Markma v57 exam review questions for chapters 5, 10 and 15

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Markma v57 exam review questions for chapters 5, 10 and 15

  1. 1. MIDTERMS REVIEW QUESTIONSFOR CHAPTERS 5, 10 & 15 GROUP#4
  2. 2. Review Questions for Midterms(from Chapter 5, 10 & 15) Kristoffer Z. Jongco
  3. 3. 1. The following are steps in thecustomer value analysis except:a) Identify major attributes and benefits that customer valueb) Assess the quantitative importance of the different attributes and benefitsc) Maximize profitability for attracting, selling and servicing customersd) Examine how customers in a specific segment rate the company’s performance against specific major competitor on an individual attributee) Monitor customer values over time
  4. 4. There are 5 steps in thecustomer value analysis: Identify major attributes and benefits that customer value Assess quantitative importance of the different attributes and benefits Assess company’s and competitor’s performances on customer values vs. their rated importance Examine how customers in a specific segment rate the company’s performance against specific major competitor on an individual attribute Monitor customer values over time
  5. 5. Step 1: Customer ValueAnalysis Identify the major attributes and benefits that customer value- customers are asked which attributes, benefits and performance levels they look for in choosing a product
  6. 6. Step 2: Customer ValueAnalysis Assess the quantitative importance of the different attributes and benefits- Customers are asked to rate importance of different attributes and benefits.
  7. 7. Step 3: Customer ValueAnalysis Assess company’s and competitor’s performances on customer values vs. their rated importance- Customers describe where they see the company’s and competitor’s performances on each attribute/benefit
  8. 8. Step 4: Customer ValueAnalysis Examine how customers in a specific segment rate the company’s performance against specific major competitor on an individual attribute- If company’s offer exceeds competitor’s offer, the company can charge a higher price (higher profits) or charge same price (gain market share)
  9. 9. Step 5: Customer ValueAnalysis Monitor customer values over time- Company must periodically redo studies of customer values and competitors’ standings as changes happen
  10. 10. 1. The following are steps in thecustomer value analysis except:a) Identify major attributes and benefits that customer valueb) Assess the quantitative importance of the different attributes and benefitsc) Maximize profitability for attracting, selling and servicing customersd) Examine how customers in a specific segment rate the company’s performance against specific major competitor on an individual attributee) Monitor customer values over time
  11. 11. 2. Which of the followingstatements is TRUEa) Points-of-difference (POD) are those associations not necessarily unique to the brand but perhaps shared with other brandsb) Points-of-parity (POP) are those associations unique to the brand that are also strongly held and favorably evaluated by consumersc) Category point-of-parity associations are associations designed to negate competitor’s points-of-differenced) Competitive point-of-parity associations are associations consumers view as being necessary to a legitimate and credible product offering within a certain categorye) None of the above
  12. 12.  Points-of-parity (POP) are those associations not necessarily unique to the brand but perhaps shared with other brands Points-of-difference (POD) are those associations unique to the brand that are also strongly held and favorably evaluated by consumers
  13. 13.  Competitive point-of-parity associations are associations designed to negate competitor’s points-of-difference Category point-of-parity associations are associations consumers view as being necessary to a legitimate and credible product offering within a certain category
  14. 14. 2. Which of the followingstatements is TRUEa) Points-of-difference (POD) are those associations not necessarily unique to the brand but perhaps shared with other brandsb) Points-of-parity (POP) are those associations unique to the brand that are also strongly held and favorably evaluated by consumersc) Category point-of-parity associations are associations designed to negate competitor’s points-of-differenced) Competitive point-of-parity associations are associations consumers view as being necessary to a legitimate and credible product offering within a certain categorye) None of the above
  15. 15. 3. The following are stages inthe market evolution EXCEPTa) Emergence Stageb) Growth Stagec) Stability Staged) Maturity Stagee) Decline Stage
  16. 16. Markets evolve through fourstages:1. Emergence-where products are launched2. Growth-new firms enter the market3. Maturity-when competitors cover and serve all the major segments4. Decline-demand for current products will begin to decrease
  17. 17. 3. The following are stages inthe market evolution EXCEPTa) Emergence Stageb) Growth Stagec) Stability Staged) Maturity Stagee) Decline Stage
