Essay About Toilet Paper And Only Answer Option

Mrkt 3250
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Baylor GravesMRKT 3250Create A Test HomeworkWhich is not a “C” within strategy differentiation?CompanyCustomersCreatorsCompetitionThey are all part of the strategy segmentAnswer: C. The “3C’s” are made up of company, customers, and competition. Creators is not included.Which is not a “P” included in the marketing mix?ProductPlacePromotionPriceThey are all parts of the marketing mixAnswer: E. The marketing mix is made up of product, place, promotion, and price. All the answers provided apply.Similarities between a company and its competitions offerings that the customer is seeking is considered what?Point of differencePoint of ParityCompetition similarityDifferential MarketingSimilarity MarketingAnswer: A. Point of parity. Point of difference is unique; D and E are not marketing terms that apply to this question.What makes a good point of difference?The Dilution EffectEasy to ReplicateBroadCredibleShowing the customer a unique feature that adds value to the product for most people but they do not see as valuable.Answer: D, Credible. Things that make a good point of difference are focus/simplicity, credibility, and hard to replicate. Credibility is the only answer option that fits into that definition.The curse of knowledge states thatKnowledgeable people are harder to market toWhat is simple to you might not be simple to your customerTechnology companies know too much about usPeople with little knowledge on a product are unaffected by advertisements for that productIf you don’t know your frame of reference you are cursed to be unsuccessful.Answer: B. The curse of knowledge is that what is simple to a company may not be simple to their customer. The rest are made up things that might sound accurate.In the Renova case study we learned thatPremium brands don’t compete because they collude on priceMost Portuguese people take more than 30 seconds to decide what toilet paper to buyPortugal’s toilet paper is provided by the government so the market is impenetrableMost people in Portugal responded that they choose toilet paper based on priceThe most important decision factor for toilet paper is brand.Answer: D, 60% of people responded that they buy toilet paper based on price, the rest of the are untrue.In the Renova Case which was not one of the four options discussed?Wait and do nothingProduce Private Label toilet paperReduce the price of their productFunctional InnovationAll the above were discussed Answer: E, all answers were discussed as options for Renova.The highest level of Maslow’s Hierarchy of needs isSelf EsteemLove and BelongingPhysiological NeedsSafety and SecurityNone of the aboveAnswer: E, none of the above are the top level. The top level is self-actualization which includes morality, creativity, spontaneity, acceptance, experience purpose, meaning and inner potential.Categorization in human cognition helps to…Classify previously unseen thingsMake PredictionsCommunicate efficientlyA and BA, B, and CAnswer: E, these are all benefits of categorization in human cognition.Categorization is…HierarchicalHow furniture is marketed to the publicHow the frame of reference for a product is identified.A and CA, B, and CAnswer: D, Categorization is hierarchical in that there are subordinate and superordinate levels, categorization can help with identifying furniture but is not how furniture is marketed to the public. Categorization does give a frame of reference to a product.The compromise effect shows thatWe tend to buy the same things our friends doWe will buy products we don’t want to get a cheaper priceWe tend to pick the middle option when given choicesWe will compromise and spend more to get the largest size for convenienceNone of the aboveAnswer: C, the compromise effect says that we will pick the middle option when given choices.An example of anchoring is…Placing an arbitrary limit per customer on a productMarketing two products togetherSelling a product for a loss to attract customers to other productsIncreasing participation through forcing consumers to opt out of selected optionsAll the above are options of anchoringAnswer: A, placing an arbitrary limit per customer on a product such as limiting a purchase to 12 cans of soup is the only example of anchoring in the provided answers.