Deck 14: Developing a Startup Marketing Plan

Question 1

The single best way to craft a viral strategy using social media is to provide free products and services.

Answer 1

False

Question 2

Advertising and promotion are interchangeable terms because they have the same objectives.

Answer 2

False

Question 3

Geoffrey Moore's modification of the adoption/diffusion curve shows the _____, a period when the early adopters have been exhausted and the technology abruptly stops selling.

A) long tail
B) main street
C) tornado
D) chasm
E) bowling alley

Answer 3

D

Question 4

Building brand equity requires that customers form an emotional attachment to the brand.

Question 5

In the new product adoption/diffusion cycle for technology products, the chasm is a period where there is more customer demand than the company can possibly manage.

Question 6

The American Marketing Association defines the term _____ as a "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct" from other sellers.

A) advertising
B) equity
C) brand
D) domain
E) endorsement

Question 7

For most entrepreneurs, putting a great deal of money into advertising and promotion makes sense.

Question 8

Which of the following is NOT one of the four major categories of metrics that work across all social platforms?

A) Amplification rate
B) Optimization rate
C) Economic value
D) Conversation rate
E) Applause rate

Question 9

Banner exchange programs are an example of a(n)

A) affiliate program.
B) initial marketing tactic.
C) direct marketing strategy.
D) wiki.
E) content tactic.

Question 10

A _____ is one of the best places to negotiate with sales representatives and to gather contact information for a mailing list.

A) website
B) blog
C) social media platform
D) retail store
E) trade show

Question 11

Giving customers something for nothing makes sense in an environment where it's hard to get the customer's attention.

Question 12

Promotion tends to be more price-focused or incentive-focused and therefore is usually considered a push strategy.

Question 13

Launch objectives are the key goals for a marketing campaign.

Question 14

All of the following are adopter groups EXCEPT

A) innovators.
B) laggards .
C) the early majority .
D) the late minority .
E) the early adopters .

Question 15

Which of the following is a characteristic of early adopters?

A) Early adopters tend to be older in age.
B) Early adopters are good reference points for the mass market.
C) Early adopters expect productivity improvements and ease of use.
D) Early adopters are eager to adopt new products to solve problems and create a competitive advantage for themselves.
E) Early adopters are instrumental in deciding whether a new product will go forward to ultimately mass adoption.

Question 16

_____ employs a pull strategy, generally focusing on non-price benefits and targeting end-users.

A) Personal selling
B) Direct selling
C) Advertising
D) Promotion
E) Publicity

Question 17

Advertising and promotion are both used to create awareness for a company's products and services and influence customers to buy.

Question 18

To the extent that entrepreneurs can predict the points of takeoff (optimism) and slowdown (pessimism) in the _____, they can better manage demand.

A) sales cycle
B) marketing plan
C) customer journey
D) promotion plan
E) N one of these are correct.

Question 19

_____ is a tool for increasing the level of visibility of an entrepreneur's website when customers search for the company online.

A) A wiki
B) A s ocial media platform
C) A blog
D) Search engine optimization (SEO)
E) An affiliate program

Question 20

Today, spending money to find new customers is more important than retaining and maintaining current customers.

Question 21

With the rise in technology, which of the following is NOT one of the expectations of consumers?

A) They want to interact with anyone, anytime, and anywhere in the easiest way possible.
B) They want to be able to do new things with new information in new ways.
C) They expect everything to be targeted to their precise needs, so they can have the unique experience they want.
D) They want advertising to provide them with instructions for use of a new product.
E) They expect their needs to be fulfilled easily with no learning curve.

Question 22

_____ are the group of customers who tend to purchase a product only if they absolutely have to.

A) Early adopters
B) The  early majority
C) The late majority
D) Laggards
E) Innovators

Question 23

Which of the following factors does NOT play a role in the rate at which a new product is adopted across the various customer segments?

A) U sability
B) P erceived benefit
C) L earning curve
D) Switching costs
E) C ustomer relationship

Question 24

A well-written paragraph of a marketing plan includes all of the following EXCEPT the

A) company's convictions and identity.
B) benefits of the product/service.
C) ta rget market.
D) market niche.
E) sales forecast.

Question 25

Brand _____ is a set of decisions about a brand's positioning in a marketplace.