  18. 18. 4. Which of the following is NOT acause of channel conflicta) Goal Incompatibilityb) Coercive channel distributionc) Unclear roles and rightsd) Differences in perceptione) Intermediaries dependence on manufacturer
  19. 19. Causes of channel conflictmay arise from: Goal incompatibility Unclear roles and rights Differences in perception Intermediaries’ dependence on the manufacturer
  20. 20.  Goal incompatibility- Goals may not be compatible (a manufacturer might be in contrast with that of the distributor which can be a source of conflict) Unclear roles and rights- If roles & rights are unclear, it can create channel conflict. Territory boundaries & credit for sales often produce conflict Differences in perception- Some have perception differences (e.g. Manufacturer can be optimistic while dealers may be pessimistic) resulting to conflict Intermediaries’ dependence on the manufacturer- This can create a high potential for conflict (e.g. Fortunes of exclusive dealers are profoundly affected by manufacturer’s product & pricing decisions)
  21. 21. 4. Which of the following is NOT acause of channel conflicta) Goal Incompatibilityb) Coercive channel distributionc) Unclear roles and rightsd) Differences in perceptione) Intermediaries dependence on manufacturer
  22. 22. Marketing Management V57 Midterm Exam Questions Chapters 5, 10,15 Raymund C. Piñon
  23. 23. Match the sample applicationto the correct CRM imperative1. You’ve been able to target A. Learning to retain customers your marketing effort more efficiently B. Maximizing customer lifetime value2. You’ve captured relevant product behavior data C. Motivating employees3. You’ve invested in D. Monitoring satisfaction automation to process transactions faster E. Crafting the right value proposition4. You’ve tied employee incentives to customer F. Instituting the best processes satisfaction survey results5. You study customer defection G. Delivering high customer value and defection levels H. Acquiring the best customers
  24. 24. CRM Imperatives Acquiring the right customers Crafting the right value proposition Instituting the best practices Motivating employees Learning to retain customers
  25. 25. Match the sample applicationto the correct CRM imperative1. You’ve been able to target A. Learning to retain customers your marketing effort more efficiently - H B. Maximizing customer lifetime value2. You’ve captured relevant product behavior data - E C. Motivating employees3. You’ve invested in D. Monitoring satisfaction automation to process transactions faster - F E. Crafting the right value proposition4. You’ve tied employee incentives to customer F. Instituting the best processes satisfaction survey results - C5. You study customer defection G. Delivering high customer value and defection levels - A H. Acquiring the best customers
  26. 26. To communicate a positioning, marketing plansoften include a positioning statement. Match thecontents of the statement to the appropriateelements of a positioning statement1. To young, active A. Point-of-Difference consumers of soft-drink B. Relevance2. who have little time to sleep, C. Customer need3. Mountain Dew is the D. Brand and category soft-drink membership4. That gives you more E. Concept energy than any other brand F. Target segment5. because it has the highest G. Believability level of caffeine
  27. 27. Elements of a Positioning Statement Target segment Category membership Customer need Brand name Concept Point-of-Difference
  28. 28. To communicate a positioning, marketing plansoften include a positioning statement. Match thecontents of the statement to the appropriateelements of a positioning statement1. To young, active consumers A. Point-of-Difference of soft-drink - F B. Relevance2. who have little time to sleep, - C C. Customer need3. Mountain Dew is the D. Brand and category soft-drink - D membership4. That gives you more energy E. Distinctiveness than any other brand - E F. Concept5. because it has the highest level of caffeine - A G. Target segment H. Believability
  29. 29. Which of the following statements about managingintegrated marketing channels is false?1. Deciding which types of channels to use to reach customers calls for analyzing customer needs, establishing channel objectives, identifying and evaluating channel alternatives2. Effective channel management calls for selecting intermediaries, and training and motivating them3. Three of the most important trends are the growth of vertical marketing systems, horizontal marketing systems and multi-channel marketing4. Channel conflict may result from goal incompatibility, poorly defined roles and rights, perceptual differences, and interdependent relationships5. Companies can manage channel conflict by striving for super- ordinate goals, exercising coercive and reward power, exchanging employees, co-optation, joint membership in trade associations, exercising legitimate power, charisma, diplomacy, mediation, arbitration, legal recourse, etc.
