Introduction to Marketing (Week 1 – 4) Quiz Answers

Introduction to Marketing Week 1 Coursera Quiz Answers

Q1. 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?

• Volvos
• Upscale
  American families
• Unsafe
  cars
• The
  claim of maximum safety
• Other
  family automobiles

Q2. Which of the following is NOT an element of the
marketing mix?

• Price
• Promotion
• Place
• Product
• Population

Q3. 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
• Category
  Points of Difference
• Competitive
  Points of Parity
• Competitive
  Points of Difference

Q4. 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
• Target
  segment
• Frame
  of reference

Q5. Which of the following is NOT TRUE about the Generation
Y cohort?

• They
  were born between 1977 and and 1997.
• They
  are independent and don’t depend on social networking to connect with
  other members of their cohort.
• They
  appreciate free content, access to wireless internet, and customization.
• They
  account for 30% of the population.

Q6. PRIZM is a segmentation scheme that defines the country
based on what type of clusters?

• Cohort
• Demographic
• Occupational
• Geographic

Q7. In a buyer’s market, the buyer has the power and the
market is ______-focused.

Q8. According to the lectures, what should a company’s
long-term marketing strategy be?

• To
  be ABOVE “fair value” on each dimension (operational excellence, performance
  superiority, and customer intimacy).
• To
  be the best at one dimension and good enough at the other two dimensions
  (operational excellence, performance superiority, and customer intimacy).
• To
  be AT fair value (operational excellence, performance superiority, and
  customer intimacy).

Q9. In the STP framework, what does “STP” stand for?

• Segmentation;
  targeting; positioning
• Segmentation;
  targeting; pricing
• Sizing;
  tabulating; positioning
• Sizing;
  targeting; pricing

Q10. What is marketing?

• The
  study of a market, which is an exchange between two partners
• The
  study of brand positioning
• The
  study of buyers and sellers
• The
  study of selling products

Introduction to Marketing Week 2 Coursera Quiz Answers

Q1. 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?

• Innovation
• Commoditization
• Globalization
• Saturation

Q2. Which of the following is NOT a crack in the
product-centric approach?

• Retail
  saturation
• Smart
  customers
• Deregulation
• Customer
  attrition
• Globalization

Q3. Which of the following is not true about direct
marketing?

• 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
• It
  allows companies to know who their customers are and what they buy

Q4. Which of these retailers would Professor Fader describe
as highly customer centric?

• Starbucks
• Walmart
• All
  of them
• Nordstrom
• Apple
• None
  of them

Q5. 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 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 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 future needs of a select set of customers
  in order to maximize their short-term financial value to the firm.

Q6. 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.

Q7. Is maximizing shareholder value the overarching
objective for a customer-centric commercial enterprise or a product-centric
commercial enterprise?

• Neither
• Customer-centric
• Both
• Product-centric

Q8. According to Professor Fader, success in a
customer-centric world arises through enhanced and/or more efficient levels of
the following EXCEPT:

• Customer
  retention
• Customer
  experience
• Customer
  acquisition
• Customer
  development

Q9. True or False. Customer centricity suggests that you
should “fire” (i.e. get rid of) your least valuable customers.

Q10. In a product-centric company, sales bias is on the side
of the ____________ in a transaction.

• Seller
• Market
• Buyer
• Broker

Introduction to Marketing Week 3 Quiz Answers

Q1. Which of the following are included in the 7 M’s of
developing a Communication Plan? (Select all that apply):

• Mass:
  How large should the plan be?
• Message
  Content/Design: What should we tell them and how?
• Markets:
  Who should we talk to?
• Media
  Strategy: How do we reach them?
• Money:
  How much do we need to spend?

Q2. Which of the following is NOT an example of Mass and
Targeted Media strategy?

• Outbound
  Advertising
• Online
  Word of Mouth
• Product
  Placement
• Print
  Media
• Public
  Relations

Q3. 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 must avoid unpleasant connections with your product
• The
  campaign mentions the brand name
• The
  campaign can show the product in use
• The
  campaign should state the positives of the product/service

Q4. 1% improvement in ______ would create the biggest
improvement of operating profit for a company.

