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1、Marketing Strategy: Based on First Principles and Data AnalyticsMarketing Strategy:Based on First Principles and Data AnalyticsQuestion BankChapter 2 Question BankMULTIPLE CHOICE QUESTIONS1) Some firms assume away customer differences by offering a single product to the entire target market. This ap
2、proach may work in peculiar circumstances, particularly if_, but it _ in the long run:a) A firm faces perfect competition, rarely works b) competition is weak or scarce, rarely works c) A firm has great products, always worksd) competition is weak or scarce, always worksAnswer: B2) Firms are targeti
3、ng smaller and smaller segments because (check all that apply):a) it matches real and perceived customer desires (real, perceived)b) it enables faster response to customer trends and changesc) technology has made it economical to target/customized) there is no limitation to efficiency (cost) versus
4、benefit of a better match to need (solution)Answer: A, B, &C3) Which of the following are sources of customer heterogeneity? (check all that apply):a) life experienceb) marketing activitiesc) functional needd) corporate imageAnswer: A, B & D4) Which of the following is not a part of the Big 5 traits
5、?a) Agreeablenessb) Opennessc) Conscientiousness d) CalmnessAnswer: D5) Which of the following is true (check all that apply)?a) customer heterogeneity is a fundamental “problem” that all firms must address when developing an effective marketing strategy b) Customer heterogeneity may only be latent
6、or hiddenc) customers vary on some underlying preferences, but no firms are supplying offerings that fit their desires, so those preferences are not evidentd) Customers know all their diverse preferences Answer: A & C6) Latent customer heterogeneity can stem from legal, _, technological, and _ const
7、raints.a) Substantive, innovativeb) Economic, innovative c) Economic, substantived) Regulatory, economicAnswer: B7) Across mass marketing, niche marketing, and one-to-one marketing, the underlying method of dealing with heterogeneity is the same: focus on _ such that the needs of each group are simi
8、lar until the focus reaches _.a) Lowest prices, most profitabilityb) Smaller groups, an individual customerc) Smaller groups, most profitabilityd) Lowest prices, an individual customerAnswer: B8) Which of the following is not addressed in a positioning statement?a) Who are the customers?b) What is t
9、he set of needs that product/service fulfills?c) Who are the firms competitors?d) Why is this product/service the best option to satisfy the customer needs?Answer: C9) An ideal target segment should meet the following criteria (check all that apply):a) Customers are unclassifiable b) Crossover Compe
10、titionc) Based on companys needsd) Value in the long termAnswer: B & D10) The value of reducing potential customer preferences into smaller sets of independent factors, prior to conducting analyses, is that (check all that apply):a) This step removes a potential source of bias by combining similar q
11、uestionsb) This step gives us a wide scope of preferences to work withc) This step removes any redundancyd) None of the aboveAnswer: A & C11) Which of the following is true? (Check all that apply):a) Segmentation must start with a random sample of potential customers in the market, not just the firm
12、s existing customersb) Customers should be divided into groups on the basis of their needs and desires and demographic variables (age, gender) or size (annual sales revenuec) It is important to ensure that customers in one group have similar preferences, d) It is ideal to maximize the differences be
13、tween segments, to help the firm offer more clearly differentiated productsAnswer: A, C &D 12) In the _ step of cluster analysis, we use descriptor variables to explain how the subsamples differ and thereby can derive efficient targeting strategies, tailored to each subsample.a) Identificationb) Pre
14、dictionc) Descriptiond) SegmentationAnswer: C13) How many segments should we stop at, based on the dendrogram output from the cluster analysis?a) Twob) Fourc) Oned) ThreeAnswer: D14) _ and _ analyses are multivariate statistical techniques used to determine how segments of consumers differ in their
15、characteristics.a) Discrimination, classificationb) Factor, discriminantc) Factor, classificationd) Discriminant, factorAnswer: A15) _ refers to the process by which a firm shifts its target market:a) Positioningb) Segmentationc) Targetingd) RepositioningAnswer: D16) _ depict customer segments, comp
16、etitors, and a firms own position in a multidimensional space, defined by the purchase attributes identified during segmentation:a) Positioning mapsb) Choice modelsc) GE Matrixd) Perceptual mapsAnswer: D17) A perceptual map helps firms to (check all that apply):a) Determine how much change is needed
