Podcast
Questions and Answers
What type of research focuses on identifying issues for further research without imposing any a priori hypotheses?
What type of research focuses on identifying issues for further research without imposing any a priori hypotheses?
Which type of research is used to understand the relationships of events and their consequences?
Which type of research is used to understand the relationships of events and their consequences?
What is a perceptual map used for in marketing?
What is a perceptual map used for in marketing?
Which promotional strategy is characterized by short-term incentives to encourage purchases?
Which promotional strategy is characterized by short-term incentives to encourage purchases?
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Which element of the communications mix traditionally includes paid advertisements through media like television and newspapers?
Which element of the communications mix traditionally includes paid advertisements through media like television and newspapers?
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What encompassing term includes advertising, personal selling, sales promotions, and public relations?
What encompassing term includes advertising, personal selling, sales promotions, and public relations?
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Which of the following is true regarding financial ratios?
Which of the following is true regarding financial ratios?
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What is the primary goal of personal selling in marketing?
What is the primary goal of personal selling in marketing?
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What is the primary characteristic of qualitative data?
What is the primary characteristic of qualitative data?
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Which statement accurately defines brand value?
Which statement accurately defines brand value?
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How does trialability affect consumer acceptance of a product?
How does trialability affect consumer acceptance of a product?
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Which of the following is an essential aspect of brand strength?
Which of the following is an essential aspect of brand strength?
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What does relative advantage relate to in terms of innovation?
What does relative advantage relate to in terms of innovation?
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How does complexity affect the adoption of an innovation?
How does complexity affect the adoption of an innovation?
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What is bottom-up budgeting primarily based on?
What is bottom-up budgeting primarily based on?
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What does the term distribution refer to in brand building?
What does the term distribution refer to in brand building?
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What is the primary goal of the idea generation phase in new product development?
What is the primary goal of the idea generation phase in new product development?
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Which pricing strategy is characterized by offering a low price for one product while simultaneously selling complementary products at a higher price?
Which pricing strategy is characterized by offering a low price for one product while simultaneously selling complementary products at a higher price?
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What legal and ethical considerations must be taken into account in pricing decisions?
What legal and ethical considerations must be taken into account in pricing decisions?
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What does market penetration strategy primarily aim to achieve?
What does market penetration strategy primarily aim to achieve?
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How does a premium pricing strategy impact product positioning?
How does a premium pricing strategy impact product positioning?
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What must be considered when setting and adjusting product prices?
What must be considered when setting and adjusting product prices?
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What is the value map used for in marketing?
What is the value map used for in marketing?
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Which of the following is an essential function of distribution channels?
Which of the following is an essential function of distribution channels?
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What do profitability ratios primarily relate to?
What do profitability ratios primarily relate to?
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Which term describes the application of observations about advertising across various marketing communication tools?
Which term describes the application of observations about advertising across various marketing communication tools?
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Assessment and Adjustment is associated with which statement?
Assessment and Adjustment is associated with which statement?
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What is the method of matching customer segments' specific needs with a firm's advantages called?
What is the method of matching customer segments' specific needs with a firm's advantages called?
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Which of the following best describes the concept of brand equity?
Which of the following best describes the concept of brand equity?
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Which of the following is NOT a facet of 'excitement'?
Which of the following is NOT a facet of 'excitement'?
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Which trait is NOT associated with the concept of 'ruggedness'?
Which trait is NOT associated with the concept of 'ruggedness'?
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What form of risk is NOT typically perceived by customers?
What form of risk is NOT typically perceived by customers?
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What does the term 'channels of distribution' refer to?
What does the term 'channels of distribution' refer to?
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What are transactional functions in channels of distribution primarily concerned with?
What are transactional functions in channels of distribution primarily concerned with?
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Which of the following best describes a positioning statement?
Which of the following best describes a positioning statement?
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What is the primary goal of the Prototype and Market Testing phase?
What is the primary goal of the Prototype and Market Testing phase?
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What is the role of customer-oriented market research in strategic marketing?
What is the role of customer-oriented market research in strategic marketing?
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Which channel function primarily deals with the physical distribution of the product?
