战略营销Test-BankChapter-6-Question-Bank-7-28-2017.docx

Marketing Strategy: Based on First Principles and Data Analytics

Marketing Strategy:
Based on First Principles and Data Analytics

Question Bank

Chapter 6 Question Bank

MULTIPLE CHOICE QUESTIONS

1) The _________________ involves creation of substantial new value for customers and the firm by creatively changing one or more dimensions of the business.
a) Process of innovation
b) Process of expansion
c) Process of modification
d) None of the above
Answer: A
2) A first-mover advantage is nearly always trumped by _____________, who are not just quick but also better.
a) Laggards
b) Early followers
c) Late entrants
d) None of the above
Answer: B
3) Short-term business pressures often undermine innovation because.
a) CEOs want returns from marketing in 6-12 months
b) Resources are taken from short-term initiatives to hit long-term targets
c) Marketing practices for market-based assets impact accounting decisions
d) All of the above
Answer: A
4) _____________ refers to the core value that the performance of the product/service offers the customer, absent any brand or relationship equity effects.
a) Competitive advantage
b) Offering yield
c) Offering equity
d) None of the above
Answer: C
5) ________________ is a process to increase the speed of a firm’s offering development and enhance its likelihood of success.
a) Segmentation
b) Stage-gate approach
c) Innovation
d) None of the above
Answer: B
6) Which of the following are the ways a firm can innovate?
a) Change what the firm offers
b) Changing who the customer is
c) Changing where to sell to customers
d) All of the above
Answer: D
7) Greater offering equity, generated from a firm’s new and innovative products/services leads to _____________ (check all that apply).
a) SCA
b) Superior sales
c) Increased competition
d) Superior profit
Answer: A, B, and D
8) The following are the ways for a firm to change who the customer is (check all that apply).
a) Provide a total solution
b) Change customer interactions
c) Change firm structure
d) Change customers to target
Answer: B and D
9) _____________ means that once developers/designers accept some new feature, they perceive its great value – far more than would be assigned the feature by non-users.
a) New offering bias
b) Non-user bias
c) Designer’s curse
d) None of the above
Answer: C
10) Which of the following is not true about disruptive innovation.
a) It involves a disruptive positioning and higher risk
b) Focuses on the blue ocean
c) Market space is well -defined
d) Demand is created rather than fought over
Answer: C
11) _______________ refers to an innovative offering that results from dramatically repositioning an existing offering so that the total offering appeals to a different customer segment with a ‘new’ proposition.
a) Repositioning Strategy
b) Positioning strategy
c) Disruptive strategy
d) None of the above
Answer: A
12) Which of the following ways does marketing directly help in creating innovation strategies? (check all that apply).
a) Collecting customer inputs
b) Forecasting market trends
c) Lowering profit volatility
d) All of the above
Answer: A and B.
13) Which of the following items can you get or derive from a Conjoint Analysis?
a) Data product design matrix
b) Customer preferences on a new product
c) Customer preferences on different product attributes
d) Both B and C
Answer: D

