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Quiz #3 >> Introduction to Marketing

Quiz #3 >> Introduction to Marketing

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

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

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

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

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

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

4. 1% improvement in ______ would create the biggest improvement of operating profit for a company.

  • Fixed Cost
  • Price
  • Sales Volume
  • Variable Cost

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

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

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

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

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

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

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

  • True
  • False

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

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

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

  • Retail Dating
  • Webrooming
  • Comparison Shopping
  • Showrooming 

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