MTTM4

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. 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. 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. 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. 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. 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. 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