14) ______________ attempt to capture a portion of the existing market, and account for the majority of sales, but earn lower relative profit levels.
a) Blue ocean strategies
b) Black ocean strategies
c) Red ocean strategies
d) None of the above
Answer: C
15) _____________ aim at transforming the image of competitors brand features, such that they become a negative attribute in the new market.
a) Blue ocean strategies
b) Black ocean strategies
c) Red ocean strategies
d) None of the above
Answer: A
16) The basic intuition in Jugaad is that:
a) It requires the same stage-gate process for all innovative ideas
b) Agile innovation practices can vary with each problem stage and product
c) It seeks conventional solutions to problems
d) None of the above
Answer: B
17) ________________ leads to continuous, incremental improvements over time.
a) Sustaining technology
b) Innovative technology
c) Disruptive technology
d) None of the above
Answer: A
18) With its very different price and performance characteristics, ________________ improves very quickly.
a) Sustaining technology
b) Innovative technology
c) Disruptive technology
d) None of the above
Answer: C
19) _______________ are the first to adopt, often before the new offering even is officially launched.
a) Innovators
b) Early adopters
c) Early majority
d) None of the above
Answer: A
20) _______________ see the benefits of the new technology and are willing to adopt it after just a few references.
a) Innovators
b) Early adopters
c) Early majority
d) None of the above
Answer: B
21) The ______________ consists of much more pragmatic consumers, who need to be convinced that the new product really works.
a) Innovators
b) Early adopters
c) Early majority
d) None of the above
Answer: C
22) The _____________ and _____________ want more evidence, but they are especially hard to persuade (check all that apply).
a) Laggards
b) Early majority
c) Late majority
d) None of the above
Answer: A and C
23) In Moore’s adoption cycle, the concept of _____________ refers to many new offerings failing to survive the jump from the early adopters to the early majority groups.
a) Crossing the chasm
b) Switching strategy
c) Breaking barriers
d) None of the above
Answer: A
24) Which of the following is not true about the adoption lifecycle?
a) Innovators are the first to adopt, often before the new offering even is officially launched
b) Early adopters see the benefits of the new technology and are willing to adopt it after just a few references
c) The laggards consist of much more pragmatic consumers, who need to be convinced that the new product really works
d) Both of the last two groups, late majority and laggards, also want more evidence, but they are especially hard to persuade
Answer: C

25) Changing the following factors can alter the rate of product diffusion, all else being equal (check all that apply).
a) Complexity
b) Trialability
c) Relative advantage
d) All of the above
Answer: D
26) What is a part-worth in Conjoint Analysis?
e) Data you need to run Conjoint Analysis
f) Measure the likelihood of choosing a product
g) Measure the preference toward a product
h) Measure the preference toward levels of product attributes
Answer: D
27) Which of these factors is not important to early adoption.
a) Observability
b) Compatibility
c) Lowest price
d) Relative advantage
Answer: C
28) _____________ helps marketers design and develop new products by thinking of products as bundles of attributes, then determining which combination of attributes is best suited to meet the preferences of customers.
a) Choice models
b) Conjoint analysis
c) Perceptual maps
d) None of the above
Answer: B
29) The ______________ captures many of the people-and-product-based factors, but it also integrates pricing and advertising levels to predict adoption rates.
a) Bass model
b) Choice model
c) Choice model
d) None of the above
Answer: A

TRUE/FALSE QUESTIONS
30) Most firms rank innovation as a top strategic priority. Innovation involves more than new technologies or products; it can reflect changes in business processes or go-to-market strategies.
Answer: TRUE
31) Firms can innovate in four primary ways: changing their offering, changing who the customer is, changing when they sell to customers or changing where they sell.
Answer: FALSE (how they sell, not when)
32) A first-mover advantage is often short-lived, but once a firm has a radical innovation, they don’t need to create offering equity.
Answer: FALSE
33) A stage-gate development process improves the speed of product development, the success likelihood, and the development costs.
Answer: TRUE
34) Conjoint analysis can facilitate the design and launch of new offerings by helping managers define the lowest price product.
Answer: FALSE (product with the highest value, not necessarily the lowest price product)
35) The Bass model captures many of the people- and product-based factors, but cannot integrates pricing and advertising levels to predict adoption rates.
Answer: FALSE
36) Specific product characteristics generally capture 40–80 percent of the variation in the speed with which offerings diffuse.
Answer: TRUE
37) On average, 75% of the new product meets consumer objectives, but not sales goals.
Answer: FALSE
38) In the share of preference rule in conjoint, each customer selects the product that offers him/her the highest utility among the competing alternatives.
Answer: FALSE (first choice rule)
39) Sustaining technologies improve the performance of established products along dimensions valued by mainstream customers in major markets.
Answer: TRUE

