《战略营销Test-BankChapter-3-Question-Bank-7-28-2017.docx》由会员分享，可在线阅读，更多相关《战略营销Test-BankChapter-3-Question-Bank-7-28-2017.docx（13页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、Marketing Strategy: Based on First Principles and Data AnalyticsMarketing Strategy:Based on First Principles and Data AnalyticsQuestion BankChapter 3 Question BankMULTIPLE CHOICE QUESTIONS1. Only _ in markets with huge entry and exit barriers can ignore changes among their existing customers?a. olig
2、opoliesb. multi-national subsidiariesc. monopoliesd. price leadersAnswer: C2. Which of the following are true? (check all that apply)a. all customer change is event driven b. even after customers are assigned to a segment, their needs continue to evolve monopoliesc. all customers changethis can repr
3、esent an opportunity for firmsd. all customers changethis can represent a threat for firmsAnswer: B, C & D3. Due to rapid technological and communication developments, the _ and their _ have increased. a. rapidity of industry change, competitionsb. speed at which customers change, expectation of fir
4、ms response timesc. inertia to customer change, and rapidity of firms response timesd. speed at which firms change, and social medias Answer: B4. Discrete life events, typical lifecycles, _, product lifecycle, and _ are the five sources of customer dynamics. a. learning effects, customer preference
5、changesb. transient effects, customer preference changesc. learning effects, environmental changesd. transient effects, environmental changesAnswer: C5. Various investments in facilities and brand building mean that barriers and switching costs will make following some customers more difficult.a. br
6、and-buildingb. price cutsc. competitive attacksd. switching costsAnswer: D6. A marketing strategy can be devised to cater to an average individual at any stage of life, this is a process of _ lifestyle for marketers?a. productb. industryc. customerd. All of the aboveAnswer: C7. How many stages are p
7、resent in a product lifecycle?a. 5b. 3c. 6d. 4Answer: D8. Which of the following is an advantage of the lifecycle approach? (check all that apply)a. Provides insight for AER decisionsb. Simplicity in usec. Averages all customersd. Identifies temporally homogeneous groupsAnswer: B9. Which of the foll
8、owing is a disadvantage of the dynamic customer segmentation approach? (check all that apply)a. Provides insight for AER decisionsb. Segments are not perfectly homogenousc. Averages all customersd. Identifies temporally homogeneous groupsAnswer: B10. Industry lifecycle and product lifecycle have _ a
9、nd _ stages respectively.a. 5, 3b. 4, 5 c. 5, 4 d. 3, 4Answer: C11. Dynamic-based segmentation is sometimes called the _model, because it captures customers entering the firms portfolio and expanding over time, even as other customers slowly leave.a. AcquisitionExpansionRetention (AER)b. Hidden Mark
10、ov Model (HMM)c. Customer Relationship Management (CRM)d. Customer Lifetime Value (CLV) Answer: A12. Which of the following is not an output of the HMM?a. number of feasible states in the datab. initial probability that a customer is in a statec. effect of marketing of moving customers across states
11、d. firm marketing actionsAnswer: D13. In the communal state, the levels of trust, commitment, dependence, and relational norms are higher than in any other state, and the relationship produces good cooperation and profit.a. transactionalb. communalc. transitionald. damages Answer: B14. Using _ provi
12、des several advantages including inputs to make trade-offs and resource allocation decisions among different _ stages at the customer level.a. CLV, AERb. AER, HMMc. HMM, CLVd. AER, CLV Answer: A15. _, defined as the planned process of introducing new customers to a firm to improve their long term sa
13、tisfaction and loyalty.a. customer relationship managementb. customer initiationc. customer onboardingd. None of the aboveAnswer: C16. Which of the following does not occur at the decline stage of the typical product lifecycle?a. Destructive competition and changing consumer needs and desires lead t
14、o product decline. b. Firms sales and profits decline.c. Firms with higher cost and those without a unique advantage enter the market. d. The market often consolidates with fewer suppliers.Answer: C17. Increasing _ while decreasing _ and annual marketing costs all improve CLV.a. acquisition, margins
15、b. referrals, acquisitionc. referral, marginsd. margins, acquisitionAnswer: D18. The Hidden Markov Model (HMM) uses changes in the _ customer behavior to identify customer states and model the probability of transitioning, among those states.a. present, defectingb. past, defectingc. present, transit
