Question 1

Which positioning strategy offers value for consumers by providing the same brands as competitors at a lower price?

Accepted Answer

The positioning strategy that offers value for consumers by providing the same brands as competitors at a lower price is "same-for-less". This strategy allows companies to differentiate themselves by offering the same quality as their competitors at a lower price, which appeals to price-sensitive consumers. The other options are: 
- More-for-the-same: This strategy offers more features/benefits for the same price as competitors.
- More-for-less: This strategy offers more features/benefits for a lower price than competitors.
- Less-for-much-less: This strategy offers fewer features/benefits for a much lower price than competitors.
- More-for-more: This strategy offers more features/benefits for a higher price than competitors.

Question 2

Company and brand positioning should be summed up in a ________.

Accepted Answer

A positioning statement summarizes the key features and benefits of a company or brand and how it differentiates itself from competitors in a concise and memorable way. Mission and vision statements are broader in scope and may not necessarily address positioning. Profit and corporate statements also do not specifically address the brand's positioning.

Question 3

Eastline, a manufacturer of outdoor patio furniture, positions its products as superior in weatherproofing and durability. This is an example of ________ differentiation.

Accepted Answer

The positioning of outdoor patio furniture as superior in weatherproofing and durability indicates a differentiation on the basis of product features.

Question 4

A more-for-more market offering not only offers higher quality but also gives prestige to a buyer.

Accepted Answer

A more-for-more market offering typically includes higher quality or more features, which can increase a product's prestige and appeal to buyers who value premium products or luxury experiences. This can create a psychological effect where buyers feel they are getting a better value for their money by purchasing a more expensive or exclusive product.

Question 5

Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n)________ value proposition.

Accepted Answer

Rad's value proposition is "more-for-more" because it charges a higher price but also provides higher quality and better service to customers, which justifies the higher price.

Question 6

Zeal is a popular automobile brand, and its positioning statement is: "For upscale American families who require large vehicles, Zeal is the automobile of choice." Which of the following mandatory elements is missing from the positioning statement?

Accepted Answer

The positioning statement lacks a clear point of difference that distinguishes Zeal from its competitors, which is essential to explain why it is the automobile of choice for upscale American families.

Question 7

Cian, an automobile manufacturer, offers a new car model with features comparable to that of another popular brand. However, the Cian model is priced lower than its competitor and includes a longer warranty. Cian is most likely following a more-for-the-same strategy.

Accepted Answer

A more-for-the-same strategy offers more benefits at the same price, but Cian is offering more benefits (longer warranty) for a lower price, which aligns with a more-for-less strategy.

Question 8

When firms use symbols, colors, or characters to convey their personalities, they are using ________ differentiation.

Accepted Answer

Image differentiation refers to using symbols, colors, or other design elements to create a unique image or personality for a brand or product. This helps differentiate the brand from competitors and create a distinct perception in the minds of consumers.

Question 9

Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy.

Accepted Answer

Stores that offer low-quality alternatives to luxury products at low prices are adopting a "less-for-much-less" positioning strategy. This approach means they provide products that are less expensive and of lower quality compared to high-end or luxury alternatives, targeting consumers who are willing to accept a decrease in quality for a significant reduction in price.

Question 10

A brand difference is said to be preemptive if ________.

Accepted Answer

A preemptive brand difference is one that is difficult for competitors to copy, giving the brand a unique advantage in the market. The other options may also be important factors for a successful brand difference, but they do not necessarily make it preemptive.

Question 11

Explain the concept of positioning for competitive advantage.

Accepted Answer

The answer of Explain the concept of positioning for competitive...

Question 12

A company or brand image should convey a product's distinctive benefits and positioning.

Accepted Answer

A company or brand image is an important aspect of marketing strategy that helps to convey a product's unique selling point (USP), distinctive benefits and positioning in the market. This is achieved through the use of visual elements such as logos, colors, and fonts that are carefully designed to resonate with the target audience and convey the intended message. A well-crafted brand image can help to establish a sense of trust and credibility with potential customers, while also setting a product apart from its competitors.

Question 13

Which of the following is true of perceptual positioning maps?

Accepted Answer

Perceptual positioning maps are used to analyze consumer perceptions of a brand relative to competing products. They help marketers understand how consumers perceive their brand in comparison to other brands in the market. By plotting different brands on a map based on their perceived attributes, marketers can identify gaps in the market and develop strategies to differentiate their brand.

Question 14

Household Storez, a local retail store, claims to offer better products at lower prices than other retail stores. In this case, the firm's positioning reflects a ________ value proposition.

Accepted Answer

The statement "better products at lower prices" suggests that Household Storez is offering more value for less money, making their positioning a more-for-less value proposition.

Question 15

Brand differences are worth promoting if they satisfy certain criteria. What are these criteria?

Accepted Answer

The answer of Brand differences are worth promoting if they...

Question 16

Using a ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.

Accepted Answer

The answer of Using a ________ positioning strategy, companies can...

Question 17

The full positioning of a brand is referred to as the ________.

Accepted Answer

The answer of The full positioning of a brand is...

Question 18

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

Accepted Answer

A positioning statement typically includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category. A mission statement is a statement of the organization's purpose, a vision statement is a statement of the organization's goals, a profit statement is a financial statement, and an inventory statement is a statement of the organization's inventory levels. Therefore, the best choice is D.

Question 19

Describe the different types of value propositions on which a company might position its products.

Accepted Answer

The answer of Describe the different types of value propositions...

Question 20

Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?

Accepted Answer

The "more-for-less" positioning strategy is most likely to be followed by firms aiming to offer the best products at economical prices, as it suggests providing more value or quality for a lower price, appealing to consumers seeking both quality and affordability.

Quiz 6: Customer-Driven Marketing Strategy: Creating Value for Target Customers