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Author Question: ____________________ may be used to assess problems with multicollinearity. Fill in the blank(s) ... (Read 123 times)

OSWALD

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on: Jun 28, 2018
___________________ _ may be used to assess problems with multicollinearity.
 Fill in the blank(s) with correct word

Question 2

Consider price, quality, availability, and promotions. Which combinations of these make the most sense? Why?


1_Step_At_ATime

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Reply #1 on: Jun 28, 2018
Answer to Question 1

Variance Inflation Factors

Answer to Question 2

The most appropriate combinations are (1) low price, low quality, widely available, heavy promotions, and (2) high price, high quality, exclusivity, light promotions.
We can either position our brand as low price, low quality, or we want to achieve high quality and charge high prices, etc. If we have reason to modify one of the Ps, go with low price, low quality, widely available, but we want to lighten up on promotions, then that is our strategic and tactical choice. But these two extremes clarify the goals of a brand's position in the marketplace and can help us align the many decisions that need to be made, all the way from product design to channel choice for deliver to the marketplace.
Some brands appear in all the other suboptimal combinations though. We might question how long a company or brand can sustain a suboptimal position, but at any given point in time, there could be market offerings spanning the matrix.


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