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Introduction to Marketing Coursera Quiz Answer
1. 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?
- Unsafe cars
- The claim of maximum safety
- Other family automobiles
- Upscale American families
2. Which of the following is NOT an element of the marketing mix?
3. As the US has become more health conscious, we have seen many fast food chains like McDonalds and Burger King introduce healthier offerings like grilled chicken and salad options. This is an example of what course concept?
- Category Points of Parity
- Competitive Points of Parity
- Category Points of Difference
- Competitive Points of Difference
4. When Steve Jobs updated his company name from Apple Computer to Apple in 2007, which part of the brand positioning was he changing?
- Point of difference
- Frame of reference
- Target segment
5. Which of the following is NOT TRUE about the Generation Y cohort?
- They are independent and don’t depend on social networking to connect with other members of their cohort.
- They account for 30% of the population.
- They were born between 1977 and and 1997.
- They appreciate free content, access to wireless internet, and customization.
6. PRIZM is a segmentation scheme that defines the country based on what type of clusters?
7. In a buyer’s market, the buyer has the power and the market is ______-focused.
8. According to the lectures, what should a company’s long-term marketing strategy be?
- To be the best at one dimension and good enough at the other two dimensions (operational excellence, performance superiority, and customer intimacy).
- To be ABOVE “fair value” on each dimension (operational excellence, performance superiority, and customer intimacy).
- To be AT fair value (operational excellence, performance superiority, and customer intimacy).
9. In the STP framework, what does “STP” stand for?
- Segmentation; targeting; pricing
- Sizing; targeting; pricing
- Segmentation; targeting; positioning
- Sizing; tabulating; positioning
10. What is marketing?
- The study of buyers and sellers
- The study of selling products
- The study of brand positioning
- The study of a market, which is an exchange between two partners
1. 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?
2. Which of the following is NOT a crack in the product-centric approach?
- Retail saturation
- Customer attrition
- Smart customers
3. Which of the following is not true about direct marketing?
- It allows companies to know who their customers are and what they buy
- The individual customer is the unit of analysis
- It aims to determine marketing communication based on past purchases
- It determines and leverages combined customer value
4. Which of these retailers would Professor Fader describe as highly customer centric?
- All of them
- None of them
5. What is the correct definition of customer centricity?
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their short-term financial value to the firm.
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current needs of a select set of customers in order to maximize their long-term financial value to the firm.
- Customer centricity is a strategy that aligns a 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.
- Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their long-term financial value to the firm.
6. Professor Fader discussed “salesperson of the month.” What would he say is the best way to pick a salesperson of the month?
- The number of new customers brought in.
- The number of repeat purchases made by existing customers.
- The change in total customer lifetime value for that month.
- The number of quality referrals they generate.
7. Is maximizing shareholder value the overarching objective for a customer-centric commercial enterprise or a product-centric commercial enterprise?
8. According to Professor Fader, success in a customer-centric world arises through enhanced and/or more efficient levels of the following EXCEPT:
- Customer acquisition
- Customer experience
- Customer retention
- Customer development
9. True or False. Customer centricity suggests that you should “fire” (i.e. get rid of) your least valuable customers.
10. In a product-centric company, sales bias is on the side of the ____________ in a transaction.
1. Which of the following are included in the 7 M’s of developing a Communication Plan? (Select all that apply):
- Money: How much do we need to spend?
- Message Content/Design: What should we tell them and how?
- Markets: Who should we talk to?
- Mass: How large should the plan be?
- Media Strategy: How do we reach them?
2. Which of the following is NOT an example of Mass and Targeted Media strategy?
- Outbound Advertising
- Print Media
- Public Relations
- Product Placement
- Online Word of Mouth
3. Which of the following is NOT a true statement about the Key Principles of Media Planning?
- The campaign must win awards in order to succeed
- The campaign mentions the brand name
- The campaign can show the product in use
- The campaign should state the positives of the product/service
- The campaign must avoid unpleasant connections with your product
4. 1% improvement in ______ would create the biggest improvement of operating profit for a company.
