MKT 331 TEST II (ANDERSON UNIVERSITY) QUESTIONS
AND VERIFIED ANSWERS |100% CORRECT | ALREADY
GRADED A
What is Spencer's Marketing Law III? Correct Answers Know Thy
Competitor
What 3 things do we need to know about competitors? Correct Answers
1. Know their products and services (Good/bad attributes - why they are
or are not successful).
2. Know their operations (What is the customer experience)
3. Know their marketing plans (Promotion/Distribution - how do they
sell goods?)
What are the two types of competitors? Correct Answers Direct (Coke
v. Pepsi) and Indirect (internal product lines that cannibalize and other
substitutes)
What 5 techniques are used to gather information? Correct Answers 1.
Comparison shopping
2. Reverse Engineering
3. Your customers give you information
4. Buying their products
5. Surveys
What two other methods are used in gathering information about
competitors? Correct Answers "Quotes" and "Call and Ask"
, What ethical questions are raised when researching competition?
Correct Answers Are there limits to finding out what the competition is
doing?
When does one cross the line?
What types of ethical scenarios were discussed regarding competition
research? Correct Answers searching trash, lying about who you are,
getting customers to help, hiring employees away, planting employees,
wire taps, asking things of friends in other companies.
What analogy is used in relation to approaching ethical dilemmas?
Correct Answers The light-switch analogy. (anytime you switch off the
light, ask yourself, "is this ethical"
What are 5 questions we ought ask ourselves in relation to competitive
research? Correct Answers 1. How will they attack you?
2. What will they do next?
3. How will they innovate?
4. How can they win in the world?
5. Then ask... What if they do?
Define a Brand? Correct Answers A brand represents the character of
the company and its product (consistency over time).
AND VERIFIED ANSWERS |100% CORRECT | ALREADY
GRADED A
What is Spencer's Marketing Law III? Correct Answers Know Thy
Competitor
What 3 things do we need to know about competitors? Correct Answers
1. Know their products and services (Good/bad attributes - why they are
or are not successful).
2. Know their operations (What is the customer experience)
3. Know their marketing plans (Promotion/Distribution - how do they
sell goods?)
What are the two types of competitors? Correct Answers Direct (Coke
v. Pepsi) and Indirect (internal product lines that cannibalize and other
substitutes)
What 5 techniques are used to gather information? Correct Answers 1.
Comparison shopping
2. Reverse Engineering
3. Your customers give you information
4. Buying their products
5. Surveys
What two other methods are used in gathering information about
competitors? Correct Answers "Quotes" and "Call and Ask"
, What ethical questions are raised when researching competition?
Correct Answers Are there limits to finding out what the competition is
doing?
When does one cross the line?
What types of ethical scenarios were discussed regarding competition
research? Correct Answers searching trash, lying about who you are,
getting customers to help, hiring employees away, planting employees,
wire taps, asking things of friends in other companies.
What analogy is used in relation to approaching ethical dilemmas?
Correct Answers The light-switch analogy. (anytime you switch off the
light, ask yourself, "is this ethical"
What are 5 questions we ought ask ourselves in relation to competitive
research? Correct Answers 1. How will they attack you?
2. What will they do next?
3. How will they innovate?
4. How can they win in the world?
5. Then ask... What if they do?
Define a Brand? Correct Answers A brand represents the character of
the company and its product (consistency over time).
