Final_Exam_Marketing

Final Exam 33/40

Question 1

Professor Kahn demonstrated the use of a Value Map. According to the Fair Value framework and to the lecture, what should companies try to do?

Your Answer Score Explanation Offer better than fair value on all three bundles.

Offer fair value on all three bundles.

Offer fair value on two bundles and offer better than fair value on the other

bundle.

Correct 1.00

Total 1.00 / 1.00

Question 2

In the STP framework, what does "STP" stand for?

Your Answer Score Explanation

Sizing; tabulating; positioning

Sizing; targeting; pricing

Segmentation; targeting; positioning Correct 1.00

Segmentation; targeting; pricing

Total 1.00 / 1.00

Question 3

The Gillette Sensitive portfolio (pictured below) "combines outstanding shaving performance and comfort to address the significant unmet need of 70% of men who say they have sensitive skin." What is the point of

difference in this positioning statement?

Your Answer Score Explanation

Other razors

Outstanding shaving performance and comfort Correct 1.00

Men with sensitive skin

Total 1.00 / 1.00

Question 4

In Nike's brand mantra "Authentic Athletic Performance," which of the three words is the emotional modifier?

Your Answer Score Explanation

Authentic Correct 1.00

Performance

Athletic

Total 1.00 / 1.00

Question 5

Liza goes to buy a coffee maker. There are 47 available models in the world. Liza has heard of 9 of these models, of which she's only willing to buy 3. In this example, how many products are in her "consideration set?"

Your Answer Score Explanation

9

47

3Correct 1.00

Total 1.00 / 1.00

Question 6

If a product is frequently promoted and put on sale, consumers tend to _________ their _________ reference point for the item.

Your Answer Score Explanation

Lower; external

Lower; internal Correct 1.00

Raise; internal

Raise; external

Total 1.00 / 1.00

Question 7

Disney, started by brothers Roy and Walt Disney, is one of the world's most famous mass media corporations. What

type of name is Disney?

Your Answer Score Explanation

Metaphor

Invented

Surname Correct 1.00

Blended

Total 1.00 / 1.00

Question 8

In Professor Kahn's lectures, she discussed the two axes of color. What were the two axes?

Your Answer Score Explanation

Brightness & Warmth

Arousal & Affect Correct 1.00

Familiarity & Excitement

Total 1.00 / 1.00

Question 9

Which color is known for royalty, wealth, success, and wisdom?

Your Answer Score Explanation

White

Black

Blue

Purple Correct 1.00

Total 1.00 / 1.00

Question 10

A lot of designer clothing companies will send free clothes to celebrities with hopes that the celebrities will wear their clothing in public and attract more customers to the brand. What mode of endorsement are these clothing companies trying to achieve?

Your Answer Score Explanation

Imperative mode

Implicit mode

Co-present mode Correct 1.00

Explicit mode

Total 1.00 / 1.00

Question 11

The image below, which displays Nivea's packaging since 1963, is an example of the ____________, which is when companies use tiny little tweaks to make sure their packaging and brand stay modern.

Your Answer Score Explanation

Just-noticeable difference

Butterfly effect Inorrect 0.00

Consumer packaged goods modernization theory

Total0.00 / 1.00

Question 12

If your attrition rate is 10%, then your typical customer lifetime is:

Your Answer Score Explanation

1 year

40 years

10 years Correct 1.00

5 years

Total 1.00 / 1.00

Question 13

Due to massive customer heterogeneity, Professor Fader would say there’s more opportunity to “move the needle” via ___________ than ___________.

Your Answer Score Explanation

Acquisition; development Correct 1.00

Retention; development

Development; acquisition

Retention; acquisition

Total 1.00 / 1.00

Question 14

Tesco and Harrahs rose to prominence in their industries by exploiting which “crack in product centricity”?

Your Answer Score Explanation

Globalization

Customer-level tracking Correct 1.00

Commoditization

Innovation

Total 1.00 / 1.00

Question 15

In a customer-centric approach, which customers should you be most concerned with?

