DMS 301m Full Test Bank | Verified with 100% Correct Answers

DMS 301m Full Test Bank | Verified with 100% Correct Answers Innovation is viewed as a critical element in the success of a product's development. According to the lecture video, which firm's innovation strategy is different from the others? Apple Coca-Cola Google Netflix Coca-Cola uses incremental innovation. Coke has been very successful in introducing a number of extensions to its cola line through such products as Diet Coke (or Coke Light), Coke Zero, and Cherry Coke. Strong brands have which of the following benefits? Charge higher prices Enjoy greater loyalty Experience higher profitability All of the above When firms engage in co-creation, they face the challenge of having to reject customer submissions and risk creating bad will with some of their most highly engaged customers. True False Which of the following are practical recommendations regarding co-creation? The Rule of 1 Authenticity is critical Patches & badges All of the above Which of the following are characteristics of sharing economy firms? Two-sided platform Crowdsourced supply Access not ownership All of the above The individuals who provide crowdsourced resources are often called "Prosumers". True False What are the two key steps in the co-creation process? Stimulation and financial reward Financial reward and social recognition Contribution and social recognition Contribution and selection Which of the following are key concepts for the Product portion of the marketing mix? Product quality Managing a firm's product line Product service support All of the above In my research on the topic of customer co-creation, my colleague Matt O'Hern and I identified four different types of customer co-creations as illustrated by a 2x2 matrix. Which of the following types of co-creation are NOT included in this matrix: Submitting Collaborating Fixing Co-designing In addition to giving rides to passengers, which of the following additional offerings are provided by Uber: Food delivery service Transportation by motorcycle in a number of countries such as India, Indonesia, and Pakistan Subsidiary that allows individuals to rent bicycles All of the above The sharing economy is defined as "technology-enabled platforms that provide users with temporary access to resources that may be crowdsourced." This definition has which of the following key components: Inherently digital in nature Temporary access rather than permanent ownership Resources that are accessed are often (but not always) owned by external individuals. All of the above The Chicago-based t-shirt manufacturer, Threadless, has no design staff. All of its t-shirts are designed and selected by its customers using a web-based platform. What approach does Threadless use for both product development and branding decisions? Firm-centered approach Brand managers decide themselves Customer co-creation approach None of the above Which of the following statements is TRUE about the concept of co-creation? Most successful co-creation efforts reward successful co-creators just financially. Customers usually care about your products and have incentive to spend their valuable time giving your ideas. Contributions made by customers assist a firm in the design and development of a new product offering. To successfully employ co-creation, firms need to enhance some controls and be more secretive about their product development activities. What is the meaning of prosumer? Producer & summary Program & consumer Producer & consumer Production & summary What type of co-creation does Lego use in its Ideas.Lego platform? Submitting Collaborating Tinkering Designing In the reading, Eckhardt, G. M., & Bardhi, F. (2015, January 28). The sharing economy isn't about sharing at all. Harvard Business Review, Sharing is described as a form of social exchange that takes place among people known to each other, without any profit. True False Promotion is defined as the methods of communication that a marketer uses to provide information about its product. True False According to the lecture video, what is the second most recognized word in the world? Fine OK Coke Good Which of the following is a characteristic of User-Generated Content (UGC)? The contribution is by users of a product rather than the firm that sells this product. It is creative in nature and the user adds something new It is posted online and generally accessible. All of the above. User-Generated Content (or UGC) is non-commercial in nature and doesn't make any direct promotional appeals. True False A Doppelganger Brand Image or DBI is a collection of disparaging images and stories about a brand circulated in popular culture by a loosely organized network of anti-brand activists, bloggers, and opinion leaders. True False Doppelganger brand images are usually focused on well-known brands that are viewed as lacking authenticity and trying to create false or misleading emotional appeals through their promotional activities. False True Promotion entails which of the following activities? Personal selling Sales promotion Word of mouth All of the above Which of the following is NOT mentioned in the videos as a company that utilizes User Generated Content (or UGC)? GoPro Camelbak Little big planet Warby Parker Of all of the different types of User Generated Content (or UGC), product reviews appear to have the strongest impact on consumer purchasing decisions. True False GoPro strategically uses User Generated Content (or UGC) by holding contests that ask their customers to submit: Photos or videos that they have taken with their cameras Articles and papers Actually items None of the above Which of the following is NOT a benefit of User-Generated Content (or UGC)? Enhanced technological performance Helps keep a firm's content fresh Low cost Positively related to product sales The practical recommendations of Doppleganger Brand Image include which of the following? Monitor digital cues Identify and track brand avoiders Develop and test a new story All of the above What is the meaning of a Doppelganger? Double person Double trouble Double walker None of the above. As discussed in the Doppelganger Brand Image lecture video, which of the following is NOT an example of a brand that has been the target of a Doppelganger Brand Image? Coca Cola United Airline FUH2 Champaign New Pepsi Logo Approximately how many different languages is Wikipedia available in? As discussed in the reading Holt, D. (2016). Branding in the age of social media. Harvard Business Review, in 2011 Coca Cola announced a new marketing strategy called： Solid & Linked Liquid & Linked Chain & Linked Liquid & Solid Which of the following