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Marketing Week 1 Quiz Solution Key

The document provides solutions to a quiz on marketing principles, focusing on customer understanding and segmentation. Key topics include the pillars of marketing, types of segmentation, the importance of marketing research, and characteristics of effective segmentation. It emphasizes the need for valid and reliable data in market research and the mission of marketing to create, deliver, communicate, and capture value.

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61 views3 pages

Marketing Week 1 Quiz Solution Key

The document provides solutions to a quiz on marketing principles, focusing on customer understanding and segmentation. Key topics include the pillars of marketing, types of segmentation, the importance of marketing research, and characteristics of effective segmentation. It emphasizes the need for valid and reliable data in market research and the mission of marketing to create, deliver, communicate, and capture value.

Uploaded by

p24sumanth
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Coursera Foundations of Management Specialization

Marketing: Understanding Your Customers


Prof. Mario Capizzani

Marketing: Understanding Your Customers


Quiz Week 1 Solution Key

1. Select three of the following that you consider to be pillars of the marketing
process: (Check all that apply.)
a. Revenue analysis
b. Location
c. Differentiation
d. Segmentation
e. Positioning

2. What are the four different types of segmentation that a company can
consider? (Check all that apply.)
a. Sociological
b. Psychological
c. Behavior
d. Needs
e. Socio-demographic
f. Psychographic

3. How are socio-demographic factors different from psychographic factors?


a. They are actually almost the same.
b. Socio-demographic factors deal with things like where you live, gender,
age, etc. Psychographic has to do with your buying priorities.
c. Socio-demographic factors deal with things like where you live, gender,
age, etc. The psychographic approach looks at values, passions,
attitudes, etc.

4. What must the process of segmentation offer you as a firm? (Check all that
apply.)
a. It needs to help you estimate a specific customer segment’s value so
that you can decide how much money to invest in each segment.
b. It has to identify specific customer needs so that you are able to
design a unique value proposition that helps position the
product for them.
c. It has to provide a clue for how best to serve those customers.
d. It has to provide you with a sole segment so that you can focus 100% of
your efforts on that one target.

5. Why do companies conduct marketing research? (Check all that apply.)


a. Gathering as much information about potential customers is the top
priority, even if you don’t know what to do with it immediately.
b. It helps you get closer to your customers.
c. The process helps you to monitor the environment and understand
what competitors are doing and any possible political or legal issues
that may affect your intentions.
d. It can help reduce uncertainty, especially when launching a new product
or service.
e. Research helps to support marketing decisions and tactics.

6. Which of the following characterizes segmentation when it’s well done? (Check
all that apply.)
a. It’s based on value: Segments should eventually perceive our product or
service as a distinctive value proposition.
b. It’s complex: Understanding customers is complicated, and therefore
segmentation needs to reflect this complexity.
c. It’s differential: Homogeneous within each group and distinct between
groups – in other words segments should respond differently to distinct
commercial actions.
d. It’s relevant and simple: Sufficiently large to be of interest in terms of
market potential & profitability, but also easy to understand.
e. It’s reachable: You should be able to design different strategies and
tactics (“marketing mix”) to effectively address them.
f. It’s focused on a single segment: Because understanding consumer
behavior is complex, segmentation needs to focus on just one
demographic or behavioral group.

7. When well carried out, the data gathered from market research should be
valid, reliable and representative.
a. True
b. False

8. If a firm decides to identify multiple segments, it is best to make the same


product or service offer to all of them; tailoring to each is too cumbersome and
costly.
a. True
b. False
9. What is marketing’s chief mission?
a. To create value
b. To deliver value
c. To communicate value
d. To capture value
e. All of the above.

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