Podcast
Questions and Answers
What is the first goal in brand extension strategy?
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?
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?
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?
What is a primary benefit of using brands for consumers?
What is the correct sequence of steps in the overall process of survey design?
What is the correct sequence of steps in the overall process of survey design?
What type of advertising objective did early electric vehicle (EV) ads primarily focus on?
What type of advertising objective did early electric vehicle (EV) ads primarily focus on?
During which stage would executives filter out the best ideas for new cars after extensive R&D?
During which stage would executives filter out the best ideas for new cars after extensive R&D?
The fact that people undergoing cosmetic surgery cannot see the result before purchase is an example of which service characteristic?
The fact that people undergoing cosmetic surgery cannot see the result before purchase is an example of which service characteristic?
Which pricing strategy involves setting a low price for a new product to attract a large market share?
Which pricing strategy involves setting a low price for a new product to attract a large market share?
What promotion mix strategy is John Deere employing by working through channel members rather than directly promoting to consumers?
What promotion mix strategy is John Deere employing by working through channel members rather than directly promoting to consumers?
The sale of toothpaste and candy in millions of outlets provides maximum brand exposure. What type of distribution is this an example of?
The sale of toothpaste and candy in millions of outlets provides maximum brand exposure. What type of distribution is this an example of?
Which sampling method should a market researcher use to ensure every individual has a known chance of being selected?
Which sampling method should a market researcher use to ensure every individual has a known chance of being selected?
Which characteristic of services reflects the variability in service quality due to human involvement?
Which characteristic of services reflects the variability in service quality due to human involvement?
What is the primary goal of omni-channel retailing?
What is the primary goal of omni-channel retailing?
Which type of service do full-service retailers primarily offer?
Which type of service do full-service retailers primarily offer?
Which of the following best describes a 'category killer' store?
Which of the following best describes a 'category killer' store?
What is a key benefit of digital marketing?
What is a key benefit of digital marketing?
Which type of store is categorized as a discount retailer with low price and high volume?
Which type of store is categorized as a discount retailer with low price and high volume?
What does the term 'webrooming' refer to in the retail context?
What does the term 'webrooming' refer to in the retail context?
Which new retail form is designed for limited-time sales to create buzz?
Which new retail form is designed for limited-time sales to create buzz?
What is a common challenge faced in digital marketing?
What is a common challenge faced in digital marketing?
What is the break-even volume when the fixed cost is $300,000 and the price is $20 with a variable cost of $10?
What is the break-even volume when the fixed cost is $300,000 and the price is $20 with a variable cost of $10?
What defines value-based pricing?
What defines value-based pricing?
What is a primary consideration when determining objective value?
What is a primary consideration when determining objective value?
What strategy is characterized by offering less expensive versions of established brand products?
What strategy is characterized by offering less expensive versions of established brand products?
Which pricing strategy involves charging a high introductory price before gradually reducing it?
Which pricing strategy involves charging a high introductory price before gradually reducing it?
When utilizing competition-based pricing, which factor is most critical?
When utilizing competition-based pricing, which factor is most critical?
What factors should be aligned with pricing decisions when determining a product price?
What factors should be aligned with pricing decisions when determining a product price?
What might warrant using penetration pricing when introducing a new product?
What might warrant using penetration pricing when introducing a new product?
What aspect of price skimming must a product meet to be effective?
What aspect of price skimming must a product meet to be effective?
What does good-value pricing aim to balance?
What does good-value pricing aim to balance?
What is a strategy for targeting a specific niche within the early majority group?
What is a strategy for targeting a specific niche within the early majority group?
Which of the following is an effective way to extend the product life cycle?
Which of the following is an effective way to extend the product life cycle?
In research, what is meant by 'sampling losses'?
In research, what is meant by 'sampling losses'?
What is the purpose of stratified sampling?
What is the purpose of stratified sampling?
What should be considered when defining the target population for research?
What should be considered when defining the target population for research?
Which sampling technique gives every member of the population an equal chance of selection?
Which sampling technique gives every member of the population an equal chance of selection?
What is a potential drawback of increasing the sample size too much in research?
What is a potential drawback of increasing the sample size too much in research?
How can a brand encourage more usage of its product among existing consumers?
How can a brand encourage more usage of its product among existing consumers?
What is a key factor to consider when designing questions for a questionnaire?
What is a key factor to consider when designing questions for a questionnaire?
Which type of question is designed to measure the intensity of a respondent’s answer?
Which type of question is designed to measure the intensity of a respondent’s answer?
What type of question requires respondents to express their answers in their own words?
What type of question requires respondents to express their answers in their own words?
Why might respondents be unwilling to answer sensitive questions?
Why might respondents be unwilling to answer sensitive questions?
What does the term 'contrast effects' relate to in question design?
What does the term 'contrast effects' relate to in question design?
What is a characteristic of open-ended questions?
What is a characteristic of open-ended questions?
How can one mitigate bias when asking about sensitive topics?
How can one mitigate bias when asking about sensitive topics?
What assumption does procedure invariance hold in response mode effects?
What assumption does procedure invariance hold in response mode effects?
Flashcards
Informative advertising
Informative advertising
Advertising that aims to educate consumers about a new product or service, its benefits, and its features.
Idea screening
Idea screening
The stage in new product development where ideas are evaluated against criteria to eliminate those that are not feasible or likely to succeed.
Intangibility
Intangibility
A characteristic of services where they cannot be physically touched or examined before purchase, making it difficult to assess their quality.
Market-penetration pricing
Market-penetration pricing
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Push strategy
Push strategy
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Intensive distribution
Intensive distribution
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Probability sampling
Probability sampling
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Sampling methods
Sampling methods
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Omni-Channel Retailing
Omni-Channel Retailing
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Click and Collect
Click and Collect
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Webrooming
Webrooming
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Showrooming
Showrooming
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Pop-up Stores
Pop-up Stores
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Digital Marketing
Digital Marketing
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Digital Marketing Benefits
Digital Marketing Benefits
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Digital Marketing Challenges
Digital Marketing Challenges
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Brand Extension Goals
Brand Extension Goals
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Brand Acquisition
Brand Acquisition
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Re-Branding
Re-Branding
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Consumer Benefits of Brands
Consumer Benefits of Brands
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Survey Data
Survey Data
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Break-even volume
Break-even volume
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Value-based pricing
Value-based pricing
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Objective value
Objective value
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Perceived value
Perceived value
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Value-added pricing
Value-added pricing
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Good-value pricing
Good-value pricing
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Competition-based pricing
Competition-based pricing
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Price skimming
Price skimming
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Penetration pricing
Penetration pricing
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Other factors to consider when determining price
Other factors to consider when determining price
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Sampling
Sampling
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Sampling Frame
Sampling Frame
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Simple Random Sampling
Simple Random Sampling
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Systematic Random Sampling
Systematic Random Sampling
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Stratified Sampling
Stratified Sampling
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Sampling Losses
Sampling Losses
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Social Desirability Bias
Social Desirability Bias
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Questionnaire Design Objective
Questionnaire Design Objective
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Question Choice
Question Choice
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Respondent Burden
Respondent Burden
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Attitude
Attitude
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Open-Ended Question
Open-Ended Question
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Sensitive Question
Sensitive Question
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Closed-Ended Question
Closed-Ended Question
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Response Mode Effects
Response Mode Effects
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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.