Your Answer Score Explanation

The customers who are most engaged with your products/services

The customers that have historically been most valuable

The customers with the greatest degree of social influence

The customers that are likely to be most valuable Correct 1.00

Total 1.00 / 1.00

Question 16

When Joe was working in finance, he bought all of his suits at Macy’s, a department store. Once Macy’s finds out about Joe’s plans to return to business school, what customer-centric approach would Professor Fader recommend that Macy’s takes with Joe?

Your Answer Score Explanation

Show Joe that he’s still important to them by extending a store discount to him

that will apply during his time as a student

Correct 1.00 Give him incentives to refer his friends to Macy’s

Send a thank-you note to Joe to thank him for shopping at Macy’s for so many

years

Invite Joe into a VIP customer loyalty program once he graduates from school

Total 1.00 / 1.00

Question 17

Customer centricity requires zooming in on your important customers. As you do so, which of the following strategies do you want to focus on?

Your Answer Score Explanation Try to turn all of the less valuable customers into highly valuable ones

Try to treat all of your customers equally well

Drop the least valuable customers, so you can focus your resources on your

most valuable customers

Keep the less valuable customers because they provide stability and

robustness to your customer mix

Correct 1.00

Total 1.00 / 1.00

Question 18

What is the correct overall expected lifetime of this customer base?

Your Answer Score Explanation

20.9 years

4.9 years

12.3 years Inorrect 0.00

7.6 years

Total0.00 / 1.00

Question 19

Sometimes at the hair salon, the receptionist will ask if you also want to get a manicure while you’re there. What is this an example of?

Your Answer Score Explanation

Up-selling

Customer needs assessment

Customer referral program

Cross-selling Correct 1.00

Total 1.00 / 1.00

Question 20

In a product-centric company, rewards would be measured on metrics like all of the following EXCEPT:

Your Answer Score Explanation Market share

Number of new products

Percentage of revenue from products less than two years old Inorrect 0.00

Share of wallet

Total0.00 / 1.00

Question 21

In a customer-centric company, sales bias is on the side of the ____________ in a transaction.

Your Answer Score Explanation

Broker

Seller Inorrect 0.00

Buyer

Ultimate consumer

Total0.00 / 1.00

Question 22

The thought process for a ________-centric company is “How many possible uses of this product?” The thought process for a ________-centric company is “What combination of products is best for this customer?”

Your Answer Score Explanation

Product; product

Product; customer Correct 1.00

Customer; customer

Customer; product

Total 1.00 / 1.00

Question 23

Jack recommends his new Keurig coffee machine to his friend Jill. Jill buys her own Keurig and loves it - studies show that she is now significantly more likely to recommend the Keurig coffee machine to another person. What is this effect called?

Your Answer Score Explanation

Marketing effect

Treatment effect

Selection effect

Referral effect

Total0.00 / 1.00

Question 24

Choose the best answer. Claire just heard that her friend Jack lost his job. In order to help with his search for a

new job, she suggests that he sign up for LinkedIn, a social networking website for people in professional occupations. Jack signs up, finds LinkedIn to be very helpful, and ends up becoming an active user for the next ten years. This is an example of the:

Your Answer Score Explanation

Treatment effect Inorrect 0.00

Marketing effect

Referral effect

Selection effect

Total0.00 / 1.00

Question 25

During the product life cycle, which of the following groups adopts a new product or service during the “Maturity” phase?

Your Answer Score Explanation

Innovators

Early majority

Early adopters

Laggards

Late majority Correct 1.00

Total 1.00 / 1.00

Question 26

In the context of the product life cycle, which of the following is NOT true about the “Laggards” group?

Your Answer Score Explanation They usually appear during the “Decline” stage of a product’s life cycle

They are at the opposite end of the product life cycle as the Innovators

People who are laggards for one product will be laggards for all products Correct 1.00

They are the last people to adopt a new product or service

Total 1.00 / 1.00 Question 27

Which adage best sums up the concept of “homophily?”

