social media objective, align medium with the message and goals and align and get the message infront of the identified target customer
According to the HBR article "How to Make the Most of Omnichannel Retailing," retailers pay typically little attention to a variable that may be particulary important when customers are deciding whether to shop online or in store: the distance between home and nearest store.
True - Based on the research, among customers who lived close to a store, no type of coupon made a significant difference to shopping or profits. Among customers who lived farther away and had previously shopped only online, the online coupon generated twice as much profit and the flexible coupon increased profits by 800%. But when distant shoppers who'd previously bought only in store were given online only coupons, profits from them fell by 51%. So distance in an important variable that should be considered by retailers.
" True or False Social media is set of tools that allowing business to deliver the right message, using the right medium to the right customer.
True - send the right message depends on the objective or the end goal of the company, the company should always make sure that the medium is align with the message, lastly identify who and your target market customers that you are trying to reach.
" From the HBR Article, "Make Pricing Power a Stategic Priority For Your Business," Price Sensitivity is the extent to which customers vary their purchases of a product as its price changes .
True - the definition of price sensitivity is true becauseas products change in price, so may the extent to which customers purchase the product.
True or False. Many firms believe that they are not using social media effictively to market their business. However, firms can track the following three catergories while promoting content on social media; (1) Brand awareness (2) Brand engagement (3) Word of mouth
True. Depending on what social media outlet firms use, they can track these three catergories differently. For example, on a message board type social media platform, a firm can track brand awareness by the number of installations of an app. A firm can track brand engagement through the number of comments on a post. Lastly, a firm can track word of mouth by the number of shares or reposts.
From the HBR Article, "How to Win in an Omnichannel World", Omnichannel Retailing - Incentivizing in-store customers to shop online decreases profits for the company.
True. Many customers go to the store looking for 1 specific item but leave with more than that where online they add it to the cart and "leave". Encourgaging Online customers to shot in store increases profits.
The equation for Price Elasticity is % change in volume/% change in price.
True. Price elasticity is the percentage change in unit volume for a product per 1 percent change in price.
