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1.

How does marketing affect your everyday


life.
Marketing plays important role in society.
Marketing function is to make food available
when we need it in desired quantities at
accessible locations in sanitary and convenient
packaging. Is important to business assesses
the wants and satisfaction of present and
potential customers, designing and managing
product offerings, determining prices and
pricing
policies,
developing
distribution
strategies and communication with present and
potential customers. Offers outstanding career
opportunities numerous careers like strategic
planning, product management, entry level are
paid well, challenging and stimulating career,
natural
leader,
resourceful,
good
communication skills, career in variety of
business and nonbusiness organizations.
Marketing affects your life every day you
participate in marketing every time you search
and purchase for a product, better-informed
customer, better prepared to demand quality
that was promised.
2. List in order the seven steps of the
marketing research process.
1 identify and formulate the research issue
problem/opportunity (Clear definition of the
problem helps the researcher in all subsequent
research efforts including setting of proper
research objectives, the determination of the
techniques to be used, and the extent of
information to be collected) 2 Plan the
research design and gather primary data
(selection of research methodology depends
upon the nature of research problem, available
existing knowledge and information. 3 Specify
the sampling procedures (From which base
population is the sample to be selected? What
is the method (process) for sample selection?
What is the size of the sample?) 4 Collect the
data (it involves technique or tools. For this
purpose some companies use in house
researchers and some outside consultants or
both. All this depends upon the time, budget
and accuracy. 5 Analyze the data (the data
collected is raw and not useful unless statistical
tools are applied upon it) 6 Prepare and
present the report (his report will include all of
your information, including an accurate
description of your research process, the
results, conclusions, and recommended
courses of action) 7 Follow up (why
recommendations were or not followed by
management, what could have been done
better)
3. List three reasons that a manufacturer of
health and beauty aids might want to use
internet marketing research as opposed to
some other method.
Rapid-development,
real-time
reporting,
reduces
costs,
personalized
questions,
improved respondent participation, contact with
difficult to reach groups.
4. What is scanned based research?
System for gathering information from a single
group of respondents by continuously
monitoring and advertising, promotion and
pricing hey are exposed to and products they
buy. Information Resources Inc. (behaviorScan
tracks purchases of 3000 households thru store
scanners in each research market, InfoScan for
consumer packaged goods industry) and
Nielsen Company

5. You are given the following limited info


about a market consisting of 10 ppl.
Describe ways to segment market.
1- homogeneous, 10 ppl, 2 individual market
segment for each person, 3 gender , males
females, 4 - income market segment, low,
medium, high, 5 5 segments by gender and
income
6. Discuss why market segmentation is
important to the well being of most
companies.
Nearly all markets include groups of ppl and
organizations with different product needs and
preferences, segmentation helps to define
customer needs and wants more precisely, help
decision makers more accurately define
marketing objectives and better allocate
resources. Performance can be better
evaluated when objectives are more precise.
7. To be useful, segmentation scheme must
produce segments that meet four basic
criteria. Name and briefly describe each of
these criteria.
1 - Substantiality: Segment must be large
enough to warrant developing and maintaining
a
special
marketing
mix.
2 - Identifiably and measurability: Segments
must be identifiable and their size measurable.
3 - Accessibility: The firm must be able to reach
members of targeted segments with customized
marketing
mixes.
4 - Responsiveness: Unless one market
segment responds to a marketing mix
differently from other segments, that segment
need not be treated separately.
8. What is geographic segmentation. Four
reasons for regional marketing approach.
Segmenting markets by region of a country of
the world, market size, density or climate.
Density number of ppl within unit of land.
Different toppings on pzza in japan
9. list in order the steps to segment a
market. Name two subsequent marketing
activities.
1 - Define and analyze the marketdetermine
market parameters (based on characteristics
that may include or exclude customers from a
group) within organizations mission and
business definition, as well as its strategic intent
2 - Identify and describe potential segments
decide on the most useful dimensions or
variables for selecting members of potential
market segments; then aggregate customers
into homogeneous groups, develop a profile of
the characteristics of each group, etc.
3 - Select the segment(s) to be served
select segments by evaluating against
predetermined criteria, then rank according to
the organizations ability to serve the market
profitably while providing customer satisfaction.
4 - Determine the product positioning strategy
determine the best fit between a product
and a market according to features most
desired by customers; consider competitors
positioning strategies, organizational goals, and
the market situation.
5 Select target markets, natural outcome of
segmentation process, major decision that
influences firm marketing mix
6 - Design and implement the marketing
programdevelop a tactical plan (marketing
mix) and determine objectives for the marketing
program; all elements of the marketing mix
must be consistent with the selected positioning
strategy.
Static (age) and dynamic segmentation (real
time changes based on customer dehaviour.

