Question 1

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.

Accepted Answer

Consumers typically expect advertising to grab their attention and persuade them, rather than provide detailed instructions for product use, which is often sought after purchase through manuals, tutorials, or customer support.

Question 2

_____ 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

Accepted Answer

Laggards are the group of customers who are typically the last to purchase a product, often only doing so out of necessity or when it has become mainstream and widely accepted. They are generally resistant to change and skeptical of new innovations, preferring to stick with what they know until they have no other choice.

Question 3

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

Accepted Answer

Factors such as usability, perceived benefit, learning curve, and switching costs directly influence the rate at which a new product is adopted because they affect how easily and willingly customers transition to the new product. Customer relationship, while important for overall business success, does not directly impact the adoption rate of a specific new product across different customer segments.

Question 4

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.

Accepted Answer

A well-written paragraph of a marketing plan typically includes the company's convictions and identity, benefits of the product/service, target market, and market niche. However, a sales forecast is usually a separate section that involves numerical data and projections, not typically included in a descriptive paragraph.

Question 5

Brand _____ is a set of decisions about a brand's positioning in a marketplace.
A) image
B) promotion
C) strategy
D) building
E) equity

Accepted Answer

Brand strategy involves making decisions on how a brand is positioned in the market, guiding the marketing and communication efforts to achieve its goals.

Question 6

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

Accepted Answer

The answer of It has been reported that _____ percent...

Question 7

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.

Accepted Answer

In a tornado situation, which is a phase in the technology adoption lifecycle, demand for the technology exceeds the company's ability to supply, leading to a rapid market expansion.

Question 8

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

Accepted Answer

The marketing plan for a startup is a living guide that outlines how the company plans to build customer relationships over its life to fulfill the company's mission statement. It includes strategies for reaching and engaging with the target audience, which is essential for the growth and success of the startup.

Question 9

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.

Accepted Answer

A dissatisfied customer is likely to share their negative experience with others, often telling at least nine people, which can impact a company's reputation.

Question 10

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

Accepted Answer

Lifetime Value (LTV) is calculated by estimating a customer's future purchases based on their past purchases, factoring in the value of referrals they might generate, and subtracting the costs associated with maintaining the relationship with that customer.

Question 11

Print and broadcast media are two forms of
A) product branding.
B) distribution strategies.
C) traditional advertising.
D) pricing strategies.
E) publicity.

Accepted Answer

Print and broadcast media are classic channels for traditional advertising, where businesses pay to place marketing messages to promote their products or services.

Question 12

_____ benefits include such things as saving money or time, convenience, and health.
A) Tangible
B) Material
C) Intangible
D) Niche
E) Advertising

Accepted Answer

Intangible benefits refer to non-physical advantages such as saving time, convenience, and health improvements, which do not have a direct monetary value but enhance overall well-being.

Question 13

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.

Accepted Answer

Many marketing plans are not followed long enough to achieve the desired results, leading to premature abandonment before they can be effective.

Question 14

Which of the following is NOT part of the "5 Ps" of marketing?
A) P urpose
B) Product
C) Place
D) People
E) Promotion

Accepted Answer

The "5 Ps" of marketing are Product, Price, Place, Promotion, and People. "Purpose" is not traditionally included in the "5 Ps" model.

Question 15

_____ 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

Accepted Answer

Affiliate programs involve strategic partnerships where companies promote each other's complementary products or services, often in exchange for a commission or other benefits.

Question 16

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.

Accepted Answer

Cost-per-action (CPA) is the advertising payment model where the advertiser pays for a specific action - for example, a sale, click, or form submit (e.g., contact request, newsletter sign up, registration etc.) - linked to the advertisement.

Question 17

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

Accepted Answer

Ellie's behavior of waiting until a product is proven and widely adopted before purchasing aligns with the characteristics of the early majority. This group is not the first to try new products, preferring instead to see evidence of their value and reliability.

Question 18

_____ 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

Accepted Answer

Publicity and word-of-mouth are two of the most effective marketing tools around because they do not cost a company any money. Publicity is any unpaid form of promotion, such as news stories, articles, and interviews. Word-of-mouth is the process of spreading information about a product or service through personal conversations. Both of these tools can be very effective in generating awareness and interest in a company's products or services.

Question 19

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

Accepted Answer

A customer journey map should include processes, needs, and perceptions to effectively understand and improve the customer experience.

Question 20

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.

Accepted Answer

A customer referral is not typically included in a press release. Press releases focus on providing essential information about news, events, or announcements directly from the organization, including contact information for further inquiries, but not customer referrals.

Quiz 14: Developing a Startup Marketing Plan

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

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

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

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

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.

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

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.

Which of the following statements about customer complaints is true?

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.

Print and broadcast media are two forms of

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

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

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

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

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

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?

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

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

An effective press release should contain all of the following EXCEPT