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Marketing management > Marketing management summary definitions > Flashcards

Marketing management summary definitions Flashcards

1
Q

Business portfolio

A

The group of different products, brands or SBUs owned by a company and having different income generating and growth capabilities

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2
Q

SBU

A

Single business unit or a collection of related businesses planned separately from the rest with own set of competitors and own responsibility for strategic planning and profit performanc

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3
Q

Mission statement

A

Is a statement of why an organization exists and what its overall goal is.

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4
Q

Characteristics of a good missions statement

A

Market rather than product oriented

Stress companys major poicies values and culture

Take a long term view

Stated in brief, with flexibility and distinction

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5
Q

Portfolio analysis

A

Can be conducted to assess the potential of a firms strategic business units. This is done witha BCG matrix

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6
Q

BCG matrix

A

Graph of relative market share and market growth rate

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7
Q

BCG matrix (stars)

A

Are high growth, high share businesses or products

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8
Q

BCG matrix (Cash cows)

A

Are low growth high share businesses or products

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9
Q

BCG matrix (question mark)

A

Are low share business units in high g rowth markets

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10
Q

BCG matrix (dogs)

A

Are low growth low share businesses and products (enough to maintain themselves though)

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11
Q

Ansoff matrix

A

Focuses on business growth in potential new market

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12
Q

-

A

-

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13
Q

Market development

A

Company growth by increasing sales of current products to current market segments without changing the product

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14
Q

Market developments

A

Company growth by indentifying and developing new market segments for current company products

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15
Q

Product developemtns

A

Company growth by offering modified or new products to current market segments

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16
Q

Diversification

A

Company growth through starting up or acquiring businesses outside the companys current products and markets

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17
Q

Value chaing

A

Is the series of internal departments that carry our value creating activiteis to design, produce, market and deliver

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18
Q

Marketing strategy

A

Is the marketing logic by which the company hopes to create customer value and achieve profitable relationships

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19
Q

Market segmentation

A

Dividing a market into distinct groups of buyers who have different needs characteristics or behaviors and who might require separate marketing strategies or mixes

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20
Q

Marketing targeting

A

The process of evaluating each market segments attractiveness and selecting one or more segments to enter

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21
Q

Positioning

A

Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of target consumers

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22
Q

Differentiation

A

Actually differentiation the market offering to create superior customer value

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23
Q

Marketing mix

A

the set of tactical marketing tools – product, price, place and promition – that the firm blends to produce the response it wants in the target market

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24
Q

Five marketing management functions

A

Analysis, planning, implementation, organization and control

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25
Q

Marketing return on investment

A

Is the net return from a marketing investment divided by the cost of the marketing investment

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26
Q

2 ways for a firm to obtain new products

A

Acquisition (buying a whole company, patent or license)

New product development

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27
Q

–

A

–

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28
Q

Customer centred new product development

A

Focuses on finding new ways to solve customer problems and create more customer satisfying experiences

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29
Q

Team based new product development

A

Is a new product development approach in which various company departments work closely together, overlapping the steps in the product development process

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30
Q

Product life cycle (PLC)

A

Is the course of a products sales and profits over its lifetime (typically slow rise, preak, falls off

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31
Q

PLC five stages

A

Product developemnt, introduction, growth, maturity, decline

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32
Q

Customer based pricing

A

Setting price based on buyers perceptions of value rather than on the sellers cost

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33
Q

Good value pricing:

A

Offering just the right combination of quality and good service at a fair price

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34
Q

Value added pricing

A

Attached value added features and services to differentiate a companys offers and charging higher prices

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35
Q

Cost based pricing

A

Setting prices based on the cost of producing, distributing and selling the product plus a fair rate of return for the effort and risk

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36
Q

Cost plus pricing

A

Adding a standard mark up to the cost of production

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37
Q

Break even pricing (tarket return pricing)

A

Firm tries to determine the price at which it will break even or make the target return it is seeking)

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38
Q

Competetive based pricing

A

Setting prices based on competitors strategies, price, costs, and market offers

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39
Q

Pure competition market

A

Market consists of many buyers and sellers trading in uniform commodity, such as wheat, copper or financial securities. No single buyer or seller has much effect on the going market price

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40
Q

Monopolistic competition market

A

The market consists of many buyers and sellers trading over a range of prices rather than a single market price. A range of prices occurs because sellers can differentitate their offers to buyers

