practice questions

Question 1

who is responsible for marketing?

marketing team
chief marketing officer
everyone

Answer 1

everyone

Question 2

Determine how each firm is oriented in the marketplace:
Company website: “We are a consciously clean skincare + wellness brand whose mission is to disrupt the global beauty industry. Our intention is to increase accessibility, transparency, and sustainability in all aspects of what we create. From the fair sourcing of our shea butter, to the creation of our homemade products, down to the responsible representation of people working with us at every end”

societal marketing-oreineted
product oriented
market
sales

Answer 2

societal

Question 3

Determine how each firm is oriented in the marketplace:
Company website: “Our materials make more possible. When you commit to market-leading innovations, amazing things happen. That’s how we’ve continually enabled new possibilities.”

product
market
societal
sales

Answer 3

product

Question 4

Company profile: “Our products are sold in more than 35 markets around the world and our global independent sales force exceeds 2 million. You’ve got dreams. Whether it’s earning a little extra cash or making a full-time commitment, and a sales consultant opportunity offers the freedom, flexibility and, of course, the fun that you’ve been looking for.”
sales
product
market
societal

Answer 4

sales

Question 5

Mission statement: “Our vision: 100% slave-free chocolate. Not just our chocolate, but all chocolate worldwide. How we are going to achieve that? It won’t be easy. And it’s pretty complex. But we will accomplish it with the help of Tony’s roadmap. Our roadmap has 3 pillars and shows us the way to 100% slave-free chocolate: raise awareness, lead by example, inspire others to act.”

market sales product societal

Answer 5

societal

Question 6

“Our support teams and account managers are some of the longest tenured and best trained you’ll find anywhere. You’ll routinely see the same faces each time you need assistance. With more than 50 offices around the country and 5 on-shore customer care centers, we are focused on being responsive. We think that building lasting relationships is more important than pushing products and we want to know what’s important to you so we can deliver that - quickly and reliably - 24 x 7.”

sales market societal product

Answer 6

sales

Question 7

Which marketing management philosophy focuses on the question, “What do customers want and need?”

social market production internal sales

Answer 7

production

Question 8

A company that wants to implement a market orientation would need to:
-do research on its customers, competitors, & markets
-implement actions that provide value to customers
-establish and maintain mutually satisfying relationships with customers
-determine how to deliver superior customer value
-all

Answer 8

all

Question 9

Which 3 components below are included in the Marketing Strategy Framework from the HBP reading (and is a primary focus of this lesson)?
-5 Cs
-STP
-PAB
-A&A
-4Ps

Answer 9

5 Cs (analysis)
-4Ps (action plan decisions)
-STP (aspiration decisions)

Question 10

We have described the primary goal of marketing as driving revenue growth for the organization. The Marketing Strategy framework from the HBP reading identifies 3 customer outcomes as the “purpose of marketing.” Which of the following is not included as one of those outcomes?

acquiring customers
advertising to customers
retaining customers
incenting customers to be brand ambassadors

Answer 10

advertising

Question 11

peloton equipment and service is famously expensive, but peloton tries to always ensure that it is ket customers receive the greatest amount of total benefits for the least amount of costs.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 11

1

Question 12

Due to Peloton’s deep understanding of their customers’ needs to enjoy and feel motivated to engage in their workouts, Peloton highlights the unique personalities of their elite trainers as an important point of differentiation from other exercise platforms.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 12

2

Question 13

In order to gain a deeper understanding of their customers, last year Peloton tracked several hundred of the customers’ behaviors through observations, diaries, journals, and interviews so that they could group them into distinct categories of goals, activities, and priorities.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 13

9

Question 14

Peloton recognizes that an important intersection between its brand and its customers is the purchase/registration process (either online or by phone)

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 14

8

Question 15

Peloton collects and uses detailed information about its individual customers through all of their touch points to guide the development of product offerings, services, programs, and messages.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 15

7

Question 16

With all of the information about its customer that Peloton collects, they are able to examine their customer base in great detail and perform profitability analyses to target fewer, but more lucrative, customers over time.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 16

