Podcast
Questions and Answers
What are the four components of the marketing research mix?
What are the four components of the marketing research mix?
- Purpose, People, Process, Presentation
- Purpose, Population, Procedure, Publication (correct)
- Problem, Population, Procedure, Product
- Purpose, Procedure, People, Presentation
Which of the following is NOT true about the marketing mix?
Which of the following is NOT true about the marketing mix?
- It involves everything a company can control
- It helps develop actional strategies based on research insights
- The 4Ps include product, price, place, and promotion
- The 4Ps follow a specific sequential process (correct)
Which of the following statements is correct?
Which of the following statements is correct?
- Place involves both where and how a product is sold (correct)
- Promotion is the revenue-generating element in the marketing mix
- A product includes only the physical item being sold
- Price only reflects the cost of production
In which stage of the product life cycle does marketing research primarily focus on competitor analysis?
In which stage of the product life cycle does marketing research primarily focus on competitor analysis?
Which pricing strategy involves setting a high initial price for a product to maximize profits from early adopters?
Which pricing strategy involves setting a high initial price for a product to maximize profits from early adopters?
What is the decoy effect in pricing?
What is the decoy effect in pricing?
What primarily determines the level of a distribution channel?
What primarily determines the level of a distribution channel?
The value of an investment in promotional activities only includes monetary returns
The value of an investment in promotional activities only includes monetary returns
What is market segmentation?
What is market segmentation?
Which of the following is an example of psychographic segmentation?
Which of the following is an example of psychographic segmentation?
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Study Notes
Marketing Research Mix
- The marketing research mix consists of four components: research design, data collection, data analysis, and report writing.
Marketing Mix
- The marketing mix is a controllable set of marketing tools that a company uses to produce the response it wants in the target market.
Product Life Cycle
- Competitor analysis is primarily focused on in the growth stage of the product life cycle.
Pricing Strategies
- Price skimming involves setting a high initial price for a product to maximize profits from early adopters.
Decoy Effect
- The decoy effect is a pricing strategy that involves adding a less attractive option to a set of choices to increase the appeal of a more expensive option.
Distribution Channel Levels
- The level of a distribution channel is primarily determined by the number of intermediaries involved in the process of getting a product from the producer to the consumer.
Promotional Activities
- The value of an investment in promotional activities includes both monetary returns and non-monetary returns such as brand awareness, customer loyalty, and competitive advantage.
Market Segmentation
- Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies.
Psychographic Segmentation
- Psychographic segmentation is based on consumers' psychological attributes, such as lifestyle, personality, values, and attitudes. An example of psychographic segmentation is dividing a market into segments based on consumers' interests in sustainability and eco-friendly products.
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