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41
Q

Oligopolistic competition Market

A

The market consists of only a few large sellers. Because there are few sellers, each seller is alert and responsive to competitors pricing strategies and market moves

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42
Q

Pure monopoly market

A

The market is dominated by one seller, pricing is handled differently in each case

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43
Q

(price skimming)

A

setting a high price for a new product to skim maximum revenues later by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales

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44
Q

Market penetration prices:

A

Setting a low price for a new product in order to attract a large number of buyers and a large market share

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45
Q

Product line pricing

A

Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitiors prices

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46
Q

Optional product pricing

A

The pricing of optional or accessory products along with a main product

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47
Q

Captive product pricing

A

Setting a price for products that must be used along with a main product, such as blades for a razor and games for a video game console

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48
Q

By product pricing

A

Setting the price for by-products in order to make the price of the main product more competitive.

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49
Q

By product pricing

A

Setting a price for by products in order to make the main products price more competetive

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50
Q

Product bundle pricing

A

Combining several products and offering the bundle at a reduced price

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51
Q

Segmented pricing

A

Selling a product or service at two or more prices, where the difference in prices is not based on differences in costs

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52
Q

Psychological pricing

A

Pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product.

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53
Q

Promotional pricing

A

Temporarily pricing products below the list price and sometimes even below cost, to increase short run sales

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54
Q

Geographical pricing

A

Adjusting prices to account for the geographic location of customers

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55
Q

Dynamic pricing

A

Adjusting prices continually to meet the characteristics and needs of individual customers and situations

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56
Q

International pricing

A

Adjust prices for international market

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57
Q

Joni is a

A

bitch

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58
Q

Supply chain

A

Consists of upstream and downsteram partners.

upream from the company is supplies they need

Downstream are markets

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59
Q

Channel level

A

A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer

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60
Q

Indirect marketing channels

A

A marketing channel containing one or more intermediary levels

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61
Q

Conventional distribution channel

A

Consists of one or more independent producers, wholesalers, and retailers, each aiming to maximize its own profits.

Very little control over each others –> no means to resolve channel conflict

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62
Q

Vertical marketing system (VMS)

A

consists of producers, wholesalers and retailers acting as a unified system (due to contracts or one has so much power the others must follow)

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63
Q

Corporate VMS

A

Integrates successive stages of production and distribution under single ovwnership

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64
Q

Contractual VMS

A

Consists of independent firms at different levels of production and distribution that join together through contracts to obtain more economies or sales ipmact

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65
Q

Administered VMS

A

Leadership is assumed not through common ownership or contractual ties but through the size and power of one or a few dominant channel members

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66
Q

Multichannel distribution system

A

A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments

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67
Q

Supply chain management

A

Managing upsteam and downstream value added flows of materials final goods and related information among suppliers

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68
Q

Integrated logistics management

A

The logistics concept that emphasizes teamwork, both inside the company and among all the marketing cahnnel organizations

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69
Q

Third party logistics provider

A

An independent logistics provider that performs any or all of the functions required to get a clients product to market

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70
Q

Five C’s of the marketing mix

A

Company, Customers, Competitors, Collaborators, and context.

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71
Q

Three parts of positioning statement

A

Frame of reference, primary benefit and target customers

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72
Q

-

A

-

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73
Q

Veblen good

A

Demand increases as price increases

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74
Q

Price elasticity + formula

A

The sensitivity to changes in price

1) Demand2- demand1/ Demand1 = Percentage change in demand
2) Price2-Price1/Price1 = Percentage change in price

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75
Q

Price framing

A

Refers how the offer is communicated to the consumer

Example: Price is 4,99 instead of 5

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76
Q

Psychological pricing

A

The pricing that considers the psychology of prices not simply the econoics

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77
Q

Two mechanisms that relate to the left-digit bias

A

1) consumers want to reduce cognitive costs and do not read the cents ending
2) Consumers came to associate 99endings with sales or low price

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78
Q

Compromise effect

A

An increase in the choice share of focal option after it becomes intermediate following addition of a new extreme option to a set

(You evaluate prices relative to the prices of other products)

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79
Q

PWYWP (Pay what you want to pay)