• Sales
  Volume
• Fixed
  Cost
• Price
• Variable
  Cost

Q5. Price Sensitivity is affected by… (Select all that
apply):

• Private
  Costs
• Switching
  Cost
• Availability
  and awareness of substitutes
• Indirect
  Comparisons
• Price/Quality
  Inferences

Q6. Which of the following statement is true about measuring
price elasticity?

• Surveys
  measures the variable of actual purchases in an experimental environment
• A
  carefully designed choice set in a Trade-Off Analysis can allow us to
  measure how a consumer trades off one variable against another
• When
  actual purchase is measured under controlled conditions, you are measuring
  Sales Data
• One
  of the strengths of a Survey is that people are honest about their
  intentions on what they will do
• For
  field/laboratory experiments, one only needs to measure preferences and
  intentions

Q7. According to the Weber Fechner Law, consumers react to
prices in _____ as opposed to _____.

• Euros
  / Dollars
• Terms
  of Emotion / Rationality
• Percentage
  Terms / Absolutes
• Decimal
  Points of .99 / .00
• Dollars
  / Euros

Q8. True or False: Businesses often spend significantly more
money on creating customer access for their products/service than they spend on
advertising

Q9. 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
• Size
  differences between iPhone models
• Feel
  of the touchscreen technology
• Colors
• Price

Q10. _____ is when the consumers shop offline to get a feel
for the product and then buys the product online at a cheaper price.

• Showrooming
• Webrooming
• Retail
  Dating
• Comparison
  Shopping

Introduction to Marketing Week 4 Quiz Answers

(Final Exam Answer)

Q1. 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
  fair value on all three bundles.
• Offer
  better than fair value on all three bundles.
• Offer
  fair value on two bundles and offer better than fair value on the other
  bundle.

Q2. In the STP framework, what does “STP” stand for?

• Segmentation;
  targeting; pricing
• Sizing;
  targeting; pricing
• Sizing;
  tabulating; positioning
• Segmentation;
  targeting; positioning

Q3. 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?

• Other
  razors
• Outstanding
  shaving performance and comfort
• Men
  with sensitive skin

Q4. In Nike’s brand mantra “Authentic Athletic Performance,”
which of the three words is the emotional modifier?

• Authentic
• Performance
• Athletic

Q5. 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?

• Invented
• Surname
• Metaphor
• Blended

Q6. In Professor Kahn’s lectures, she discussed the two axes
of color. What were the two axes?

• Brightness
  & Warmth
• Familiarity
  & Excitement
• Arousal
  & Affect

Q7. Which color is most preferred by men and is known to
curb appetite?

Q8. 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?

• Co-present
  mode
• Implicit
  mode
• Explicit
  mode
• Imperative
  mode

Q9. 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

Q10. Due to massive customer heterogeneity, Professor Fader
would say there’s more opportunity to “move the needle” via ___________ than
___________.

• Retention;
  acquisition
• Retention;
  development
• Acquisition;
  development
• Development;
  acquisition

Q11. Tesco and Harrahs rose to prominence in their
industries by exploiting which “crack in product centricity”?

• Globalization
• Customer-level
  tracking
• Innovation
• Commoditization

Q12. In a customer-centric approach, which customers should
you be most concerned with?

• The
  customers that are likely to be most valuable
• The
  customers that have historically been most valuable
• The
  customers who are most engaged with your products/services
• The
  customers with the greatest degree of social influence

Q13. 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?

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

Q14. Customer centricity requires zooming in on your
important customers. As you do so, which of the following strategies do you
want to focus on?

• Try
  to turn all of the less valuable customers into highly valuable ones
• Try
  to treat all of your customers equally well
• Keep
  the less valuable customers because they provide stability and robustness
  to your customer mix
• Drop
  the least valuable customers, so you can focus your resources on your most
  valuable customers

Q15. 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?

• Up-selling
• Customer
  needs assessment
• Customer
  referral program
• Cross-selling

Q16. In a product-centric company, rewards would be measured
on metrics like all of the following EXCEPT:

• Percentage
  of revenue from products less than two years old
• Number
  of new products
• Market
  share
• Share
  of wallet

Q17. In a customer-centric company, sales bias is on the
side of the ____________ in a transaction.

• Seller
• Buyer
• Broker
• Ultimate
  consumer

Q18. 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?”

• Customer;
  product
• Customer;
  customer
• Product;
  customer
• Product;
  product

Q19. Which of the following is NOT an example of basic
analytics for pricing decisions?

