战略营销Test-BankChapter-8-Question-Bank-7-28-2017.docx

Marketing Strategy: Based on First Principles and Data AnalyticsMarketing Strategy:Based on First Principles and Data AnalyticsQuestion BankChapter 8 Question BankMULTIPLE CHOICE QUESTIONS1) Resource trade-off decisions (check all that apply):a) Change over timeb) Occur across all four Marketing Principlesc) Require difficult-to-obtain information d) All of the aboveAnswer: D2) _ refers to the potentially utilizable resources a firm possesses that it could divert or re-deploy to achieve organizational goals:a) Resource slackb) Resource trade-offc) Potential resourcesd) None of the aboveAnswer: A3) _ stage products require large resource allocations to their launch, testing, and advertising to create awareness:a) Growthb) Maturedc) Introductoryd) None of the aboveAnswer: C4) Following are sources of resource trade-offs (check all that apply):a) Changes in customer needsb) Changes in product market landscapec) Changes in lifecycle stage of a firms productsd) All of the aboveAnswer: D5) Which of the following is not true about cutting costs:a) It is one form of managementb) Redirects resources to other plausible areasc) It directly creates SCAs in the long-termd) All of the aboveAnswer: C6) In the _ era, managers solve the resource allocation problem using simple rules of thumb, driven by intuition and judgement:a) Datab) Heuristicsc) Bothd) None of the aboveAnswer: B7) In the _ era, firms use historical data to reveal the link between their past resource trade-off decisions and outcomes:a) Artificial Intelligenceb) Heuristicsc) Datad) None of the aboveAnswer: C8) In the _, managers simply set their present resource allocation to a level very close to the previous years spending:a) Percentage of sales methodb) Percentage of profits methodc) Historical methodd) Competitive parity methodAnswer: C9) When allocating resources according to scientific methods, firms determine the _of each investment.a) capabilityb) cost-savingsc) profit-maximizing capability d) value Answer: C10) In the _, managers set resource levels to match those of their competitors.a) Percentage of sales methodb) Percentage of profits methodc) Historical methodd) Competitive parity methodAnswer: D11) Using _, managers can allocate resources to optimize their desired outcome, as well as avoid waste or reliance on arbitrary heuristics:a) Attribution modelsb) Anchoring and adjustment heuristic modelsc) Choice modelsd) None of the aboveAnswer: A12) Following are the types of attribution models: (check all that apply):a) Choice modelsb) Experimental modelsc) Response modesd) None of the aboveAnswer: B & C13) Following are the components of experimental attribution model:a) Interventionb) Outcomec) Control groupd) All of the aboveAnswer: D14) Internal validity, which means that an experiment is well designed, reflects the following three key criteria:a) Temporal precedence checkb) Covariation checkc) Competitor analysis checkd) Non-spuriousness checkAnswer: A, B & D15) A _ is a statistical model that captures the relationship between past marketing resources and past outcomes:a) Experimental modelb) Choice modelc) Response modeld) None of the aboveAnswer: c16) _ aims to ensure consistency in marketing efforts to maximize effectiveness, such that the total impact exceeds the sum of each individual activitys impact:a) Integrated marketing communicationsb) Experimental modelsc) Heuristic approachd) None of the aboveAnswer: A17) _ refers to outcomes increase due to greater marketing resources but at a diminishing rate:a) Concave responseb) Linear responsec) S-shaped responsed) None of the aboveAnswer: A18) _ refers to outcomes increase to infinity as marketing resources keep increasing:a) Concave responseb) Linear responsec) S-shaped responsed) None of the aboveAnswer: B19) _ are monetarily based and entail ratios that can be easily converted to monetary outcomes:a) Marketing metricsb) Financial metricsc) Monetary metricsd) None of the aboveAnswer: B20) _ reflect customers attitudes, behaviors, or mindset, such as awareness, satisfaction, loyalty, or brand equity:a) Marketing metricsb) Financial metricsc) Customer metricsd) None of the aboveAnswer: A21) _ provide more insight that the ultimate financial outcome; they are closer to the customer, and tend to change more quickly in response to resource changes:a) Customer metricsb) Resource metricsc) Intermediate metricsd) None of the aboveAnswer: C22) The following marketing terms are a part of the customer delight metrics (check all that apply):a) Awarenessb) Price premiumc) Loyaltyd) Market shareAnswer: A, B & D23) A “sweet spot” in profit functions, refers to point at which firms should _:a) Invest