Question

1. If a marketer wants to determine which version of a slogan is more effective, which data collection method would the marketer be most likely to use?
2. Explain the meaning of the term research design. What purpose(s) does it serve and how is it different from research methods.
3. List and explain the four types of strategies or bases, which companies could use to position their products or services in the marketplace.

Answer 1

1. If a marketer wants to determine which version of a slogan is more effective, which data collection method would the marketer be most likely to use? -
   The marketer would use a open-ended survey approach to collect the necessary data regarding customer preferences and impact of slogans.
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2. Explain the meaning of the term research design. What purpose(s) does it serve and how is it different from research methods. -
   A research design comprises of methods, tools and techniques selected by the researcher to execute his/her research. In short, it is a plan of how the researcher aims to complete his research activity.
   A research method is way in which the research will be conducted eg. Experiments, survey, case studies, observation, trials, etc.
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3. List and explain the four types of strategies or bases, which companies could use to position their products or services in the marketplace.
   a. Branding strategy - The product or services are promoted as a brand.
   b. Geographical or demographics based strategy - The product or service is promoted as per the demographics of the area. The marketing techniques and methods are altered to suit diverse markets.
   c. Value- based strategy - This strategy focus on creating value for the customer. i.e. creating pull or demand for the product or service.
   d. Cost differentiation strategy - This involves leveraging the product or service in comparison to competitors' offering by a cost-efficient approach. for example low-cost approach.