Quiz #11) Q: Toys "R" Us is the name of a major retailer that sells toys and other kids products. What type of name is Toys "R" Us? A: Descriptive 2) Q: The image above, which displays Cadbury’s packaging over the course of the 20th century, is an example of the ____________, which is when companies use tiny little tweaks to make sure their packaging and brand stays modern. A: Just-noticeable difference 3) Q: The tagline for Disneyland is "The Happiest Place on Earth." What type of tagline is this? A: Superlative 4) Q: Under the Elaboration Likelihood Model, a firm should only use central routing in their marketing messaging if customers have: A: The motivation to elaborate and the ability to elaborate. 5) Q: In relation to the Elaboration Likelihood Model, Professor Kahn discussed the peripheral cues that people use to accept or reject messages. Which of the following is NOT one of the peripheral cues that she mentioned? A: Logic 6) Q: If a company has used a celebrity endorsement in an "imperative mode," what message is the celebrity conveying? A: "You should use this product." 7) Q: In her lecture, Professor Kahn discussed how difficult it was for Oldsmobile to reposition its automobiles among younger consumers. Perhaps they could have tried to evolve the Oldsmobile brand more gradually. All of the following are ways to evolve brands more gradually except for: A: Announcements: explaining to your customers that the brand will now be focusing on a different customer segment. 8) Q: In the lectures, Professor Kahn discussed the Need Recognition phase. In the example below, at what point does the prospective customer “enter the blender market?” A: When the customer’s blender breaks. 9) Q: Which of the following is not one of the ways mentioned in the lectures to trigger the shopping process? A: Create negative campaigns around competitor products. 10) Q: Jane goes to buy a laptop. There are 53 available models in the world. Jane has heard of 12 of these models, of which she is considering buying 4 models. In this example, what is the number 12 referred to as? A: Evoked set 11) Q: For customer satisfaction, should a company be more concerned with actual performance or perceived performance? A: Perceived performance 12) Q: Jonah Berger's STEPPS framework helps us understand which messages catch on and get shared. Which of the following is NOT one of the factors in the STEPPS framework? A: Popularity 13) Q: Here is an example of a positioning statement for Volvo: "For upscale American families, Volvo is the family automobile that offers maximum safety." In this example, what serves as the frame of reference for the positioning statement? A: Other family automobiles 14) Q: Which of the following is NOT an element of the marketing mix? A: Population e. Q: What is the correct definition of customer centricity? A: Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm. and customer intimacy). success in a customer-centric world arises through enhanced and/or more efficient levels of the following EXCEPT: A: Customer experience 9. Q: Professor Fader discussed “salesperson of the month. and companies are constantly reiterating and thinking of new ideas.” What would he say is the best way to pick a salesperson of the month? A: The change in total customer lifetime value for that month. Q: Which of the following is not true about direct marketing? A: It determines and leverages combined customer value 4. 7. 18) Q: PRIZM is a segmentation scheme that defines the country based on what type of clusters? A: Geographic 19) Q: In a buyer's market. performance superiority. Q: Which of these retailers would Professor Fader describe as highly customer centric? A: None of them 5. which part of the brand positioning was he changing? A: Frame of reference 17) Q: Which of the following is NOT TRUE about the Generation Y cohort? A: They are independent and don't depend on social networking to connect with other members of their cohort. A: Customer 20) Q: According to the lectures.15) Q: As the US has become more health conscious. Q: Because of technology-enabled product development. product life cycles are much shorter now. Q: According to Professor Fader. the buyer has the power and the market is ______-focused. Customer centricity suggests that you should “fire” (i. 6. Quiz #2 1. A: False . Q: Which of the following is NOT a crack in the product-centric approach? A: Customer attrition 3. Q: Is maximizing shareholder value the overarching objective for a customer-centric commercial enterprise or a product-centric commercial enterprise? A: Both 8. get rid of) your least valuable customers. Q: True or False. This is an example of what course concept? A: Competitive Points of Parity 16) Q: When Steve Jobs updated his company name from Apple Computer to Apple in 2007. what should a company's long-term marketing strategy be? A: To be the best at one dimension and good enough at the other two dimensions (operational excellence. we have seen many fast food chains like McDonalds and Burger King introduce healthier offerings like grilled chicken and salad option. Which “crack in product centricity” captures this? A: Commoditization 2. Q: One of the main concepts from the past few weeks has been customer heterogeneity. Q: Sometimes at McDonald’s your cashier will ask you. A: Seller 11. Q: An annual churn rate of 55% means that: A: You have lost 55% of your customers during that year. Q: Which of the following is the best example of up-selling? A: A car salesperson asking if a customer wants to get a “sport package” for a car she is buying.” A: Value 12. Q: If your attrition rate is 20%. 