Quiz 3 Marketing

Quiz 3 Marketing Question 1 According to Professor Bell, it’s never been easier to start a new business, and a product idea for a new business should do all of the following EXCEPT: Be easy to eplain and describe !eliver eceptional value  "#T re$uire %uch capital to test and scale Address a large %ar&et Always be a co%pletely new idea

Question 2 'n regards to eecution, Professor Bell na%es four changes that are affecting the way new  businesses are co%ing about and growing( )hich of the following is "#T one of these trends* Collaborative consu%ption !e%ocrati+ation in access uurification of %ass %ar&et -alue chain disruption .atching of supply and de%and

Question 3 'n recent years, several %a/or cities have started offering bi&e0sharing progra%s( 'n "ew 1or& 1or& there is Citi Bi&e, in ondon there is Barclays Cycle 2ire, and in Paris there is -elib( -elib( )hat trend do these bi&e sharing progra%s represent*

!e%ocrati+ation in access Collaborative consu%ption .atching of supply and de%and -alue chain disruption

Question 4 ouisa wants to purchase a new watch and goes to her local /ewelry store( 3he finds a watch that she li&es, but it’s %ore epensive than she was hoping to spend( There is another watch store in the net town, which is 45 %iles away and which %ay have so%e nice watches at better prices( 3he ulti%ately decides against chec&ing out the inventory of the other store because she doesn’t want to spend the ti%e it would ta&e to drive over( )hat type of friction has ouisa eperienced* 3earch friction Travel friction

Custo%er friction 6eographic friction 3election friction Ti%e friction Constraint friction

Question 5 7eff decides to %ove fro% 2ouston, Teas to Toronto, Canada( )hile Toronto has %any benefits that 2ouston does not, 7eff is disappointed to reali+e that he can no longer attend "8 football ga%es, which is one of his favorite things to do( )hat type of friction has 3a% eperienced* 3election friction Ti%e friction Constraint friction 6eographic friction Custo%er friction Travel friction 3earch friction

Question 6 The virtual world is a 99999 in larger places where we need to figure out what to do with our free ti%e( Co%ple%ent 3ubstitute

Question 7 'f you own a s%all boo&store in Philadelphia, are you %ore li&ely to sells boo&s fro% the head; or the long tail*; The long tail

The head Both  "either

Question 8 )hat is the supply0side hypothesis for the eistence of the long tail* 't’s now possible for sellers to offer a lot %ore variety because the econo%ics of distributing those products have changed dra%atically( People’s tastes are %ore varied because they have access to a greater variety of products( The internet has allowed %any %ore people to beco%e product suppliers( Big hits are beco%ing even %ore popular a%ong internet users(

Question 9 The average level of satisfaction 9999999999 as you go fro% the head to the long tail( 'ncreases 3tays constant !ecreases

Question 10 The oren+ curve below shows that:

http:<
Botto% =>? of the population holds @>? of all of the inco%e 'nco%e is e$ually distributed in this population according to the 6ini0coefficient Top @>? of the population holds @>? of all of the inco%e 5>? of the population holds 5>? of all of the inco%e

Question 11 esearch has shown that internet channels follow 999 999999 distribution, whereas catalogues follow 999999999 distribution( an >0>D a long0tail sales a long0tail salesD a 6ini0coefficient a long0tail salesD an >0> a 6ini0coefficientD a long0tail sales

Question 12 There is a greater nu%ber of sales of niche products on the internet for all of the reasons below EXCEPT: eviews 2igh0$uality i%ages  "on0directed search !irected search

Question 13 The long0tail pheno%enon is dependent on the: Both !e%and side  "either

3upply side

Question 14 Please choose the best answer( 'n the contet of %ar&eting, the aw of !ouble 7eopardy states that: 1ou can’t be tried for the sa%e cri%e twice Custo%ers buy products and services that have been reco%%ended by their peers People li&e to watch hits twice but usually no %ore than that nfa%iliar things are less well0li&ed

Question 15 People who don’t read a lot of boo&s tend to read best0sellers( )hat is this trend an ea%ple of* Product centricity aw of "atural .onopoly ong tail 6ini0coefficient

Question 16 esearch shows that %ore isolated; custo%ers are 999999999 to shop online( ess li&ely .ore li&ely

Question 17 1ou are the owner of a co%pany that %a&es high0end &itchen e$uip%ent and your target custo%er group is wealthy, single adults between the ages of F and G> years old( )hich of the following %ar&ets is %ost li&ely to have the greatest online sales* .ar&et B has 5> target custo%ers and =5> non0target custo%ers .ar&et ! has @>> target custo%ers and 4>>> non0target custo%ers .ar&et C has @>> target custo%ers and @>> non0target custo%ers

.ar&et A has 5> target custo%ers and 5> non0target custo%ers

Question 18 True or false: a portion of the value in global stoc& %ar&ets is attributable to the brand power; of co%panies( True 8alse

Question 19 Choose the best answer: fro% a %ar&eting perspective, what is de%onstrated by the following figures*

The i%portance of digital %ar&eting The superiority of the 6uinness brand The difference in taste between %any beer brands today The importance of brand

Question 20 Professor 8ader introduced us to the concept of C- 0 custo%er lifeti%e value( Professor Bell continued the discussion of C- this wee& and eplained that in the digital environ%ent, Cneeds to also incorporate -( )hat is -* eferral lifeti%e value etail lifeti%e value ecent lifeti%e value elative lifeti%e value