- Variable Cost
- Sales Volume
- Fixed Cost
5. Price Sensitivity is affected by… (Select all that apply):
- Indirect Comparisons
- Availability and awareness of substitutes
- Price/Quality Inferences
- Switching Cost
- Private Costs
6. Which of the following statement is true about measuring price elasticity?
- When actual purchase is measured under controlled conditions, you are measuring Sales Data
- Surveys measures the variable of actual purchases in an experimental environment
- For field/laboratory experiments, one only needs to measure preferences and intentions
- A carefully designed choice set in a Trade-Off Analysis can allow us to measure how a consumer trades off one variable against another
- One of the strengths of a Survey is that people are honest about their intentions on what they will do
7. According to the Weber Fechner Law, consumers react to prices in _____ as opposed to _____.
- Euros / Dollars
- Decimal Points of .99 / .00
- Terms of Emotion / Rationality
- Percentage Terms / Absolutes
- Dollars / Euros
8. True or False: Businesses often spend significantly more money on creating customer access for their products/service than they spend on advertising
9. For the iPhone, which of the following are considered digital attributes of the product? (Select all that apply)
- Efficiency of using the appes on the phone
- Feel of the touchscreen technology
- Size differences between iPhone models
10. _____ is when the consumers shop offline to get a feel for the product and then buys the product online at a cheaper price.
- Retail Dating
- Comparison Shopping
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?
- 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.
2. In the STP framework, what does “STP” stand for?
- Sizing; tabulating; positioning
- Segmentation; targeting; pricing
- Segmentation; targeting; positioning
- Sizing; targeting; pricing
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?
- Men with sensitive skin
- Other razors
- Outstanding shaving performance and comfort
4. In Nike’s brand mantra “Authentic Athletic Performance,” which of the three words is the emotional modifier?
5. 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?
6. In Professor Kahn’s lectures, she discussed the two axes of color. What were the two axes?
- Familiarity & Excitement
- Brightness & Warmth
- Arousal & Affect
7. Which color is most preferred by men and is known to curb appetite?
8. 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?
- Implicit mode
- Co-present mode
- Explicit mode
- Imperative mode
9. 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.
- Consumer packaged goods modernization theory
- Butterfly effect
- Just-noticeable difference
10. Due to massive customer heterogeneity, Professor Fader would say there’s more opportunity to “move the needle” via ___________ than ___________.
- Retention; acquisition
- Retention; development
- Development; acquisition
- Acquisition; development
11. Tesco and Harrahs rose to prominence in their industries by exploiting which “crack in product centricity”?
- Customer-level tracking
12. In a customer-centric approach, which customers should you be most concerned with?
- The customers that have historically been most valuable
- The customers who are most engaged with your products/services
- The customers that are likely to be most valuable
- The customers with the greatest degree of social influence
13. 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?
- Give him incentives to refer his friends to Macy’s
- 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
- Invite Joe into a VIP customer loyalty program once he graduates from school
- Send a thank-you note to Joe to thank him for shopping at Macy’s for so many years
14. Customer centricity requires zooming in on your important customers. As you do so, which of the following strategies do you want to focus on?
- Keep the less valuable customers because they provide stability and robustness to your customer mix
- Try to treat all of your customers equally well
- Try to turn all of the less valuable customers into highly valuable ones
- Drop the least valuable customers, so you can focus your resources on your most valuable customers
15. 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?
- Customer needs assessment
- Customer referral program
16. In a product-centric company, rewards would be measured on metrics like all of the following EXCEPT:
- Number of new products
- Share of wallet
- Market share
- Percentage of revenue from products less than two years old
17. In a customer-centric company, sales bias is on the side of the ____________ in a transaction.
- Ultimate consumer
18. 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?”
- Product; product
- Product; customer
- Customer; product
- Customer; customer
19. Which of the following is NOT an example of basic analytics for pricing decisions?
- Margin/Contribution Analysis
- Economic Value to the Customer
- Break-Even Analysis
- Incremental Expenditures Analysis
20. Gloria owns a 100-acre property that needs to be mowed every week. Christopher mows the property for her at the cost of $20 per acre. John wants to mow Gloria’s lawn instead. According to Professor Raju’s analysis of Economic Value to the Customer, what price should John charge to persuade Gloria to hire him instead of Christopher? in switching her landscaper?
