Marketing 3325.W01 Quiz
A competitive advantage is some unique aspect of a firm's offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition. true false
true
A firm's ability to satisfy the needs of a segment impacts the decision as to whether or not to target a specific segment. true false
true
A general advantage of the questionnaire approach over the observational approach is its versatility or wide scope. true false
true
A good brand will possess a number of important characteristics or qualities are help the customer and consumer value the exchange. true false
true
A major concern of marketers is how profitable a specific segment will be. true false
true
A positioning statement includes the specification of the target segment(s). true false
true
A set of segments may be very clear from a statistical perspective, but they need to be useful from a managerial point of view. true false
true
A solid brand name should have enough flexibility so as to not constrain the growth and future expansion of the venture. true false
true
A stimulus is a unit of input from either an external or internal source that can affect sight, smell, taste, touch, or hearing true false
true
Aggressive pricing, extensive distribution, and heavy investment in promotions tend to lead to rapid diffusion. true false
true
An advantage of sample surveys is the ability to use a probability so that the results of the sample can be projected to the overall population with a certain amount of accuracy. true false
true
Conjoint studies are used to provide insight about customer preferences for a particular brand and the customers willingness to make trade offs between features. true false
true
Customers who participate in repeat purchasing are willing to pay premium prices for the products or services that they value and that solve their particular consumption problems. true false
true
During the new idea generation stage, the entrepreneurial marketer should focus on the customers who are know to be the lead users of the potential product or service. true false
true
Entrepreneurial opportunities can come from information that people have that helps them to recognize opportunities and from changes in the external world. true false
true
Entrepreneurs are most successful when they start a company that meets a verifiable real need in the marketplace. true false
true
Generally, for a product to be called a business product, it must be used to manufacture other products, become part of another product, facilitate the normal operations of a firm, or be acquired for resale with no substantial change in form. true false
true
Group interaction is the key aspect that distinguishes focus group interviews from depth interviews. true false
true
If consumer behavior is not well understood, a marketer will have difficulty creating an appropriate marketing mix. true false
true
In marketing, we deal with customer differences through segmentation. true false
true
In more marketing-oriented companies, customer feedback is sought at most phases in the process. true false
true
In the world of social media, influencers are often the opinion leaders that influence others through word of mouth and can accelerate the diffusion of new products and services. true false
true
It is useful for marketers to understand the psychological and lifestyle choices that are relevant to the brand(s) the marketer is pitching. true false
true
Niche positioning is a matter of exclusivity and size. true false
true
One of the biggest advantages of mail questionnaires is the convenience offered to the respondent. true false
true
Positioning is about designing a product to have benefits that the target segment will value. true false
true
Positioning is about identity (i.e., who you are in the marketplace vis-à-vis the competition). true false
true
Positioning may call for the product itself to remain the same as the company appeals to different segments. true false
true
Ritualistic behavior can be highly expressive, symbolic influences and can include behaviors about marriage, death, birth, and special occasions. true false
true
Situational influences include social surroundings, the antecedent states just prior to a purchase, and the urgency that may accompany a particular situation. true false
true
Success at entrepreneurial marketing activity requires the entrepreneur to develop a business idea that can reasonably defend against competition. true false
true
Technological changes are a good source of entrepreneurial opportunities because they tend to make it possible for people to do things in new and more productive ways. true false
true
The adoption processes are a set of five (5) basic stages of customer preparedness to purchase. true false
true
The concept of targeting involves customer selection. true false
true
The exploitation of valid niches requires quick and agile entrepreneurs who can take advantage of market segments that other firms have left unsatisfied. true false
true
The goal of homogeneity in customers' likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve. true false
true