Which channel function primarily deals with the physical distribution of the product?
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What defines hybrid channels in distribution?
What defines hybrid channels in distribution?
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What strategy involves setting high prices initially to target price-insensitive customers?
What strategy involves setting high prices initially to target price-insensitive customers?
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What does situation assessment involve in marketing?
What does situation assessment involve in marketing?
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What is the purpose of a Perceptual Map in brand positioning?
What is the purpose of a Perceptual Map in brand positioning?
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What characterizes exploratory research methods?
What characterizes exploratory research methods?
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What does a perceptual map illustrate?
What does a perceptual map illustrate?
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Which of the following pricing strategies accepts lower unit margins to achieve rapid market share?
Which of the following pricing strategies accepts lower unit margins to achieve rapid market share?
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Which concept is not considered an important factor in shaping a pricing strategy?
Which concept is not considered an important factor in shaping a pricing strategy?
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Which type of channels require investments in selling but are generally cheaper to establish?
Which type of channels require investments in selling but are generally cheaper to establish?
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What term describes the collection of products and businesses offered by a company?
What term describes the collection of products and businesses offered by a company?
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Study Notes
Exploratory Research
- A type of research using less structured methods to identify issues for further investigation without prior hypotheses.
- Does not impose a priori structure on data collection or respondent.
Descriptive Research
- Research that characterizes the "who," "what," "when," and "where" of the market.
- Does not involve the "why."
Causal Research
- Identifies the event (cause) and its consequence (effect).
Perceptual Maps
- Useful for presenting competitive positions in the marketplace.
- Visualize consumer perceptions; products and preferences are mapped.
Experiments
- Powerful tools for fine-tuning marketing programs.
- Link specific actions to outcomes.
Advertising
- Communicating messages via paid impersonal media (TV, radio, etc.)
- Sponsor is identified.
Sales
- Personal communication targeted to individual customers.
- Includes presentations, meetings, etc.
Sales Promotions
- Short-term incentives to encourage customer action (e.g., purchase).
- Includes offers to consumers and retailers.
Public Relations
- Management of relationships with various publics (e.g., regulators, media, customers).
Communications Mix
- Traditionally includes advertising, personal selling, sales promotions, and public relations.
- Now includes newer elements like event promotions, brand ambassadors, and internet.
Financial Ratios
- Based on accounting information used for comparison.
- Compared to industry standards, prior periods, and competitors.
Qualitative Data
- Data collected via observations, text, or verbal responses.
Quantitative Data
- Numerical responses; conducive to statistical analysis and generalizations.
Brand
- Commercial identities that maintain the value of marketing investments over time.
Brand Equity
- The cumulative emotional and mental associations with a brand.
Brand Strength
- Important for comparing competitive brands.
- Helps evaluate marketing investments.
Distribution
- Channel selection, affiliation, and control are crucial for successful brands.
Relative Advantage
- Innovation's distinct attribute impacting consumer adoption.
Trialability
- Ability to try a product without substantial commitment influencing adoption.
Complexity/Ease of Use
- Complex innovations face slower adoption than user-friendly ones.
Observability
- Visible innovations diffuse quickly in the market compared to hidden products.
Compatibility
- Degree of change in a product influencing adoption – less change, quicker adoption.
Extrapolation
- Budget adjustments based on previous year's budgets.
Target Costing
- Defines the target sales volume and profit objectives.
Bottom-Up Budgeting
- Budget derived from the specific objectives of the business unit.
Percentage of Sales/Profits
- Budget based on a percentage of projected sales or profits.
Market Potential
- Maximum number of potential buyers who can purchase a product.
Idea Generation
- Collecting as many promising ideas for new products/services.
Razorblade Pricing
- Strategic pricing strategy, useful for certain products and industries.
Legal and Ethical Considerations
- Price fixing, price collusion and discrimination across customer channels are legally and ethically prohibited.
Social Phenomena
- Consumers, art, and spokespersons influence brand perception.
Market Penetration
- Strategy using volume for benefits of scale, economies of scale, or experience effects to lower unit cost.
