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What is the final step in the (STP) strategy formation process?
What is the final step in the (STP) strategy formation process?
Positioning
What type of maps show the position of products in consumers' perceptions?
What type of maps show the position of products in consumers' perceptions?
Perceptual maps
What is the primary document used to summarize a brand's position?
What is the primary document used to summarize a brand's position?
Positioning statement
What is the name of the tool used for brand positioning that involves asking customers to rate alternatives on specific attributes using bipolar items like "hot vs. cold" or "powerful vs. weak"?
What is the name of the tool used for brand positioning that involves asking customers to rate alternatives on specific attributes using bipolar items like "hot vs. cold" or "powerful vs. weak"?
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What type of research involves less structured methods like focus groups and in-depth interviews to identify issues for further investigation without imposing predefined structures or hypotheses?
What type of research involves less structured methods like focus groups and in-depth interviews to identify issues for further investigation without imposing predefined structures or hypotheses?
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What do you call the type of data collected by third-party research companies like IRI and ACNielsen, which includes scanner data, panel data, and single-source data for market analysis?
What do you call the type of data collected by third-party research companies like IRI and ACNielsen, which includes scanner data, panel data, and single-source data for market analysis?
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What types of data used to understand on how consumers value attributes of the product?
What types of data used to understand on how consumers value attributes of the product?
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What statistical techniques are appropriate for analyzing different types of data?
What statistical techniques are appropriate for analyzing different types of data?
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What is a powerful tool to fine tuning marketing programs to linking specific actions with specific outcomes?
What is a powerful tool to fine tuning marketing programs to linking specific actions with specific outcomes?
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A graphical visualization of customers perceptions of product or brand.
A graphical visualization of customers perceptions of product or brand.
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What type of research identifies the cause and effects?
What type of research identifies the cause and effects?
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It is a type of research that characterizes the who, what, when, and where of the market but not the why.
It is a type of research that characterizes the who, what, when, and where of the market but not the why.
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What data is collected by third parties (not the customers, not the trade (retailers), and not the company itself), usually one of a very few large market research companies (Information Resources Incorporated [IRI] and ACNielsen dominate the market)?
What data is collected by third parties (not the customers, not the trade (retailers), and not the company itself), usually one of a very few large market research companies (Information Resources Incorporated [IRI] and ACNielsen dominate the market)?
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A very useful tool for brand positioning is _______
A very useful tool for brand positioning is _______
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What type of research uses less structured and wide-ranging methods to identify issues for further research without imposing a priori structure or hypotheses on the data collection or the respondent?
What type of research uses less structured and wide-ranging methods to identify issues for further research without imposing a priori structure or hypotheses on the data collection or the respondent?
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This is a graphical visualizations of customer's perceptions of products or brands.
This is a graphical visualizations of customer's perceptions of products or brands.
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It is a powerful tool to fine-tuning marketing programs and linking specific actions (causes) with specific outcomes (effects).
It is a powerful tool to fine-tuning marketing programs and linking specific actions (causes) with specific outcomes (effects).
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The positioning statement must be backed up by superior product attributes or capability.
The positioning statement must be backed up by superior product attributes or capability.
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The positioning statement must be easy to explain.
The positioning statement must be easy to explain.
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What is the legal term for a brand?
What is the legal term for a brand?
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What does the following best describe as brand heritage?
What does the following best describe as brand heritage?
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What is the assessment of a brand's performance in terms of consumer perception, loyalty, and market impact?
What is the assessment of a brand's performance in terms of consumer perception, loyalty, and market impact?
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The external influences that shape a brand's meaning and consumer perceptions, such as culture, trends, and social behaviour.
The external influences that shape a brand's meaning and consumer perceptions, such as culture, trends, and social behaviour.
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To evaluate consumer perceptions, loyalty, and brand strength, as well as track brand equity.
To evaluate consumer perceptions, loyalty, and brand strength, as well as track brand equity.
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What is Kano's model of employee satisfaction?
What is Kano's model of employee satisfaction?
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How are the requirements that will impact customer satisfaction proportional to their availability called?
How are the requirements that will impact customer satisfaction proportional to their availability called?
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What is the product launch?
What is the product launch?
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What is the role of a business analysis?
What is the role of a business analysis?
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What is prototype testing in marketing?
What is prototype testing in marketing?
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It is a summary of brand meaning/associations along with brand awareness, brand loyalty, brand quality, and other brand assets.
It is a summary of brand meaning/associations along with brand awareness, brand loyalty, brand quality, and other brand assets.
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What terms refers to emotional benefits that consumers experience from a brand?
