Exam (elaborations)
COB 300 - Marketing Exam 2 Hertzenberg Questions and Answers
- Course
- Institution
COB 300 - Marketing Exam 2 Hertzenberg Questions and Answers
[Show more]
Content preview
COB 300 - Marketing Exam 2Hertzenberg Questions and Answers
Positioning - Answers -- What it is: the space in a customers head or heart you want to
own
- Positioning is internal
- Goals of Positioning
1) Meaningful
2) Valuable
3) Logical/emotionally powerful
4) OWNABLE
What are the 5 types of positioning strategies? - Answers -1) By attributes and benefits
2) Price or quantity
3) Competition
4) Product class
5) Product Users
Attributes and Benefits - Answers -Example: Apple ad showing how the full internet was
used on an iPhone
Price or Quantity - Answers -Lowest prices
Competition - Answers -Example: Coke vs. Pepsi ad -- Pepsi shows Coke in the ad to
directly attack it
* 1st place should never use this kind of advertising
Product Class - Answers -Class of its own
E.g. prerecorded music
Product User - Answers -Example: Michael Jordan drank Gatorade -- so should you
What are the 4 steps in developing your position? - Answers -1) Identifying attributes of
importance to TM
2) Assess TM's perceptions of you and competitors
3) Select positioning and execute through mix
4) Monitor the positioning
Perceptual Mapping - Answers -Consumers group products to simplify buying
Marketers:
1) Identify self on map
, 2) Identify customer "ideal points"
3) Influence this map and/or their place on the map
What is new product innovation? - Answers -In the marketplace, customers perceive it
to be new or differing from existing products. It could be entirely new or simply have
additional features to make existing product better.
New product development is an _____________ process - Answers -ongoing
What are the 3 major expenses involved in new product development? - Answers -1)
High R&D
2) Increases speed of obsoleteness
3) High slotting fees
In order for a retailer to put you on their shelves, they must believe that you will be more
_____________ than whatever you replace - Answers -profitable
If more companies are competing for space on a shelf, what happens to slotting fees? -
Answers -increase
According to the Federal Trade Commission, how long can a new product be marketed
as "new"? - Answers -6 months
What is the ratio of raw, unwritten ideas to commercially successful new products? -
Answers -3000 to 1
What are the 3 degrees of new customer learning? - Answers -Lowest: Continuous
Medium: Dynamically continuous
Highest: Discontinuous
Continuous Learning - Answers -*Most common* Requires no new learning from
consumers.
Ex: new/improved laundry detergent or razors
Dynamically Continuous - Answers -Disrupts the consumers normal routine but does
not require totally new learning.
Ex: Electric toothbrush, automatic flash on cameras.
Discontinuous - Answers -*rare* requires new learning and consumption patterns from
consumers. *MAJOR* changes in the way we live
Ex: Electric car, video recorders, *microwave,* *automobile*
When marketing this product, you have to educate consumers on how to use the
product.
What are the 2 forms of continuous innovation? - Answers -1) Line extension -->
Cheerios to Honey Nut Cheerios
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62491 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
