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Pricing Schools Business

Features Pricing Schools Business

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Business Category Definition Analysis

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Questions and Answers

What is the focus of stimulate demand strategies according to the text?

Lowering prices to increase sales

Building brand loyalty among competitors

Creating competition among existing customers

Attracting non-users to the category (correct)

In which types of categories are stimulate demand strategies typically seen?

In categories aiming for reduced innovation

In emerging categories with no dominant competitors

In well-established categories with a leading competitor (correct)

In niche markets with limited customer base

What is a key benefit of stimulating demand mentioned in the text?

Re-imagining pricing, product, and distribution strategies (correct)

Reducing advertising expenditure

Increasing employee satisfaction

Enhancing market research capabilities

Which strategy focuses on getting existing customers to use more of a brand or pay more?

Retention Stimulate Demand Strategy (B) Signup and view all the answers

What does the Retention Stimulate Demand/Volume strategy aim to achieve?

Get existing customers to use the brand more consistently (C) Signup and view all the answers

What are some cons of stimulating demand mentioned in the text?

More risk-taking and uncertainty (A) Signup and view all the answers

Why are benefit-based category definitions preferred over technology or product-based definitions?

To avoid defining the business narrowly (D) Signup and view all the answers

What did Theodore Levitt emphasize in his article 'Marketing Myopia'?

Broadening business definitions beyond products (A) Signup and view all the answers

Why is it important for a business to shift its definition based on customer benefits?

To impact the competitive landscape positively (B) Signup and view all the answers

What is the main focus when stimulating demand by growing the category?

Focusing on category benefits (D) Signup and view all the answers

How does a narrow definition of a business category impact decision-making?

It leads to being myopic (A) Signup and view all the answers

What did Theodore Levitt suggest people in the railroad business should consider beyond 'railroads'?

'Transportation' (D) Signup and view all the answers