Topic 9

Question 1

Pioneering Vs. Imitative Strategies

Answer 1

Pioneering: High risk, high reward. The first product of its kind
Imitative: Low risk, low reward. Joins a saturated market.

Question 2

Ansoff’s Matrix

Answer 2

M Products
a Existing | New
r Existing Market penetration | Product development
k New Market development | Diversification
e
t

Question 3

Market Sector Vs. Market Segment

Answer 3

Sector: Broad Catagories of the kinds of markets a company is aiming for
Segment: Smaller categories within a sector

Question 4

List & Define: The 4Ps of the Marketing Mix

Answer 4

Product: Tangible goods beings sold
Place: where the product is in relation to the user
Price: How much someone pays for the product
Promotion: Forms of advertising to encourage purchases.

Question 5

Define: Branding

Answer 5

Creating an identity for a product/company to make the item being sold distinct from the competition.

Question 6

Define: Perceptual Mapping

Answer 6

Visual representation of a customers’ understanding of a brand.