MKT 315|Final Exam Strategic Tools for Marketers –Vermillion Latest Summer 2020 complete solutions, A+ Guide De Paul University.

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.