战略营销Test-BankChapter-4-Question-Bank-7-28-2017.docx

Marketing Strategy: Based on First Principles and Data AnalyticsMarketing Strategy:Based on First Principles and Data AnalyticsQuestion BankChapter 4 Question BankMULTIPLE CHOICE QUESTIONS1) Which of the following is true? (check all that apply)a) The persistent efforts by all firms in the market to copy and innovate, such that all competitors react, constitutes a third challenge that managers confrontb) When managers develop their marketing strategies, they need to consider customers heterogeneity and dynamism, but also anticipate competitors reactions, now and in the future.c) Typically a firm must establish the sustainable position with a targeted customer group before they can build an SCA around that position d) Of the four First Principles of marketing, managing SCA may be the least difficult to executeAnswer: A, B, and C.2) When those competitors try a new tactic, the battlefield shifts, so the firm must adapt its SCA to protect its _ or else give up the fight and move on to a new battleground for a different customer segment.a) Lowest priceb) Cost-leadershipc) Customer Segmentd) Market sensing capability Answer: C3) GE accordingly has transformed from an industrial products company to a _, and then again to a _ in response to the modern marketplace, such that it constantly has developed significantly different and novel SCA along the way.a) Massive customer portfolio, service-based industryb) Digital industry company, service-based businessc) Massive customer portfolio, digital industry companyd) Service-based business, digital industry companyAnswer: D4) Focusing only on competitors often _:a) Helps firms better understand their customers needs and desiresb) Leaves firms blind to changes in their customers needs and desiresc) Helps firms increase their customer based) None of the aboveAnswer: B5) Competitors can overcome a firms SCA by applying the following strategies (check all that apply)?a) Exploiting changes in customers desires due to cultural, environmental, or other factorsb) “Me-too” copycats that improve the efficiency/effectiveness of an existing executionc) Technical innovations that provide them a platform to launch a disruptive offeringd) All of the aboveAnswer: D 6) Using brands as an SCA is most effective in _, _ markets.a) Large, B2Bb) Small, B2Bc) Large, B2Cd) Large, B2CAnswer: D7) True comprehension of customers occurs at _, but strategic and resource decisions occur at _:a) Macro levels, Micro levelsb) Interior level, Exterior levelc) Micro levels, Macro levelsd) None of the aboveAnswer: C8) While making Brand, Offering, and Relational (BOR) strategic decisions, _ are normally determined last, because they involve the delivery and experiential aspect of offerings.a) Offering decisionsb) Relationship strategiesc) Brand decisions d) None of the aboveAnswer: B9) BOR equities are similar to _:a) Tangible assetsb) Intangible assetsc) Shareholders equityd) None of the aboveAnswer: A10) _ is the largest barrier to competitive attacks:a) Interpersonal relationships between producers and consumers b) Matching consumer preferencesc) Mass marketingd) None of the aboveAnswer: A11) A brand can provide a relative advantage when:a) It aligns better with customers needs than competitors brandsb) It successfully replicates its competitors ideas c) It recognizes changing market needsd) None of the aboveAnswer: A12) Fulfilling a SCA better than its competitors is particularly critical in:a) More mature product/market segmentsb) Rapidly growing segmentsc) New product/market segmentsd) None of the aboveAnswer: A13) Using relationships as an SCA is most effective in _ setting (check all that apply):a) B2Bb) B2Cc) Serviced) Complex offeringAnswer: A, C & D14) New product failure rates are approximately 60 percent, and the top reason reported for product failures often is the _a) Price of the new offering.b) Lack of need for the new offeringc) Design of the old offeringd) Design of the new offering.Answer: B15) Good brands (check all that apply)a) Create images that reside in consumers mindsb) Are hard to duplicatec) Do not compete on priced) facilitates habitual buying through awarenessAnswer: A, B & D.16) Good offerings (check all that apply)a) Have great costs benefits b) Have performance advantagesc) Provide access to distribution channels d) Fashion great brandsAnswer: A, B & C.17) Good customer relationships (check all that apply)a) Build great consumer trust b) Develop interpersonal reciprocity among consumers c) Are primarily suitable in business-to-business marketsd) Works well in situations with complex productsAnswer: A, B & D.18) Arrange in order:1. Pre-Industrial Age2. Service Revolution3. Industrial Revolution4. Technology