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Palm Beach State College *

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Apr 3, 2024

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Module 1 You Answered Question 1 1/1pts Marketing Strategy consists of decisions and actions focused on building , to create value for stakeholders: sustainable brand equity, relative to competitors, in the minds of customers ¢ sustainable differential advantage, relative to competitors, in the minds of customers sustainable price advantage, relative to marquee players, in the minds of suppliers profitable product-mix, relative to competitors, in the minds of customers Question 2 0/ 1pts Three of the five key elements of marketing strategy are that it: takes a customer perspective, guides principles, and leads to differential advantage & takes a supplier perspective, guides decisions and actions, and leads to differential advantage. takes a supplier perspective, guides promotions, and leads to differential advantage. takes a customer perspective, guides decisions and actions, and leads to differential advantage.

Question 3 0.5/1pts Amarketing strategy must answer the following questions (check all that apply what personnel policies should you have in place? ‘ what legal considerations affect your business? what value do you earn due to the differential advantage? how will you sustain the differential advantage? Question 4 1/1pts True or False? A corporate strategy is the set of principles a firm uses to achieve the lowest cost to beat the competition. True © False Correct! various business operations work together to achieve particular goals sets the overall scope and direction of a firm and the way in which its

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Question 7 1/1pts If ABC Inc’s profit = $46,000, margin = 25%, marketing expense = $93,000, and G&A expense = $56,000, ABC's sales revenue $556,000 © $780,00 $332,000 $596,000 Question 8 1/1pts Map the four first principles of marketing strategy to the four associated marketing decisions. Al customers change All resources are limited All competitors react All customers differ Managing customer dynamics v Managing resource tradeoffs v Managing sustainable competit v Managing customer heterogene v

Question 9 1/1pts True or False? Whereas MP#1 recognizes dynamic customer needs across the market and seeks to select appropriate target segments, MP#2 looks at the customers within each target segment to understand how to win and keep them, by accounting for their evolving diversity. B - Correct! (MP#1 is about static customer needs). Question 10 1/1pts Brands create SCA through multiple mechanisms, but in the simplest form, strong awareness can cause customers to buy on the basis of recognition and habit , which reduces their cognitive effort : Answer 1: strong awareness Answer 2: recognition and habit Answer 3: reduces their cognitive effort Module 2

Question 1 0.33/1pts Which of the following are sources of customer heterogeneity? (check all that apply) corporate image marketing activities functional need life experience Question 2 1/1pts True or False? Latent customer heterogeneity is defined as potential differences in desires that are unobserved and have not become manifest in customer purchase preferences or behaviors yet. ® True Correct! Unobserved desires.

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Question 7 1/1pts __ depict customer segments, competitors, and a firm’s own position in a multidimensional space, defined by the purchase attributes identified during segmentation: @ Perceptual maps Positioning maps Choice models GE Matrix Question 8 1/1pts Anideal positioning statement must answer (check all that apply): Who are the customers? Who are the competitors? Why is this product/service the best option to satisfy customer needs? What is the set of needs the product or service fulfill?

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Question 9 1/1pts The size of the segment, growth rate, and price sensitivity represent the ____ of a target segment: Industry attractiveness Customer attractiveness Competitive attractiveness m ® Market attractiveness Question 10 0.67 / 1 pts Check all the ideas associated with customer-centricity (check all that apply): i m Using customer needs to drive decisions \ Providing customer with the lowest price . Correct Answer Changing the firm's structure to align with customer groups m Measuring success from a customer perspective | | Module 3

Question 1 1/1pts Which of the following is not a process of the MP #2 framework? igration Paths and Triggers AER Model Customer Lifetime Value of Segments @ Industry Segmentation Question 2 1/1pts A marketing strategy can be devised to cater to an average individual at any stage of lfe, this is a process of ______lifecycle for marketers? Al of these industry product ® customer

Question 3 1/1pts How many stages are present in a product lifecycle? Question 4 1/1pts Which of the following is an advantage of the lifecycle approach? Provides insight for AER decisions © simplicity in use

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Question 5 1/1pts Dynamic-based segmentation is sometimes called the __ model because it captures customers entering the firm's portfolio and expanding over time, even as other customers slowly leave. © Acquisition-Expansion-Retention (AER) Customer Relationship gement (CRM) Product Lifecycle Customer Lifetime Value (CLV) Question 6 1/1pts Which of the following is a disadvantage of the dynamic customer segmentation approach? Identifies temporally homogeneous groups s all customers © Segments are not perfectly homogenous t for AER decisions See page 107, last paragraph.

