31 Questions
Which marketing concept emphasizes the internal, integrated, relationship, and performance aspects of marketing?
Holistic marketing concept
What does the chi-square test measure the relationship between?
Two questions
What is the formula for calculating the standard residuals in a chi-square test?
(Observed number – expected number) / √(expected number)
What does the quantitative model in marketing aim to achieve?
Simplification, understanding, prediction, decision
In the context of market segmentation, what is the significance of descriptors?
They form the characteristics of the segments
What is the primary goal of K-means clustering in market segmentation?
To minimize the variance within clusters
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
What is the purpose of reliability in measurement theory?
To ensure that the measurement is consistent over time
In factor analysis, what does a factor represent?
A group of observable variables that are highly correlated
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
What does a high Eigenvalue indicate in factor analysis?
A large proportion of variance accounted for by a certain factor
What measure is used to assess construct reliability?
$α > 0.7$
'Ward’s method' in hierarchical clustering aims to achieve:
The lowest variance within clusters
In the context of marketing, what does the conjoint analysis model aim to achieve?
Product development, pricing, and concept testing
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
What is the significance of the 'multi-stage-and-gate game plan' mentioned in the text?
To evaluate and make decisions through conjoint analysis
What is the basic belief underlying the application of conjoint analysis in product development?
Awareness, availability, trial, and repeat
What is the primary emphasis of the conjoint analysis model in marketing?
Perspective of customers for strong market orientation
What is the main focus of the 'cross-functional team approach' mentioned in the text?
To develop and test new products using conjoint analysis
What does the extension of the Bass model involve?
Varying market potential and repeat purchases
What is the significance of 'up-front homework' in product development as mentioned in the text?
To define product success factors through conjoint analysis
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
In the context of perceptual mapping, what does the term 'pairwise distances' refer to?
Distances between the products in the minds of customers
What does MDS stand for in the context of perceptual mapping?
Multi-Dimensional Scaling
What is the tradeoff in using metric MDS in perceptual mapping?
Tradeoff between fit statistics and variance accounted for
What information is used in MDS (multi-dimensional scaling) for creating perceptual maps?
Familiarity, proximity, and attribute ratings
What does the Bass diffusion model attempt to predict in the context of new product adoption?
When customers will adopt new products
What is the role of 'innovators' in the Bass diffusion model for new product adoption?
They are primarily affected by external influences
What does the term 'cumulative diffusion' refer to in the context of new product adoption?
The total number of adopters at a specific time
What does the abbreviation 'VAF' stand for in relation to fit statistics in perceptual mapping?
Variance Accounted For
In factor analysis, what do 'normed-b weights' represent?
All vectors on equal footing
Test your knowledge of marketing concepts such as delivering customer value, SWOT analysis, holistic marketing, and modeling in marketing strategy. Evaluate your understanding of corporate and business level strategies, holistic marketing components, and modeling in decision-making.
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