The ideal goal for the entrepreneurial marketer is to find an untapped (or at least relatively underserved) group of customers whose needs can easily and profitably be met by the products or service offerings provided by their business. true false
true
The phrase "business model" refers to how a business will operate and how it intends to make a profit. true false
true
The reference groups that surround and influence student purchase behavior include clubs, sororities, and professional society chapters located on a particular university campus. true false
true
The voice of the consumer (VOC) is one of the best and most important part of the opportunity evaluation process because it is information that comes directly from the customer. true false
true
Two important strategic criteria for targeting segments include the firm's strengths and the attractiveness of the segment. true false
true
When Alan buys rock-climbing equipment, he will only buy Black Diamond, Petzl, Edelweiss, or Wild Country brands even though other brands exist. These listed brands make up Alan's consideration set. true false
true
When conducting a brand analysis the entrepreneurial marketer should examine the customers, competitors, and their venture to determine possible right-fit branding opportunities. true false
true
While product diffusion involves the adoption process it has more to do with how the new products and services spread across or among groups of customers over time. true false
true
_____ is a key ingredient in the philosophy of marketing; it occurs when people give up something in order to receive something that they would rather have. a. Exchange b. Reciprocity c. Transformation d. Synergy e. Leveraging
A. exchange
Laws and regulations of various governmental entities and their ongoing development and change are an example of _____ factors and are part of all organizations' external environment. a. competitive b. regulatory c. economic investment d. research and development e. demographic
B. regulatory
Blogs (either written or video) created by consumers can be used to assess customer attitudes toward new products as well as customer perceptions of new products. The entrepreneurial marketers' ability to search for key words used in the blogs is an example of a change in the _____ factor of the external environment. a. economic b. technological c. competitive d. psychographic e. demographic
B. technological
Which of the following is NOT a demographic characteristic of a population? a. age b. values c. birthrate d. income level e. education
B. values
The study of people's vital statistics, such as their ages, births, deaths, and locations, is called: a. psychometrics b. ecology c. demography d. ethnography e. cultural sociology
C. demography
What is apparently the most difficult external variable for entrepreneurial marketing personnel to forecast, influence, or integrate into marketing plans? a. demography b. economic conditions c. social factors d. technology e. competition
C. social factors
The term marketing refers to: a. new product concepts and improvements b. advertising and promotion activities c. selling d. a philosophy that stresses customer satisfaction e. planning sales campaigns
D. a philosophy that stresses customer satisfaction
In order for exchange to occur: a. a profit-oriented organization must be involved in the process b. money or other legal tender is required c. organized marketing activities must also take place d. each party must have something the other party considers to be valuable e. a complex societal system must be involved
D. each party must have something the other party considers to be valuable
The external environment: a. does not have an impact on Fortune 500 companies b. does not change over time c. can be controlled in much the same manner as the internal marketing mix d. must be continually monitored by entrepreneurial marketers e. cannot be influenced by marketing managers
D. must be continually monitored by entrepreneurial marketers
The external environment is a strong influence on a target market and can be a source of _____ for the entrepreneurial marketing firm. a. environmental loopholes b. opportunities and weaknesses c. product myopia d. opportunities and threats e. threats and strength
D. opportunities and threats
The number of firms a company must face, the relative size of these firms, and the degree of interdependence within the industry are all part of its _____ environment. a. demographic b. political c. social d. economic e. competitive
E. competitive
An entrepreneurial new business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of: a. production b. accounting c. human resources d. a control system e. marketing
E. marketing
_____ factors are the environmental factors concerned with the changes in people's values, lifestyles, and family roles. a. Economic b. Demographic c. Competitive d. Political e. Social
E. social
Question 9 When considering the video titled " Our Approach to Innovation is Dead Wrong," the most important central issue for the small entrepreneurial business is the fact that planning is enough given the dynamic nature of the global economy. True False
False
Brands occasionally come along that are priced high but offer low quality.