Revolution a) 1, 3, 4, 2b) 1, 2, 3, 4 c) 1, 4, 2, 3d) 1, 2, 4, 3Answer: A.19) Which of the following is true about the customer equity perspective: a) Customers are considered a financial asset, which should be measured, managed, and maximizedb) Treat customers just like other assets even though accountants typically dont treat “customers” as an assetc) Customer equity is easily calculable on the balance sheet: spending on building equity (e.g., brands, R&D, relationships) is treated as an expensed) All of the aboveAnswer: A & B.20) We need customer-centric accounting because (check all that apply): a) It is the primary driver of a firms sales and profitsb) Next to products, brands, offerings and relationships are the secondary drivers of profitsc) It captures the long-term impact of marketing actionsd) All of the aboveAnswer: A & C.21) Offering equity is less important for (check all that apply): a) Services b) High involvement productsc) Maturing markets/industriesd) All of the aboveAnswer: D.22) Relationships equity is more important for (check all that apply): a) Business-to-consumer services b) Business-to-business services c) Long product cyclesd) Complex productsAnswer: B, D.23) Causality implies (check all that apply): a) the independent variable and outcome variable co-vary togetherb) the independent variable precedes the outcome variable in time c) alternative explanations for the measured effect can be ruled out d) all of the above Answer: D.24) The customer equity perspective requires (check all that apply): a) building and maintaining a parallel “customer-centric accounting process,” outside the firms normal financial accounting processb) recognizing that firms primary SCA result from their BOR investments and strategiesc) recognizing that firms SCA never come from deep and low-cost financial resources, human resource strategies, and operational processesd) All of the aboveAnswer: A, B.25) The three key inputs to creating SCA are _, AER strategies, and _: a) BOR strategies, lost custom analysisb) Positioning statements, future trends,c) Positioning statements, BOR strategiesd) BOR strategies, future trends Answer: B.26) The key outputs of creating SCA are _, AER strategies, and _: a) BOR strategies, lost custom analysisb) Positioning statements, future trendsc) Positioning statements, BOR strategiesd) SCA statements, BOR strategies Answer: D.27) The output of MP#2 is a _ of customer heterogeneity and dynamics in the firms customer _, it captures the most effective AER strategies for each relevant persona. a) Microanalysis, portfolio b) Statement, marketing-mixc) AER grid, BOR stackPortfolio, BOR stackAnswer: A.28) Which of the following is true? (check all that apply) a) A firm should make brand decisions, which are influenced by the firms overall positioning objectives from MP#1 and MP#2 and largely determine how the firm will be positioned in the overall marketplace and in existing customers mindsb) The firm can then focus on its offering decisions; product and service innovation and R&D efforts need to support both brand strategies and the firms positioning objectivesc) Relationship strategies normally are determined last, because they involved the delivery and experiential aspect because in this case, boundary spanners are critical to the customer experience and the firms overall value propositiond) All of the aboveAnswer: D.29) Using the inputs from the AER strategy grid and key environmental trends, the BOR equity grid can be completed to describe three key pieces of information for the BOR strategies: Marketing objectives, _, and maintaining the SCA over time. a) AER strategyb) Relative advantages over competitionc) BOR stackd) All of the aboveAnswer: B.TRUE/FALSE QUESTIONS 30) Industrialization increased the importance of brands as a means to increase market competition. Answer: FALSE (Distinguish among products and provide a signal of quality of the offerings)31) A firm has a sustainable competitive advantage (SCA) when it is able to generate more customer value than competitive firms in its industry for the same set of products and service categories and when these other firms are unable to duplicate its effective strategy.Answer: TRUE32) Maintaining a relative advantage over moderate competitors is particularly difficult, because they benefit from factors such as free-rider effects.Answer: FALSE (Early followers / “Me-too” competitors)33) Using offerings as an SCA can be effective, because new and innovative products/services are tough to build and require low investment in time and money.Answer: FALSE (easy to build)34) These three sources of sustainable competitive advantagebrands, offerings, and relationships (BOR)are additive and often work in a compensatory manner to give a