Introduction to Marketing Coursera Quiz Answers – Networking Funda

All Weeks Introduction to Marketing Coursera Quiz Answers

You’ll learn key principles in – Branding: brand equity is one of the key elements of keeping customers in a dynamic world in which new startups are emerging constantly. – Customer centricity: not synonymous with customer service, customer centricity starts with customer focus and need-gathering.

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Introduction to Marketing Week 1 Quiz Answers

Quiz 1: Quiz #1

Q1. Here is an example of a positioning statement for Volvo: “For upscale American families, Volvo is the family automobile that offers maximum safety.” In this example, what serves as the frame of reference for the positioning statement?

  • Volvos
  • Upscale American families
  • Unsafe cars
  • The claim of maximum safety
  • Other family automobiles

Q2. Which of the following is NOT an element of the marketing mix?

Promotion

  • Price
  • Place
  • Product
  • Population

Q3. As the US has become more health conscious, we have seen many fast food chains like McDonalds and Burger King introduce healthier offerings like grilled chicken and salad options. This is an example of what course concept?

  • Category Points of Parity
  • Category Points of Difference
  • Competitive Points of Parity
  • Competitive Points of Difference

Q4. When Steve Jobs updated his company name from Apple Computer to Apple in 2007, which part of the brand positioning was he changing?

  • Point of difference
  • Target segment
  • Frame of reference

Q5. Which of the following is NOT TRUE about the Generation Y cohort?

  • They were born between 1977 and and 1997.
  • They are independent and don’t depend on social networking to connect with other members of their cohort.
  • They appreciate free content, access to wireless internet, and customization.
  • They account for 30% of the population.

Q6. PRIZM is a segmentation scheme that defines the country based on what type of clusters?

  • Cohort
  • Demographic
  • Occupational
  • Geographic

Q7. In a buyer’s market, the buyer has the power and the market is ______-focused.

  • Product
  • Customer

Q8. According to the lectures, what should a company’s long-term marketing strategy be?

  • To be ABOVE “fair value” on each dimension (operational excellence, performance superiority, and customer intimacy).
  • To be the best at one dimension and good enough at the other two dimensions (operational excellence, performance superiority, and customer intimacy).
  • To be AT fair value (operational excellence, performance superiority, and customer intimacy).

Q9. In the STP framework, what does “STP” stand for?

  • Segmentation; targeting; positioning
  • Segmentation; targeting; pricing
  • Sizing; tabulating; positioning
  • Sizing; targeting; pricing

Q10. What is marketing?

  • The study of a market, which is an exchange between two partners
  • The study of brand positioning
  • The study of buyers and sellers
  • The study of selling products

Introduction to Marketing Week 2 Quiz Answers

Quiz 1: Quiz #1

Q1. Because of technology-enabled product development, product life cycles are much shorter now, and companies are constantly reiterating and thinking of new ideas. Which “crack in product centricity” captures this?

  • Innovation
  • Commoditization
  • Globalization
  • Saturation

Q2. Which of the following is NOT a crack in the product-centric approach?

  • Retail saturation
  • Smart customers
  • Deregulation
  • Customer attrition
  • Globalization

Q3. Which of the following is not true about direct marketing?

  • The individual customer is the unit of analysis
  • It aims to determine marketing communication based on past purchases
  • It determines and leverages combined customer value
  • It allows companies to know who their customers are and what they buy

Q4. Which of these retailers would Professor Fader describe as highly customer centric?

  • Starbucks
  • Walmart
  • All of them
  • Nordstrom
  • Apple
  • None of them

Q5. What is the correct definition of customer centricity?

  • Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their long-term financial value to the firm.
  • Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
  • Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the current needs of a select set of customers in order to maximize their long-term financial value to the firm.
  • Customer centricity is a strategy that aligns a company’s development/delivery of its products/services around the future needs of a select set of customers in order to maximize their short-term financial value to the firm.

Q6. Professor Fader discussed “salesperson of the month.” What would he say is the best way to pick a salesperson of the month?

  • The number of new customers brought in.
  • The number of repeat purchases made by existing customers.
  • The change in total customer lifetime value for that month.
  • The number of quality referrals they generate.

Q7. Is maximizing shareholder value the overarching objective for a customer-centric commercial enterprise or a product-centric commercial enterprise?

  • Neither
  • Customer-centric
  • Both
  • Product-centric

Q8. According to Professor Fader, success in a customer-centric world arises through enhanced and/or more efficient levels of the following EXCEPT:

  • Customer retention
  • Customer experience
  • Customer acquisition
  • Customer development

Q9. True or False. Customer centricity suggests that you should “fire” (i.e. get rid of) your least valuable customers.