- Exactly $2000
- Exactly $2100
- Less than $2000
- More than $2000
21. John decides to charge a flat fee of $2000 for mowing any sized property. According to Professor Raju’s analysis of Economic Value to the Customer, who would be willing to pay more for John’s services than Christopher’s?
- Carol, who lives in an area where property taxes are lower
- Alan, who has a 200-acre property
- Betsy, who owns a mower
- Don, who has a 50-acre property
22. Which of the following is NOT a product that has predominantly digital attributes?
- A printer cartridge
- A book
- A new pair of running shoes
- A pair of socks you have purchased before
23. Horizontal Conflict is when there is conflict between _____ while Vertical Conflict is when there is conflict between _____.
- Manufacturer and Retailer / Retailers
- Manufacturer and Retailer / Retailer and Customer
- Retailers / Manufacturer and Customer
- Retailers / Manufacturer and Retailer
24. Which of the following is a non-digital attribute?
- Length of a book
- Delivery time
- The fit of a pair of shoes
25. According to Professor’s Bell lecture, changing which of the following had the greatest impact on operating profits?
- Variable costs
- Fixed costs
26. Which of the following best represents the idea of price elasticity?
- 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?
- 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?
27. Which of the following is NOT one of the four inputs to the pricing process?
- Competitive pressures
- Marginal cost
- Marginal revenue
- Distributor margins
- Willingness to pay
28. Which of the following is not one of the 7Ms?
- Media strategy
- Message content
- Message design
29. 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?
30. Under the Elaboration Likelihood Model, a firm should only use central routing in their marketing messaging if customers have:
- NO motivation to elaborate and NO ability to elaborate.
- The motivation to elaborate and the ability to elaborate.
- The motivation to elaborate but NO ability to elaborate.
- The ability to elaborate but NO motivation to elaborate.
31. The tagline for Disneyland is “The Happiest Place on Earth.” What type of tagline is this?
32. 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?
- Social Proof
- Classic conditioning
33. If a company has used a celebrity endorsement in an “imperative mode,” what message is the celebrity conveying?
- “Everyone uses this product.”
- “You should use this product.”
- “I use this product.”
- “I endorse this product.”
34. 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:
- New products, which can be true to the core identity but add modern, innovative elements.
- Update the brand name to reflect evolving identities.
- Slogans, which are easier to change than names.
- Symbols: updating symbols can provide updates without changing meanings..
- Announcements: explaining to your customers that the brand will now be focusing on a different customer segment.
35. How do you calculate Price Elasticity?
- By dividing the percentage of Change in Demand by the percentage of Change in Price
- By dividing the percentage of Change in Demand by gross profits
- By dividing the percentage of Change in Price by absolute manufacturing costs
- By dividing the percentage of Change in Price by the percentage of Change in Demand
36. What are customer-centric companies required to do?
- No significant organizational changes are necessary: they just have to adopt a customer-centric approach.
- Be willing and able to change their organizational design and performance metrics to focus on creating long-run customer value. Changing incentive structures is not necessary.
- Be willing and able to change their organizational design, performance metrics and incentive structures to focus on creating long-run customer value
- Be willing and able to change their performance metrics and incentive structures to focus on creating long-run customer value. Changing organizational design is not necessary.
37. What do the acronyms of the AIDA Model stand for?
- Action, Imagination, Design, Attention
- Attention, Interest, Design, Action
- Analysis, Implementation, Design, Achievement
- Attention, Interest, Desire, Action
38. What is the definition of the Endowment Effect?
- Consumers are more likely to purchase a product priced at $19.99 than $20
- Buyers compare the current price with a reference price
- Consumers react to prices in percentage terms as opposed to absolutes
- A sense of ownership increases a customer’s willingness to pay
39. Understanding the process of perception is critical to understanding branding because:
- Brand names change people’s perceptions of products regardless of the quality of the product
- Perceptions affect subsequent behavior
- All answers are correct
- No answers are correct
- The proximity bias means that people assume that things that are close to each other must belong together
- Similarity bias means people assume that things that look alike must have the same quality
40. Which of the following factors does NOT reduce price sensitivity?
- When the user cannot differentiate between differences in quality
- Separation between the buyer and the payer
- Separation in time between the point of purchase and the time of payment
- Ease of comparison
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