Quiz #1
1) 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 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." 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 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 custo mer “enter the blender market?” A: When the customer’s blender breaks.
9) Q: Which of the following is not one of t he ways mentioned in the lectures to trigger the shopping process? A: Create negative campaigns around 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
15) Q: As the US has become more health conscious, we have seen many fast food c hains like McDonalds and Burger King introduce healthier offerings like grilled chicken and salad option. 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, 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.
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, t he buyer has the power and the market is ______-focused. A: Customer
20) Q: According to the lectures, 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, performance superiority, and customer intimacy).
Quiz #2
1. Q: Because of technology-enabled product development, product life cycles are much shorter now, and companies are constantly reiterating and thinking of new ideas. Which “crack in product centricity” captures this? A: Commoditization
2. Q: Which of the following is NOT a crack in the product-centric approach? A: Customer attrition
3. Q: Which of the following is not true about direct marketing? A: It determines and leverages combined customer value
4. Q: Which of these retailers would Professor Fader describe as highly customer centric? A: None of them
5. Q: What is the correct definition of customer centricity? A: Customer centricity is a strategy that alignsa 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.
6. Q: Professor Fader discussed “salesperson of the month.” 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.
7. Q: Is maximizing shareholder value the overarching objective for a customer-centric commercial enterprise or a product-centric commercial enterprise? A: Both
8. Q: According to Professor Fader, success in a customer-centric world arises through enhanced and/or more efficient levels of the following EXCEPT: A: Customer experience
9. Q: True or False. Customer centricity suggests that you should “fire” (i.e. get rid of) your least valuable customers. A: False
10. Q: In a product-centric company, sales bias is on the side of the ____________ in a transaction. A: Seller
11. Q: Regarding customer acquisition, Professor Fader would say that instead of “cost per acquisition” (CPA), firms would be better off measuring “___________ per acquisition.” A: Value
12. Q: Customer lifetime value should be _________ the amount you would want to spend to acquire a customer. A: Greater than
13. Q: An annual churn rate of 55% means that: A: You have lost 55% of your customers during that year.
14. Q: If your attrition rate is 20%, then your typical customer lifetime is: A: 5 years
15. Q: All of the following are common explanations for low attrition rates except for: A: Customer dissatisfaction
16. Q: What is the correct overall expected lifetime of this customer base? Cluster
Attrition rate
% Customers
Low risk
.05
62
Medium risk
.41
31
High risk
.71
7
A: 13.3 years
17. Q: Sometimes at McDonald’s your cashier will ask you, “Do you want fries with that?” What is this an example of? A: Cross-selling
18. 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. 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.
20. Q: One of the main concepts from t he past few weeks has been customer heterogeneity. What does that mean? A: Recognizing that some customers are more profitable than others since all customers are not inherently equal.
Quiz #3
1) According to Professor Bell, it’s never been easier to star t a new business, and a product idea for a new business should do all of the following EXCEPT: A: Always be a completely new idea
2) In regards to execution, Professor Bell names four changes that are affecting the way new businesses are coming about and growing. Which of the following is NOT one of these trends? A: Luxurification of mass market
3) In recent years, several major cities have started offering bike-sharing programs. In New York there is Citi Bike, in London there is Barclays Cycle Hire, and in Paris there is Velib. 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. She finds a watch that she likes, but it’s more expensive than she was hoping to spend. There is another watch store in the next town, which is 15 miles away and which may have some nice watches at better prices. 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. What type of friction has Louisa experienced? A: Search friction
5) Jeff decides to move from Houston, Texas to Toronto, Canada. While Toronto has many benefits that Houston does not, Jeff is disappointed to realize that he can no longer attend NFL football games, 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. A: Complement
7) If you own a small bookstore in Philadelphia, 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.
9) The average level of satisfaction ____ as you go from the head to the long tail. 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, whereas catalogues follow _________ distribution. A: a long-tail sales; 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
13) The long-tail phenomenon is dependent on the: A: Both
14) Please choose the best answer. In the context of marketing, 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. What is this trend an example of? A: Law of Natural Monopoly
16) Research shows that more “isolated” customers are _________ to shop online. A: More likely
17) You are the owner of a company that makes high-end kitchen equipment and your target customer group is wealthy, single adults between the ages of 26 and 40 years old. 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: True
19) Choose the best answer: from a marketing perspective, what is demonstrated by the following figures?
A: The importance of brand
20) Professor Fader introduced us to the concept of CLV - customer lifetime value. Professor Bell continued the discussion of CLV this week and explained that in the digital environment, CLV needs to also incorporate RLV. What is RLV? A: Referral lifetime value