  • False
  • True

Q10. In a product-centric company, sales bias is on the side of the ____________ in a transaction.

  • Seller
  • Market
  • Buyer
  • Broker

Introduction to Marketing Week 3 Quiz Answers

Quiz 1: Quiz #1

Q1. Which of the following are included in the 7 M’s of developing a Communication Plan? (Select all that apply):

  • Mass: How large should the plan be?
  • Message Content/Design: What should we tell them and how?
  • Markets: Who should we talk to?
  • Media Strategy: How do we reach them?
  • Money: How much do we need to spend?

Q2. Which of the following is NOT an example of Mass and Targeted Media strategy?

  • Outbound Advertising
  • Online Word of Mouth
  • Product Placement
  • Print Media
  • Public Relations

Q3. Which of the following is NOT a true statement about the Key Principles of Media Planning?

  • The campaign must win awards in order to succeed
  • The campaign must avoid unpleasant connections with your product
  • The campaign mentions the brand name
  • The campaign can show the product in use
  • The campaign should state the positives of the product/service

Q4. 1% improvement in ______ would create the biggest improvement of operating profit for a company.

  • Sales Volume
  • Fixed Cost
  • Price
  • Variable Cost

Q5. Price Sensitivity is affected by… (Select all that apply):

  • Private Costs
  • Switching Cost
  • Availability and awareness of substitutes
  • Indirect Comparisons
  • Price/Quality Inferences

Q6. Which of the following statement is true about measuring price elasticity?

  • Surveys measures the variable of actual purchases in an experimental environment
  • A carefully designed choice set in a Trade-Off Analysis can allow us to measure how a consumer trades off one variable against another
  • When actual purchase is measured under controlled conditions, you are measuring Sales Data
  • One of the strengths of a Survey is that people are honest about their intentions on what they will do
  • For field/laboratory experiments, one only needs to measure preferences and intentions

Q7. According to the Weber Fechner Law, consumers react to prices in _____ as opposed to _____.

  • Euros / Dollars
  • Terms of Emotion / Rationality
  • Percentage Terms / Absolutes
  • Decimal Points of .99 / .00
  • Dollars / Euros

Q8. True or False: Businesses often spend significantly more money on creating customer access for their products/service than they spend on advertising

  • True
  • False

Q9. For the iPhone, which of the following are considered digital attributes of the product? (Select all that apply)

  • Efficiency of using the appes on the phone
  • Size differences between iPhone models
  • Feel of the touchscreen technology
  • Colors
  • Price

Q10. _____ is when the consumers shop offline to get a feel for the product and then buys the product online at a cheaper price.

  • Showrooming
  • Webrooming
  • Retail Dating
  • Comparison Shopping

Introduction to Marketing Week 4 Quiz Answers

Quiz 1: final exam

Q1. Professor Kahn demonstrated the use of a Value Map. According to the Fair Value framework and to the lecture, what should companies try to do?

  • Offer fair value on all three bundles.
  • Offer better than fair value on all three bundles.
  • Offer fair value on two bundles and offer better than fair value on the other bundle.

Q2. In the STP framework, what does “STP” stand for?

  • Segmentation; targeting; pricing
  • Sizing; targeting; pricing
  • Sizing; tabulating; positioning
  • Segmentation; targeting; positioning

Q3. The Gillette Sensitive portfolio (pictured below) “combines outstanding shaving performance and comfort to address the significant unmet need of 70% of men who say they have sensitive skin.” What is the point of difference in this positioning statement?

  • Other razors
  • Outstanding shaving performance and comfort
  • Men with sensitive skin

Q4. In Nike’s brand mantra “Authentic Athletic Performance,” which of the three words is the emotional modifier?

  • Authentic
  • Performance
  • Athletic

Q5. Disney, started by brothers Roy and Walt Disney, is one of the world’s most famous mass media

corporations. What type of name is Disney?

  • Invented
  • Surname
  • Metaphor
  • Blended

Q6. In Professor Kahn’s lectures, she discussed the two axes of color. What were the two axes?

  • Brightness & Warmth
  • Familiarity & Excitement
  • Arousal & Affect

Q7. Which color is most preferred by men and is known to curb appetite?

  • Green
  • Black
  • Blue
  • White

Q8. A lot of designer clothing companies will send free clothes to celebrities with hopes that the celebrities will wear their clothing in public and attract more customers to the brand. What mode of endorsement are these clothing companies trying to achieve?