Your Answer Score Explanation

Opposites attract

Birds of a feather flock together Correct 1.00

The early birds gets the worm

You can't teach an old dog new tricks

Total 1.00 / 1.00

Question 28

Six degrees of separation is the idea that everyone is six or fewer steps away from any other person in the world. In terms of influence, however, the influence you have over other people will generally not exceed _____ steps. Your Answer Score Explanation

3 Correct 1.00

4

6

2

Total 1.00 / 1.00

Question 29

In one of the studies that Professor Bell discusses, he looks at the influence different "friends" have on a user in a certain social network. Which of these effects is a result of "homophily?"

Your Answer Score Explanation

Girls were influential over guys, whereas the same was not true for guys over

girls

On average, someone who has been in a social network for a longer period of

time has a greater influence on other users

People who indicate they're looking to date people have less influence over

other users

People who are from the same ethnic/culture background, on average, have

more influence over each other

Correct 1.00

Total 1.00 / 1.00

Question 30

Which of the following is a non-digital attribute?

Your Answer Score Explanation The fit of a pair of shoes Correct 1.00

Delivery time

Length of a book

Price

Total 1.00 / 1.00

Question 31

According to one of the studies Professor Bell discussed, which of the following Product Life Cycle groups is more driven by better information on a product’s non-digital attributes that is spread through communication with existing customers of the product?

Your Answer Score Explanation

Innovators

Laggards

Early adopters Inorrect 0.00

Total0.00 / 1.00

Question 32

According to Professor’s Bell lecture, changing which of the following had the greatest impact on operating profits?

Your Answer Score Explanation

Price Correct 1.00

Volume

Fixed costs

Variable costs

Total 1.00 / 1.00

Question 33

Which of the following best represents the idea of price elasticity?

Your Answer Score Explanation If I drop the price by 1%, by how much does demand drop?

If I drop volumes by 10%, by how much does the price adjust?

If I raise volumes by 10%, by how much does the price adjust?

If I raise the price by 1%, by how much does demand drop?Correct 1.00

Total 1.00 / 1.00

Question 34

When you buy a computer from Apple, they ask whether you want to purchase the AppleCare Protection Plan, which is an integrated service and support plan that is backed by Apple. You can purchase the protection plan in store, but you c an also wait and buy it anytime in the year following your purchase. According to what you’ve learned in the course, which of the following is NOT a good reason for why a lot of people end up buying the protection plan in-store?

Your Answer Score Explanation

You are only buying one computer, and small volume users tend to be more

price sensitive.

Correct 1.00

There are Apple employees who are there to explain the benefits of the

program.

The protection plan is much less expensive than the laptop, and buyers tend to

be less price sensitive when the focal component is a smaller part of total costs.

Total 1.00 / 1.00

Question 35

In the context of mental accounting, how should you treat gains and losses (i.e. good news and bad news)?

Your Answer Score Explanation

Separate losses and combine gains

Separate gains and combine losses Correct 1.00

Integrate gains and losses

Separate gains and losses

Total 1.00 / 1.00

Question 36

Which of the following is NOT one of the four inputs to the pricing process?

Your Answer Score Explanation

Marginal revenue Correct 1.00

Distributor margins

Competitive pressures

Marginal cost

Willingness to pay

Total 1.00 / 1.00

Question 37

Which of the following is NOT a strategic advantage of direct channels?

Your Answer Score Explanation Erecting barriers to entry against other competitors

Quality of direct market feedback

Ability to bundle with high margin products/services

Efficiency from a smaller number of transactions required Correct 1.00

Total 1.00 / 1.00 Question 38

Integrating, franchising, and monitoring are all strategies of managing __________ conflict. Your Answer Score Explanation

Vertical Correct 1.00

Horizontal

Total 1.00 / 1.00

Question 39

Which of the following is not one of the 7Ms?

Your Answer Score Explanation

Mission

Market

Measurement

Money

Message content

Message design

Motivation Correct 1.00

Media strategy

Total 1.00 / 1.00 Question 40

What type of rational appeal is the ad below?

Your Answer Score Explanation Demonstration

Spokesperson

Comparison Correct 1.00

Total 1.00 / 1.00