MARK 460 FINAL QUESTIONS WITH VERIFIED
ANSWERS
Focusing only on competitors often ______:
1. Helps firms better understand their customers needs and desires.
2. Leaves firms blind to changes in their customers needs and desires.
3. Helps firms increase their base. - Answers - 2. Leaves firms blind to changes in their
customers needs and desires
Using brands as an SCA is most effective in _________, __________ markets.
1. Large, B2B
2. Small, B2B.
3. Small, B2C.
4. Large, B2C. - Answers - 4. Large, B2C
Strong brands:
1. Create images that reside in consumers minds.
2. Are hard to duplicate.
3. Do not compete on price.
4. Facilitate habitual buying through awareness.
5. All of the above. - Answers - 5. All the above
______________ is the strongest barrier to competitive attacks:
1. Interpersonal relationships between producers and consumers.
2. Matching consumer preferences
3. Mass marketing. - Answers - 1. Interpersonal relationships between producers and
consumers.
The three key IPO inputs to creating SCA are _____, AER strategies, and _____.
1. BOR Strategies, lost custom analysis
2. Positioning statements, future trends
3. BOR Strategies, future trends - Answers - 2. Positioning statements, future trends
Marketing Principle #3 all competitors react - Answers - managing sustainable
competitive advantage
The most difficult first principle to execute - Answers - MP 3 managing SCA
sustainable competitive advantage (SCA) - Answers - Anticipating competitors
reactions, now and in the future, and being able to build barriers that hold up against
sustained competitive assaults
, A good SCA meets three criteria: - Answers - 1. Customers care about what this SCA
offers
2. The firm does it better than competitors, which generates a relative advantage
3. The SCA must be hard to duplicate or substitute, even with significant resources
To make an SCA hardcopy, firms often turn to key ________-_____ sources of SCA -
Answers - Market-based
Market based sources of SCA: brands - Answers - Brand images reside in the
consumers minds, which makes them difficult to duplicate, facilitate habitual, buying
through awareness, and provide identity benefits to customers
Ex. Anheuser Bush.
Market base sources of SCA: offerings - Answers - Cost benefits, performance,
advantages, access to distribution channels
Ex. Apple iPhone
Market based sources of SCA: relationships - Answers - Leads to trust, commitment,
and interpersonal, reciprocal bonds that are hard to build or duplicate
Ex. Edward Jones, Grainger.
BOR equity stack - Answers - Relationship equity
Offering equity
Brand equity
Market share focuses on _____________. - Answers - Competition.
The micro - macro duality is critical to be a successful marketing strategy because true
customer understanding occurs at the ______ levels, but strategic and resource
oriented decisions occur at _____ level levels. - Answers - Micro, macro
Which of the following is not a brand element?
A. Brand name.
B. Brand symbol.
C. Brand audit
D. Brand logo. - Answers - C. Brand audit.
T/F: Brand equity "lies in the mind to the consumer" - Answers - True
A firm that uses a single set of brand elements for all products is known as
A. Branded house architecture.
B. House of brands architecture.
C. Brand architecture.
D. All the above.
E. None of the above. - Answers - A. Branded house archittecture
ANSWERS
Focusing only on competitors often ______:
1. Helps firms better understand their customers needs and desires.
2. Leaves firms blind to changes in their customers needs and desires.
3. Helps firms increase their base. - Answers - 2. Leaves firms blind to changes in their
customers needs and desires
Using brands as an SCA is most effective in _________, __________ markets.
1. Large, B2B
2. Small, B2B.
3. Small, B2C.
4. Large, B2C. - Answers - 4. Large, B2C
Strong brands:
1. Create images that reside in consumers minds.
2. Are hard to duplicate.
3. Do not compete on price.
4. Facilitate habitual buying through awareness.
5. All of the above. - Answers - 5. All the above
______________ is the strongest barrier to competitive attacks:
1. Interpersonal relationships between producers and consumers.
2. Matching consumer preferences
3. Mass marketing. - Answers - 1. Interpersonal relationships between producers and
consumers.
The three key IPO inputs to creating SCA are _____, AER strategies, and _____.
1. BOR Strategies, lost custom analysis
2. Positioning statements, future trends
3. BOR Strategies, future trends - Answers - 2. Positioning statements, future trends
Marketing Principle #3 all competitors react - Answers - managing sustainable
competitive advantage
The most difficult first principle to execute - Answers - MP 3 managing SCA
sustainable competitive advantage (SCA) - Answers - Anticipating competitors
reactions, now and in the future, and being able to build barriers that hold up against
sustained competitive assaults
, A good SCA meets three criteria: - Answers - 1. Customers care about what this SCA
offers
2. The firm does it better than competitors, which generates a relative advantage
3. The SCA must be hard to duplicate or substitute, even with significant resources
To make an SCA hardcopy, firms often turn to key ________-_____ sources of SCA -
Answers - Market-based
Market based sources of SCA: brands - Answers - Brand images reside in the
consumers minds, which makes them difficult to duplicate, facilitate habitual, buying
through awareness, and provide identity benefits to customers
Ex. Anheuser Bush.
Market base sources of SCA: offerings - Answers - Cost benefits, performance,
advantages, access to distribution channels
Ex. Apple iPhone
Market based sources of SCA: relationships - Answers - Leads to trust, commitment,
and interpersonal, reciprocal bonds that are hard to build or duplicate
Ex. Edward Jones, Grainger.
BOR equity stack - Answers - Relationship equity
Offering equity
Brand equity
Market share focuses on _____________. - Answers - Competition.
The micro - macro duality is critical to be a successful marketing strategy because true
customer understanding occurs at the ______ levels, but strategic and resource
oriented decisions occur at _____ level levels. - Answers - Micro, macro
Which of the following is not a brand element?
A. Brand name.
B. Brand symbol.
C. Brand audit
D. Brand logo. - Answers - C. Brand audit.
T/F: Brand equity "lies in the mind to the consumer" - Answers - True
A firm that uses a single set of brand elements for all products is known as
A. Branded house architecture.
B. House of brands architecture.
C. Brand architecture.
D. All the above.
E. None of the above. - Answers - A. Branded house archittecture