6

Question 17

After the customer has an opportunity to experience the machine and classes, Peloton sends them a survey that asks, “How likely are you to recommend us to a friend or colleague?” in order to determine whether a customer experience was a success or failure

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
building a customer centric culture
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape

Answer 17

5

Question 18

Peloton has established a rigorous recruiting and training system to ensure that its trainers are not just skilled on the equipment but can also be perceived as great DJs, coaches, and TV hosts so they can reliably create an outstanding customer experience.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape
10 building a customer centric culture

Answer 18

10

Question 19

one misstep that Peloton now acknowledges is when it tried to measure customer loyalty while it was a running a program that charged customers a $500 cancellation fee to create a high switching cost for customers interested in moving to a different exercise platform.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape
10 building a customer centric culture

Answer 19

4

Question 20

While Peloton has the expertise and materials to create a new (expensive) machine, it has decided to branch into more categories of non-machine-based exercise (e.g., Yoga) based on its understanding of its customers.

1 maximizing customer perceived value
2 resonance focused model
3 Plan Brand Extensions Based on Customer Needs, not Component Similarities
4 creating false loyalty
5 NPS
6 SRM
7 Customer relationship management
8 touch point
9 creating the demand landscape
10 building a customer centric culture

Answer 20

3

Question 21

a 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 ability to communicate value, its pricing policy and distribution strategy. these activities are all apart of:

marketing
HR
accounting
production

Answer 21

marketing

Question 22

Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed their mission, defined objectives for the bank for the coming years, and shared who their target market is. He talked about their product offerings and where their future branches would be located. Earl is sharing the bank’s:

reengineering
financial analysis
hierarchal restructuring
marketing plan
strategic contingency

Answer 22

marketing plan

Question 23

the marketing plan is a reflection of the framework for marketing strategy. which of the following statements regarding their connection is most accurate?

A. the SWOT analyis is our marketing plan is an outcome of the 5 Cs analysis in teh framework for marketing stratgey
B. the marketing mix is our makreting plan is an outcome of our aspirations set of decisons
C. tarhet market stratgey is out marketing plan are all outcomes of the action set of decisons

Answer 23

A

Question 24

shrinking middle class
both
neither
threat
oppurtunity

Answer 24

threat

Question 25

introducing new, lower-priced products to the market

both
neither
threat
oppurtunity

Answer 25

neither

Question 26

customers moving to higher and lower-priced products

shrinking middle class
both
neither
threat
oppurtunity

Answer 26

both

Question 27

P&G has a lot of brands in the marketplace at different proce points

both
neither
threat
oppurtunity

Answer 27

neither

Question 28

competitors are starting to introduce lower-priced options onto the market

both
neither
threat
oppurtunity

Answer 28

threat

Question 29

some customer segments are intrested in spending more moeny on new products in the personal care category

both
neither
threat
oppurtunity

Answer 29

oppurtunity

Question 30

marketers can control the external enviornment on which their organixations operate T/F

Answer 30

F

Question 31

marketers only need a thorough understanding of the laws established by the federal gov T/F

Answer 31

F

Question 32

which of the following is not one of the factors we analyze as a part of understanding the marketing environment (the context from the 5 Css in the situation analysis)

social/cultural factors
tech
political
company strength and weakness factors
economic factors

Answer 32

company strength and weakness factors

Question 33

which of yje follwoing is not one of the correct forces from the porters five forces famework?
supplier power
industry competitions
company strength and weaknesses
potential entrants
buyer power

Answer 33

ompany strength and weaknesses

Question 34

acme widgets is a leading manufacturer of innovative widgets. an acme marketing team presented the following pieces of information at a recent meeting. Select the item that represents an opportunity for the company (not a marketing initiative they have or could take)
NOT DONE
A. a rapidly-growing market segment in the widget industry is the eco-friendly segment which acme currently has no offerings for
B.) the companys new advertising campaign has resulted in an increased brand awareness in the 18-25 demographic
C.) acme has introduced a customer loyalty program that rewards repeat purchases
D.) teh companys latest product launch event had higher attendance than any previous event