Question 7 0.5/1pts Industry lifecycle has | [ Select] | stages and product lifecycle has | [ Select] v | stages. Answer 1: See page 102 Question 8 1/1pts Using CLV provides several advantages including inputs to make trade-offs and resource allocation decisions among different AER stages at the customer level. Answer 1: av Answer 2: b o — :

Question 9 1/1pts _. defined as the planned process of introducing new customers toa firm to improve their long term satisfaction and loyalty. Customer relationship management EEEEED o cusoneronbosrane Communal state See page 106

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Question 12 1/1pts Direct marketers have used RFM , a simplified version of CLV , for decades. Answer 1: RFM Answer 2: av Question 13 1/1pts Using CLV approach, firms can design the following programs EXCEPT: © Determine which customers are likely to bring referrals. Iden ing. ich customers iring or re Maximize the firm's return on marketing investments by more focused targeting.

Question 14 1/1pts AER positioning statements are internally focused on [Select] ¥ customers, rather than outwardly focused on [Select] ¥ customers in the market category. Answer 1: existing Answer 2: all Question 15 1/1pts Which one of the following instances would be the best context to utilize Choice Model Analysis? Predicting the likelihood of a customer selecting the Apple iPad over the Samsung Galaxy Tab during a Black Friday promotion. Correct! Calculating the total addressable market for the latest version of the iPad Mini, Measuring the customer satisfaction with Apple versus HP laptops amor college students.

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Module 4 Question 1 1/1pts When competitors try a new tactic, the battlefield shifts, so the firm must adapt its SCAto protectits or else give up the fight and move on to a new battleground for a different part of the market. Market sensing capability Lowest price BEEED o conescemen Cost-leadership Question 2 1/1pts Competitors can overcome a firm’'s SCA by applying the following strategy/strategies? BEEED o Me-too" copycats that improve the efficiency/effectiveness of an existing execution Exploiting changes in customers' desires due to cultural, environmental, or other factors Technical innovations that provide them a platform to launch a disruptive offering

Question 3 1/1pts Using brands as an SCA is most effective in Large , B2C markets. Answer 1: Large Answer 2: B2C Question 4 1/1pts Of the three - Brands, Offerings, and Relationships (BOR) strategic decisions taken by afirm - which one is most likely to deliver benefits such as trust, adaptability, and cooperation? © Relationship decisions Offering decisions Brand decisions

Question 5 1/1pts BOR equities are similar to Shareholders’ equity None of these EEEED o ooveases Profi Question 6 1/1pts _ _ are the hardest to replicate because of the long duration of time it takes to build them. lass marketing strategies Customer acquisit n promotions EEEZTID © reitonshps between producers and customers

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Question 7 1/1pts Abrand can best provide a relative advantage when: It successfully replicates its competitor’s ideas None of these Question 8 1/1pts The advantage of using the customer equity perspective (ie., treating customers as any other financial asset) is that _ © the expenses on branding and relationships can be treated as investments. marketing costs can be treated as an annual expense. service costs can be reduced,

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Good brands (check all that apply) Are hard to duplicate Create images that reside in consumers’ minds Do not take into account consumer psychology Facilitate habitual buying through awareness Good brands DO compete on price. The really good ones can charge a premium! Question 10 1/1pts Good offerings (check all that apply) Have performance advantages Always provide identity benefits to customers Have great costs benefits Provide access to distribution channels See Table 4.1 on page 152.

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Question 11 1/1pts Good customer relationships (check all that apply) Are primarily suitable in B2C r Develop interpersonal reciprocity Works well i situations with complex products Build great trust Question 12 1/1pts Which of the following is true about the customer equity perspective (check all that apaly). Customer equity is easily calculable on the balance sheet: spending on (eg. brands, R&D, relationships) is treated as an expense. iilding equity Treat customers just like other assets even though accountants typically don't treat “customers” as an asset. Customers are considered a financial asset, which should be measured, managed, and maximized.

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Question 13 1/1pts The customer equity perspective requires (check all that apply). g a parallel “customer-centric accounting process” outside the firm's normal financial accounting process. Recognizing that firms' primary SCA result from their BOR investments and strategies. hat firms' SCA never come from deep and low-cost financial resources resource strategies, and operational processes. Question 14 1/1pts True or False? These three sources of sustainable competitive advantage—brands, offerings, and relationships (BOR)—are additive and often work in a compensating manner to give a firm a strong relative position in the marketplace. True = o Answer: Correct! (additive and work in a synergistic manner for the competitive advantage to be sustainable).

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Question 15 1/1pts True or False? Since brand building can be hard, it is better to focus on brand equity for offerings with a large heterogeneous user group. Answer: FALSE (homogenous user group).

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