  • Co-present mode
  • Implicit mode
  • Explicit mode
  • Imperative mode

Q9. The image below, which displays Nivea’s packaging since 1963, is an example of the ____________, which is when companies use tiny little tweaks to make sure their packaging and brand stay modern.

  • Consumer packaged goods modernization theory
  • Butterfly effect
  • Just-noticeable difference

Q10. Due to massive customer heterogeneity, Professor Fader would say there’s more opportunity to “move the needle” via ___________ than ___________.

  • Retention; acquisition
  • Retention; development
  • Acquisition; development
  • Development; acquisition

Q11. Tesco and Harrahs rose to prominence in their industries by exploiting which “crack in product centricity”?

  • Globalization
  • Customer-level tracking
  • Innovation
  • Commoditization

Q12. In a customer-centric approach, which customers should you be most concerned with?

  • The customers that are likely to be most valuable
  • The customers that have historically been most valuable
  • The customers who are most engaged with your products/services
  • The customers with the greatest degree of social influence

Q13. When Joe was working in finance, he bought all of his suits at Macy’s, a department store. Once Macy’s finds out about Joe’s plans to return to business school, what customer-centric approach would Professor Fader recommend that Macy’s takes with Joe?

  • Invite Joe into a VIP customer loyalty program once he graduates from school
  • Give him incentives to refer his friends to Macy’s
  • Send a thank-you note to Joe to thank him for shopping at Macy’s for so many years
  • Show Joe that he’s still important to them by extending a store discount to him that will apply during his time as a student

Q14. Customer centricity requires zooming in on your important customers. As you do so, which of the following strategies do you want to focus on?

  • Try to turn all of the less valuable customers into highly valuable ones
  • Try to treat all of your customers equally well
  • Keep the less valuable customers because they provide stability and robustness to your customer mix
  • Drop the least valuable customers, so you can focus your resources on your most valuable customers

Q15. Sometimes at the hair salon, the receptionist will ask if you also want to get a manicure while you’re there. What is this an example of?

  • Up-selling
  • Customer needs assessment
  • Customer referral program
  • Cross-selling

Q16. In a product-centric company, rewards would be measured on metrics like all of the following EXCEPT:

  • Percentage of revenue from products less than two years old
  • Number of new products
  • Market share
  • Share of wallet

Q17. In a customer-centric company, sales bias is on the side of the ____________ in a transaction.

  • Seller
  • Buyer
  • Broker
  • Ultimate consumer

Q18. The thought process for a ________-centric company is “How many possible uses of this product?” The thought process for a ________-centric company is “What combination of products is best for this customer?”

  • Customer; product
  • Customer; customer
  • Product; customer
  • Product; product

Q19. Which of the following is NOT an example of basic analytics for pricing decisions?

  • Incremental Expenditures Analysis
  • Economic Value to the Customer
  • Break-Even Analysis
  • Margin/Contribution Analysis

Q20. Gloria owns a 100-acre property that needs to be mowed every week. Christopher mows the property for her at the cost of $20 per acre. John wants to mow Gloria’s lawn instead. According to Professor Raju’s analysis of Economic Value to the Customer, what price should John charge to persuade Gloria to hire him instead of Christopher? in switching her landscaper?

  • Exactly $2000
  • Less than $2000
  • Exactly $2100
  • More than $2000

Q21. John decides to charge a flat fee of $2000 for mowing any sized property. According to Professor Raju’s analysis of Economic Value to the Customer, who would be willing to pay more for John’s services than Christopher’s?

  • Don, who has a 50-acre property
  • Betsy, who owns a mower
  • Carol, who lives in an area where property taxes are lower
  • Alan, who has a 200-acre property

Q22. Which of the following is NOT a product that has predominantly digital attributes?

  • A pair of socks you have purchased before
  • A printer cartridge
  • A book
  • A new pair of running shoes

Q23. Horizontal Conflict is when there is conflict between _____ while Vertical Conflict is when there is conflict between _____.

  • Manufacturer and Retailer / Retailers
  • Retailers / Manufacturer and Retailer
  • Retailers / Manufacturer and Customer
  • Manufacturer and Retailer / Retailer and Customer

Q24. Which of the following is a non-digital attribute?

  • Price
  • Delivery time
  • The fit of a pair of shoes
  • Length of a book

Q25. According to Professor’s Bell lecture, changing which of the following had the greatest impact on operating profits?

