MKT 315 FINAL EXAM STRATEGIC TOOLS FOR MARKETERS- VERMILLION

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 per ...

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. This study source was downloaded by 100000832361371 from CourseHero.com on 07-09-2022 03:52:55 GMT -05:00 https://www.coursehero.com/file/59342408/Final-ExamMKT315doc/ MKT 315 FINAL EXAM STRATEGIC TOOLS FOR MARKETERS- VERMILLION Use the chart below to answer questions 4-8 Legend for Graph above Price: $30,000 utility.45 $40,000 utility .25 $50,000 utility .45 Style: Small SUV utility .15 Midsize SUV utility .25 Large SUV utility .35 Material: Vinyl utility .11 Fabric utility .24 Leather utility .11 Brand: Chevy utility .11 Ford utility .03 Dodge utility .05 4. If I was a marketing manager - what is the ideal or best TPU product for chart – be sure to list feature level and utility? (4 pts) Price: $50,000 utility .45 Style: Large SUV utility .35 Material: Fabric utility .24 Brand: Chevy utility .11 Total Product Utility =TPU 1.25 5. Tell me why I am crying if I am the Ford, Chevy or Dodge brand manager? (3 pts) Because based on this chart these brands aren’t popular brands and their utility numbers are very low. Since intercept represents market intrigued barrier and, on this example, its 1, and of the brands are lower than that. This study source was downloaded by 100000832361371 from CourseHero.com on 07-09-2022 03:52:55 GMT -05:00 https://www.coursehero.com/file/59342408/Final-ExamMKT315doc/ 6. What can you tell me about price, style and material? Explain your answer! (10pts) (Make assumptions about numerical value of style and material. Hint: the SUVs cost consumers as follows: Small SUV $10,000, Midsize $20,000, and Large $30,000, consumer pays following for each material – Vinyl $200, Fabric $300, and Leather $400) I would say that they correlate with each other. Price grows by $10,000 and based on material it grows by $100. Other than that, if we were to calculate overall feature importance Price range: .45-.25=.2 .2/.53= 37.74% Style range: .35-.15=.2 .2/.53= 37.74% Material range: .24-.11=.13 .13/.53= 24.53% Sum of range = .53 We can see that price and style are equally important features for this brands which makes them “hot buttons” and material is somewhat less important. 7. What is the most important thing you can tell me about a $40,000, Large SUV, Vinyl, Ford? (2 pts) Its TPU is .74 which makes it worst possible product. 8. Calculate Market Share for the following SUVs. (15pts) You MUST show your work! Product A: 30,000, Midsize, Leather, Ford Product B: 30,000, Midsize, Vinyl, Chevy Product C: 50,000, Large, Fabric, Dodge Product A Product B Product C 30,000 .45 30,000 .45 50,000 .45 Midsize .25 Midsize .25 Large .35 Leather .11 Vinyl .11 Fabric .34 Ford .03 Chevy .11 Dodge .05 TPU .84 .92 1.18