A

A participative pricing mechanism in which consumers have maximum control over the price they pay. This leads to higher perceived control and attracts more attention

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80
Q

Promotion mix

A

The specific blend of communications tools that the company uses to communicate customer value and build customer relationships

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81
Q

Push strategy

A

Pushes products to the final consumer

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82
Q

Pull strategy

A

Attempts to attract attention of customers and builds up desire within these

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83
Q

Promotion mix typology

5 Promotional tools:

A

Advertising, sales promotion, personal selling, public relations and direct and digital promotion

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84
Q

Advertising pros

A

Broad reach, positive inference-making (in terms of size popularity and success) and an experinec that stimulates each five senses

85
Q

Advertising cons

A

Difficult in estimating effectiveness, High expenditures and limited persuasiveness

86
Q

Sales promotion

A

Short-term incentives to encourage the purcahse or sale of a product/service

87
Q

Sales promotion pros

A

Attracts attention, creates engagement, effective in boosting sales in the short run

88
Q

Sales promotion cons

A

Short-lived positive effects, can affect price expectation, ineffective in building brand equity

89
Q

Personal selling

A

Personal customer interactions by the firms sales force to engage customers, make sales and build customer relaionships

90
Q

Personal selling pros

A

Relative high effectiveness, real time feedback from customers, possible to build long-term relationship

91
Q

Personal selling cons

A

Costly, principle-agent problems (agnecy theory)

92
Q

Public relations

A

Relate to building good relations with the companys various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavourable rumours, stories and events

93
Q

Public relations pros

A

Engagement, (potentially) high effectiveness

94
Q

Public relations cons

A

Coordination issues

  • Separate departments
  • DIfferent audienes
  • Different performance metrics
95
Q

Digital marketing

A

The application of the internet and related digital technologies, toegether with traditional communications to achieve marketing objecting

96
Q

Segmenting and tergeting is done in the following areas

A

Demographic, geographic, psychographic and behavioural

97
Q

Digital marketing mix consists of the following 4 things

A

Product, Price, Place and promotion

98
Q

Decoy effect

A

the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.[1] An option is asymmetrically dominated when it is inferior in all respects to one option; but, in comparison to the other option, it is inferior in some respects and superior in others. In other words, in terms of specific attributes determining preferences, it is completely dominated by (i.e., inferior to) one option and only partially dominated by the other. When the asymmetrically dominated option is present, a higher percentage of consumers will prefer the dominating option than when the asymmetrically dominated option is absent. The asymmetrically dominated option is therefore a decoy serving to increase preference for the dominating option.

99
Q

Three categories of incentives

A

Consumer incentives (coupons, loyalty programs etc), Incentives given to the companys collaborators, often channel partners (Price cuts, volume discounts, allowances and co-op advertising), and incentives given to the companys employees (bonuses, rewards and contests)

100
Q

Optimal value proposition consists of a balance of

A

Company value, customer value and collaborator value

101
Q

Customer incentives consist of 2 kinds of incentives

A

Monetary incentives and non monetary incentives

102
Q

Monetary incentives (consumer)

A

Aim to reduce an offerings costs by providing customers with a monetary inducement to purchase the offering.

Includes: Coupons, Rebates, Price reductions and volume discount

103
Q

Non-monetary incentives (consumer)

A

Typically aim to enhance the value of the offering.

Includes: Premiums (bonus products or services), Prizes, contests or loyalty programs

104
Q

Managing purcahse timing

A

Time-sensitive incentives can encourage customers to purchase a companys offering in a time fram consistent with the companys goals. (Temporary price reductions)

105
Q

Optimizing the value of the offering to different segments

A

A company might offer incentives to selectively enhance the value of an offering for particular customer segments

106
Q

Responding to a competitors promotion

A

Companies often attempt to lure customers by offering incentives, which, in turn, forces other companies serving these customers to respond by offering similar incentives

107
Q

Monetary incentives (collaborator)

A

Payments or price discounts given as encouragement to purcahse the product or as an inducement to promote the product to customers.

Includes: slotting allowance (an incentive paid to a distributor to allocate shelf space for a new product)

stocking allowance

Cooperative advertising allowance

Market development allowance

Display allowance

Spiffs

Volume discount/rebate

108
Q

Spiffs

A

Incentives such as cash premiums, prizes or addtitional commissions given directly to the salesperson (rather than the distributor) as a reward for sellinga particular item

109
Q

Stocking allowance

A

An incentive paid to a distributor to carry extra inventory in anticipation of an increase in demand

110
Q

Nonmonetary incentives (collaborator)

A

Contests (performance based rewards (vacations trips etc.))