10. Multisegment targeting offers many


benefits to firm. List two benefits and four
costs
Grater sales volume, higher profit, larger market
share and economies of scale in manufacturing
and marketing greater financial success
Economies of scale in producing/marketing
Greater product design, production, promotion,
inventory, marketing research, management
costs
Cannibalization sales of a new product cut
into sales of existing one.

1.What aspects of product qualify for


trademark protection. Trademark is exclusive
right to use a brand or part of brand. Shape,
ornamental colour or design, catchy phrases,
abbreviations, sounds. Lasts for 15 years, need
renew
2. Four discrepancies channel members
overcome. Quantity difference between the
amount of product produced and the amount an
end-user wants to buy. By storing and
distributing in the appropriate amounts make
product available in the quantities that
consumers desire. Assortment occurs when a
consumer doesnt have all of the items needed
to receive full satisfaction from product.
Assemble many of the products in one place to
overcome. Temporal created when a product
is produced but consumer is not ready to buy it.
Maintain inventory in anticipation of demand.
Spatial marketers are scattered over large
geographic regions
because
of mass
production. Products available in convenient
locations
3. Three factors affecting channel choice.
Market factor target customer considerations.
Who what they buy, where, when, how they
buy. Also industrial customers buy larger
quantities, require more service. Geographic
location and size of market, for larger
intermediaries, for small direct selling. Product
factors complex, customized thru direct
selling, standard can have longer distribution
channel and number of intermediaries. Product
life cycle. Delicacy veggies short marketing
channel. Producer factors larger financial and
managerial resources more direct channels,
smaller intermediaries. selling several products
in related area more direct channel. Producer
desire to control pricing, positioning, brand

image, customer support. Exclusive clothing in


expensive stores.
4. Promotion communication by marketers
that informs, persuades and reminds potential
buyers of a product for the purpose of
influencing their opinion or eliciting response.
Advertising, direct marketing, public relations,
personal selling, sales promotion and online
marketing promotion mix. See pic
5. Use of four tools of promotional mix.
Advertising impersonal, one way mass
communication
abou
the
product
or
organization

tv, radio,
newspapers,
magazines, website, blogs, email, social media
tools, message, interactive video technology.
Public relations marketing function that
evaluates public attitudes, identifies areas
public may be interested in, executes program
of action to earn public understanding and
acceptance. To maintain positive image,
educate about goals and objectives, like child
obesity (modify). Publicity. Personal selling
planned presentation, win-win outcome, not
quick sale
6. AIDA concept attention, interest, desire,
action. Attention create awareness, get
attention by sampling, advertising, promotion.
Interest create interest, demonstrations,
target messages. Desire create brand
preference by highlighting unique features,
convince that the newest the best. Action
continue advertising, widen distribution, use
promotion, limit discounts.
7. Four stages of product life cycle.
Introduction basic goal of promotion is to
inform target audience that the product is
available. Heavy advertising and public
relations to build awareness, sales promotion to
induce trial, personal selling to obtain
distribution. Growth heavy advertising and PR

to build brand loyalty, decreasing use of sales


promotion, personal selling to maintain
distribution. Maturity advertising slightly
decreased more persuasive and reminding in
nature, increased use of sales promotion to
build market share, personal selling to maintain
distribution. Decline advertising and PR
drastically decreased, sales promotion and
personal selling maintained at low levels.
8. Activities after establishing pricing goal.
Estimate demand, costs and profits total
revenue depends on variety of prices,
determine corresponding costs and profit. Helps
to meet firms pricing goals. Choose a price
strategy price skimming (high introductory
price often coupled with heavy promotion),
penetration pricing relatively low price initially
as the way to reach the mass market. Status
Quo pricing meeting the competition or goingrate pricing. Deceptive pricing promoting the
prica that is not actually available. Price fixing
agreement between firms on the price they will
charge for a product. Fine-tune the base with
pricing tactics (discounts, allowances, rebates,
value-based pricing, geographic pricing)
9. Rebate plan- rebate is a cash refund given
for the purchase of the product during a specific
period. Advantage is that its temporary and
price can be withdrawn without altering the
basic price structure (resistance when trying to
increase price)
10. Consumer penalties. Extra fees paid by
consumers for violating the terms of purchase
agreement. Reasons they will suffer an
irrevocable revenue loss and incur sufficient
additional transaction costs should customers
be
unable
or
unwilling
to
complete
purchaseobligations. Like hotel reservation,
doctors appointment.

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