Marketing Strategy Quiz

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Questions and Answers

What is the first goal in brand extension strategy?

Develop marketing programs and brand elements

Identify possible extensions

Ascertain what consumers know and like about parent brand (correct)

Evaluate extensions and assess fit

Which factor is essential for effective brand acquisitions?

Diverse marketing strategies for each brand

Brand awareness among target customers

Congruence between the two brands (correct)

Cost management in new brand development

What does re-branding notably require beyond promotion?

An increase in product pricing

Eliminating older brand elements

Coherent messaging across the entire marketing mix (correct)

Investing heavily in social media marketing

What is a primary benefit of using brands for consumers?

Improved decision confidence Signup and view all the answers

What is the correct sequence of steps in the overall process of survey design?

Define your sample, define information bits, draft questions Signup and view all the answers

What type of advertising objective did early electric vehicle (EV) ads primarily focus on?

Informative advertising Signup and view all the answers

During which stage would executives filter out the best ideas for new cars after extensive R&D?

Idea screening Signup and view all the answers

The fact that people undergoing cosmetic surgery cannot see the result before purchase is an example of which service characteristic?

Intangibility Signup and view all the answers

Which pricing strategy involves setting a low price for a new product to attract a large market share?

Market-penetration pricing Signup and view all the answers

What promotion mix strategy is John Deere employing by working through channel members rather than directly promoting to consumers?

Push strategy Signup and view all the answers

The sale of toothpaste and candy in millions of outlets provides maximum brand exposure. What type of distribution is this an example of?

Intensive distribution Signup and view all the answers

Which sampling method should a market researcher use to ensure every individual has a known chance of being selected?

Simple random sampling Signup and view all the answers

Which characteristic of services reflects the variability in service quality due to human involvement?

Variability Signup and view all the answers

What is the primary goal of omni-channel retailing?

To create a seamless cross-channel buying experience Signup and view all the answers

Which type of service do full-service retailers primarily offer?

Extensive assistance and personalized services Signup and view all the answers

Which of the following best describes a 'category killer' store?

A retailer with a deep product assortment that dominates a specific category Signup and view all the answers

What is a key benefit of digital marketing?

It aids in developing customer relationships and loyalty Signup and view all the answers

Which type of store is categorized as a discount retailer with low price and high volume?

Discounters/superstores Signup and view all the answers

What does the term 'webrooming' refer to in the retail context?

Visiting a physical store after researching a product online Signup and view all the answers

Which new retail form is designed for limited-time sales to create buzz?

Online flash sales Signup and view all the answers

What is a common challenge faced in digital marketing?

Understanding the digital environment and customer behavior Signup and view all the answers

What is the break-even volume when the fixed cost is $300,000 and the price is $20 with a variable cost of $10?

30,000 units Signup and view all the answers

What defines value-based pricing?

Using buyers' perceptions of value for pricing Signup and view all the answers

What is a primary consideration when determining objective value?

Measure of benefits relative to competitive alternatives Signup and view all the answers

What strategy is characterized by offering less expensive versions of established brand products?

Good-value pricing Signup and view all the answers

Which pricing strategy involves charging a high introductory price before gradually reducing it?

Price skimming Signup and view all the answers

When utilizing competition-based pricing, which factor is most critical?

Benchmarking against competitor offerings Signup and view all the answers

What factors should be aligned with pricing decisions when determining a product price?

Product design, distribution, and promotion Signup and view all the answers

What might warrant using penetration pricing when introducing a new product?

Desire to capture the mass market quickly Signup and view all the answers

What aspect of price skimming must a product meet to be effective?

The product's quality must justify its high price Signup and view all the answers

What does good-value pricing aim to balance?

Quality, service, and price Signup and view all the answers

What is a strategy for targeting a specific niche within the early majority group?

Address a critical pain point and recruit brand ambassadors. Signup and view all the answers

Which of the following is an effective way to extend the product life cycle?

Increase product usage among current users. Signup and view all the answers

In research, what is meant by 'sampling losses'?

Loss of participants due to lack of motivation or interest. Signup and view all the answers

What is the purpose of stratified sampling?

To ensure representation of different subgroups based on characteristics. Signup and view all the answers

What should be considered when defining the target population for research?

The specific characteristics of the group to be studied. Signup and view all the answers

Which sampling technique gives every member of the population an equal chance of selection?

Simple random sampling. Signup and view all the answers

What is a potential drawback of increasing the sample size too much in research?

Costs in time and money can increase significantly. Signup and view all the answers

How can a brand encourage more usage of its product among existing consumers?

By offering incentives like a recipe app. Signup and view all the answers

What is a key factor to consider when designing questions for a questionnaire?

The usefulness of the information for the objective Signup and view all the answers

Which type of question is designed to measure the intensity of a respondent’s answer?

Scaled-response question Signup and view all the answers

What type of question requires respondents to express their answers in their own words?

Open-ended question Signup and view all the answers

Why might respondents be unwilling to answer sensitive questions?

They often consider the burden too high Signup and view all the answers

What does the term 'contrast effects' relate to in question design?

The impact of question order on responses Signup and view all the answers

What is a characteristic of open-ended questions?

They can generate deeper insights but are harder to analyze Signup and view all the answers

How can one mitigate bias when asking about sensitive topics?

By establishing rapport and legitimizing the question Signup and view all the answers

What assumption does procedure invariance hold in response mode effects?

