Coursera: Introduction to Marketing All weeks Quiz Answer

 

Week 1 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?

• Unsafe cars

• The claim of maximum safety

• Upscale American families

• Volvos

• Other family automobiles

 

• Price

• Product

• Promotion

• Population

• Place

 

• Category Points of Parity

• Category Points of Difference

• Competitive Points of Difference

• Competitive Points of Parity

 

• Point of difference

• Frame of reference

• Target segment

 

• 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.

 

• Occupational

• Cohort

• Geographic

• Demographic

 

• Customer

• Product

 

• 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).

• To be the best at one dimension and good enough at the other two
  dimensions (operational excellence, performance superiority, and
  customer intimacy).

 

• Segmentation; targeting; pricing

• Sizing; targeting; pricing

• Sizing; tabulating; positioning

• Segmentation; targeting; positioning

 

• The study of buyers and sellers

• The study of brand positioning

• The study of a market, which is an exchange between two
  partners

• The study of selling products

 

Week 2 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?

 

• Globalization

• Saturation

• Commoditization

• Innovation

 

 

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

 

• Retail saturation

• Globalization

• Customer attrition

• Deregulation

• Smart customers

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

 

• It determines and leverages combined customer value

• 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

 

 

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 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.

 

 

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?

 

• Product-centric

• Customer-centric

• Neither

• Both

Q8) 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

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

 

• True

• False

 

 

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

 

• Broker

• Buyer

• Market

• Seller

 

 

 

week 3 Quiz Answer

 

 

 

Q1) 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?

• Media Strategy: How do we reach them?

• Markets: Who should we talk to?

• Mass: How large should the plan be?

 

Q2) 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

 

 

Q3) Which of the following is NOT a true statement about the Key
Principles of Media Planning?

• 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 win awards in order to succeed

• The campaign must avoid unpleasant connections with your product

 

 

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

• Price

• Variable Cost

• Sales Volume

• Fixed Cost

 

 

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

• Price/Quality Inferences

• Switching Cost

• Private Costs

• Indirect Comparisons

• Availability and awareness of substitutes

 

 

Q6) 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

 

 

Q7) 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

• Dollars / Euros

• Percentage Terms / Absolutes

 

 

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

• True

• False

 

 

Q9) For the iPhone, which of the following are considered digital
attributes of the product? (Select all that apply)

• Price

• Colors

• Feel of the touchscreen technology

• Size differences between iPhone models

• Efficiency of using the appes on the phone

 

 

Q10) _____ 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

• Showrooming

• Webrooming

• Comparison Shopping
  

 

Week 4 Quiz Answer | Final Exam

 

 

Q1) Which color is most preferred by men and is known to curb
appetite?

• Blue

• White

• Black

• Green

 

 

Q2) 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

• Explicit mode

• Imperative mode

• Co-present mode

 

 

Q3) 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.

• Just-noticeable difference
• Consumer packaged goods modernization theory

• Butterfly effect

 

 

Q4) 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

 

 

 

Q5) 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 two bundles and offer better than fair value on the
  other bundle.
• Offer better than fair value on all three bundles.

• Offer fair value on all three bundles.

 

Q6) In the STP framework, what does “STP” stand for?

• Sizing; tabulating; positioning

• Segmentation; targeting; pricing

• Sizing; targeting; pricing

• Segmentation; targeting; positioning

 

 

Q7) 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

• Men with sensitive skin

• Outstanding shaving performance and comfort

 

 

Q8) In Nike’s brand mantra “Authentic Athletic Performance,” which of the
three words is the emotional modifier?

• Performance

• Athletic

• Authentic

 

 

Q9) 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?

• Blended

• Invented

• Surname

• Metaphor

 

 

Q10) In Professor Kahn’s lectures, she discussed the two axes of color.
What were the two axes?

• Arousal & Affect
• Familiarity & Excitement

• Brightness & Warmth

 

 

Q11) 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 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

• Keep the less valuable customers because they provide stability and
  robustness to your customer mix

 

 

Q12) 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

• Cross-selling

• Customer referral program

• Up-selling

 

 

 

Q13) In a product-centric company, rewards would be measured on metrics
like all of the following EXCEPT:

• Share of wallet

• Number of new products

• Market share

• Percentage of revenue from products less than two years old

 

 

Q14) In a customer-centric company, sales bias is on the side of the
____________ in a transaction.

• Broker

• Buyer

• Seller

• Ultimate consumer

 

 

Q15) 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

Q16) Tesco and Harrahs rose to prominence in their industries by
exploiting which “crack in product centricity”?

• Customer-level tracking

• Globalization

• Commoditization

• Innovation

 

 

Q17) In a customer-centric approach, which customers should you be most
concerned with?

• The customers that have historically been most valuable

• The customers that are likely to be most valuable

• The customers who are most engaged with your products/services

• The customers with the greatest degree of social influence

 

Q18) 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

• 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

• 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

 

 

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

• Margin/Contribution Analysis

• Incremental Expenditures Analysis

• Economic Value to the Customer

• Break-Even 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

• Exactly $2100

• Less than $2000

• 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?

• Alan, who has a 200-acre property

• Betsy, who owns a mower

• Don, who has a 50-acre property

• Carol, who lives in an area where property taxes are lower

 

 

Q22) 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

 

 

Q23) Which of the following is NOT one of the four inputs to the pricing
process?

• Marginal cost

• Competitive pressures

• Marginal revenue

• Distributor margins

• Willingness to pay

 

 

Q24) Which of the following is not one of the 7Ms?

• Money

• Market

• Motivation

• Media strategy

• Message content

• Mission

• Message design

• Measurement

 

 

Q25) 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

• Surname

• Altered

• Arbitrary

• Blended

• Invented

• Descriptive

 

 

Q26) 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.

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

Q27) Horizontal Conflict is when there is conflict between _____ while
Vertical Conflict is when there is conflict between _____.

• Manufacturer and Retailer / Retailers

• Retailers / Manufacturer and Customer

• Retailers / Manufacturer and Retailer

• Manufacturer and Retailer / Retailer and Customer

 

 

Q28) Which of the following is a non-digital attribute?

• The fit of a pair of shoes

• Length of a book

• Delivery time

• Price

 

 

Q29) According to Professor’s Bell lecture, changing which of the
following had the greatest impact on operating profits?

• Variable costs

• Volume

• Price

• Fixed costs

 

 

Q30) 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 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?

 

 

 

 

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

• Provocative

• Imperative

• Descriptive

• Clever

• Superlative

 

 

Q32) 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:

• 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..

• New products, which can be true to the core identity but add modern,
  innovative elements.

• Announcements: explaining to your customers that the brand will now be
  focusing on a different customer segment.

 

 

 

Q33) How do you calculate Price Elasticity?

• 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

• By dividing the percentage of Change in Demand by the percentage of
  Change in Price

 

 

Q34) 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?

• Reciprocity

• Liking

• Logic

• Authority

• Social Proof

• Consistency

• Scarcity

• Classic conditioning

 

 

 

Q35) 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.”

 

 

36) What are customer-centric companies required to do?

• 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.

• No significant organizational changes are necessary: they just have to
  adopt a customer-centric approach.

 

 

Q39) What do the acronyms of the AIDA Model stand for?

• Action, Imagination, Design, Attention

• Attention, Interest, Design, Action

• Attention, Interest, Desire, Action

• Analysis, Implementation, Design, Achievement

 

 

 

Q40) 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

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

• Consumers react to prices in percentage terms as opposed to
  absolutes