17、 on key product attributes to move products to more favorable positionsb) Identify key competitorsc) Visually determine the impact of their communication programs on market perceptionsd) All of the aboveAnswer: D18) Customer-centric organizations (check all that apply):a) Have increased knowledge of
18、 each customer segmentb) Find it difficult to respond to emerging trendsc) Achieve improved customer satisfaction & loyaltyd) Need more resourcesAnswer: A, B & D19) An ideal target segment should meet these criteria (check all that apply):a) Similar to other segments b) Differences match firms compe
19、tencies c) Sustainable and financially viabled) Customers are identifiable Answer: B, C & D20) An ideal positioning statement must answer (check all that apply):a) Who are the competitors?b) Who are the customers?c) What is the set of needs the product or service fulfill?d) Why is this product/servi
20、ce the best option to satisfy your needs?Answer: B, C & D21) The size of the segment, growth rate, and price sensitivity represent the _ of a target segment:a) Customer attractivenessb) Market attractivenessc) Competitive attractivenessd) Segment attractivenessAnswer: B22) Check all the ideas associ
21、ated with customer-centricity:a) Using customer to drive decisionsb) Measuring success from a customer perspectivec) Providing customer with the lowest priced) Using big dataAnswer: A &B23) On average, firms that switched to a customer-centric structure initially perform worse than before the restru
22、cturing (_), but after about 9 or 10 quarters, their performance exceeds pre-restructuring levels (_):a) learning stage, harvesting stageb) priming stage, pay-off stagec) learning stage, pay-off staged) priming stage, pay-off stageAnswer: B24) Which of the following are inputs to managing customer h
23、eterogeneity (check all that apply):a) needs, desires, and preferences across customers in an industryb) an inventory of the companys strengths, weaknesses, opportunities, and threats c) an inventory of your competitors strengths, weaknesses, opportunities, and threats d) all of the aboveAnswer: D25
24、) _ is commonly used to describe which predictor variables help differentiate two or more segments of customers:a) profiling analysisb) segmentation analysisc) cluster analysisd) discriminant analysisAnswer: D26) Factor analysis groups similar _ together to avoid biasing further analyses; classifica
25、tion analysis uses discriminate models to predict _ using only demographic variables:a) demographic variables, purchase attributesb) purchase attributes, segment sizec) purchase attributes, segment membershipd) segment size, segment membershipAnswer: C27) A customer-centric approach makes a firm “in
26、ternally driven” to satisfy target customers, synergistic with the STP approach that “externally focuses” the firm on the right customers:a) Internally driven, competitor driveb) Competitive driven, externally drivenc) Externally driven, internally drivend) Internally driven, externally drivenAnswer
27、: D28) _ focused marketing efforts on well-defined, narrow segments of consumers, and by specializing, this method seeks to give the firm a competitive advantage.a) niche marketingb) mass marketingc) individualized marketingd) lifetime valueAnswer: CTRUE/FALSE QUESTIONS 29) Preference for color, exp
28、osure to television shows, preference for battery life, and preference for value are examples of sources of customer heterogeneityAnswer: FALSE (All customers have high preference for value)30) An individuals life experiences capture events and experiences unique to his or her life that have a lasti
29、ng impact on the value and preference he or she places on products and services, which in turn affects preferences independent of individual differences.Answer: TRUE31) Latent customer heterogeneity is defined as potential differences in desires that are unobserved and have not become manifest in cu
30、stomer purchase preferences or behaviors yet.Answer: TRUE32) Positioning helps improve your relative advantage in the minds of your targeted customers.Answer: FALSE33) Cluster analysis uses customer preferences to cluster individual customers into a given number of groups within this two-dimensional
31、 space by simultaneously minimizing the distance from each individual customer to the center of a cluster and maximizing the distance between both clusters.Answer: FALSE (may be more than two clusters)34) Factor analysis is used to condense a large “pool” of potential customer needs, wants, and pref
32、erences into a short set of similar characteristics, and to reduce high correlation among predictors.Answer: TRUE35) Positioning entails changing both the actual offering and the perceived offering.Answer: TRUE36) The GE matrix selects segments based on competitor attractiveness and competitive stre