16、ioningd. past, transitioningAnswer: D19. Direct marketers have used _, a simplified version of _, for decades.a. CLV, RFMb. AER, CLVc. RFM, CLVd. CLV, AERAnswer: C20. To predict the effect of promotion on customer cross-buying probability, a firm would use a.a. regression modelb. HMM modelc. lost cu
17、stomer modeld. choice modelAnswer: D21. _ is a powerful, diagnostic tool to identify customers who have migrated away and identify the cause for the migration a. customer cohort analysisb. dynamic factor analysisc. lost customer analysisd. hidden Markov analysisAnswer: C22. Using CRV approach, firms
18、 have special programs to a. special finders feesb. discounts for first-time customersc. promotions for returning customersd. all of the aboveAnswer: A23. _ margins and retention rates while _ decreasing acquisition and annual marketing costs and discount rates all improve the customers lifetime val
19、ue.a. decreasing, increasingb. increasing, decreasingc. steady, increasingd. increasing, steadyAnswer: B24. _ data can help identify a triggering event or mechanism underpinning each migration and thereby answer questions about the causes of change.a. Quantitativeb. Qualitativec. Both A and Bd. None
20、 of the aboveAnswer: B25. AER positioning statements are internally focused on _ customers, rather than outwardly focused on _ customers in the market category.a. All, existingb. All, fewc. Existing, Alld. Few, AllAnswer: C26. The firms existing customer portfolio, _, and qualitative and quantitativ
21、e information from lost customer analysis are the three main inputs to the MP #2 framework.a. Past marketing and customer response datab. Past pricing and customer response datac. Past segment and pricing datad. Past customer response and segment dataAnswer: A27. Which of the following is not an out
22、put of the MP #2 framework?a. The products and services customers buy at different points in their lifecycle migration b. Customer static needs and preferencesc. How they feel at different stages in their lifecycled. The CLV of customers in each personaAnswer: B28. Which of the following is not a pr
23、ocess of the MP #2 framework?a. Industry Segmentationb. Migration Paths and Triggersc. Customer Lifetime Value of Segments d. AER positioning statementsAnswer: ATRUE/FALSE QUESTIONS 29. There are three approaches to managing customer dynamics: lifecycle, customer dynamic segmentation, and customer l
24、ifetime value approaches. Answer: FALSE (Generic)30. In a product lifecycle method, managers might average across a large number of different people, product and industry categories, which may give a general sense of change.Answer: TRUE31. In the industry lifecycle, the 3rd stage i.e. maturity stage
25、, marked by economies of scale, is the phase where smaller players get forced out.Answer: FALSE (Shakeout)32. Over the last 30 years, the entry barriers to start a new business that targets an emerging customer segment or need also have increased.Answer: FALSE (decreased)33. An advantage of customer
26、 lifetime-value approach is that it inherently stems from and creates a customer-centric culture.Answer: TRUE34. Because each state describes the common behaviors exhibited by some group of customers at some point in their relationship with a firm, HMM is a form of dynamic segmentation.Answer: TRUE3
27、5. CLV makes us think beyond the 80/20 rule, firms can sometimes earn 150% of their profits from 30% of their customers.Answer: TRUE36. Some retention strategies from firms aim to stabilize the switching costs required to move to a competitor for the customer?Answer: FALSE (increase)37. A suboptimal
28、 allocation of retention expenditures will have a larger detrimental impact on long-term customer profitability than suboptimal acquisition expenditures.Answer: TRUE38. A choice model is a qualitative model that predicts how the likelihood of an observed customer choice or response, is influenced by
29、 a firms marketing interventions, and/or customer characteristics.Answer: FALSE (mathematical)39. Customer lifetime value attempts to capture the true contribution of each product, by determining the discounted value of the sales and costs associated with this customer across the expected migrated p
30、aths followed throughout the relationship.Answer: FALSE (contribution of each customer)40. The lifecycle approach can be problematic because it assumes an average rate of change of customers, products, and industries.Answer: TRUEESSAY TYPE QUESTIONS41. Write a short essay about the evolution of appr
31、oaches to managing customer dynamics.Answer: Looking back over the past 30 years provides insights into the evolution of approaches to managing customer dynamics. In particular, the pace of technology turbulence and advancement, increases in the speed and breadth of communication, and the erosion of
32、 many traditional cultural barriers to change have increased the speed with which customers change. For example, when telephones were new in the early 1900s, it took decades for them to enter 50 percent of homes; cellphones reached the same level of adoption in less than five years at the end of the
