QUESTION 1

1. Why is it important to understand efficiency? Note: You can pick one or multiple answers

   		If you have high efficiency, you might be able to negotiate better distribution contracts
   		Efficiency impacts what consumer segment you might choose
   		Efficiency impacts whether your firm's resources are easily imitated
   		If you have high efficiency, it might make sense to use a penetration pricing strategy

10 points

QUESTION 2

1. Walmart's everyday low prices are due to its huge buying power as a firm. What concept is this a demonstration of?

   		Efficiency through learning
   		Economies of Scale
   		Consumer Analysis
   		Differentiation

10 points

QUESTION 3

1. A firm offers specialized training every few months to their workers to improve their productivity. Workers who have been on the job for a while and who complete these specialized trainings are, indeed, more productive. What is this an example of?

   		Differentiation
   		Economies of Scale
   		Efficiency through experience
   		Output analysis

10 points

QUESTION 4

1. In 1995, Microsoft released "Bob", a user-friendly interface for windows. While the interface improved users' experience in studies by Microsoft, the software demanded more performance than the typical computer could deliver at the time. What is this potentially an example of?

   		Engineers designing the "best" product without considering user wants, needs, or capabilities
   		Efficiency through experience
   		Poor survey design
   		Targeting

10 points

QUESTION 5

1. In the "New View" of Marketing lecture, I contrast what we will focus on in the course to the "Old View" of marketing. How does the "new view" differ from the "old view". Note: You can pick one or multiple answers

   		The new view focuses more on profits than the old view
   		The new view is more focused on selling than the old view
   		The new view focuses on creating mutually beneficial exchanges between consumers and firms
   		The new view focuses on identifying valuable customers - those customers who our firm serves better than the comptetition
   		The new view focuses on what the customer wants versus what the seller wants
   		The new view is externally focused whereas the old view is internally focused