firm a strong relative position in the marketplace. Answer: FALSE (additive and synergistically)35) Technical innovations represent a powerful foundation for launching a new offering that will make existing products or services obsoleteAnswer: TRUE.36) Since brand building can be hard to target, brand equity is better for offerings with large heterogeneous user group.Answer: FALSE (homogenous).37) A third input to the managing SCA framework is long-term technology, regulatory, and socioeconomic trends, which clearly can disrupt any organizations SCAs.Answer: TRUE.38) Detailed AER strategies aggregate and reorganize each targeted customer segment and persona according to its needs; the most effective strategies across time (accounting for customer dynamics) are in the brand, offering, and relationship categories Answer: FALSE (Detailed BOR Strategies).ESSAY TYPE QUESTIONS39) Write a short note about the evolution of sustainable competitive advantage in marketing.Answer: Prior to the industrial age, business transactions occurred in local markets, where farmers and craftspeople sold their wares directly to local customers. These “producers” were often both the manufacturer and retailer, and most retailers serviced a small geographical area, which made interpersonal relationships between producers and consumers the largest barrier to competitive attacks. Similarly, relationships led to trust among merchants in the exchange of goods that were not locally produced. Thus trade only occurred among groups with ongoing trusted relationships such as merchants along the “silk route”. The Industrial Revolution changed these exchange characteristics. Manufacturers used the economies of scale associated with mass production to produce a large volume of products at low cost, but these goods also required shipping, storage, and sales across a larger geographic area. The technological revolution that began in the late 1950s, with the shift from analog and mechanical technologies and then to digital computers and digital recordings, in turn, shifted the focus to new and innovative offerings as a key source of SCA. Many modern CEOs regard innovation as critical to their firms future competitiveness and an important source of SCA, required to both protect existing positions and expand into new markets. Over time, the primary source of SCA thus has evolved: relationships in early markets, brands in the aftermath of the Industrial Revolution with the emergence of middlemen and retailers, and innovative offerings following the technology revolution and its significant disruptions to ongoing industries and firms. However, we also highlight that each new SCA adds to the last source of SCA, rather than displacing it. 40) What is the customer equity perspective?Answer: Customer equity for a firm refers to “the total of the discounted lifetime values of all its customers”. When a firm advertises to build strong brands, makes R&D investments to develop innovative products, or spends to hire and train salespeople who can enter into relationships with clients, it should increase that firms brand, offering, and relational equities. Together these three BOR equities constitute the firms customer equity and often is the best barrier (SCA) to competitive assault, sometimes termed a BOR Equity Stack. A customer equity perspective recommends regarding customers as financial assets, such that they can be measured, managed, and maximized, similar to any other firm asset (e.g., land, buildings, equipment, intellectual property). Customer equity for a firm refers to “the total of the discounted lifetime values of all its customers.” When a firm advertises to build strong brands, makes R&D investments to develop innovative products, or spends to hire and train salespeople who can enter into relationships with clients, it should increase that firms brand, offering, and relational equities. Together, these forms constitute the firms customer equity and thus the best barrier (SCA) to competitive assault. However, accountants treat these assets very differently than other, more tangible assets that appear in a firms financial statements. For example, marketing costs appear as an annual expense, implying (falsely) that all the benefits of this spending occur in the same year. Marketing spending also is not regarded as an investment to build an asset; instead, it appears on a firms balance sheet as an expense, completely spent by the end of the year. Such treatments are clearly inaccurate, especially as research and practice confirm that brand and relationship assets persist for extend periods and can create important SCA. 41) What is the BOR equity stack?Answer: Three equities combine in an additive customer or BOR equity stack: Relationship eq