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Feedback Quiz #3

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You submitted this quiz on Sun 14 Dec 2014 3:51 PM PST. You got a score of
17.00 out of 20.00. You can attempt again, if you'd like.

Question 1
According to Professor Bell, its never been easier to start a new business, and a product idea for
a new business should do all of the following EXCEPT:
Your Answer

Score

Explanation

Address a large market


Be easy to explain and describe
NOT require much capital to test and scale
Always be a completely new idea

1.00

Deliver exceptional value


Total

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Question 2
In regards to execution, Professor Bell names four changes that are aecting the way new
businesses are coming about and growing. Which of the following is NOT one of these trends?
Your Answer
Luxurification of mass market

Score
!

Explanation

1.00

Matching of supply and demand


Collaborative consumption

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Value chain disruption


Democratization in access
Total

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Question 3
In recent years, several major cities have started oering bike-sharing programs. In New York
there is Citi Bike, in London there is Barclays Cycle Hire, and in Paris there is Velib. What trend do
these bike sharing programs represent?

Your Answer

Score

Explanation

Value chain disruption


Democratization in access
Collaborative consumption

1.00

Matching of supply and demand


Total

1.00 / 1.00

Question 4
Louisa wants to purchase a new watch and goes to her local jewelry store. She finds a watch that
she likes, but its more expensive than she was hoping to spend. There is another watch store in

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the next town, which is 15 miles away and which may have some nice watches at better prices.
She ultimately decides against checking out the inventory of the other store because she doesnt
want to spend the time it would take to drive over. What type of friction has Louisa experienced?
Your Answer

Score

Explanation

Constraint friction
Travel friction
Geographic friction
Customer friction
Time friction
Search friction

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Selection friction
Total

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Question 5
Je decides to move from Houston, Texas to Toronto, Canada. While Toronto has many benefits
that Houston does not, Je is disappointed to realize that he can no longer attend NFL football
games, which is one of his favorite things to do. What type of friction has Sam experienced?
Your Answer

Score

Explanation

Search friction
Geographic friction

1.00

Time friction
Selection friction
Travel friction
Customer friction

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Constraint friction
Total

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Question 6
The virtual world is a _____ in larger places where we need to figure out what to do with our free
time.
Your Answer
Complement

Score
!

Explanation

1.00

Substitute
Total

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Question 7
If you own a small bookstore in Philadelphia, are you more likely to sells books from the head or
the long tail?
Your Answer

Score

Explanation

The long tail


The head

1.00

Neither
Both
Total

1.00 / 1.00

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Question 8
What is the supply-side hypothesis for the existence of the long tail?
Your Answer

Score

Explanation

Its now possible for sellers to oer a lot more variety because
the economics of distributing those products have changed
dramatically.
Peoples tastes are more varied because they have access to

"

0.00

a greater variety of products.


The internet has allowed many more people to become
product suppliers.
Big hits are becoming even more popular among internet
users.
Total

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1.00

Question 9
The average level of satisfaction __________ as you go from the head to the long tail.
Your Answer

Score

Explanation

Increases
Stays constant
Decreases
Total

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Question 10
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The Lorenz curve below shows that:

http://www.economicsconcepts.com/lorenz_curve_and_gini_coecient.htm

Your Answer

Score

Bottom 70% of the population holds 30% of all of the income

Explanation

1.00

50% of the population holds 50% of all of the income


Income is equally distributed in this population according to
the Gini-coecient
Top 30% of the population holds 30% of all of the income
Total

1.00 /
1.00

Question 11
Research has shown that internet channels follow _________ distribution, whereas catalogues
follow _________ distribution.
Your Answer

Score

Explanation

an 80-20; a long-tail sales


a long-tail sales; an 80-20

1.00

a Gini-coecient; a long-tail sales

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a long-tail sales; a Gini-coecient


Total

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Question 12
There is a greater number of sales of niche products on the internet for all of the reasons below
EXCEPT:
Your Answer

Score

Explanation

Reviews
Non-directed search
High-quality images

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Directed search
Total

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Question 13
The long-tail phenomenon is dependent on the:
Your Answer

Score

Explanation

Demand side
Supply side
Neither

Both
Total

1.00
1.00 / 1.00

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Question 14
Please choose the best answer. In the context of marketing, the Law of Double Jeopardy states
that:
Your Answer

Score

Explanation

You cant be tried for the same crime twice


People like to watch hits twice but usually no more than that
Customers buy products and services that have been
recommended by their peers
Unfamiliar things are less well-liked

Total

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Question 15
People who dont read a lot of books tend to read best-sellers. What is this trend an example of?
Your Answer
Long tail

Score
"

Explanation

0.00

Law of Natural Monopoly


Product centricity
Gini-coecient

Total

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Question 16
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Research shows that more isolated customers are _________ to shop online.
Your Answer

Score

Explanation

Less likely
More likely
Total

1.00
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Question 17
You are the owner of a company that makes high-end kitchen equipment and your target
customer group is wealthy, single adults between the ages of 26 and 40 years old. Which of the
following markets is most likely to have the greatest online sales?
Your Answer

Score

Explanation

Market B has 250 target customers and 750 non-target


customers
Market C has 300 target customers and 300 non-target
customers

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Market D has 300 target customers and 1000 non-target


customers
Market A has 250 target customers and 250 non-target
customers
Total

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1.00

Question 18
True or false: a portion of the value in global stock markets is attributable to the brand power of
companies.

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Your Answer
True

Score
!

Explanation

1.00

False
Total

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Question 19
Choose the best answer: from a marketing perspective, what is demonstrated by the following
figures?

Your Answer
The importance of brand

Score
!

Explanation

1.00

The importance of digital marketing


The dierence in taste between many beer brands today
The superiority of the Guinness brand
Total

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Question 20
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Professor Fader introduced us to the concept of CLV - customer lifetime value. Professor Bell
continued the discussion of CLV this week and explained that in the digital environment, CLV
needs to also incorporate RLV. What is RLV?
Your Answer

Score

Explanation

Relative lifetime value


Referral lifetime value

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Retail lifetime value


Recent lifetime value
Total

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