Weekly Quizzes (part 2)

Question 1

Market segmentation is the process of grouping customers into relatively homogeneous sets or segments such that customers within a segment are similar to one another in:

Answer 1

The way they respond to the marketing effort directed toward them
Quiz 7: Market Segmentation, Targeting, and Positioning

Question 2

Perceptual maps show the judgments customers make regarding the performance of a brand’s features and benefits. Gap analysis extends the perceptual maps method by asking customers to make judgments regarding:

Answer 2

The importance of a brand’s featurers and benefits to the buying decision
Quiz 7: Market Segmentation, Targeting, and Positioning

Question 3

Why dosen’t “me too” positioning work as a value positioning strategy?

Answer 3

The positioning approach does not give consumers a reason to change
Quiz 7: Market Segmentation, Targeting, and Positioning

Question 4

What is product positioning?

Answer 4

The place a product occupies in the target customers’ minds

Quiz 7: Market Segmentation, Targeting, and Positioning

Question 5

Wells Lamont recently launched a new work glove for farmers. However, the market segment consists of a few rural towns. Marketers are worried that the segment size is not large enough to make this product profitable. Which characteristic of effective segmentation is lacking?

Answer 5

Substantial

Quiz 7: Market Segmentation, Targeting, and Positioning

Question 6

The most critical stage of the new product development process is the concept testing stage because:

Answer 6

This is the first time the idea is tested with potential customers
Quiz 8: Product and Brand Strategy

Question 7

Which stage in the product life cycle seeks to maximize market share by adding features, improving quality, targeting new market segments, or adding new channels of distribution?

Answer 7

Growth

Quiz 8: Product and Brand Strategy

Question 8

What is the basis for differentiation for functional brands?

Answer 8

Superior performance or superior economy

Quiz 8: Product and Brand Strategy

Question 9

Spalding, an American sporting goods company, manufactures and sells sports equipment for a variety of sports from baseball to volleyball. All of the products offered by Spalding represent the company’s:

Answer 9

Product mix

Quiz 8: Product and Brand Strategy

Question 10

Considering a product’s competitive angle, _______________ is about finding significant pain points that are personally relevant to the target audience while _______________ is about demonstrating product-solving benefits.

Answer 10

Need to Believe, Reason to Believe

Quiz 8: Product and Brand Strategy

Question 11

Which determinant of service quality shows the strongest influence on customers’ perceptions of service quality?

Answer 11

Reliability

Quiz 9: Services Marketing

Question 12

Compared to product marketing, services marketing poses unique challenges for marketing managers because unlike products, services are:

Answer 12

Intangible, insparable, variable, and perishable

Quiz 9: Services Marketing

Question 13

One of the challenges for department stores like Nordstrom is the potential for service variability—services depend on who provides them and when and where they are provided. The marketing solutions for variability are:

Answer 13

Training and standardized processes

Quiz 9: Services Marketing

Question 14

The marketing mix for services includes the 4P’s of marketing (product, price, place, and promotion), plus:

Answer 14

People, process, and physical environment

Quiz 9: Services Marketing

Question 15

Delta Airlines faces the service challenge of perishability because the airline cannot save seats from an empty afternoon flight for a full flight in the evening. To overcome this service challenge, Delta:

Answer 15

Attempts to manage fluctuating demand or seeks to match supply with changing demand
Quiz 9: Services Marketing

Question 16

Marketing managers (on the business side) communicate advertising strategy to advertising agencies (on the creative side) using:

Answer 16

Creative briefs

Quiz 10: Promotion Strategy

Question 17

Procter & Gamble promotes Old Spice deodorant to the final consumers with the expectation that the final consumers will demand the product from retail stores. Then the retail stores will request the product from Procter & Gamble. This is an example of:

Answer 17

Pull strategy

Quiz 10: Promotion Strategy

Question 18

Advertising effectiveness is measured by:

Answer 18

Recall (remember the ad and the advertiser) and persuasion (remember the benefit)
Quiz 10: Promotion Strategy

Question 19

While watching her favorite TV show, Amanda noticed an ad for a new brand of toothpaste. Although Amanda had never heard of this particular brand, the ad made her aware of the brand and, by the end of the ad, Amanda was favorably disposed to the brand. Which two objectives did this ad accomplish?