  • Price
  • Volume
  • Fixed costs
  • Variable costs

Q26. Which of the following best represents the idea of price elasticity?

  • If I drop the price by 1%, by how much does demand drop?
  • If I drop volumes by 10%, by how much does the price adjust?
  • If I raise the price by 1%, by how much does demand drop?
  • If I raise volumes by 10%, by how much does the price adjust?

Q27. Which of the following is NOT one of the four inputs to the pricing process?

  • Distributor margins
  • Marginal cost
  • Willingness to pay
  • Competitive pressures
  • Marginal revenue

Q28. Which of the following is not one of the 7Ms?

  • Message content
  • Message design
  • Money
  • Media strategy
  • Market
  • Motivation
  • Mission
  • Measurement

Q29. Toys “R” Us is the name of a major retailer that sells toys and other kids products. What type of name is Toys “R” Us?

  • Metaphor
  • Descriptive
  • Invented
  • Arbitrary
  • Blended
  • Surname
  • Altered

Q30. Under the Elaboration Likelihood Model, a firm should only use central routing in their marketing messaging if customers have:

  • The motivation to elaborate and the ability to elaborate.
  • The motivation to elaborate but NO ability to elaborate.
  • NO motivation to elaborate and NO ability to elaborate.
  • The ability to elaborate but NO motivation to elaborate.

Q31. The tagline for Disneyland is “The Happiest Place on Earth.” What type of tagline is this?

  • Superlative
  • Provocative
  • Imperative
  • Clever
  • Descriptive

Q32. In relation to the Elaboration Likelihood Model, Professor Kahn discussed the peripheral cues that people use to accept or reject messages. Which of the following is NOT one of the peripheral cues that she mentioned?

  • Social Proof
  • Authority
  • Consistency
  • Classic conditioning
  • Liking
  • Reciprocity
  • Scarcity
  • Logic

Q33. If a company has used a celebrity endorsement in an “imperative mode,” what message is the celebrity conveying?

  • “I endorse this product.”
  • “You should use this product.”
  • “I use this product.”
  • “Everyone uses this product.”

Q34. In her lecture, Professor Kahn discussed how difficult it was for Oldsmobile to reposition its automobiles among younger consumers. Perhaps they could have tried to evolve the Oldsmobile brand more gradually. All of the following are ways to evolve brands more gradually except for:

  • Symbols: updating symbols can provide updates without changing meanings..
  • Announcements: explaining to your customers that the brand will now be focusing on a different customer segment.
  • New products, which can be true to the core identity but add modern, innovative elements.
  • Slogans, which are easier to change than names.
  • Update the brand name to reflect evolving identities.

Q35. How do you calculate Price Elasticity?

  • By dividing the percentage of Change in Price by absolute manufacturing costs
  • By dividing the percentage of Change in Price by the percentage of Change in Demand
  • By dividing the percentage of  Change in Demand by the percentage of Change in Price
  • By dividing the percentage of Change in Demand by gross profits

Q36. What are customer-centric companies required to do?

  • Be willing and able to change their organizational design, performance metrics and incentive structures to focus on creating long-run customer value
  • No significant organizational changes are necessary: they just have to adopt a customer-centric approach.
  • Be willing and able to change their organizational design and performance metrics to focus on creating long-run customer value. Changing incentive structures is not necessary.
  • Be willing and able to change their performance metrics and incentive structures to focus on creating long-run customer value. Changing organizational design is not necessary.

Q37. What do the acronyms of the AIDA Model stand for?

  • Analysis, Implementation, Design, Achievement
  • Action, Imagination, Design, Attention
  • Attention, Interest, Desire, Action
  • Attention, Interest, Design, Action

Q38. What is the definition of the Endowment Effect?

  • A sense of ownership increases a customer’s willingness to pay
  • Consumers are more likely to purchase a product priced at $19.99 than $20
  • Buyers compare the current price with a reference price
  • Consumers react to prices in percentage terms as opposed to absolutes

Q39. Understanding the process of perception is critical to understanding branding because:

  • Brand names change people’s perceptions of products regardless of the quality of the product
  • The proximity bias means that people assume that things that are close to each other must belong together
  • All answers are correct
  • No answers are correct
  • Perceptions affect subsequent behavior
  • Similarity bias means people assume that things that look alike must have the same quality

Q40. Which of the following factors does NOT reduce price sensitivity?

  • Separation between the buyer and the payer
  • When the user cannot differentiate between differences in quality
  • Separation in time between the point of purchase and the time of payment
  • Ease of comparison
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