True
Question 10 When considering the companion video from the Kauffman Founder's School titled " Entrepreneurial Marketing: Introduction," the most important lesson to be learned is that the single worst thing for the small entrepreneurial business is to market a product or service that no one wants. True False
True
The reason why Neil Patel's information is of value to the small entrepreneurial marketer is because he has ten years of experience as an entrepreneur and someone who understands the specific needs of the successful entrepreneurial marketer. True False
True
The way Dr. Byus describes entrepreneurship is as a way of thinking, reasoning, and acting and not just about starting a business. True False
True
Entrepreneurial marketers cannot control _____, but they can at times influence it. a. how products are priced b. the external environment c. the distribution strategy d. where advertising is placed e. the sales force
b. the external environment
The concept of exchange is important to the entrepreneur while marketing because: a. money is the only medium of exchange for business marketers b. marketing activities are a requirement for exchange to take place c. marketing activities help to create exchange d. exchange provides money to marketers e. if all the conditions for an exchange are in place, then the exchange will be completed
c. marketing activities help to create exchange
A "Red Ocean" is characterized by a dying set of declining businesses where the strategy is to simply exist and avoid further market erosion. true false
false
A market segment is an individual customer who shares similar inclinations toward your brand. true false
false
Although customer service has in the past been an important factor in business buyer-seller relationships, its importance has been waning in the last decade. true false
false
As an entrepreneurial marketer, it is important to understand the demographics of the market in which you intend to operate. Demographics include geography, urbanicity, and topography. true false
false
Data sources for segmenting businesses and consumers tend to be the same. true false
false
Experts have classified six (6) general categories of adopters based on time of adoption. These include the innovators, early adopters, early majority, late majority, laggards, and the never gonna adopters. true false
false
Focus groups are a great tool for research because the group results are always representative of what would be true for the general population. true false
false
Idea generation is typically the least difficult stage in the new product process. true false
false
If an entrepreneurial firm gets its product to be accepted as the dominant design, that means its product is the very best one on the market. true false
false
In the maturity stage, sales are starting to decline, profits are very stable, and the demand for the product or service is decreasing. true false
false
Listening to someone describe how boring it was to be a movie extra is an example of ad hoc learning. true false
false
Most markets are comprised of customers whose tastes are very similar. true false
false
Nonprobability sampling is an objective procedure in which the probability of selection for the population units can be determined. true false
false
Observational research is often considered the best method of generating valid data as this method is completely error free. true false
false
Once new products or services advance through the screening and evaluation stage, they are immediately put into the development stage of the new product process. true false
false
One of the most important questions to be answered by the entrepreneur's business model is "How much business planning should be done before opening the business?" Keep in mind that without adequate planning on a very detailed basis, all businesses fail. true false
false
Opportunities & threats are internal considerations about the organization. true false
false
Positioning has more physical elements than perceptual ones. true false
false
Positioning statements should be lengthy and very detailed in order to communicate efficiently, They should be positive and passionate to be noteworthy, and they should be electrifying to spur attention. true false
false
Primary data are almost always less expensive and can be obtained and analyzed more quickly than secondary data. true false
false
Regulatory or political changes are more likely than any other change to help businesses improve productivity. Innovation plays very little role in enhancing productivity. true false
false
Research suggests that changes in regulations are the single most important source of entrepreneurial opportunities. true false
false
Since most marketplaces are international, country and cultural differences can be tremendously difficult to identify and respond to. true false
false
Sociocultural influences involve the customer's relationships with others that do not affect the customer's purchase behavior because we are all autonomous individuals. true false
false
Strengths & weaknesses are considerations that are external to the organization. true false
false
Surveying viewers or even having them keep detailed personal diaries is far more reliable at measuring viewing behavior with specific technology that measures viewing behavior from the device itself. true false
false
The basic purpose of all marketing research is to help develop new products. Customer needs are rarely the purpose of marketing research. true false
false
The largest segment of the adopter categories is actually the combination of the innovators and the early adopters who comprise almost 68 percent of the adopting market. true false
false
The level of analysis to be conducted on data depends on the nature of the research and the amount of time the entrepreneur has to return to college and learn new statistical mathematics. true false
false
The role of gatekeeper is often filled by a organizational security guard. true false
false
To be successful in preparing the customer to adopt the new product or service, the entrepreneurial marketer should make it as easy as possible for the customer to try or experiment with the new product or service. true false
false
To marketers, the most important feature of segments is their size, not their profitability.. true false
false
We target for the same reason we segment - to try to be all things to all people. true false
false
When considering the article titled " Marketing: The Unappreciated Workhorse," the most important central issue for small entrepreneurial businesses is the fact that the customer expects everyone in the organization to help solve their problems therefore making every person and every experience of the business part of brand. The entrepreneur must do everything to inform and instruct all employees of their vital role in shaping the marketing success of the firm. True False
false
While consumer and business markets differ in many ways, the volatility of demand for products is about the same for each type of market. true false
false
While lifestyle research is useful for describing individual consumers, it is not useful for segmenting consumer groups. true false
false