A) image
B) promotion
C) strategy
D) building
E) equity

Question 26

It has been reported that _____ percent of a company's business comes from current customers and of those customers, _____ percent will be the source of most of the company's profits.

A) 50; 25
B) 60; 40
C) 65; 20
D) 75; 30
E) 75; 25

Question 27

With regards to the technology adoption/diffusion curve, in a tornado situation,

A) the entrepreneur's most important job is to give the customer a compelling reason to buy.
B) there is more demand than a company can possibly manage.
C) the technology abruptly stops selling.
D) customer demand fluctuates wildly.
E) innovators and early adopters are the only ones with an interest in the technology.

Question 28

The _____ for a startup is a living guide to how a company plans to build customer relationships over its life in order to fulfill the company's mission statement.

A) product development  plan
B) brand strategy
C) operations plan
D) marketing plan
E) adoption/diffusion curve

Question 29

Which of the following statements about customer complaints is true?

A) One way to stem complaints at the source is to provide complaint forms at every point of contact with the customer so that problems can be coped with quickly.
B) Complaints should be viewed as mistakes that a company is making.
C) A dissatisfied customer will probably tell at least nine other people about the problem he or she faced with a company.
D) The most important message that can be sent to customers through a company's marketing effort is that the customer is always right.
E) All of these are correct.

Question 30

Calculating a customer's _____ entails estimating their future purchases based on past purchases, adding in the value of referrals, and subtracting the cost of maintaining the relationship.

A) loyalty rate
B) lifetime value (LTV)
C) retention rate
D) acquisition cost
E) benefit-to-cost ratio

Question 31

Print and broadcast media are two forms of

A) product branding.
B) distribution strategies.
C) traditional advertising.
D) pricing strategies.
E) publicity.

Question 32

_____ benefits include such things as saving money or time, convenience, and health.

A) Tangible
B) Material
C) Intangible
D) Niche
E) Advertising

Question 33

Which of the following is one of the biggest problems with most marketing plans?

A) They fail to identify the benefits offered to customers .
B) T hey fail to take the customer relationship into account .
C) They are driven primarily by the effort to overcome customer complaints.
D) T hey are not followed long enough to achieve the desired results.
E) N one of these are correct.

Question 34

Which of the following is NOT part of the "5 Ps" of marketing?

A) P urpose
B) Product
C) Place
D) People
E) Promotion

Question 35

_____ are basically strategic partnerships with other companies that offer complementary products and services.

A) Affiliate programs
B) Promotional teams
C) Referral programs
D) Social networks
E) Podcasts

Question 36

A payment model where the advertiser pays based on some manner of conversion such as a sale or site registration is known as

A) cost-per-impression.
B) the conversion rate.
C) cost-per-action.
D) cost-per-click.
E) pay per lead.

Question 37

Ellie is a pragmatic customer who tends to wait until a new product is proven and plenty of people are using it before she purchases it. Which of the following customer groups would Ellie most likely belong to?

A) Innovators
B) Early adopters
C) The early majority
D) The late majority
E) Laggards

Question 38

_____ and _____ are two of the most effective marketing tools around because they do not cost a company any money.

A) P ublicity;  word-of-mouth
B) A dvertising; promotion
C) P ersonal selling; relationship marketing
D) Social media;  viral marketing
E) Advertising; referrals

Question 39

Which of the following components of a customer journey map are essential?

A) Processes, needs, and perceptions
B) Processes, critical moments, and opportunities
C) Critical customer metrics, critical moments, and ownership of key points
D) Critical moments, needs, and perceptions
E) Processes, needs, and opportunities

Question 40

An effective press release should contain all of the following EXCEPT

A) the release date.
B) the name of the person to contact for more information.
C) a phone number.
D) a customer referral.
E) a note explaining briefly why the release was sent.

Question 41

Briefly explain when a company should consider giving something to customers for free.

Question 42

Briefly discuss search engine marketing (SEM) and search engine optimization (SEO).

Question 43

Briefly describe two of the five adopter groups.

Question 44

Briefly explain the similarities and differences between advertising and promotion.

Question 45

What is the best way to craft a viral strategy using social media?

Question 46

List some various ways to attract customers to a website.

Question 47

Explain the importance of building relationships with customers.

Question 48

What is marketing? List the "5 Ps" of marketing.

Question 49

What are the advantages of trade shows, fairs, and exhibits?

Question 50

List the components of a well-written one-paragraph marketing plan.