are concepts that belong to the placement part of the marketing mix? Inventory management Logistics Sales force management All of the above What is the definition Of the placement portion of marketing mix? Displaying a product in a store It is a measure of ranking a product in the marketplace The process of making a product accessible to potential customers None of the above Which one is an example of exclusive retailing? Shopping at Costco with membership card Mercedes Benz selling its luxury cars through chosen distribution channels Walmart selling the products in large quantities Small convenience store selling goods at discount prices Physical retailers are implementing new retail strategies as a reaction to the challenges of operating in a digital world. True False Omnichannel marketing is based on the idea of: Mixing digital and physical retailing Obtaining the information about a product online and buying it in a physical store Being strongly influenced by physical environment All of the above What are the main advantages of 3D printing compared to traditional manufacturing techniques? No additional setup cost This technology is widely accessible. There are economies of scale in 3D printing. It requires additional assembly to print the objects. With 3D printing technology, products can be digitized and downloaded. True False How does our digital marketing environment impact placement? Shift from long distribution channels for physical goods to short distribution channel for digital goods Higher cost for transportation and logistics Increasing number of channel members None of the above Digital tools such as 3D printers have the potential to shrink the supply chain and replace retailers: True False Which of the following is NOT observed in the new retailing landscape? Online retailing is heavily influenced by location such as a small town (Champaign) or a big city (Chicago). Retailers are adapting to omnichannel marketing to blend physical and digital retail in an effective marketing strategy. Digital retail channels provide a considerable amount of product information, extensive technical information, and user reviews that influence and help consumers make their purchases online. Physical retailing is most effective in terms of conducting product research and getting the best price. What is the advantage of the Power of Touch for physical stores? Increases customer retention Sells slow-moving products Helps retailers lower the cost of goods sold Helps keep customers in a store for a longer period of time 3D printers create products in an additive manner: True False How can 3D printers disrupt traditional businesses? They can turn the physical good into a digital file that can be created by anyone 3D printers can significantly lower the cost of manufacturing 3D printing may be a threat to logistics companies All of the above Why do physical stores use a Marketing to Shoppers strategy? To understand and influence customer behavior To keep the customers in-store for a longer period To promote self-service All of the above Which of the following is NOT true about 3D printers? It requires high set-up costs Different materials such as metal, plastic, and rubber can be 3D printed This technology allows users to make complex assembled objects It allows a small manufacturer to compete with a large corporation Which of the following is NOT an example of Enhancing the physical by adding the Digital? Using high-tech hangers that display the number of "likes" received by an item from the customers in a clothing store Virtual store where a customer can make purchases and pick up later at a physical store Increasing the number of electronic devices sold in a store Installing augmented reality devices that allows customers to see themselves in different makeup in a beauty store According to the reading, McCue, TJ. (2015, July 21). 3D printing is changing the way we think. Harvard Business Review, how can the tipping point of 3D printing be reached? When the technology becomes accessible in the large number of neighborhoods. When big companies install this technology and start using it widely. It happens when enough people see a huge potential and new possibilities of this technology. When the tipping point can be reached once the technology's overall output rises. Academic research suggests that for many product categories, customer have relatively high level of price knowledge. True False Which of the following are commonly used pricing strategies? Value-based pricing Competitor-based pricing Cost-plus pricing All of the above Price is determined by the value a product or service delivers to various potential customers. True False Which of the following practices are useful in implementing a Pay What You Want strategy? Setting a reference price Employing charity appeals Focusing on marginal cost All of the above The Freemium business model is based on which of the following ideas? Providing users with free services and products Creating a platform that will benefit only limited number of premium users Delivering as many free features as possible to users Offering a set of basic features for free but charges a price for premium features. Which of the types of perceived values is directly associated with customers' intent to upgrade from a free subscription to a premium subscription? Enjoyment Social value Quality Economic value Which one of these is NOT one of the pricing concepts mentioned in the course? Price elasticity Price fairness Reference prices Break-even analysis Making a right pricing decision for a firm is crucial because: It affects a firm's profitability It helps the firm be unique It provides a firm with a sustainable competitive advantage It creates value for customers Which of these factors should firms consider when setting a price? Cost of production Customer's willingness to pay Price of competing products All of the above What is the primary reason that the Freemium model is more beneficial when it is applied to digital products or services? Because the 5% Rule of Thumb applies to those products The fact that the marginal cost of adding a new user is close to zero makes it more effective It is true because Freemium's free options provide consumers with so much value that they do not have to purchase the premium version Economic value has a direct positive association with the intention to purchase premium offerings Freemium models are commonly employed in which of the following categories? Smartphone apps Social media and communication platforms Software All of the above What happens if a firm sets its prices too high? The firm may lose potential revenue The firm may lose potential sales