Mrkt 3250

Baylor Graves

MRKT 3250

Create A Test Homework

1. Which is not a “C” within strategy differentiation?

1. Company
2. Customers
3. Creators
4. Competition
5. They are all part of the strategy segment

Answer: C. The “3C’s” are made up of company, customers, and competition. Creators is not included.

1. Which is not a “P” included in the marketing mix?

1. Product
2. Place
3. Promotion
4. Price
5. They are all parts of the marketing mix

Answer: E. The marketing mix is made up of product, place, promotion, and price. All the answers provided apply.

1. Similarities between a company and its competitions offerings that the customer is seeking is considered what?

1. Point of difference
2. Point of Parity
3. Competition similarity
4. Differential Marketing
5. Similarity Marketing

Answer: A. Point of parity. Point of difference is unique; D and E are not marketing terms that apply to this question.

1. What makes a good point of difference?

1. The Dilution Effect
2. Easy to Replicate
3. Broad
4. Credible
5. Showing the customer a unique feature that adds value to the product for most people but they do not see as valuable.

Answer: D, Credible. Things that make a good point of difference are focus/simplicity, credibility, and hard to replicate. Credibility is the only answer option that fits into that definition.

1. The curse of knowledge states that

1. Knowledgeable people are harder to market to
2. What is simple to you might not be simple to your customer
3. Technology companies know too much about us
4. People with little knowledge on a product are unaffected by advertisements for that product
5. If you don’t know your frame of reference you are cursed to be unsuccessful.

Answer: B. The curse of knowledge is that what is simple to a company may not be simple to their customer. The rest are made up things that might sound accurate.

1. In the Renova case study we learned that

1. Premium brands don’t compete because they collude on price
2. Most Portuguese people take more than 30 seconds to decide what toilet paper to buy
3. Portugal’s toilet paper is provided by the government so the market is impenetrable
4. Most people in Portugal responded that they choose toilet paper based on price
5. The most important decision factor for toilet paper is brand.

Answer: D, 60% of people responded that they buy toilet paper based on price, the rest of the are untrue.

1. In the Renova Case which was not one of the four options discussed?

1. Wait and do nothing
2. Produce Private Label toilet paper
3. Reduce the price of their product
4. Functional Innovation
5. All the above were discussed

Answer: E, all answers were discussed as options for Renova.

1. The highest level of Maslow’s Hierarchy of needs is

1. Self Esteem
2. Love and Belonging
3. Physiological Needs
4. Safety and Security
5. None of the above

Answer: E, none of the above are the top level. The top level is self-actualization which includes morality, creativity, spontaneity, acceptance, experience purpose, meaning and inner potential.

1. Categorization in human cognition helps to…

1. Classify previously unseen things
2. Make Predictions
3. Communicate efficiently
4. A and B
5. A, B, and C

Answer: E, these are all benefits of categorization in human cognition.

1. Categorization is…

1. Hierarchical
2. How furniture is marketed to the public
3. How the frame of reference for a product is identified.
4. A and C
5. A, B, and C

Answer: D, Categorization is hierarchical in that there are subordinate and superordinate levels, categorization can help with identifying furniture but is not how furniture is marketed to the public. Categorization does give a frame of reference to a product.

1. The compromise effect shows that

1. We tend to buy the same things our friends do
2. We will buy products we don’t want to get a cheaper price
3. We tend to pick the middle option when given choices
4. We will compromise and spend more to get the largest size for convenience
5. None of the above

Answer: C, the compromise effect says that we will pick the middle option when given choices.

1. An example of anchoring is…

1. Placing an arbitrary limit per customer on a product
2. Marketing two products together
3. Selling a product for a loss to attract customers to other products
4. Increasing participation through forcing consumers to opt out of selected options
5. All the above are options of anchoring

Answer: A, placing an arbitrary limit per customer on a product such as limiting a purchase to 12 cans of soup is the only example of anchoring in the provided answers.