20.41 31 High risk . Q: The relationship between “share of wallet” and “size of wallet” is: A: There is no clear relationship between share of wallet and size of wallet 19. sales bias is on the side of the ____________ in a transaction. Professor Fader would say that instead of “cost per acquisition” (CPA). firms would be better off measuring “___________ per acquisition. What does that mean? A: Recognizing that some customers are more profitable than others since all customers are not inherently equal. Q: In a product-centric company. A: Greater than 13. Q: Customer lifetime value should be _________ the amount you would want to spend to acquire a customer.71 7 A: 13. “Do you want fries with that?” What is this an example of? A: Cross-selling 18. Quiz #3 1) According to Professor Bell. then your typical customer lifetime is: A: 5 years 15.10. it’s never been easier to start a new business.05 62 Medium risk .3 years 17. Q: Regarding customer acquisition. Q: What is the correct overall expected lifetime of this customer base? Cluster Attrition rate % Customers Low risk . and a product idea for a new business should do all of the following EXCEPT: A: Always be a completely new idea . 14. Q: All of the following are common explanations for low attrition rates except for: A: Customer dissatisfaction 16. What type of friction has Louisa experienced? A: Search friction 5) Jeff decides to move from Houston. While Toronto has many benefits that Houston does not.2) In regards to execution. Professor Bell names four changes that are affecting the way new businesses are coming about and growing. and in Paris there is Velib. Which of the following is NOT one of these trends? A: Luxurification of mass market 3) In recent years. A: Decreases 10) The Lorenz curve below shows that: A: Bottom 70% of the population holds 30% of all of the income 11) Research has shown that internet channels follow _________ distribution. What trend do these bike sharing programs represent? A: Collaborative consumption 4) Louisa wants to purchase a new watch and goes to her local jewelry store. which is one of his favorite things to do. What type of friction has Sam experienced? A: Geographic friction 6) The virtual world is a _____ in larger places where we need to figure out what to do with our free time. In New York there is Citi Bike. She finds a watch that she likes. 9) The average level of satisfaction ____ as you go from the head to the long tail. are you more likely to sells books from the “head” or the “long tail?” A: The head 8) What is the supply-side hypothesis for the existence of the long tail? A: It’s now possible for sellers to offer a lot more variety because the economics of distributing those products have changed dramatically. A: a long-tail sales. She ultimately decides against checking out the inventory of the other store because she doesn’t want to spend the time it would take to drive over. Canada. A: Complement 7) If you own a small bookstore in Philadelphia. Jeff is disappointed to realize that he can no longer attend NFL football games. Texas to Toronto. whereas catalogues follow _________ distribution. There is another watch store in the next town. in London there is Barclays Cycle Hire. several major cities have started offering bike-sharing programs. but it’s more expensive than she was hoping to spend. which is 15 miles away and which may have some nice watches at better prices. an 80-20 12) There is a greater number of sales of niche products on the internet for all of the reasons below EXCEPT: A: High-quality images . What is this trend an example of? A: Law of Natural Monopoly 16) Research shows that more “isolated” customers are _________ to shop online. Which of the following markets is most likely to have the greatest online sales? A: Market D has 300 target customers and 1000 non-target customers 18) True or false: a portion of the value in global stock markets is attributable to the “brand power” of companies. A: More likely 17) You are the owner of a company that makes high-end kitchen equipment and your target customer group is wealthy. what is demonstrated by the following figures? .13) The long-tail phenomenon is dependent on the: A: Both 14) Please choose the best answer. In the context of marketing. A: True 19) Choose the best answer: from a marketing perspective. the Law of Double Jeopardy states that: A: Unfamiliar things are less well-liked 15) People who don’t read a lot of books tend to read best-sellers. single adults between the ages of 26 and 40 years old. Professor Bell continued the discussion of CLV this week and explained that in the digital environment.customer lifetime value.A: The importance of brand 20) Professor Fader introduced us to the concept of CLV . What is RLV? A: Referral lifetime value . CLV needs to also incorporate RLV.
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