Marketing IQ Test

The following 20 statements about marketing may or may not be true. Read each statement and then answer "true" or "false." If you don't know, you're better off checking "don't know" rather than guessing and getting it wrong. In this test, as in the real world, you pay a penalty for a wrong decision.

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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false
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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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false
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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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The Copernican Marketing IQ Test™ is one of many Copernican intellectual properties that differentiate our work.