Question 1

A customer value map enables marketers to track how customers view a product based on ________ and ________.

Accepted Answer

A customer value map enables marketers to track how customers view a product based on quality and price. This map helps a company to identify the ideal price point for their product. By understanding how customers view the quality of their product, a company can make changes to enhance the customer’s perception of quality, which can lead to increased customer loyalty.

Question 2

What is a positioning statement? What are the characteristics of an effective positioning statement?

Accepted Answer

A positioning statement expresses the singular characteristic of a product or a brand aiming at establishing unique,sustainable,and positive associations in the minds of the customers.Most positioning statements specify the target segment,the brand being positioned,the product category within which it is being positioned,the point of difference or "unique selling proposition" and the reason to believe.A positioning statement should be relevant,distinctive,believable,feasible,communicable,and sustainable.

Question 3

What enables a firm to retain a position?

Accepted Answer

Branding enables a firm to retain a position in the market by creating a distinct image and reputation for its products or services, which can help build customer loyalty and trust. While differentiating and targeting are important strategies for gaining a competitive edge, they alone may not be enough to sustain a firm's position in the long run. Segmenting, on the other hand, is a way of identifying and targeting specific customer groups, but it does not necessarily help a firm retain its overall market position.

Question 4

Unserved or underserved markets are referred to as ________.

Accepted Answer

Unserved or underserved markets are often referred to as "white space" in business terminology. It represents an opportunity for companies to expand their market reach and capture new customers who are not being adequately served by existing businesses. Niche markets (B) and target segments (D) are related concepts but do not specifically refer to unserved or underserved markets. Intangible assets (C) refer to non-physical assets such as intellectual property or brand reputation.

Question 5

In multidimensional scaling,brand positions represent cost and quality.

Accepted Answer

In multidimensional scaling, brand positions represent perceptions of similarity and difference among brands, not specifically cost and quality, unless those are the dimensions chosen for the analysis.

Question 6

A ________ should express the unique characteristics of a brand in order to create positive associations in customers' minds.

Accepted Answer

A positioning statement is used to communicate the unique characteristics and value proposition of a brand to its target market. It should create positive associations in customers' minds by differentiating the brand from its competitors and highlighting its strengths. Vision and mission statements are broader statements that define a company's overall goals and purpose, while a differentiation statement focuses specifically on how a brand is unique from its competitors.

Question 7

La Quinta sends surveys to customers asking them to rate attributes of the hotel chain from 1-to-5 where "1" means "very unpleasant" and "5" means "very pleasant." Which tool is La Quinta most likely using for brand positioning?

Accepted Answer

La Quinta is most likely using semantic scales to gather customer ratings and feedback on various attributes of the hotel chain. Semantic scales use bipolar adjectives at opposite ends of a scale to measure the attitude or perception towards a brand or product. In this case, the scale ranges from "very unpleasant" to "very pleasant" to gauge customer satisfaction and position the brand accordingly.

Question 8

All of the following are typically included in position statements EXCEPT the ________.

Accepted Answer

Position statements typically focus on the target segment, unique product features, and the specific product category. Competitors' features are typically not included in a position statement as it is more focused on highlighting the unique features and benefits of the particular product.

Question 9

Which of the following is most likely a true statement about the ideal product?

Accepted Answer

The ideal product is a hypothetical concept created by marketers and researchers to represent the perfect product in every way. Therefore, it may not actually exist or be offered to consumers in the market.

Question 10

What is the most complex tool for brand positioning?

Accepted Answer

Multidimensional scaling is the most complex tool for brand positioning as it involves statistical analysis to map out the perceptions and preferences of consumers towards different brands or products based on various attributes or dimensions. It requires a detailed understanding of market research and statistical techniques, making it a challenging tool for brand managers and marketers. The other options, such as semantic scale, customer value map, and positioning statement, are also important tools for brand positioning, but they are relatively simpler and easier to use compared to multidimensional scaling.

Question 11

Which group ultimately determines a product's position relative to competing products?

Accepted Answer

Consumers ultimately determine a product's position relative to competing products based on their preferences, needs, and perceptions. Marketers and advertisers may influence consumers' perceptions through advertising, branding, and other marketing tactics, but it is ultimately up to the consumer to decide which product best meets their needs and preferences. Distributors may play a role in where the product is placed on store shelves, but this does not necessarily determine the product's position relative to competing products.

Question 12

Semantic scales are appropriate positioning tools when a marketer needs to collect data about consumer perceptions of a product's attributes.

Accepted Answer

Semantic scales are commonly used in market research to gather data about how consumers perceive the attributes of a product or brand. These scales typically involve rating a series of statements or adjectives on a rating scale, allowing marketers to understand consumer perceptions in a quantitative way. This information can be used to inform marketing strategies and product development decisions.

Question 13

A perceptual map provides a graphic visualization of what customers think about products and brands.

Accepted Answer

A perceptual map is indeed used to provide a graphic visualization of how customers perceive different products and brands in the market. It helps businesses to identify gaps in the market and understand how they can position themselves to better meet customer needs and preferences.

Question 14

Which of the following is the placement of a product or service in the minds of targeted customers?

Accepted Answer

Positioning refers to the placement of a product or service in the minds of targeted customers. Segmentation is the process of dividing a large market into smaller segments based on certain characteristics, while targeting refers to selecting specific segments to market the product or service to. Promotion refers to the marketing communication activities used to inform and persuade potential customers about a product or service.

Quiz 27: Note : Positioning

A customer value map enables marketers to track how customers view a product based on and .