Bonus merchandise

Buyback guarantees (buy back stock if its not sold)

Sales support and training

111
Q

Company incentives

A

Focused on target customers and collaborators, companies often offer incentives to motivate and reward their own personnel

Includes: Contests, monetary bonuses, employee recognition awards, free goods and services, vacation and travel incentives, prizes, sweepstakes and games

112
Q

Collaborator incentives summary definition

A

are offered to members of the distribution channel and
can have multiple objectives: (1) to gain distribution coverage, (2) to encourage
channel members to stock the offering at certain inventory levels (to avoid stockouts or to transfer the inventory from the manufacturer to distributors), and (3) to
encourage channel members to promote the company’s offering. Similar to
customer incentives, trade incentives are either monetary (discounts and
allowances) or nonmonetary (contests and bonus merchandise)

113
Q

Customer incentives summary definition

A

serve one of two goals: temporarily increasing sales
volume by giving target customers an additional reason to buy the offering, or
serving as a segmentation tool by selectively enhancing the value of the company’s
offering for target customers. Customer incentives can be divided into two
categories: monetary incentives that typically aim to reduce an offering’s costs
(coupons, rebates, price reductions, and volume discounts), and nonmonetary
incentives, which often aim to enhance the offering’s benefits (premiums, prizes,
contests, and loyalty programs)

114
Q

Run-of-press coupons

A

Coupons that appear in the actual pages of newspaper

115
Q

Slippage

A

The percentage of customers who fail to redeem a promotional offer made with the purchase

116
Q

Trade allowance

A

A broad range of trade incentives, including slotting allowances, stocking allowances and advertising allowances, offered as a reward for conducting promotional activities on behalf of the manufacturer

117
Q

Managing communication involves seven key decisions

A

setting the communication goal, articulating the communication strategy, developing the message, selecting the media, developing the creative solution, implementing the communication campaign, and evaluating the campaignn results

118
Q

Communication goal

A

Identifies the criteria to be achieved by the communication campaign within a given time

119
Q

Communication strategy

A

Identifies the target audience and the value proposition to be communicated to this audience

120
Q

Media

A

Are the means used by the company to communicate its message

121
Q

Creative solution

A

involves the exectuion of the companys message.

122
Q

key aspects of the creative solution

A

The type of appeal used in the campaign, the execution style

123
Q

Two decisions in setting a goal

A

The focus of the communication campaign and identifying the specific performance bechmarks to be reached

124
Q

Performance benchmarks

A

Provide measurable critera for success

125
Q

Traget audience

A

Defines the recipient of the communication campaign

126
Q

Value proposition

A

Defines the value that the communication campaign aims to convey to target customers

127
Q

Product- and service-related messages

A

Inform target customers of the characteristics of the companys products and services

128
Q

Brand related messages

A

Focus on the identity and the meaning of the copanys or offerings brand

129
Q

Price-related messages

A

Communicate the offerings price

130
Q

Incentives-related messages

A

Communicate the incentives associated with the offering, such as temporary price reductions, volume discounts, rebates, coupons and premiums

131
Q

Distribution-related messages

A

highlight the offerings availability in distribution channels

132
Q

(Media budget) Goal driven approach

A

Is based on a n estimate of the resources required to achieve the companys strategic goal. Takes into account factors such as the number of customers reached through a single exposure to the companys message per media dollar spent and the average number of exposures necessary to create awareness

133
Q

(Media budget) Percentage-of-sales

A

Approach implies setting the budget as a percentage of the companys sales revenue

134
Q

(Media budget) Competitive-parity

A

Approach implies setting the budget at par with that of a key competitor. The approach in which the budget is set proportionally to the desired share of total media expenditures in a given category is also referred to as share-of-voice budgeting

135
Q

(Media budget) legacy approach

A

Implies budgeting based on prior year expenditures

136
Q

(Media budget) affordability approach

A

Implies setting the budget based on resources available for promotiaonal activities

137
Q

(Media type) Advertising

A

Involves nonpersonal marketing communications in which the company develops the message and absorbs most of all of the media costs.