What terms refers to emotional benefits that consumers experience from a brand?
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What is an underappreciated element in brand building that can also lead to brand destruction?
What is an underappreciated element in brand building that can also lead to brand destruction?
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It is the brand in popular art, and affiliated spokespeople all influence brand meaning and brand associations.
It is the brand in popular art, and affiliated spokespeople all influence brand meaning and brand associations.
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One of the overarching organizing principles and should contribute to building the brand and to claiming a unique and valued place in consumers' perceptions.
One of the overarching organizing principles and should contribute to building the brand and to claiming a unique and valued place in consumers' perceptions.
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It has grown dramatically with technological advances over the past few decades, and today researchers have access to hundreds of terabytes of data. These data include scanner data.
It has grown dramatically with technological advances over the past few decades, and today researchers have access to hundreds of terabytes of data. These data include scanner data.
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Another invaluable class of analyses addresses how customers evaluate and choose across products when those products are made up of multiple attributes.
Another invaluable class of analyses addresses how customers evaluate and choose across products when those products are made up of multiple attributes.
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The powerful tool for fine-tuning marketing programs and linking specific actions (causes) with specific outcomes (effects).
The powerful tool for fine-tuning marketing programs and linking specific actions (causes) with specific outcomes (effects).
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What strategy is best for "Cash Cows" in the BCG Matrix?
What strategy is best for "Cash Cows" in the BCG Matrix?
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Which attribute of a product affects diffusion by reducing perceived risks?
Which attribute of a product affects diffusion by reducing perceived risks?
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What is a primary advantage of using the GE/McKinsey Grid over the BCG Matrix?
What is a primary advantage of using the GE/McKinsey Grid over the BCG Matrix?
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Which adopter segment waits the longest before trying a new product?
Which adopter segment waits the longest before trying a new product?
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What pricing strategy involves setting a low price to gain market share quickly?
What pricing strategy involves setting a low price to gain market share quickly?
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Which factor is least likely to drive compatibility of innovations?
Which factor is least likely to drive compatibility of innovations?
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What stage in the adoption process involves developing an attitude toward a product?
What stage in the adoption process involves developing an attitude toward a product?
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Which pricing strategy sets high initial prices and lowers them over time?
Which pricing strategy sets high initial prices and lowers them over time?
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What does "network effects" mean in innovation diffusion?
What does "network effects" mean in innovation diffusion?
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What is the critical consideration for "Question Marks" in the BCG Matrix?
What is the critical consideration for "Question Marks" in the BCG Matrix?
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Which stage of the product lifecycle is associated with "Stars" in the BCG Matrix?
Which stage of the product lifecycle is associated with "Stars" in the BCG Matrix?
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What are the attributes that influence the rate of diffusion of a product?
What are the attributes that influence the rate of diffusion of a product?
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What are the components of brand equity?
What are the components of brand equity?
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Enumerate the common attributes of "Early Adopters."
Enumerate the common attributes of "Early Adopters."
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What are the benefits of a brand community (Harley Davidson)?
What are the benefits of a brand community (Harley Davidson)?
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What tools can marketers use to build a brand?
What tools can marketers use to build a brand?
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List down three types of product attributes.
List down three types of product attributes.
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List down the types of data?
List down the types of data?
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What are the steps in the cost-volume-profit analysis process?
What are the steps in the cost-volume-profit analysis process?
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What are the major pricing strategies used in the market?
What are the major pricing strategies used in the market?
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What are the components of the GE/McKinsey Grid evaluation process?
What are the components of the GE/McKinsey Grid evaluation process?
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Study Notes
Marketing Study Notes
- Strategic Marketing Formation Final Step: Positioning.
- Perceptual Maps: Visualize consumer product perceptions.
- Positioning Statement: Summarizes a brand's position.
- Semantic Scales Tool: Rates product attributes (e.g., hot/cold).
- Exploratory Research: Less structured, using methods like focus groups.
- Syndicated Data: Third-party data (e.g., scanner, panel data).
- Conjoint Analysis: Statistical techniques assess consumer value of product attributes.
- Data Analysis: Analyzing different types of data using various methods.
- Experiments: Fine-tuning programs by linking actions & outcomes.
- Perceptual Maps: Visual representation of customer perceptions of a product or brand.
- Positioning Statement Qualities: Believable, relevant, distinctive, communicable, sustainable.
- Primary Data: Collected through surveys and observation.
- Qualitative Data: Open-ended responses.
- Quantitative Data: Numerical data from surveys.
- Secondary Data: Existing data from other sources.
- Customer Value Maps: Visual representation of how customers view and value a brand.