• Incremental
  Expenditures Analysis
• Economic
  Value to the Customer
• Break-Even
  Analysis
• Margin/Contribution
  Analysis

Q20. 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
• Less
  than $2000
• Exactly
  $2100
• More
  than $2000

Q21. 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?

• Don,
  who has a 50-acre property
• Betsy,
  who owns a mower
• Carol,
  who lives in an area where property taxes are lower
• Alan,
  who has a 200-acre property

Q22. Which of the following is NOT a product that has
predominantly digital attributes?

• A
  pair of socks you have purchased before
• A
  printer cartridge
• A
  book
• A
  new pair of running shoes

Q23. Horizontal Conflict is when there is conflict between
_____ while Vertical Conflict is when there is conflict between _____.

• Manufacturer
  and Retailer / Retailers
• Retailers
  / Manufacturer and Retailer
• Retailers
  / Manufacturer and Customer
• Manufacturer
  and Retailer / Retailer and Customer

Q24. Which of the following is a non-digital attribute?

• Price
• Delivery
  time
• The
  fit of a pair of shoes
• Length
  of a book

Q25. According to Professor’s Bell lecture, changing which
of the following had the greatest impact on operating profits?

• Price
• Volume
• Fixed
  costs
• Variable
  costs

Q26. Which of the following best represents the idea of
price elasticity?

• 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 the price by 1%, by how much does demand drop?
• If
  I raise volumes by 10%, by how much does the price adjust?

Q27. Which of the following is NOT one of the four inputs to
the pricing process?

• Distributor
  margins
• Marginal
  cost
• Willingness
  to pay
• Competitive
  pressures
• Marginal
  revenue

Q28. Which of the following is not one of the 7Ms?

• Message
  content
• Message
  design
• Money
• Media
  strategy
• Market
• Motivation
• Mission
• Measurement

Q29. 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?

• Metaphor
• Descriptive
• Invented
• Arbitrary
• Blended
• Surname
• Altered

Q30. Under the Elaboration Likelihood Model, a firm should
only use central routing in their marketing messaging if customers have:

• The
  motivation to elaborate and the ability to elaborate.
• The
  motivation to elaborate but NO ability to elaborate.
• NO
  motivation to elaborate and NO ability to elaborate.
• The
  ability to elaborate but NO motivation to elaborate.

Q31. The tagline for Disneyland is “The Happiest Place on
Earth.” What type of tagline is this?

• Superlative
• Provocative
• Imperative
• Clever
• Descriptive

Q32. 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
• Authority
• Consistency
• Classic
  conditioning
• Liking
• Reciprocity
• Scarcity
• Logic

Q33. If a company has used a celebrity endorsement in an
“imperative mode,” what message is the celebrity conveying?

• “I
  endorse this product.”
• “You
  should use this product.”
• “I
  use this product.”
• “Everyone
  uses this product.”

Q34. 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:

• 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.
• New
  products, which can be true to the core identity but add modern,
  innovative elements.
• Slogans,
  which are easier to change than names.
• Update
  the brand name to reflect evolving identities.

Q35. How do you calculate Price Elasticity?

• 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
• 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

Q36. What are customer-centric companies required to do?

• Be
  willing and able to change their organizational design, performance
  metrics and incentive structures to focus on creating long-run customer
  value
• 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 performance metrics and incentive
  structures to focus on creating long-run customer value. Changing
  organizational design is not necessary.

Q37. What do the acronyms of the AIDA Model stand for?

• Analysis,
  Implementation, Design, Achievement
• Action,
  Imagination, Design, Attention
• Attention,
  Interest, Desire, Action
• Attention,
  Interest, Design, Action

Q38. What is the definition of the Endowment Effect?

• A
  sense of ownership increases a customer’s willingness to pay
• 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

Q39. 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
• The
  proximity bias means that people assume that things that are close to each
  other must belong together
• All
  answers are correct
• No
  answers are correct
• Perceptions
  affect subsequent behavior
• Similarity
  bias means people assume that things that look alike must have the same
  quality

Q40. Which of the following factors does NOT reduce price
sensitivity?

• Separation
  between the buyer and the payer
• When
  the user cannot differentiate between differences in quality
• Separation
  in time between the point of purchase and the time of payment
• Ease
  of comparison