138
Q

(Media type) Public relations and social media

A

Involve communications by third parties that are not directly controlled by the company. Unlike advertising, with public relations the company does not pay for the media nad therefore cannot control the content of the message

139
Q

(Media type) Direct marketing

A

Involves individually targeted communications typically designed to elicit a direct response

140
Q

(Media type) Event sponsoring

A

Invloves backing events and activities of interest to the offerings target customers

141
Q

(Media type) Product-based communication

A

Is embedded in the product itself, such as product labels, signs and packaging

142
Q

(Media scheduling) Pattern

A

Communication can be continuous, concentrated, or intermittent.

143
Q

(Media scheduling) Frequency

A

Reflects the number of times target customers are expeosed to a particular message over a given period

144
Q

(Media scheduling) Reach

A

Reflects the number of target customers who are exposed to a particular message at least once in a given period

145
Q

(Creative solution)

A

Involves translating the companys message into the language of the selected media formate, such as tv, print, radio or online

146
Q

(Creative solution) Appeal

A

Refers to the approach used to communicate the companys message

Information based appeals

Emotion based appeals

147
Q

(Creative solution) Execution style

A

Refers to the method used to convey a particular appeal using the language of the selected media format

148
Q

Setting up the organizational infrastructure

A

Identify the relevant collaborators and forming a team to manage the campaign

149
Q

Setting up the organizational process

A

Involves identifying the specific actions to be taken during preproduction, production and postproduction

150
Q

The scheduling process

A

Involves deciting on the timing and the optimal sequence in which individual tasks should be performed to ensure effective and cost-efficient execution of the communication campaign

151
Q

Exposure

A

Reflects the number of times a given advertisement has been seen by the target audience

152
Q

Comprehendsion

A

The degree to which the target audience understand the ad

153
Q

Recall

A

The degree to which the target audience remembers an advertisement

154
Q

Persuasion

A

The degree to which the advertisement is able to strengthen or change preferences of the target audience

155
Q

Intent

A

Reflects customers mental disposition to act favorably toward the offering, such as buy the product, visit the store or contact the company

156
Q

Behavior

A

Reflects the impact of an advertisement on repsondents

157
Q

Media type

A

Measuring the effectiveness of a communication campaign is also a function of the particular media type

158
Q

Awareness formula

A

Advertising reach x frequency of exposure/Number of exposures necessary to create awareness

159
Q

Affiliate marketing

A

A communication strategy that involves revenue sharing between advertisers and online content providers

160
Q

Awareness rate

A

Te number of potential customers aeware of the offering rleative to the total number of potential customer

161
Q

Carryover effect in advertising

A

Impact of an advertising campaign that extends beyond the time frame of the campaign

162
Q

Comparative advertising

A

Advertising strategy whereby a given offering is directly compared with another offering

163
Q

Cooperative advertising

A

Advertising strategy in which a manufacturere and a retailer jointly advertise their offering to consumers.

164
Q

Cost per point formula

A

Advertising cost/Gross rating point

165
Q

Gross rating point GRP + formula

A

A measure of the total volume of advertising delivery to the target audience

GRP = reach x Frequency

166
Q

Net promoter score

A

a popular metric designed to measure customers word of mouth about a company.
<6 = detractors

7/8 = Passives

9/10 = Promoters

167
Q

Share of voice + formula

A

A companys communication expenditures relative to those of the entire product category

Share of voice = An offerings communication expenditures/Product categorys communication expenditures

168
Q

Target rating point

A

A target rating point is a metric used in marketing and advertising to compare target audience impressions of a campaign or advertisement through a communication medium relative to the target audience population size

169
Q

Wearouts

A

A decrease in the effectiveness of a communication campaign from decreased consumer interest in the message, often resulting from repetition

170
Q

four levers that make productivity increases

both predictable and manageable.

A

Targeted offerings

Optimized automation, tools, and procedures.

Performance management

Sales force deployment.

