MKTG 3340 Test Questions with Verified
Correct Answers
Which of these are part of Adam Smith's theory of the "Invisible Hand"?
1. Gov't Regulation
2. Competition
3. Self-Interest
Which of the following describes the personal value (also called price/value) equation of
a customer?
Value = Benefits received - [Price + Hassle]
What are the three parts of a traditional positioning statement?
1. Target Audience
2. Competitive set
3. Most compelling Benefit
Which of the following examples best illustrates the idea of focusing on your customer?
A catering firm decides to expand its hours of operations to better serve working mothers.
T/F: If a company focuses its new product development on what the consumer wants, it
is guaranteed to succeed.
False
Which of these are ways to measure the success of marketing efforts? Check all that
apply.
Brand awareness, NPS, profits, revenue
,As part of a SWOT analysis, the economy, competitors, and government regulations
that could affect what the firm wants to do are part of which of these:
Opportunities & Threats
Why do companies pay attention to consumer behavior (check all that apply)?
To take advantage of the way ppl. behave
To help determine what new products to develop
To attract more of the right customers
To make more money by targeting better prospects
How might a marketer increase a consumer's personal value equation?
Reduce the hassle and increase the benefits associated with the exchange
Why did Coke Life fail? (check all that apply)
It was not "coke-enough" for Coke Lovers
It was not healthy enough for health-conscious consumers
T/F: A good marketing plan is used to set expectations to the C-suite and shareholders.
True
What are some reasons that a CMO's tenure is typically shorter than other C-Suite
executive's tenures? Check all that apply.
They often get promoted to other important jobs
Some CEOs and Board of directors don't understand marketing
Marketing success is difficult to measure and sometimes the CMO gets blamed for bad
results
, Which of the following things does your marketing plan template include? Check all
that apply.
Business summary, the marketing mix, business initiative, target market
According to Group #1's insight presentation, which of these is true about Rhoback?
they compete with Peter Millar and Lululemon
one of their strengths is college-themed designs
their founders met at The University of Virginia
In the old days, what did Jif peanut butter make its users?
a better mother
T/F: In Group #2's insight presentation, they pointed out that ChatGBT is the big
winner in the AI market so far.
False
The price/value equation is based on price, not cost.
False
What is the RATER method?
something your professor said to ignore
Which of these is a pure service offering? Check all that apply.
Skydiving, A haircut, tutoring
Which of these are examples of Facilitating Offerings? Check all that apply.
Banking services, market research offerings, ad agenices, accounting firms
T/F: The value of an offering is determined by the company marketing it.
Correct Answers
Which of these are part of Adam Smith's theory of the "Invisible Hand"?
1. Gov't Regulation
2. Competition
3. Self-Interest
Which of the following describes the personal value (also called price/value) equation of
a customer?
Value = Benefits received - [Price + Hassle]
What are the three parts of a traditional positioning statement?
1. Target Audience
2. Competitive set
3. Most compelling Benefit
Which of the following examples best illustrates the idea of focusing on your customer?
A catering firm decides to expand its hours of operations to better serve working mothers.
T/F: If a company focuses its new product development on what the consumer wants, it
is guaranteed to succeed.
False
Which of these are ways to measure the success of marketing efforts? Check all that
apply.
Brand awareness, NPS, profits, revenue
,As part of a SWOT analysis, the economy, competitors, and government regulations
that could affect what the firm wants to do are part of which of these:
Opportunities & Threats
Why do companies pay attention to consumer behavior (check all that apply)?
To take advantage of the way ppl. behave
To help determine what new products to develop
To attract more of the right customers
To make more money by targeting better prospects
How might a marketer increase a consumer's personal value equation?
Reduce the hassle and increase the benefits associated with the exchange
Why did Coke Life fail? (check all that apply)
It was not "coke-enough" for Coke Lovers
It was not healthy enough for health-conscious consumers
T/F: A good marketing plan is used to set expectations to the C-suite and shareholders.
True
What are some reasons that a CMO's tenure is typically shorter than other C-Suite
executive's tenures? Check all that apply.
They often get promoted to other important jobs
Some CEOs and Board of directors don't understand marketing
Marketing success is difficult to measure and sometimes the CMO gets blamed for bad
results
, Which of the following things does your marketing plan template include? Check all
that apply.
Business summary, the marketing mix, business initiative, target market
According to Group #1's insight presentation, which of these is true about Rhoback?
they compete with Peter Millar and Lululemon
one of their strengths is college-themed designs
their founders met at The University of Virginia
In the old days, what did Jif peanut butter make its users?
a better mother
T/F: In Group #2's insight presentation, they pointed out that ChatGBT is the big
winner in the AI market so far.
False
The price/value equation is based on price, not cost.
False
What is the RATER method?
something your professor said to ignore
Which of these is a pure service offering? Check all that apply.
Skydiving, A haircut, tutoring
Which of these are examples of Facilitating Offerings? Check all that apply.
Banking services, market research offerings, ad agenices, accounting firms
T/F: The value of an offering is determined by the company marketing it.
