Markstrat - Quiz 2

new decisions introduced in period 2?

1. R&D 2. brand portfolio 3. marketing mix 4. commercial team 5. market research

how to interface with R&D

1. choose a meaningful name and description 2. enter the desired physical characteristics of a future brand 3. enter the desired base cost of a future brand 4. Allocate a budget so that R&D can allocate resources and complete the project

how to modify existing brands?

1. click here to modify brand 2. keep the same name 3. enter a new role 4. select MODIFY 5. enter the new R&D project for this brand

how to introduce brands?

1. click to launch a new brand 2.choose a brand name 3. enter the role of a new brand 4. choose the base R&D project

how to set perceptual objectives in Markstrat

1. enter significant budget in advertising and research 2. decide which scales (semantic or MDS) you want to communicate on 3. select the dimensions you want to communicate on 4. input the coordinates of the point you want to reach on the map

a completed r&d project may be used to...

1. modify existing brands 2. introduce new ones

Positioning steps

1. perceptual map 2. positioning through advertising 3. positioning through R&D 4. modifying and launching brands 5. new decisions period 2

why and when to interface with R&D

1. to develop and launch a new product 2. to develop and launch a brand in a new segment 3. To develop and launch a brand in a segment where you are not yet present 4. To modify a brand if its characteristics do not match consumers' expectations 5. To reduce the manufacturing unit cost of an existing product.

formula to calculate ideal attribute

C = C Min + (C Max - C Min) x (I - 1)/(7 - 1)

how to determine how much of the budget is needed to develop a project?

Option 1 - Run an online query Option 2 - Run a Feasibility Study

how to decide on desired base cost?

Option 1: Choose a base cost that aligns with comparable competitive projects or provides you with a good unit margin Option 2: ask R&D to develop this project at the lower possible base cost

two key ways to reposition brands in Markstrat

advertising R&D

opportunities in Markstrat

changing segment needs new target segment competitor entry pressure on margins

consumer needs

economy, performance, convenience

cost reduction projects should be weighted against?

experience curve effects

successful branding demands BLANK and the ability to identify evolving opportunities

long term thinking

How to translate consumer needs into physical characteristics?

option 1: copy the leader option 2: interpolate

Brand map plots BLANK rather than consumer needs

perceived physical characteristics

consumers make decisions based on their...

perception of your brand

BLANK is a valuable tool for visualizing brand positioning

perceptual map

positioning with advertising requires setting BLANK

perceptual objectives

brand characteristics

price, processing power, display size, design, number of features, battery life

what does your success depend on in markstrat?

your ability to develop and position brands