Question 1.As social media becomes more pervasive, the relationship between marketers and consumers is changing. Which statement BEST describes the nature of this shift?
- Corporate advertising has more influence on buying behavior.
- Companies that offer undifferentiated goods and services no longer compete on price.
- Consumers are helping companies develop and market products.
- Consumers have fewer opportunities to exchange ideas in traditional channels.
Question 2.Which statement BEST describes how market research supports marketing strategy?
- Research is the process by which a company draws insights from its origins, history, present state, and future plans.
- Research requires a focus on consumer behavior.
- As marketers look for opportunities to meet customer needs, research resolves internal debate.
- Research provides information required to understand customer needs, identify target market segments, and select persuasive value propositions.
Question 3.Lands’ End, the clothing company, offers an unconditional guarantee that reads, “If you’re not satisfied with any item, simply return it to us at any time for an exchange or refund of its purchase price.” Which category of product strategy does this example illustrate?
Question 4.The Marketing Era could be most identified with
- recognition that demand could be manipulated through promotional activity.
- the rise of market research as a discipline.
- the prevailing belief that “a good product will sell itself.”
- increasing focus on applying concepts from behavioral sciences like psychology to understand consumer motivation.
Question 5.Which of the Four Utilities of Customer Value is a brewing company controlling when it emphasizes in its advertising that no preservatives have been used in manufacturing the brews?
- Ease of Possession
Question 6.The American Heart Association invited people to share a short video illustrating the symptoms of a heart attack most frequently experienced by women. What type of marketing does this example BEST represent?
- Community Idea
- Cause Idea
- Commercial Idea
- Communal Idea
Question 7.What was described as the fundamental goal of marketers’ decisions surrounding branding, packaging, support, and quality?
- To establish the core set of benefits an offering delivers.
- To extend the core product’s form/function.
- To achieve competitive differentiation.
- To determine how the product can be priced.
Question 8.When Lady Gaga released her album “Born This Way” and consumer response overwhelmed
Amazon’s servers, what aspect of the marketing process was involved?
- Campaign Monitoring
- Campaign Development
- Market Research
- Channel Adjustment
Question 9.You have learned about the customer value equation—the relationship between the value given by a seller and the value received by a buyer in an exchange. Which of the following describes the point at which buyers perceive the relationship of value and price to be fair?
- When buyers perceive that the benefits delivered (quality, worth, utility) far outweigh the price paid (cost, effort).
- When the seller’s gain (price) is higher than the buyer’s gain (functional benefits).
- When buyers perceive a balance between sacrifice (price, cost, effort) and benefit received (quality, worth, utility).
- When the buyer’s sacrifice (price, cost, effort) outweighs the benefit received (quality, worth, utility).
Question 10.During which stage of the Product Life Cycle are sales and profit MOST stable?
- Early Adoption