Marketing IQ Test

1. A reasonable way to find out what will motivate buyers to make a purchase in a particular category is to ask how important 30 or more different attributes and benefits are when considering a brand, product, or service.

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2. Advertising pre-testing is a waste of time. You can't really know the effectiveness of an ad unless you run the ad in the real world.

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3. As many as two-thirds of buyers in a category are price insensitive—meaning they are willing to pay more for a product if it meets some other important purchase criteria.

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4. Most marketers will earn more profits from new products in the next two to three years than from existing ones.

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5. Most contemporary approaches to market segmentation including need state, lifestyle, and attitudinal segmentation yield useful, pleasing results. They are actionable because they help find targets which are very profitable.

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6. Brand equity and customer equity are two almost interchangeable concepts used by marketers to help evaluate their brand(s) relative to competitors.

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7. Sports and event marketing are proven ways to help build a brand. That's why they have become an important component in many marketing budgets.

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8. Once you know what motivates buyers in a category, you have all the information you need to develop a powerful positioning strategy.

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9. In most companies today, marketers have measured the links between the inputs to a marketing plan—budget dollars, GRPs, etc.—and the outputs—awareness, preference, incremental sales, etc.

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10. Ethnography and MRI brain scans are two projectable marketing research tools that managers can safely use to make major marketing decisions.

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11. Media planners at most major advertising agencies know little about the relative ROI of traditional print, television, radio, and out-of-home advertising.

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12. Product-based positioning strategies—those which make claims about product performance or effectiveness—are a thing of the past. They are no longer effective because there are just too many brands and the tangible positioning possibilities are much more limited.

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13. Most marketing and advertising programs are measured in terms of their profitability, typically on an annual basis, if not more frequently.

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14. The most profitable customers of a firm are usually the biggest buyers in the category—they are often labeled the "heavy users" or "heavy buyers."

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15. According to the latest research studies, the average ROI for consumer advertising is negative.

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16. American companies are increasingly successful at satisfying customers. Across a broad range of industries, the average grade is "B" or better.

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17. Female marketing executives are perceived to take a far more deliberative approach to making marketing decisions than their male counterparts, as well as far more focused on long-term rather than short-term results.

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18. Big companies generally make their strategic marketing decisions after evaluating many different alternatives in terms of forecasted profitability.

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19. One-hundred percent customer satisfaction is an admirable business objective.

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20. Thirty to forty percent or more of American brands are well positioned. They offer prospects a clear raison d'etre, a reason to buy.

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