MKT315 Final Exam Strategic Tools for Marketers – Vermillion

MKT315 Final Exam Strategic Tools for Marketers – Vermillion Final Exam Strategic Tools for Marketers –Vermillion Take Home Exam Due via dropbox on5/30 by 9:15pm You MUST have questions on exam - simply fill in your answers in a different color than blue. 1. How do you tie Perceptual Mapping and Conjoint Analysis together when presenting be specific? (5 pts) To solve a marketing problem such as when company wants to increase market share, we use two marketing tools perceptual mapping and conjoint analysis. Perceptual mapping will help us identify attributes that need to be enhanced in order to reach our desired positioning and conjoint analysis will calculate market share and help us determine its market barrier. 2. Define Perceptual Mapping and Conjoint Analysis. (4 pts) Perceptual Mapping is A target minds map their perception at that point is the reality, for its intuitive understanding we use odd numbers scale, so it has a clear middle and we follow steps, so we don’t lose too much information. To create a perceptual map, we use 4 step strategy. Conjoint Analysis simulates market value and puts numerical value on Attribute level. There 3 assumptions:  Products are just a bunch of attributes.  Products differ on an attribute level. If we change level product changes as well.  People have different preferences. 3. What is the problem with conventional marketing? (4 pts) Conventional marketing leads to head-to-head competition overtime. products start to look very similar within the market segments. Overall companies start to compete for price instead of producing new products. At the end functionality increases and price decreases simultaneously.