  30. 30. Which of the following statements about managingintegrated marketing channels is false?1. Deciding which types of channels to use to reach customers calls for analyzing customer needs, establishing channel objectives, identifying and evaluating channel alternatives2. Effective channel management calls for selecting intermediaries, and training and motivating them3. Three of the most important trends are the growth of vertical marketing systems, horizontal marketing systems and multi-channel marketing4. Channel conflict may result from goal incompatibility, poorly defined roles and rights, perceptual differences, and interdependent relationships5. Companies can manage channel conflict by striving for super- ordinate goals, exercising coercive and reward power, exchanging employees, co-optation, joint membership in trade associations, exercising legitimate power, charisma, diplomacy, mediation, arbitration, legal recourse, etc.
  31. 31. Crisostomo, Kathleen Lizette C.MARKMAExam Questions – Chapters 5, 10, 15
  32. 32. TOPICS CHAPTER 5: Creating Customer Value, Satisfaction, and Loyalty CHAPTER 10: Crafting the Brand Positioning CHAPTER 15: Designing and managing integrated marketing channels
  33. 33. Mike is planning to create adatabase for his customers to tracktrends. Which of the followingreasons should he consider?a. He has very loyal customersb. The product he sells can only be purchased oncec. His products can be bought in bulkd. He has not spent much in gathering info for the product
  34. 34. Don’t Build a Database When• The product is a once-in-a-lifetime purchase• Customers do not show loyalty• The unit sale is very small• The cost of gathering information is too high** Chapter 5
  35. 35. Mike is planning to create adatabase for his customers to tracktrends. Which of the followingreasons should he consider?a. He has very loyal customersb. The product he sells can only be purchased oncec. His products can be bought in bulkd. He has not spent much in gathering info for the product
  36. 36. Which of the following describes aproduct life cycle?a. Products require different strategies in each life cycle stageb. There is a continuous rise of profits over timec. The stages product sales pass involve similar challenges and opportunitiesd. Products can stay popular in the same market for an unlimited time
  37. 37. Claims of Product Life Cycles• Products have a limited life• Product sales pass through distinct stages each with different challenges and opportunities• Profits rise and fall at different stages• Products require different strategies in each life cycle stage** Chapter 10
  38. 38. Which of the following describes aproduct life cycle?a. Products require different strategies in each life cycle stageb. There is a continuous rise of profits over timec. The stages product sales pass involve similar challenges and opportunitiesd. Products can stay popular in the same market for an unlimited time
  39. 39. A manufacturing company threatensto terminate its relationship with itsvendor if it will not meet its targets.This is an example of which type ofchannel power?a. Referent Powerb. Legitimate Powerc. Coercive Powerd. Expert Power
  40. 40. Channel Powera. Coercive power- Withdraw resource or terminate relationshipb. Reward power- Extra benefit for performancec. Legitimate power- Behavior warranted under the contractd. Expert power- Must develop new expertise for them to cooperatee. Referent power- Respect causes intermediaries to have pride in the association** Chapter 15
  41. 41. A manufacturing company threatensto terminate its relationship with itsvendor if it will not meet its targets.This is an example of which type ofchannel power?a. Referent Powerb. Legitimate Powerc. Coercive Powerd. Expert Power

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