33、ngth.Answer: FALSE (market attractiveness)37) Market orientation comprises intelligence generation, intelligence dissemination, and responsiveness.Answer: TRUE38) Positioning Statements encapsulate the three questions into one concise statement that firms use to direct their internal and external ma
34、rketing activities: who should the firm target, what needs and benefits are being fulfilled, and why does this offering provide a relative advantage over competitive offerings Answer: TRUE39) Sources of customer heterogeneity include customers individual differences, life experiences, functional nee
35、ds, and self-identity or image, as well as persuasion through marketing.Answer: TRUEESSAY TYPE QUESTIONS40) Write a short essay about the evolution of approaches to managing customer heterogeneity.Answer: Mass Marketing Era. Mass marketing (undifferentiated marketing), which uses mass media to appea
36、l to an entire market with a single message, is a marketing strategy in which a firm mostly ignores customer heterogeneity, with the assumption that reaching the largest audience possible will lead to the largest sales revenue. Mass marketing became popular with the emergence of radio and television
37、 media outlets, which had the potential to deliver the same message to a larger number of consumers than was ever possible before. For example, television advertising was $12.3 million in 1949; two years later it had grown tenfold. By 1960, televisions approached 90% household penetration. However,
38、mass marketing is not individualized; it assumes everyones preferences are the same. Typically, mass marketing generates relatively lower profit margins and response rates, and it is often accompanied by high competitive intensity. In the 1950s and 1960s, companies such as P&G, Coca-Cola, McDonalds,
39、 General Motors, and Unilever Group were all dedicated mass marketers, but as the century came to a close, most of them were shifting to more targeted approaches. James R. Stengel, P&Gs global marketing officer, argues that the company no longer mass markets any of its brands, “whether its Tide or O
40、ld Spice or Crest or Pampers or Ivory. Every one of our brands is targeted.” Niche Marketing Era. Niche marketing focuses marketing efforts on well-defined, narrow segments of consumers, and by specializing, this method seeks to give the firm a competitive advantage. Coming up against the limitation
41、s they confronted when they ignored customer differences, marketers recognized that a niche marketing strategy (micro marketing) could be more effective for driving profits and withstanding competition, especially if they deployed a niche strategy against a mass marketing firm. Niche firms often rec
42、eive a price premium, because they offer a “scarce” product relative to mass marketers but target a segment that a mass marketer is serving only with a general offering, instead of something that matches the subgroups preferences. For example, Eurosport targets soccer enthusiasts with their favorite
43、 teams jersey, cleats, shin guards, and even custom gear for local club teams, an assortment that is not available in department stores or even sports-focused chains like Sports Authority and Big Five Sports. Sports channels such as Fox Soccer Channel provide firms like Eurosport an excellent medium
44、 to target a relatively homogenous group of customers (at least as compared to NBC News or even ESPN) with advertisements for their offerings. Shifting from broadcast to cable television, with its ability to provide hundreds of channels, better supports niche communication strategies or narrowcastin
45、g. Similar advances in printing technology and modular manufacturing processes also have enabled firms to execute niche marketing. In turn, some firms try to merge the benefits of mass marketing and niche marketing strategies. Department stores like Nordstrom and Galeries Lafayette carry a large ass
46、ortment targeted to diverse, high-end customer preferences, but then they add “shop-within-a-shop” areas in their large department store formats to promote niche brands to specific customer subsegments. One-to-One Marketing Era. The present era is marked by a shift towards one-to-one marketing, such
47、 that firms attempt to apply marketing strategies directly to specific consumers. One-to-one marketing tailors one or more aspects of the firms marketing mix to the individual customer, which is an extreme form of segmentation, with a single customer in the target segment. A attempts to be a one-to-one marketer by remembering each customers preferences and recommending books and music targeted to their tastes. In a book predicting this era, The One to One Future: Building Relationships One Customer at a Time, Peppers and Rogers suggest that in thi