Answer 34

A

Question 35

The present research tests the prediction that sharing content on social media inflates subjective knowledge. Sharing content in a domain signals that the sharer has expertise in that domain. We therefore expect that internalizing ones sharing behavior into the self
concept will result in increased subjective knowledge in the domain of the shared content.
Theoretically, the psychological mechanism of internalization should operate independently of objective knowledge. We leverage the phenomenon of sharing without reading to examine this prediction. Reading externally generated content
such as an online news article
generally leads to increased objective knowledge in the content domain because reading is one way to learn
(If sharers simply pass over an article without reading it or read only the headline) however, their actions should have little or no effect on actual understanding of the content domain. Thus, evidence that sharing influences subjective knowledge even when people have not read what they share would serve as strong evidence that this relationship cannot be explained by differences in objective knowledge.

All social media users in the world
Im not sure
Everyone in the US
All social media users in the USA
Everyone in the world

Answer 35

all socail

Question 36

how many particapnts were included in study 1 and what sampling method was used?

98 undergrads particpated in exchange for $8 and a chance to win $50 lottery

Answer 36

convince sampling
98

Question 37

internet based survey with 25 likert-type question (strongly agree to strongly disagree)
Qualitative or quantitative

Answer 37

qunat

Question 38

focus group with 8 people for 1 hour
qualitative ro quantitative

Answer 38

quant

Question 39

scanner based research (analyzing data from cash register sales)
quantitive or qualitative

Answer 39

quant

Question 40

sitting next to people observing them navigating a website and asking questions about what is easy and difficult for them
qualitative or quantiative

Answer 40

qual

Question 41

to help understand if game attendance enjoyed their experience, the atlanta falcons used marketing research to gather factual information. the organization used in-game surveys and end of season surveys of ticket holders. the gathering of factual statements is an example of marketing research in its — role

objective
descriptive
historical
predictive
normative

Answer 41

descriptive

Question 42

—- is a marketing research technique designed to determine how consumers value the different attributes or features that make up a product and the trade offs they are willing to make among those different attributes and features

empathetic research
perceptual mapping
BASES test
conjoint analysis

Answer 42

conjoint

Question 43

post properties is a company that manages apartments in various communities. it is concerned with a glut of apartments in atalanta, orlando and dallas. its market researcher begins by examining the rental markets in southeast, hostory of aprtment buildings, local econmies, competitve rent and ownership- all information that was on hand and did not require any new research to locate. the market researcher looked at:

closed study
stat analysis
secondary data
primary data

Answer 43

secondary

Question 44

—- is a reseacg that manipulates the environment and then measures the effect to try to establish causal relationships among factors being studied
-empathetic research
-quantitative
-non experimental
-experimental
-qualitative

Answer 44

experimental

Question 44

in a study whose purpose is to determine the market for a vitamin that is to be chewed like bubble gum, what is the first question to be answered before a sampling plan is selected?

how large should the sample be in terms of its measurements and its costs?
who can perform the actual sampling ?
how often should the sample be redesigned?
what is the population or universe of intrest?

Answer 44

what is the population or universe of intrest?

Question 45

A customer is planning to purchase a car after being involved in an accident in which their car was “totaled” (i.e., damaged beyond what the insurance company will agree to repair). Because this all happened so suddenly, they need to make the purchase fairly quickly. Rather than examining all of the possible features of a car and all of the possible car brand options, they are only looking for a used sport-utility vehicle that was made in the last 3 years, has under 40,000 miles, and costs less than $25,000. Marketers refer to this type of decision making as:

non-comp
high involvment
optimizing
emotional
compensatory

Answer 45

non

Question 46

The steps of the consumer decision-making process, in order, are:

A.) need recognition, information search, evaluation of alternatives, purchase, post-purchase behavior
b.)