Strategic Marketing Simulation - Durable Goods
48 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What aspect is NOT related to the product aesthetic?

  • Type of raw materials used
  • Market demand assessment (correct)
  • Number of components
  • Size of various components

    • Which statement best describes the relationship between the design scale and product usability?

  • Higher design scale ratings guarantee better usability.
  • Usability improves linearly with design scale ratings.
  • Design scale ratings do not indicate usability differences. (correct)
  • Lower design scale ratings are always less aesthetically pleasing.

    • Which of the following is a factor impacting battery life?

  • The number of features
  • The color of the product
  • The shape of the product casing
  • Power consumption of the product (correct)

    • What should consumers consider when evaluating features of Sonite products?

    <p>High features may increase complexity for some users.</p> Signup and view all the answers

    What is the significance of the base cost in product production?

    <p>It reflects initial production batch decisions.</p> Signup and view all the answers

    What is one benefit of developing a common understanding of the strategic issues within a team?

    <p>It maximizes internal resources and ensures equal benefits.</p> Signup and view all the answers

    Why is it important to read the handbook before starting the Markstrat Challenge?

    <p>It helps to avoid putting your team at a disadvantage.</p> Signup and view all the answers

    What is a common trade-off for high processing power in products?

    <p>Higher weight and volume due to cooling systems.</p> Signup and view all the answers

    Which chapters are recommended for reading before Round 1?

    <p>Introduction to the Markstrat Challenge and Overview of the Markstrat World</p> Signup and view all the answers

    Which of the following is a possible drawback of having a large screen on a product?

    <p>Increased power consumption along with bulkiness.</p> Signup and view all the answers

    Which departmental concern primarily influences the base cost of a product?

    <p>Margin and profitability considerations</p> Signup and view all the answers

    What can team members begin focusing on as the simulation evolves?

    <p>Specific areas of responsibility.</p> Signup and view all the answers

    What information will be available in the annual report?

    <p>Company operations and decision-making outcomes.</p> Signup and view all the answers

    What is the purpose of previewing Markstrat with the PREVIEW data?

    <p>To understand past decisions made by real students.</p> Signup and view all the answers

    Which chapters should be read before Round 2?

    <p>Positioning and Research &amp; Development</p> Signup and view all the answers

    Which tool should teams use to test their knowledge about the Markstrat environment?

    <p>Markstrat Team Preview</p> Signup and view all the answers

    What is one of the objectives of advertising in relation to consumer understanding?

    <p>To increase familiarity with products</p> Signup and view all the answers

    What does a higher advertising spend influence regarding distributors?

    <p>It increases distribution coverage</p> Signup and view all the answers

    What is the purpose of calculating the share of voice in advertising?

    <p>To compare advertising investments against competitors</p> Signup and view all the answers

    How should the advertising budget be allocated if the goal is to maintain awareness?

    <p>Primarily in media space purchase with a small percentage in research</p> Signup and view all the answers

    What percentage of the total advertising budget is typically devoted to advertising research?

    <p>4% on average</p> Signup and view all the answers

    When repositioning a brand, what percentage of the total advertising budget should generally go to advertising research?

    <p>10% to 15%</p> Signup and view all the answers

    What is a key factor in the success of an advertising campaign?

    <p>The absolute amount of advertising spent on a brand</p> Signup and view all the answers

    Which decision must align with the marketing strategy when creating an advertising campaign?

    <p>Identifying targeted consumer segments</p> Signup and view all the answers

    What is the main advantage of feasibility studies?

    <p>They are low cost and accurate.</p> Signup and view all the answers

    What is a drawback of online queries?

    <p>They require the project to be fully specified.</p> Signup and view all the answers

    How can manufacturing costs decrease over time?

    <p>Through better labor efficiency and improved methodologies.</p> Signup and view all the answers

    What happens if you change the project's specifications after an online query?

    <p>You will need to run a new query for adjusted decisions.</p> Signup and view all the answers

    What factor is not considered a cause of productivity gains?

    <p>Economies of scale.</p> Signup and view all the answers

    What is a limitation on online queries for budgeting?

