Define and explain Relative advantage

Question

Question 1 (1 point) Question 1 Saved

The __________ model is a popular model of decision making that requires information about how useful or important each attribute is to the customer making a brand choice and how customers perceive the brands in the evoked set in terms of their attributes.

Question 1 options:

multi-attribute

cluster

compensatory

attribution

Question 2 (1 point) Question 2 Saved

Which of the following analyses is more useful for trend-spotting than for developing segments for individual brands?

Question 2 options:

Cohort analysis

Regression analysis

SWOT analysis

Factor analysis

Question 3 (1 point) Question 3 Saved

In regard to the adoption of new technologies, the extent to which customers are uncertain about the consequences of an action is termed as:

Question 3 options:

perceived risk.

systemic risk.

speculative risk.

pure risk.

Question 4 (1 point) Question 4 Saved

Craig is the CMO of Speedoconnect, an Internet Services Provider that has been consistently losing market share for the past three quarters. Craig conducts a customer analysis to understand the weaknesses in the company’s service operations. Which of the following groups is most critical in this customer analysis?

Question 4 options:

Potential customers

Former customers

Competitors’ customers

Current customers

Question 5 (1 point) Question 5 Saved

According to the VALS system developed by SRI International, __________ are successful, sophisticated, and active people with high self-esteem and significant resources.

Question 5 options:

makers

believers

achievers

innovators

Question 6 (1 point) Question 6 Saved

__________ is the concept that a customer will adopt an innovation only if he or she considers it to be an improvement over the current product being used to satisfy the same need.

Question 6 options:

Need recognition

Observability

Relative advantage

Planned obsolescence

Question 7 (1 point) Question 7 Saved

In technology-based markets, the marketing manager must understand who the different customers that will purchase the product at the introductory stage of the product life cycle and who will purchase the product as it matures. According to Everett Rogers, which of the following types of customers will be the first to buy the product?

Question 7 options:

Innovators

Laggards

Early adopters

Early majority

Question 8 (1 point) Question 8 Saved

More effort by both external and internal parties is necessary for need recognition in a __________ situation.

Question 8 options:

straight rebuy

repetition purchase

modified rebuy

new-task

Question 9 (1 point) Question 9 Saved

Industrial products are normally more complex than consumer products. It means that industrial companies are more likely to be:

Question 9 options:

technology focused rather than market focused.

market focused rather than customer focused.

customer focused rather than product focused.

product focused rather than customer focused.

Question 10 (1 point) Question 10 Saved

Which of the following best describes routine purchases made from the same suppliers used in the past?

Question 10 options:

New-task purchase

Straight rebuys

Repetitive purchase

Modified rebuys

Question 11 (1 point) Question 11 Saved

A company is not happy with the present document-copying capabilities so it decides to outsource its copying to a service firm. This is an example of a:

Question 11 options:

new-task situation.

modified rebuy.

repetition purchase.

straight rebuy.

Question 12 (1 point) Question 12 Saved

Which one of the examples below best characterizes a modified rebuy?

Question 12 options:

Purchasing airline tickets under a new fare schedule

Purchasing the first local intranet for a small business

Purchasing paper clips for the office

Purchasing toner for the office

Question 13 (1 point) Question 13 Saved

According to the classification system for global organizational culture as developed by Hofstede, the degree to which employees are threatened by ambiguity is known as:

Question 13 options:

ambiguity tolerance.

uncertainty avoidance.

power distance.

long-term orientation.

Question 14 (1 point) Question 14 Saved

Usually in this stage of the buying process, benefits rather than specific product or service characteristics are stated.

Question 14 options:

Search for and qualify potential suppliers

Determine the characteristics

Request proposals

Establish specifications

Question 15 (1 point) Question 15 Saved

A back-of-the-envelope approach to calculating lifetime customer value (LCV) is a margin “multiple,” which can be used to multiply the current margin generated by each customer to estimate the LCV. This multiple is shown by the formula: r/(1 + i + r) In this formula, “r” stands for:

Question 15 options:

failure rate for the firm’s products.

retention rate for the product.

rate of return of the product by the customers.

the reliability of the product.

Question 16 (1 point) Question 16 Saved

The expected length of time a customer will remain active is known as:

Question 16 options:

retention rate.

survival rate.

win-back rate.

lifetime duration.

Question 17 (1 point) Question 17 Saved

Lifetime customer value is often described as the:

Question 17 options:

cost of customers switching to another brand.

cost of retaining the customer.

cost of acquiring the customer.

present value of a stream of revenue that can be produced by a customer.

Question 18 (1 point) Question 18 Saved

Net Promoter is a metric introduced by Reichheld in his 2003 Harvard Business Review article “The One Number You Need to Grow.” This metric indicates:

Question 18 options:

product quality.

customer profitability.

relative position of the organization in the industry.

customer loyalty.

Question 19 (1 point) Question 19 Saved

Which of the following is a primary customer-based metric?

Question 19 options:

Market share

Sales volume

Return on investment

Lifetime duration

Question 20 (1 point) Question 20 Saved

Successful communities on the Internet offer participants:

Question 20 options:

a sense of place with codes of behavior.

sample of the product before actually purchasing the product.

discounts on the price of the product.

free services for maintaining and repairing the product.