ESSAY TYPE QUESTIONS

40) Write a short note about the innovation radar.
Answer: The innovation radar does a good job capturing some of the many different ways a firm can innovate; it helps define the innovation space according to what, who, how, and where aspects. First, the most obvious method is to change what the firm offers, in line with a traditional view of the new product or service innovation. This change might entail offering, platform, or solution innovations. Second, changing who the customer is, represents another route that involves innovations related to customers, experiences, and value capture. For example, when Home Depot grouped multiple categories of products and targeted them at do-it-yourself (DIY) customers, rather than contractors, it radically and innovatively changed the identity of the customer for these products and services. Third, changing how you sell to customers pertains to the processes, organizations, and supply chains that a firm uses. When Progressive Insurance started sending employees to meet with customers at the site of their automotive accidents or soon after the accident, and paying claims on the spot rather than requiring customers file detailed claims, it generated novel advantages for both the customer and the firm. Fourth, changing where to sell to customers comprises presence, networking, and brand innovations.
41) Write a short note about red and blue ocean strategies.
Answer: Red Ocean markets—thus named to reflect the metaphor of blood in the water—are very competitive and populated by “sharks” fighting over the same customers. Many of these firms try to claim differentiation based on the same or similar attributes; they launch new product or service extensions that represent just incremental innovations. These relatively minor extensions make up the large majority of all new offerings and incremental sales, but they also represent significantly less profit. The competition keeps pricing power low. Traditional segmentation, targeting, and positioning (STP; see Chapter 2) and stage-gate design processes are very effective in Red Ocean markets though, because the customers are well known, and though their needs change (MP#2), those changes can be better anticipated over time.
To pursue more disruptive repositioning strategies, firms instead can seek out Blue Ocean markets, a metaphor reflecting the blue hue of the deep ocean waters that are far from land. These markets are less competitive, marked by few firms in the uncharted waters, but the distance from land also creates a significant risk of failure. Blue Ocean strategies redefine the market space, introduce unexpected features, and fundamentally change the entire value proposition. When successful, they create entirely new market segments that customers might never have asked for or even knew they wanted, such that many traditional market research methods are ineffective.
But one-time market leaders are unlikely to take the disruption lying down. They respond to the innovation by shifting their offering to match the emerging competitor. For example, on recognizing the exponential rise in Internet-based shopping and mobile commerce, Best Buy, the US electronics retailer, moved relatively quickly to close or downsize many of its stores and thus reduce its costs, while also strengthening its online channels and building more seamless multichannel shopping experiences. Because, as we have learned, these barriers and SCAs are inherently short-lived, especially when a market grows and expands to include new competitors, brands often constitute the most effective tools. Consumers are likely to recognize and appreciate the Best Buy brand, especially if it can revise its offerings to match those provided by disruptive, innovative competitors.

42) Write a short note about sustaining versus disruptive technologies.
Answer: Sustaining technologies are well understood and typically exploited by market leaders, which produce continuous, incremental improvements over time. Market leaders rely on sustaining technologies to improve the performance of established products along familiar dimensions valued by mainstream customers; ultimately though, the product likely overshoots these customers’ needs. For example, major telecommunication companies kept offering new features to their product and service offerings, such as voicemail, caller ID, and better clarity. The sustaining technology options (e.g., digital services, fiber connections) helped them improve their offerings, mostly for demanding business customers at first but then for everyday consumers too. As a result, consumers wound up with a sophisticated bundle of home phone services, offering high degrees of reliability, fidelity, and innovative service options, many of which exceeded their needs. If market-leading firms also depend too heavily on a stage-gate development process, which further incremental product improvements devoted to well-understood customers and technologies, the market might become stagnant and ripe for the introduction of a radically new technology.
Disruptive technologies accordingly present highly different price and performance characteristics or value propositions. When they first emerge, they might produce “worse” performance than a well-refined, sustaining technology. That is, a disruptive technology usually underperforms established products for mainstream customers, at least initially. Then market leaders, with their investments in existing offerings and staff of engineers who focus on available technologies, tend to assume the new technology is not suitable for their customers. They remain focused on promoting solutions using sustaining technologies, assume all their customers need and want a broad bund