33、 same century. The entry barriers to start a new business that targets an emerging customer segment or need also have decreased. As customers change more quickly than before, expectations about firms response times also have shortened. Many startups compete to find the customer migration points or c
34、hanges that will provide them with an entry point. When Uber was founded in 2009, its goal was to “crack the horrible taxi problem in San Francisco,” but in five short years, it already had expanded to more than 200 cities and was valued at approximately $41 billion. Overall, the approaches for mana
35、ging customer dynamics fit into three categories. Lifecycle Approach uses generic stages of growth and their position in the lifecycle to determine customer preferences and associated strategies. Dynamic Customer Segmentation segments a firms existing customers on the basis of their similar, expecte
36、d migration patterns. Customer Lifetime Value captures the contribution of each customer according to his or her expected migration path over the entire lifetime with the firm.42. Write a short essay about lost customer analysis.Answer: A firm contacts customers that have migrated away, to identify
37、the cause for this change, then works backward to fix the problem and ensure other customers dont leave for the same reason. It takes a significant number of lost customers before a firm recognizes that it isnt just “normal” customer churn but rather an indication of an underlying problem. It is a t
38、hree-step process, which provides insights into both strengths and weaknesses. First, firms set regular intervals for contacting lost customers to identify the cause of their transition, where they went, and potential recovery strategies. Second, if the lost customer is not in the firms main target
39、segment, firms could change their acquisition criteria, or evaluate an expansion strategy to address a new sub-segment of customers. Third, if the lost customer is in the firms target market, firms should fix the problem, or implement retention strategies to build brand and relational loyalty.43. Wh
40、at are the main outputs from the MP#2 framework?Answer: The customer dynamics framework uses these three inputs, applies one or more of the different approaches and analyses for managing customer dynamics, and thereby generates three outputs. The first is a description of the firms customer personas
41、 and expected migrations to understand how they change, including: Critical life event triggers, the products and services they buy at different points in their lifecycle migration, when they stop buying and why, how they feel at different stages in their lifecycle, and The CLV of customers in each
42、persona.The second and third outputs are closely interrelated and represent the strategic decisions that occur as part of the management of customer dynamics. Deciding how to position the firm and its offerings for each persona across AER stages are key decisions, informed by insights gained from dy
43、namic segmentation and CLV analyses. This output appears in the form of AER positioning statements. In many ways, they parallel the decisions firms make to determine how to position themselves in the overall market to targeted customers, but with greater refinement and more focus on existing custome
44、rs, by capturing differences across personas and stages. However, AER positioning statements need to be congruent with the firms overall positioning in the marketplace to be effective.Finally, the last outcome builds on these AER positioning statements by outlining what marketing strategies have bee
45、n and may be most effective across personas and stage. Thus, AER strategies focus on the how; AER positioning statements focus on the what. As firms begin to manage customer dynamics proactively, these strategies may appear somewhat general and not based on “hard data,” but over time, as firms ident
46、ify gaps and collect and analyze more data, the strategies grow more robust.44. What are three ways to use a choice model?Answer: In a choice model setting, every individual is assumed to derive an unobserved product-specific utility from several product options. The individual is assumed to pick th
47、e product option that provides the maximum utility. The dependent variable in a choice model is binary: every individual chooses (or does not choose) a product option. Every product options attractiveness is assumed to stem from a finite set of attributes (e.g., brand name, price, advertising). The independent variables in a choice model are the measure of the strength of attributes of each of the product option, e.g., product option 1 may have a low price, whi