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  1. 1. MGT201-Questions Made By @Amoudi66 CH10 The Marketing Research 5 Process. Defining the objectives and research needs Designing the Research Collecting the Data Analyzing data and developing insights Developing and implementing an action plan What is the difference between primary data and secondary data? Secondary Data • Collected prior to the start of the research project. • External as well as internal data sources. Primary Data • Collected to address specific research needs. • Examples: focus groups, in-depth interviews, surveys. • Sample: Choose a group of customers who represent the customers of interest and generalize their opinions to the market segment.
  2. 2. CH11 Explain the three components of a product. Core customer value Actual product Associated services What are the four types of consumer products? Specialty Shopping Convenience Unsought What is the difference between product line breadth and product line depth? Breadth (sometimes also referred to as variety) represents the number of product lines offered by the firm; Product line depth, in contrast, is the number of categories within a product line. Why change product mix breadth? To capture new or evolving markets, increase sales, and compete in new venues. address changing market conditions or meet internal strategic priorities. Why change product line depth? To address changing consumer preferences or preempt competitors while boosting sales, to realign resources.
  3. 3. How do brands create value for the customer and the firm? Brands facilitate the consumer search process are valuable in a legal sense, can lead to lower marketing costs because the brand and its associations help sell the product and brands have real market value as a company asset. What are the components of brand equity? Brand awareness perceived value brand associations brand loyalty 1. What are the differences between manufacturer and private-label brands? Manufacturer brands are owned and managed by the manufacturer. The manufacturer develops the merchandise, produces it to ensure consistent quality, and invests in a marketing program to establish an appealing brand image. Private-label brands are products developed by retailers. 2. What is co-branding? Co-branding is the practice of marketing two or more brands together, on the same package or promotion.
  4. 4. 3. What is the difference between brand extension and line extension? Whereas a brand extension uses the same brand name for a new product that gets introduced into new or the same markets, a line extension is simply an increase of an existing product line by the brand. 4. What is brand repositioning? Brand repositioning occurs when you make changes to what your customers associate with and expect from your brand. Why do firms change packaging? Attracts the consumers ‘attention. Enables products to stand out from their competitors. Allows for the same product to appeal to different markets with different sizes. A recent development is sustainable packaging What objectives do product labels fulfill? Meets laws/regulations Provides info to consumer to help with their purchase decision Can communicate benefits of the product to the consumer.
  5. 5. CH12 What are the four marketing elements that distinguish services from products? Services are intangible Inseparable Variable perishable Why can’t we separate firms into just service or just product sellers? Many of them are a blend and fall within the product-service continuum. Explain the four service gaps identified by the Service Gaps Model. The knowledge gap The standards gap The delivery gap The communication gap List at least two ways to overcome each of the four service gaps. The standards gap pertains to the difference between the firm's perceptions of customers' expectations and the service standards it sets. Firms can set appropriate service standards and measure service performance The delivery gap is the difference between the firm's service standards and the actual service it provides to customers. This gap can be closed by getting employees to meet or exceed service standards by providing incentives and support.
  6. 6. Why is service recovery so important to companies? Service recovery is important because it gives companies the opportunity to meet customer expectations and prevent a customer from potentially churning. What can companies do to recover from a service failure? Resolve problems quickly. Listen to the customer. Find a fair solution. Increase Service Recovery.
  7. 7. CH13 1.What are the three different considerations for setting prices? Value-Based Methods Competition-Based pricing Cost-Based pricing 2.How can you use value-based methods for setting prices? Improvement Value Method Cost of Ownership Method 1.What are some consumer-oriented pricing tactics? Markdowns Quantity Discounts Coupons Rebates 2.What are some B2B-oriented pricing tactics? Seasonal discounts Cash discounts Allowances Quantity discounts What common pricing practices are considered to be illegal or unethical? - Deceptive or illegal price advertising – Predatory pricing - Plan discrimination – Price fixing

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