Product Positioning
- Premium pricing creates a perceived quality leadership.
Value Map
- Provides a visual representation of market positioning, considering customer priorities.
Setting and Adjusting the Price
- Pricing strategies need to be consistent with overall strategies.
- Company adaptations are required to changing circumstances.
Channel Functions
- Delivering products from producer to customer effectively and efficiently.
Penetration Pricing Strategy
- Aims to quickly gain market share by offering relatively low prices to gain a segment's attention early on.
Channel Power
- Ability of a channel member to influence another's decisions.
Hybrid Channels
- Using multiple channels to deliver products to different customer segments.
Channels of Distribution
- Mechanisms for product delivery from producer to customer.
Transactional Functions
- Include buying, selling, and risk taking.
Logistical Functions
- Includes transporting, sorting, storing, location, sorting.
Positioning
- Final step in strategy formation ("STP process").
Customer-Oriented Market Research
- Thorough understanding of the customer needs is paramount in effective marketing.
Positioning Statement
- Establishing unique, sustainable, and positive associations of a product or brand in the customer's mind.
Situation Assessment
- Exploring customer trends, needs, and demands for general customer insights.
Exploratory Study
- Gathering information to identify specific research issues without defining rigid hypotheses.
Syndicated Sources
- Market research companies collect and sell data (e.g., IRI and ACNielsen).
Product Portfolio
- Collection of products and businesses within a business segment
Relative Market Share
- Ratio of a product's market share to the largest competing brands' market share.
Perceptual Maps
- Visual representations of customers' perceptions of brands or products.
Strategic Marketing
- Decisions regarding customer segments, competitive advantage, and meeting customer needs.
Target Segments
- Dividing customers into groups based on shared characteristics, behaviors, and needs.
Competitive Advantages
- Distinguishing traits to gain a competitive edge in the market.
CONSIDER CONTINGENCY
- Re-evaluating earlier assumptions and connecting them to new analyses.
Semantic Scales/Semantic Differential Scale
- Using bipolar attributes to evaluate customer perceptions of brands/products.
Perceptual Maps
- Visualizations of customer perceptions of brands, using dimensions like quality and price.
Multiple Choice Questions
- Details about various concepts and methodologies, including the market research process, appropriate research contexts and tools (experiments, maps, and data sources).
Assessment and Adjustment
- Involves measuring, monitoring, and evaluating performance metrics.
Communication Mix
- Consists of advertising, personal selling, sales promotions, and public relations.
Advertising
- Impersonal communication with a known sponsor.
Direct Advertising
- Methods such as direct mail, telemarketing, and email are forms of advertising.
Product Positioning
- Strategic focus on segmenting the market to meet specific customer needs.
Market Penetration Strategy
- Low prices to rapidly gain market share
Product Positioning Statement
- Explains how the product/brand meets a customer need.
Market Skimming Strategy
- High initial price, often used for niche/high-value products or segments.
Target Market
- Specific group of customers a product or service is aimed at.
Brand Awareness
- Percentage of target market that is aware of a product brand.
Brand Image
- Customers' overall perception of a brand.
Repurchase Rate
- Percentage of customers who repurchase a product after an initial purchase.
Customer Value Map
- Visual representation of the value a customer perceives in a product or brand.
BCG Matrix
- Portfolio management tool classifying products/business units based on relative market share and market growth.
GE/McKinsey Portfolio Planning Grid
- Matrix for analyzing businesses for resource allocation strategies and profitability.
Target Segment
- Group of customers sharing attributes, behaviors, and needs.
Positioning Statement
- Clear description of the product or service, target audience, and how it meets the market need.
Customer Value Map
- Displays the perceptions of customers and how the product/service will meet customer needs.
Conjoint Analysis
- Research that evaluates the preference of consumers for various combinations of product attributes.
Perceptual map
- Visualizing customer perception of product features.
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Description
Explore various marketing research methodologies including exploratory, descriptive, and causal research. Understand tools like perceptual maps, experiments, and the role of advertising and sales promotions in market strategy. This quiz will enhance your knowledge of how these methods are applied in real-world situations.
