Marketing Concepts and Strategies Quiz

Play an AI-generated podcast conversation about this lesson

Which marketing concept emphasizes the internal, integrated, relationship, and performance aspects of marketing?

Holistic marketing concept (correct)

Differentiation competition

Corporate level SWOT

Quantitative model

What does the chi-square test measure the relationship between?

Product form and category

Two questions (correct)

Brand loyalty and customer judgment

Offerings and customer minds

What is the formula for calculating the standard residuals in a chi-square test?

(Expected number – observed number) / √(expected number + observed number)

(Expected number – observed number) / √(observed number)

(Observed number – expected number) / √(expected number) (correct)

(Observed number + expected number) / √(expected number)

What does the quantitative model in marketing aim to achieve?

Simplification, understanding, prediction, decision Signup and view all the answers

In the context of market segmentation, what is the significance of descriptors?

They form the characteristics of the segments Signup and view all the answers

What is the primary goal of K-means clustering in market segmentation?

To minimize the variance within clusters Signup and view all the answers

Which method of hierarchical clustering considers the smallest distance from the furthest point in one cluster to the furthest point in another cluster?

Complete-link Signup and view all the answers

What is the purpose of reliability in measurement theory?

To ensure that the measurement is consistent over time Signup and view all the answers

In factor analysis, what does a factor represent?

A group of observable variables that are highly correlated Signup and view all the answers

What is the goal of construct validity in measurement theory?

To ensure that a measurement is related to other measurements it should be related to Signup and view all the answers

What does a high Eigenvalue indicate in factor analysis?

A large proportion of variance accounted for by a certain factor Signup and view all the answers

What measure is used to assess construct reliability?

$α > 0.7$ Signup and view all the answers

'Ward’s method' in hierarchical clustering aims to achieve:

The lowest variance within clusters Signup and view all the answers

In the context of marketing, what does the conjoint analysis model aim to achieve?

Product development, pricing, and concept testing Signup and view all the answers

What are the factors affecting the rate of diffusion of new products as mentioned in the text?

Advantage over existing products, compatibility, and market potential Signup and view all the answers

What is the significance of the 'multi-stage-and-gate game plan' mentioned in the text?

To evaluate and make decisions through conjoint analysis Signup and view all the answers

What is the basic belief underlying the application of conjoint analysis in product development?

Awareness, availability, trial, and repeat Signup and view all the answers

What is the primary emphasis of the conjoint analysis model in marketing?

Perspective of customers for strong market orientation Signup and view all the answers

What is the main focus of the 'cross-functional team approach' mentioned in the text?

To develop and test new products using conjoint analysis Signup and view all the answers

What does the extension of the Bass model involve?

Varying market potential and repeat purchases Signup and view all the answers

What is the significance of 'up-front homework' in product development as mentioned in the text?

To define product success factors through conjoint analysis Signup and view all the answers

What is the main goal of the 'stage-gate processes' mentioned in the text?

To enable a sharp evaluation and decision points through conjoint analysis Signup and view all the answers

In the context of perceptual mapping, what does the term 'pairwise distances' refer to?

Distances between the products in the minds of customers Signup and view all the answers

What does MDS stand for in the context of perceptual mapping?

Multi-Dimensional Scaling Signup and view all the answers

What is the tradeoff in using metric MDS in perceptual mapping?

Tradeoff between fit statistics and variance accounted for Signup and view all the answers

What information is used in MDS (multi-dimensional scaling) for creating perceptual maps?

Familiarity, proximity, and attribute ratings Signup and view all the answers

What does the Bass diffusion model attempt to predict in the context of new product adoption?

When customers will adopt new products Signup and view all the answers

What is the role of 'innovators' in the Bass diffusion model for new product adoption?

They are primarily affected by external influences Signup and view all the answers

What does the term 'cumulative diffusion' refer to in the context of new product adoption?

The total number of adopters at a specific time Signup and view all the answers

What does the abbreviation 'VAF' stand for in relation to fit statistics in perceptual mapping?

Variance Accounted For Signup and view all the answers

In factor analysis, what do 'normed-b weights' represent?

All vectors on equal footing Signup and view all the answers