171
Q

Direct Marketing channels

A

Producers selling products directly to customers

Is a marketing channel that has no intermediary levels

172
Q

Including agents

A

Agents can be very helpful when launching a new product

Producer –> Agent –> Wholesaler –> resailer–> final customer

173
Q

Three dimensions in the relationship between producers and distributoers

A

Logistics, Financials and information

174
Q

Drawbacks of working with a distributor

A

They have all your client information and some distributors refuse to share information about end clients

175
Q

Multichannel marketing

A

the blending of different distribution and promotional channels for the purpose of marketing. Distribution channels include a retail storefront, a website, or a mail-order catalogue. Multichannel marketing is about choice.

176
Q

types of context

A

Sociocultural, technical, physical, regulatory and economic

177
Q

Types of marketing 3

A

One for all mass marketing, Segment based marketing and One for each- one to one marketing

178
Q

Tactical segmentation

A

grouping customers based on their demographics and behavior.

179
Q

Tactical targeting

A

laying out the channels to be used to communicate and deliver the offering to strategically viable customers.

180
Q

Typical segmentation groups

A

Relevance, exclusivity, Similarity or comprehensiveness

181
Q

Experience attributes

A

Can only be revealed through consumption

182
Q

credence attributes

A

Quality never revealed even through consumption

183
Q

confirmation bias

A

seeking or interpreting of evidence in ways that are partial to existing beliefs, expectations, or a hypothesis in hand.

184
Q

3 different brand valuations

A

Forbes, Interbrand and Brandirectory

185
Q

Positive effect of opening umbrella brand

A

Cross-category reputational effects through higher order associations
•
Stronger brands are characterized by lower (i.e. less negative) price elasticity

186
Q

Negative effect of umbrella branding

A

Too many stock keeping units
carrying the same brand name
lead to lower perceived variety in
the store

187
Q

Gabor grangr method

A

Asking people if they would buy a product at a range of different prices

188
Q

Van Westendorp method

A

At what price would you consider the product to be a bargain, a great value for money?

  • At what price would you consider the product to be priced so low that you would feel the quality couldn’t be very good?
  • At what price would you consider the product as starting to get expensive, but you would still consider buying it?
  • At what price would the product be so expensive that you would not consider buying it?
189
Q

Choice based conjoint

A

Choose between different pairs/triads of options (allowing for no choice)

190
Q

Rank based conjoint

A

Rank multiple options from most to least preferred

191
Q

Rating-based conjoint

A

Rate multiple options on a scale, e.g. from 0 to 100

192
Q

Price formula

A

Total cost/Market value +Markup

193
Q

Break even pricing volume formula

A

Volume = Fixed cost/ (Price -Variable costs)

194
Q

Market penetration

A

Setting a low price for a new product in order to attract a large number of buyers and a large market share

195
Q

Just below pricing

A

Pricing just below whole euros 99 endings for example

196
Q

Communication goal focus

A

Awareness, interest, Desire and action

197
Q

Public relations how

A

Press relations, relations with employees, community relations, Lobbying, investor relations and relations with donors

198
Q

Mere-measurement effect

A

when asked to provide purchase intentions, consumers are more likely to choose brands for which they hold positive and accessible attitudes…

199
Q

Self-selection problem

A

People are not randomly assigned to like a page. Like the brand more? More likely to like, to follow and to buy

200
Q

Five flows in the marketing channel

A

Poduct flow, negotiation flow, Ownership flow, information flow and Promotion flow

201
Q

Selective distribution

A 
only distribution points that meet minimal
quality criteria (location, image, volume)
202
Q

intensive distribution

A

As many dstribution points as possible

203
Q

Five Common Causes of Channel Conflict

A

Goal incompatibility
• Unclear roles and rights
• Differences in perception
• Intermediaries’ dependence on manufacturer
• (Too) many intermediaries going after the consumer

204
Q

Predatory pricing

A

Undercutting hte price for a project when you are the larger firm to drive another out of business

205
Q

Price fixing

A

It is an agreement among firms in an industry to set up prices at certain levels

206
Q

bounce rates

A

Percentage of times a given page was the only page viewed

207
Q

loss aversion

A

People tend to put more weight on losses than wins

208
Q

Not balanced

A

means that for some attribute levels people will make more ratings/choices than for others. As a result, you will get more precise information about consumer valuation for some attribute levels than for
others.

209
Q

Not orthogonal

A

means that for some pairs of attributes certain attribute
levels co-occur in your cards at above-chance rates (e.g., when price is high, quality more likely to be high as well in the profile cards).

Marketing management (3 decks)

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