- Brand Heritage: History and long-term presence contributing to a brand's identity and consumer loyalty.
- Social Phenomena: External factors like culture, trends, social behavior shaping a brand.
- Brand Evaluation: Assessment of brand performance based on consumer perception, loyalty, and market impact.
- Kano Model of Employee Satisfaction: Categorizes employee satisfaction factors.
- Performance Requirements: Factors that directly impact customer satisfaction.
- Product Launch Process: Planning, analysis, product, advertising, etc.
- Business Analysis Role: Information, service, need, analyzing data.
- Prototype Testing: Methods like customer feedback and usability testing.
- Brand Meaning/Association Summary: Summary of brand meaning along with brand awareness, loyalty, quality, and other assets (Brand Equity).
- Hedonic Benefits: Emotional benefits customers experience from a brand.
- Legal Brand Term: Trademark.
- Brand Heritage Description: Brand's history and consistent market presence reflecting their identity.
- Brand Building Underappreciated Element: Distribution.
- Social Phenomenon: Brand in popular culture affecting meaning and associations.
- Promotion/Integrated Marketing Communications: Guiding principle for building and claiming unique market positions.
- Technology Advances in Data: Huge data sets like scanner data, syndicated data, and others.
- Conjoint Analysis: Powerful tool for customer product choice evaluation across varied attributes.
- Diffusion of Innovations: Spreading new products in markets. Critical factors are customer education, ease of production, and market size.
- BCG Matrix Strategies: High reinvestment, divestment, maintain profits, rapid market expansion for Cash Cows.
- Product Lifecycle Segmentation: Specific lifecycle stage is associated with Star positioning.
- GE/McKinsey Grid Advantage: Provides granular and customized evaluation versus basic BCG structure.
- Adoption Stages: Awareness, interest, evaluation, trial, and adoption.
- Diffusion Factors: Relative advantage, trialability, complexity, observability, compatibility, risk perception, and network effects.
- Profit/Loss Analysis: Assessing fixed and variable costs to determine breakeven volume and profit margins.
- Pricing Strategies: Cost-plus, competitive, value-based, dynamic pricing, and penetration pricing.
- Market Attractiveness Assessment: Using the GE/McKinsey framework for evaluating market size, growth, profit margins, competitive intensity are used for market assessment.
- Marketing Budget Determination: Extrapolation, percentage of sales/profits, target costing, bottom-up budgeting analysis techniques.
- Financial Ratio Analysis: Liquidity ratios, debt ratios, activity ratios, and profitability ratios determine various company financial strengths.
- Net Promoter Score (NPS): Measures customer satisfaction and measures the intent of customers to recommend a company.
- Marketing Metrics for Brand Awareness: Market Share, Organic Traffic, Social Media Engagement Rate, and Churn rate.
- Strategic Financial Controls: Monitoring raw material prices, and financial stability.
- Integrated Marketing Communications (IMC) Goal: Providing a unified brand message and voice through various media channels.
- Communication Mix Components: Advertising, sales promotion, personal selling, and public relations.
- Price Promotion Disadvantages: Damage to brand equity and may be difficult to implement consistently over time.
- Hybrid Distribution Channels: Combination of direct sales, websites, and traditional stores providing a broader reach for customers.
- Brand Building Challenges: Difficulty of maintaining and measuring brand credibility in public relations.
- Measuring Communication Campaign Success: Baselining and evaluating ROI, competitor performance analyses, and assessing internal employee satisfaction.
- Experiential Marketing: Promotional strategy focused on building memorable customer experiences and brand loyalty.
- Facilitating Functions: Providing warranties, customer service, and other customer support functions.
- Task-Based Budgeting: Communicating budget based on defined marketing goals or tasks.
- Word-of-Mouth Marketing: Customer interaction and recommendations from other customers.
- Product Assortment: Putting together products to meet varied customer needs.
- Internet Distribution: A channel for selling and supporting various customer needs including price transparency.
- Point-of-Purchase Promotion (POP): Sales promotion techniques performed at the point of sale.
- B2B Buying Center Roles: Users, gatekeepers, and buyers.
- Measurable Campaign Success Metrics: ROIs, Change in customer awareness, and long-term sales increase.
- Distribution System Needs: Availability, assortment, and customer service.
- Market Forecast: Sales predictions for an entire industry or the specific company.
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Description
Explore various concepts in marketing strategy with this quiz. Covering topics such as positioning, data analysis, and consumer perception, it provides insights into strategic marketing formation. Test your understanding of key marketing tools and techniques essential for effective decision-making.
