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Questions and Answers
What is the primary reason why a high price can communicate a superior product image?
In the targeting process, which of the following steps is NOT correct?
Which tool is most effective for positioning products?
What is the price elasticity of demand if the demand for a product falls by 15% when the price increases by 10%?
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What type of data is collected from focus groups?
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What is the approach that focuses on customer equity, customer insight, and customer equity share?
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Which of the following philosophies is NOT a competing philosophy under which organizations can choose to conduct their business?
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What is the term for all thoughts, feelings, images, experiences, and beliefs associated with a brand?
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What type of segmentation is used by the Modern Museum of Art when it separates its consumers by whether they are culture-oriented or outdoor-oriented?
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What type of distribution involves selling products through a small number of intermediaries to selected pharmacies only?
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What is the primary goal of market research?
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Which statement is correct about demographic segmentation?
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What is the next step after segmenting a market?
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What is the term for the value of a customer to a firm over the lifetime of the relationship?
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What type of strategy focuses on building strong relationships with intermediaries to push a product through the distribution channel?
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When determining communication objectives, which of the following is most relevant at this stage?
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What is the number of different persons or households exposed to a particular media schedule at least once during a specified time period known as?
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Which of the following is NOT an advantage of foreign direct investment over exporting?
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What is the process of selecting one or more market segments to enter called?
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Which of the following is a marketing advantage of strong brands?
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What is the concept that enables buyers and sellers to gain from being effective and efficient called?
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What is the difference between a Point of Parity (POP) and a Point of Difference (POD)?
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What is the process of dividing a larger market into smaller, more defined groups based on shared characteristics called?
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Study Notes
Market Segmentation
- Companies segment their markets to understand their consumers' needs and preferences.
- The Modern Museum of Art used lifestyle segmentation by separating consumers into culture-oriented or outdoor-oriented groups.
Target Market
- Target marketing involves evaluating the attractiveness of each segment and choosing the target segment(s).
- Marketers develop and maintain a chosen positioning concept within the targeting process.
Positioning
- Positioning involves developing and maintaining a unique identity for a product or brand in the minds of the target market.
- A tool for positioning products is perceptual maps, which graphically display the perceptions of brands in the market.
Pricing
- A price increase can lead to a decrease in demand, indicating price elasticity of demand.
- The price elasticity of demand is calculated by the percentage change in demand divided by the percentage change in price.
Market Research
- Companies conduct market research to understand their markets, industries, or customers.
- Market research data is classified into primary data (e.g., focus groups) and secondary data (e.g., government statistics).
Marketing Philosophy
- The holistic marketing philosophy emphasizes the internal and external stakeholders and the overall well-being of the company.
Branding
- Brand equity includes all thoughts, feelings, images, experiences, and beliefs associated with the brand.
- Brand awareness, brand knowledge, brand identity, and brand image are all related concepts.
Distribution
- Selective distribution involves selling products through a small number of intermediaries to selected outlets, enabling more knowledgeable and dedicated selling.
Intermediaries
- A push strategy is advisable when customers repeatedly reach for the same brands in the retail store.
Communication Objectives
- Increasing brand awareness is a relevant objective at the initial stage of communication.
Media Planning
- Reach refers to the number of different persons or households exposed to a particular media schedule at least once during a specified time period.
Internationalization
- Foreign direct investment has advantages over exporting, including more control, cost economies, and a deepened relationship with the host government.
Positioning and Segmentation
- Positioning supposes that commonalities, as well as differences between brands, are identified.
- A POD (point of difference) is a characteristic that sets one brand apart from another.
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