Answer 19

Cognitive and affective

Quiz 10: Promotion Strategy

Question 20

Which sales promotion method is best for building brand loyalty?

Answer 20

Value-added promotions

Quiz 10: Promotion Strategy

Question 21

Facebook, Twitter, YouTube, product blogs, and Google AdWords all play different roles in achieving marketing objectives. For example, __________________ is better for generating awareness and __________________ is better for making direct sales.

Answer 21

Facebook, Google AdWords

Quiz 11: Social Media Marketing

Question 22

In recent years, many marketers have asked, “How do I optimize my website to obtain a better rank with search engines?” Given the changes in search engine algorithms, like Google, the better questions is:

Answer 22

“How can I optimize my brand so that it’s a sought-after participant in relevant conversations?”

Quiz 11: Social Media Marketing

Question 23

Social media marketing may be more effective than traditional marketing communications channels because social media:

Answer 23

Offers greater flexibility fo content and duration
Has credibility similar to word-of-mouth
Can build awareness and interest at a much lower cost
Quiz 11: Social Media Marketing

Question 24

Social media services created a new vocabulary such as cost-per-click (CPC), click-through-rate, and cost-per-action (CPA). Because ads must generate enough interest to get a click and clicks must generate an action leading to a sale, the critical number is:

Answer 24

CPA–cost per action

Quiz 11: Social Media Marketing

Question 25

What is the key driver in engaging and converting potential customers using social media?

Answer 25

Relevant content

Quiz 11: Social Media Marketing

Question 26

Procter & Gamble (makers of Crest and Covergirl) focuses on winning the first moment-of-truth in retail stores, that is, the first three to seven seconds it takes shoppers to make up their minds which product to take from the retailer’s shelf. To do this, P&G marketing managers focus on:

Answer 26

In-store advertising and packaging

Quiz 12: Distribution Strategy

Question 27

Candy bars such as “Snickers” are best sold using which type of distribution?

Answer 27

Intensive distribution

Quiz 12: Distribution Strategy

Question 28

Cabela’s consciously designs retail space to orchestrate various dimension of the store—layout, color, sounds, and signage—to appeal to consumers’ emotions and encourage buying. This is called:

Answer 28

Atmospherics

Quiz 12: Distribution Strategy

Question 29

Channel members can affect customer value by:

Answer 29

Reducing non-price costs
Improving image
Delivering service
Enhancing the product
Quiz 12: Distribution Strategy

Question 30

Channel members (intermediaries) make the selling of products more efficient by:

Answer 30

Reducing the number of contacts between producers and sellers
Quiz 12: Distribution Strategy

Question 31

The range of possible prices, where sellers have incentive to sell and buyers have incentive to purchase, is:

Answer 31

Above the seller’s cost of goods sold and below the buyer’s percieved value
Quiz 13: Pricing Strategy

Question 32

With cost-plus pricing, the firm knows its costs, but not much about customers and competitors. So marketing managers simply add a margin to the cost of the product to determine price. The added amount is generally the margin needed to make the return demanded by upper management or investors. The trouble with cost-plus pricing is that:

Answer 32

Product costs are irrelevant to buyers

Quiz 13: Pricing Strategy

Question 33

Reference price is an important concept in pricing strategy. ______________ is what everyone else is paying for the product and _______________ is what you think you should pay, given your past experience and the buying situation.

Answer 33

External reference price; internal reference price

Quiz 13: Pricing Strategy

Question 34

Which pricing strategy is used when marketers set a relatively high price to obtain high margins at the expense of sales quantity, then lower the price over time?

Answer 34

Price skimming

Quiz 13: Pricing Strategy

Question 35

Which element of the marketing mix has the most profound influence on price?

Answer 35

Place

Quiz 13: Pricing Strategy