Buad307 Final Verified Multiple Choice and
Conceptual Actual Frequently Tested Exam
Questions With Reviewed 100% Correct
Detailed Answers
Guaranteed Pass!!Current Update!!
1. What are surveys? - ANSWER - Forms with planned questions that can
either be open or closed ended. Need large sample size to come to a precise
conclusion, small sample sizes will result in large margins of error
- Better to ask about to what extent rather than just a yes or know question. To
what extent from 1-10 do you like fashion vs. do you like fashion (yes or no)
2. What is experimentation? - ANSWER - Tests what people will actually do
rather than what they say or think they will do
- Useful in trying to determine causation (e.g., does a product sell more if the
packaging is red rather blue?)
- When doing this, it is possible to control for factors and to test and rule out
extraneous solutions
- Within-subject and between-subject experiments
3. Positioning: Format/templates, questions positioning answers, evaluation
criteria - ANSWER Market positioning involves the process of defining the
marketing mix variables so that target customers have a clear, distinctive,
desirable understanding of what the product does or represents in comparison
with competing products
,4. Criteria for evaluating a positioning statement - ANSWER - Is it memorable,
motivating and focused to the core personas?
- Does it provide a clear, distinctive and meaningful picture of the brand that
differentiates it from the competition?
- Can the brand own it?
Is it credible and believable?
- Does it serve as a filter for brand decision making?
- Does it have longevity & enable growth?
5. Brand Equity - ANSWER - The value a company gains from its name
recognition and associations when compared to other brands or a generic
equivalent
- What separates brands from products. It is slowly built over time and there is a
roadmap for building it. The brand Positioning Statement is its blueprint
6. Repositioning - ANSWER The inside, a change in the brand's promise and
overall identity; requires a lot of money to change and marketers change a brand's
focus to target new markets or realign the brand's core emphasis with changing
market preferences
7. Rebranding - ANSWER The outside, an identity change involving looks and
aesthetics
,8. Qualitative collection methods - ANSWER one on one interviews, focus
groups, observation, studies, record keeping, case studies
9. Quantitative collection methods - ANSWER survey, panel, scanner,
experiments
10. First-party data - ANSWER Your data about your customer that you collect
directly from them. Has been explicitly provided by a user by taking a specific
action. Usually that's some type of form that asks the user to provide some data
about themselves
11. Second-party data - ANSWER Data an organization collects from its
audience and sells to another company
12. Third-party data - ANSWER data that you buy from outside sources that
are not the original collectors of that data
13. Primary Research - ANSWER - Surveys
- Experimentation
- Observation
- Focus groups
What is observation? - ANSWER - Looking at consumers in the field
- The cost of observation can vary depending on the coding and analysis needed
to make the observation
, Focus groups - ANSWER - Groups of 5-12 consumers assembled
- Start out talking generally about the context of the product, gradually talk about
specifics of product
- High cost
- Most appropriate as an early stage method
Scanner Data - ANSWER - Each time a customer has his or her card swiped in
a participating store and buys anything represents a shopping occasion
- Reflects actual buying behavior, predicts purchase likelihood under different
circumstances (for example if something is on sale), very efficient and precise
predictor since large amounts of data are used
Scanner panel data - ANSWER - People can sign up to be part of a "panel."
Retail chain and/or many local retailers included
- Panel members in test communities agree to have purchases matched to:
Demographic profiles
Media/coupon exposure
Promotional status of competing brands
Past purchases
Sentiment Analysis - ANSWER - AI software that automatically analyzes data
to quickly understand how customers feel about your brand, product or service
- Machine interpretations of social media posts by specific words used, language
used, context, indicators of sarcasm
Conceptual Actual Frequently Tested Exam
Questions With Reviewed 100% Correct
Detailed Answers
Guaranteed Pass!!Current Update!!
1. What are surveys? - ANSWER - Forms with planned questions that can
either be open or closed ended. Need large sample size to come to a precise
conclusion, small sample sizes will result in large margins of error
- Better to ask about to what extent rather than just a yes or know question. To
what extent from 1-10 do you like fashion vs. do you like fashion (yes or no)
2. What is experimentation? - ANSWER - Tests what people will actually do
rather than what they say or think they will do
- Useful in trying to determine causation (e.g., does a product sell more if the
packaging is red rather blue?)
- When doing this, it is possible to control for factors and to test and rule out
extraneous solutions
- Within-subject and between-subject experiments
3. Positioning: Format/templates, questions positioning answers, evaluation
criteria - ANSWER Market positioning involves the process of defining the
marketing mix variables so that target customers have a clear, distinctive,
desirable understanding of what the product does or represents in comparison
with competing products
,4. Criteria for evaluating a positioning statement - ANSWER - Is it memorable,
motivating and focused to the core personas?
- Does it provide a clear, distinctive and meaningful picture of the brand that
differentiates it from the competition?
- Can the brand own it?
Is it credible and believable?
- Does it serve as a filter for brand decision making?
- Does it have longevity & enable growth?
5. Brand Equity - ANSWER - The value a company gains from its name
recognition and associations when compared to other brands or a generic
equivalent
- What separates brands from products. It is slowly built over time and there is a
roadmap for building it. The brand Positioning Statement is its blueprint
6. Repositioning - ANSWER The inside, a change in the brand's promise and
overall identity; requires a lot of money to change and marketers change a brand's
focus to target new markets or realign the brand's core emphasis with changing
market preferences
7. Rebranding - ANSWER The outside, an identity change involving looks and
aesthetics
,8. Qualitative collection methods - ANSWER one on one interviews, focus
groups, observation, studies, record keeping, case studies
9. Quantitative collection methods - ANSWER survey, panel, scanner,
experiments
10. First-party data - ANSWER Your data about your customer that you collect
directly from them. Has been explicitly provided by a user by taking a specific
action. Usually that's some type of form that asks the user to provide some data
about themselves
11. Second-party data - ANSWER Data an organization collects from its
audience and sells to another company
12. Third-party data - ANSWER data that you buy from outside sources that
are not the original collectors of that data
13. Primary Research - ANSWER - Surveys
- Experimentation
- Observation
- Focus groups
What is observation? - ANSWER - Looking at consumers in the field
- The cost of observation can vary depending on the coding and analysis needed
to make the observation
, Focus groups - ANSWER - Groups of 5-12 consumers assembled
- Start out talking generally about the context of the product, gradually talk about
specifics of product
- High cost
- Most appropriate as an early stage method
Scanner Data - ANSWER - Each time a customer has his or her card swiped in
a participating store and buys anything represents a shopping occasion
- Reflects actual buying behavior, predicts purchase likelihood under different
circumstances (for example if something is on sale), very efficient and precise
predictor since large amounts of data are used
Scanner panel data - ANSWER - People can sign up to be part of a "panel."
Retail chain and/or many local retailers included
- Panel members in test communities agree to have purchases matched to:
Demographic profiles
Media/coupon exposure
Promotional status of competing brands
Past purchases
Sentiment Analysis - ANSWER - AI software that automatically analyzes data
to quickly understand how customers feel about your brand, product or service
- Machine interpretations of social media posts by specific words used, language
used, context, indicators of sarcasm