moreb) Invest neither more nor lessc) Invest lessd) None of the aboveAnswer: B24) The percentage of profits method works better than the percentage of sales method when:a) Markets are stableb) Political factors have less influencec) Geographic factors have less influenced) None of the aboveAnswer: D25) With the basicand often reasonableassumption that_, this approach leverages the past data to isolate the relationship between marketing resources and performance:a) Future outcomes are perfectly predictableb) Past outcomes predict future outcomes perfectlyc) Past outcomes predict future outcomes reliablyd) None of the aboveAnswer: C26) Advertising elasticity is higher:a) For nondurable rather than durable goodsb) In early rather than mature stages of the life cyclec) When advertising is measured in monetary terms rather than gross rating points d) None of the aboveAnswer: B27) Promotions can induce _, such as when the promotion encourages trial so that customers learn they like the product and possibly remain loyal to it:a) long-term effects b) competitive effectsc) heightened consumptiond) synergyAnswer: A28) _metrics provide more insight than the ultimate financial outcome; they are “closer” to the customer:a) Softb) Intermediate c) Satisfactiond) CRMAnswer: B29) With a/an _ approach, the manager identifies an outcome and an intervention of interest, then administers that intervention to a chosen group, while holding the intervention for another, similar group constant:a) Focus groupb) Experimental attribution c) Control theoryd) Competitive parityAnswer: B30) A/An _ approach attempts to make optimal allocations across nested levels of decisions, over time:a) Anchoringb) Iterativec) Hierarchicald) AttributionAnswer: BTRUE/FALSE QUESTIONS 31) Most marketing decisions require trade-offs across multiple objectives, because resources are constrained and often interdependent. Answer: TRUE32) Several factors increase the need for ongoing resource trade-offs, including limited resources (resource slack), changes in the composition of consumer segments, changes in the lifecycle stages of the product portfolio, changes in the market landscape due to competitive actions, and stability in the effectiveness of marketing activities.Answer: FALSE (last one is wrong)33) Approaches to managing resource trade-offs have evolved from an exclusively heuristic-based era, in which managers solved resource allocation problems using simple rules of thumb, intuition, and judgment, to a data-based era, in which managers rely on statistical models and detailed information.Answer: TRUE34) The attribution approach relies on anchors, often related to spending in the previous period, which managers use to make marketing resource allocation decisions. Then managers may adjust their decisions every period, after observing the prior outcomes.Answer: FALSE35) An attribution approach asks, How does a specific (e.g., 1 percent) increase in a resource option affect a particular outcome, keeping all else constant? The model integrates past decisions and past outcomes, then produces a mathematical assessment of how much impact each resource trade-off truly has for generating outcomes.Answer: TRUE36) An anchoring approach captures the relationship between past marketing resources and past outcomes. A basic assumption is that past outcomes relate to future outcomes, which is usually reasonable. The use of past data then can uncover the relationship between marketing resources and performance.Answer: FALSE 37) The inputs of the resource tradeoff framework are the outputs of previous three principles.Answer: TRUE38) The outputs of the competitive advantage framework are a description of the firms resource plans and budgets and the use of key marketing metrics that can effectively validate these resource outlays.Answer: FALSE 39) The concept that estimates how much financial outcomes would change if marketing efforts increased by 1 percent is called marketing elasticity.Answer: TRUE ESSAY TYPE QUESTIONS40) Write a short note about experimental-based attribution.Answer: Firms operate in environments in which various factors operate simultaneously. For example, in the intensely competitive, dynamic online retail sector in China, managers of Alibaba would find it hard to prove (or disprove) that their marketing resources pay off in specific marketing outcomes. Yet managers still must make constant, rapid decisions about whether to commit resources and how much to commit. With this approach, all other factors (at least those under the firms control) that can influence sales are purposefully kept constant. Thus, the firm deliberately generates a scenario that enables it to quantify the financial impact of the