    <p>Results may overestimate required budgets by a significant percentage.</p> Signup and view all the answers

    Which of the following statements about the experience effect is true?

    <p>It influences cost reduction through various factors including efficiency.</p> Signup and view all the answers

    Which statement about the Marketing department's responsibilities is correct?

    <p>They do not manage production capacity.</p> Signup and view all the answers

    Which situation would lead to being notified at the firm level?

    <p>A large proportion of your contribution is generated by a unique brand.</p> Signup and view all the answers

    What might indicate a need for corrective actions at the brand level?

    <p>You have lost sales due to a production shortage.</p> Signup and view all the answers

    What does the industry benchmarking study provide?

    <p>General information from annual reports about each competitor.</p> Signup and view all the answers

    What could be a consequence of having too few leading brands?

    <p>You may market a small number of offerings compared to competitors.</p> Signup and view all the answers

    What action may help if your brand's perceptions do not align with market expectations?

    <p>Conduct market research to better understand consumer expectations.</p> Signup and view all the answers

    Which factor could lead to being notified of poor performance in your marketing strategy?

    <p>Your commercial efforts are not aligned with consumer shopping habits.</p> Signup and view all the answers

    What may result from failing to act on lost sales due to poor distribution?

    <p>Continued decline in sales performance.</p> Signup and view all the answers

    What could indicate a benefit from a cost-reduction R&D project?

    <p>High operational costs without corresponding revenue growth.</p> Signup and view all the answers

    What does the consumer panel study primarily measure?

    <p>Representative buying behavior of consumers.</p> Signup and view all the answers

    How many consumers are involved in the consumer panel study?

    <p>500 consumers</p> Signup and view all the answers

    What information does the distribution panel provide?

    <p>Sales data based on retail point-of-sale information.</p> Signup and view all the answers

    What is tracked by the semantic scales study?

    <p>Physical attributes of products.</p> Signup and view all the answers

    What does the distribution coverage figure represent?

    <p>The percentage of stores that sell a particular brand.</p> Signup and view all the answers

    What sample size is used in the semantic scales study?

    <p>600 individuals</p> Signup and view all the answers

    Which aspect is NOT included in the consumer panel report?

    <p>Retail audit results.</p> Signup and view all the answers

    How many retail outlets' sales are represented in the distribution panel?

    <p>17,000 outlets</p> Signup and view all the answers

    Study Notes

    Participant Handbook - Strategic Marketing - Durable Consumer Goods

    • This handbook is for a business simulation (MarkSTRAT)
    • The simulation involves managing a marketing department for a company producing durable goods (Sonite and Vodite products)
    • Participants compete against other teams
    • The simulation covers several periods (years)
    • Outcomes are measured by a Share Price Index (SPI)
    • Key responsibilities include strategy formulation, product development, production, pricing and market research
    • A commercial team is needed to support distributors across channels
    • Data is provided in an annual report that contains Market & Competitive News, Company Results and Market Research Studies.
    • Decisions are made on various aspects of the business across functional areas (R&D, Production, Marketing, Finance)
    • Software (Markstrat) is used for the simulation, participants will need a password and activation key.
    • There are specific aspects to the Markstrat software, including charts and graphs, and decision forms.
    • A pre-reading section in the handbook is recommended to familiarize participants with the simulation before starting.

    Table of Contents

    • The handbook contains sections introducing the simulation, an overview of the marketplace, strategies for managing the company, steps for using the software and a table of figures.
    • The handbooks includes topics on managing your firm, understanding your annual report, user's guide, positioning and product development, a marketing plan tool and situations requiring positioning change.
    • Specific aspects of Sonite and Vodite products are described
    • Multiple figures referenced (e.g., Figure 1, Figure 2, Figure 3 etc.) are in the handbook for greater detail of concepts

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Participant Handbook for Strategic Marketing - Durable Consumer Goods - PDF

    Description

    This quiz focuses on the strategic marketing principles used in the Markstrat simulation for durable consumer goods. Participants compete by managing various marketing functions, such as product development and pricing strategies, to maximize their Share Price Index. Key insights for success will be derived from annual reports and market research.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser