TMP 124 QUIZ 2 (final) with complete solutions 2023/2024

TMP 124 QUIZ 2 (final) with complete solutions 2023/2024 Write out the format for a unique value proposition being sure to note the 5 key parts. - ANSWER-for (segment or customer), our (product/brand) is (single most important benefit or claim) among all (competitive frame) because (single most important support). Positioning - ANSWER-creating an image for a product in the customer's mind 4 P's - ANSWER-Product, Price, Place, Promotion 2 questions that would be answered under each of the 4 p's - ANSWER-Product: 1.) What does it look like? 2.) What does the customer want from this product? Price: 1.) How will your price compare to the competitors? 2.) What is the value of the product or service to the buyer? Place: 1.) Where do buyers look for your products or services? 2.) How can you access the right distribution channels? Promotion: 1.) Where and when can you get across your marketing messages to your target market? 2.) When is the best time to promote? 3 Levels of Product - ANSWER-1. core customer value 2. actual product 3. augmented product 3 attributes of product - ANSWER-1.) quality (includes performance quality (level) and conformance quality (consistency)), features, styles & design (ex. OXO) 3 key variables in determining price & how they impact your pricing strategy - ANSWER-1.) competition 2.) costs 3.) customers