marketing resource that it alters through the experiment. Because external effects also are always at playperhaps Macys sales generally increase month-to-month, such that any increase in sales in a particular month is not necessarily attributable to greater online search advertisinga control condition can be beneficial. The control would involve a region similar to the experimental region for which the search advertising levels remain constant over the month. Then a control group exists, comprised of all consumers who were not exposed to the intensified search advertising through Google. If sales increase among the control group, but by less than the increase among the experimental group, Macys would have evidence of the incremental effect of its increased search advertising expenditures, for a group that is similar in all other respects. 41) Write a short note about different anchoring and adjustment approaches.Answer: Relationship Anchoring and adjustment heuristics are widely used, though the exact anchoring rules vary in practice: In the percentage of sales method, marketing resources reflect the sales revenue earned from the focal product With the percentage of profits method, the resources dedicated to marketing instead vary with the profits earned by the product in previous periods Managers who adopt the historical method simply set their present resource allocations to a level very close to the previous years spending Finally, the competitive parity method implies that managers set resource allocation levels to match those of their competitors. 42) Write a short note about response model based attribution.Answer: A response model is a statistical model that captures the relationship between past marketing resources and past outcomes. The underlying philosophy is that historical data contain insightful information about whether and how much marketing resources truly increase outcomes, which is useful to know when deciding on future marketing actions. With the basicand often reasonableassumption that past outcomes relate to future outcomes, this approach leverages the past data to isolate the relationship between marketing resources and performance. Response models also offer many advantages, in terms of their flexibility and usefulness. 43) Write a short note about four uses of a response model.Answer: Historical data contain insightful information about whether and how much marketing resources truly increase economic outcomes, which is useful to know when deciding on marketing actions in the future. A basic assumption is that past outcomes relate to future outcomes, which is reasonable most of the time, barring exceptions like recessionary periods. Using past data to uncover the relationship between marketing resources and performance, response models provide four main insights. First, they capture the shape of the relationship between marketing resources and outcomes, which is usually concave: Financial outcomes increase with increases in marketing resources but at a diminishing rate. Second, response models reveal exactly how much financial outcomes would change if marketing efforts increased by 1 percent, also known as marketing elasticity. Third, with a response model, marketing managers can figure out the relative impact of several resources and thereby allocate them optimally and in proportion to the effectiveness of the different activities. Fourth, response models help managers capture the effect of focal marketing efforts on outcomes while also controlling for competitive marketing efforts, which may increase the clutter in the market. 44) What are the key outputs of the resource tradeoff framework?Answer: A fundamental problem for effective resource allocation is identifying and measuring the best or most appropriate metrics. As a popular saying holds, a firm is only likely to achieve what it measures. For most marketing resource investments, both financial and marketing metrics are necessary to capture the different aspects of the benefits earned from the investment). Another set of outputs pertains to the three components of each resource allocation decision: Budget per marketing activity, or the size of the commitment the firm makes to the marketing activity, Allocation across categories, which reflects the percentage split of the marketing budget for a specific activity across categories, and Time horizon of the budget, involving the timespan for which the firm commits to this marketing budget. Thus when choosing its advertising budget, for example, a firm would determine how many total dollars to spend (budget) on different forms of advertising (e.g., print and online), as well as how long to run the advertising campaigns (e.g., two months)12