Procedure differences should not affect measured preferences Signup and view all the answers

Study Notes

Course Review Topics

Introduction: Covers fundamental marketing concepts.
Marketing Strategy: Includes segmentation, targeting, positioning, and marketing research.
Marketing Research: Two lectures covering the topic.
Branding: Focuses on building brand identity.
Products and Services: Details of offerings.
New Product Development: Explaining concepts, stages, and frameworks.
Promotion: Explores promotional activities like advertising, PR, and pricing.
Advertising: Methods and strategies.
Public Relations: Strategies for communicating with the public.
Pricing: Two lectures dedicated to pricing strategies.
Digital Marketing: Strategies for online marketing.
Channels: Methods of distributing products/services.
Sustainable Marketing: Methods to address environmental impact.

Advertising Objectives

Informative Advertising: Used to educate the audience about the product's benefits.
Persuasive Advertising: Aims to persuade the audience to buy the product.
Reminder Advertising: Aims to reinforce brand awareness and preference.
Comparative Advertising: Contributes to brand positioning.

New Product Development Stages

Idea Generation: Brainstorming, internal/external sources.
Idea Screening: Evaluating ideas for their feasibility.
Concept Development: Converting ideas into product concepts.
Concept Testing: Assessing the market's reception of product concepts.
Marketing Strategy Development: Outline a plan.
Business Analysis: Evaluating the financial viability of the product.
Product Development: Physically forming the product.
Test Marketing: Refining product in limited market areas.
Commercialization: Launching the product on the market.
New Product Failure Reasons: Failure in market definition, lacking attractiveness, timing, and flawed research.

Sustainable Marketing Principles and Pillars

Define the company mission in broad social terms.
Market both the product and socio-environmental aspects of the mission.
Deliver superior value to the target consumer group.
Make marketing decisions that consider long-term interests of consumers, the business, and society.
Focus on value propositions, which contribute to customer loyalty.
Triple Bottom Line (Sustainability Pillars):
- Fostering long-term economic growth without compromising social/environmental factors.
- Protecting and conserving natural resources.
- Ensuring community well-being.

Consumer Behavior and Sustainability

Consumers' actions related to reducing climate impact.
Willingness to pay more for sustainable products.
Consumer rights associated with sustainability.

Sustainability Initiatives Effectiveness

Effectiveness at communicating sustainability initiatives to stakeholders
Challenges in conveying sustainability efforts.

Sustainable Marketing at Unilever

Tackling criticisms of promoting overconsumption and advertising bombardment.
Approaches for encouraging mindful consumption.
Better Targeting strategies.

Marketing Channels

Value delivery networks.
Types of channels (direct/indirect).
Channel length and benefits.
Channel conflicts and strategies.
Information Needs.
Trying before buying.

Salesperson Motivation and Process

Motivational factors.
Steps in the selling process (i.e. prospecting, preapproach, approach, presentation, handling objections, closing, and follow-up).
Consumers researching before meeting a salesperson.
New methods of generating leads.

Pricing Strategies

Cost-based pricing: Setting prices based on the cost of production.
- Cost-plus pricing: Adding a markup to costs.
- Break-even pricing: Determining the price at which revenue equals costs.
Value-based pricing: Setting prices based on customer perceived value and benefits.
- Objective value (value the product delivers regardless of recognition).
- Perceived value (value the customer understands the product to deliver).

Marketing Research Stages

Define the problem (managerial problem: why is market share low?).
Develop a research plan.
Collect and analyze data (primary and secondary).
Interpret findings and give recommendations.

Types of Marketing Research

Exploratory: Unstructured problem definition, preliminary investigation.
Descriptive: Detailed composition and characteristics of market groups (surveys).
Causal: Cause-and-effect relationships (experiments).

Secondary vs. Primary Data

Secondary data (already available): faster/cheaper, sometimes limited.
Primary Data (collected specifically): tailored to specific issues.

Qualitative vs. Quantitative Research

Qualitative: Exploratory, in-depth understanding (focus groups, interviews).
Quantitative: Descriptive/causal, numerical data (surveys, experiments).

Segmentation Techniques

Geographic (location-based).
Demographic (age, income, gender).
Psychographic (values, lifestyles).
Behavioral (purchase frequency, usage).
Benefits-based (importance of product attributes).

Targeting Strategies

Undifferentiated: Appealing to the entire market with a single product.
Differentiated: Design separate offers for varied market segments.
Concentrated: Targeting a large portion of a smaller segment.
Micromarketing: Tailoring individual products/experiences.

Positioning Strategies

Establishing a distinct place for a product in consumers' minds.
Differentiation – highlight the difference from competitors.
Value propositions – describing the value the product brings to consumers.

Brand Management

Brand Sponsorship: Different types of sponsorships (Manufacturer, Store, Licensed, Co-branded).
Brand Architecture: Various structures (Branded House, House of Brands, Endorsed Brands, Sub-brands, and Hybrids).
Positioning and Differentiation.
Brand Acquisitions.
Identifying growth opportunities (Ansoff matrix).

Marketing Planning and Implementation

Steps, tools, and tips to succeed.
Evaluation of the business portfolio.
Setting Business objectives and Marketing objectives.

Behavioral Research

Order effects (Contrast & General-to-Specific).
Sensitive questions and respondent behavior.

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Description

Test your knowledge on essential marketing strategies, brand extensions, and advertising objectives. This quiz covers pivotal concepts in marketing including pricing strategies, promotion mixes, and survey designs. Perfect for students and professionals looking to reinforce their understanding of marketing fundamentals.