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business
essentials of economics

Questions and Answers of Essentials of Economics

➤ Objective 2 Identify the major factors that influence business buyer behaviour.Business buyer behaviour (pp. 172–176) pg98
➤ Objective 1 Define the business market and explain how business markets differ from consumer markets.Business markets (pp. 170–172) pg98
5. What role does the Porsche brand play in the self-concept of its buyers? pg98
4. Explain how both positive and negative attitudes toward a brand like Porsche develop. How might Porsche change consumer attitudes toward the brand? pg98
3. Which concepts from the chapter explain why Porsche sold so many lower-priced models in the 1970s and 1980s? pg98
2. Contrast the traditional Porsche customer decision process to the decision process for a Cayenne or Panamera customer. pg98
1. Analyse the buyer decision process of a traditional Porsche customer. pg98
5-9 Summarise the FTC’s disclosure rules on using social media to promote products and services. Does the blogger you reviewed in the previous question follow these rules? Explain. (AACSB:
5-8 Find an example of a blog on a topic that interests you.Are there advertisements on the blog? Does the blogger appear to be sponsored by any companies? Is there information regarding sponsorship?
Could you use the marketing research process to analyse your career opportunities and job possibilities? (Think of yourself as a ‘product’ and employers as potential ‘customers’.)What would
What specific kinds of research can VisitScotland use to learn more about its customers’preferences and buying behaviours? Sketch out a brief research plan for VisitScotland’s next project
discuss the special issues some marketing researchers face, including public policy and ethics issues pg97‑
explain how companies analyse and distribute marketing information‑
outline the steps in the marketing research process‑
define the marketing information system and discuss its parts‑
explain the importance of information to the company and its understanding of the marketplace pg97‑
Is the marketing environment uncontrollable – something that the company can only prepare for and react to? Or can companies be proactive in changing environmental factors?Think of a good example
How are major demographic forces linked with economic changes? With major cultural trends? How are the natural and technological environments linked? Think of an example of a company that has
identify the major trends in the firm’s natural and technological environments pg97‑ explain the key changes in the political and cultural environments pg97‑ discuss how companies can react to
explain how changes in the demographic and economic environments affect marketing decisions pg97‑
describe the environmental forces that affect the company’s ability to serve its customers pg97‑
list the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing pg97‑
describe the elements of a customer-driven marketing strategy and mix, and the forces that influence them pg97‑
explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value pg97‑
discuss how to design business portfolios and develop growth strategies pg97‑
explain company-wide strategic planning and its four steps pg97‑
Think of a company for which you are a ‘true friend’. What strategy does this company use to manage its relationship with you? pg97‑
How well does Ford manage its relationships with customers? What CRM strategy does it use? Compare the relationship management strategies of Tesco and Asda. pg97‑
14-13 Determine the advertising-to-sales ratios for two competing companies and compare them to the industry advertising-to-sales ratio found above. Why do you think there is a difference between
14-12 Find industry advertising-to-sales ratio data. Why do some industries have higher advertising-to-sales ratios than others? (AACSB: Communication; Use of IT; Reflective thinking) pg97
14-11 Find other examples of marketers creating controversy by promoting culture-based products that could be viewed as inappropriate by others outside of that culture. (AACSB: Communication;
14-10 Since lighter skin and skin whitening are popular in Thailand, is it wrong for marketers to offer and promote products that encourage this belief and behaviour? Explain why or why not. (AACSB:
A Unilever brand in Thailand ran into some problems with one of its promotion campaigns, the ‘Citra 3D brightening girls search’. Citra Pearly White UV Body Lotion is marketed as a skin-whitening
14-9 Debate whether or not current regulations and guidelines regarding online advertising are adequate for this 428 pg97 PART 3 DESIGNING A CUSTOMER VALUE-DRIVEN STRATEGY AND MIX type of promotion.
14-8 Find examples of native advertising on various publishers’websites. Create a presentation with screen shots showing the content and how it is identified. Has the content been shared with
Marketers have always advertised in traditional media such as newspapers, television and magazines, but today they are increasingly creating content for the online platforms of these media through
14-7 Find three examples of advertisements that incorporate socially responsible marketing in the message. Some companies are criticised for exploiting social issues or organisations by promoting
14-6 Marketers use Q Scores to determine a celebrity’s appeal to his or her target audience. Research Q Scores and write a report of a celebrity’s Q Score for the past several years. If the score
Communication; Use of IT; Reflective thinking pg97)
14- 4 Name and describe the two basic promotion mix strategies.In which strategy is advertising more important?(AACSB: Communication; Reflective thinking) pg97
14-3 Name and briefly describe the nine elements of the communications process. Why do marketers need to understand these elements? (AACSB: Communication;Reflective thinking) pg97
14-2 Why is there a need for integrated marketing communications and how do marketers go about implementing it? (AACSB: Communication; Reflective thinking) pg97
Socially responsible marketing communication(pp. 424–425) pg97
➤ OBJECTIVE 4 Explain the methods for setting the promotion budget and factors that affect the design of the promotion mix.Setting the total promotion budget and mix(pp. 420–424) pg97
A view of the communication process (pp. 412–414)Steps in developing effective marketing communication pp. 414–420) pg97
➤ Objective 3 Outline the communication process and the steps in developing effective marketing communications pg97
➤ Objective 2 Discuss the changing communications landscape and the need for integrated marketing communications. pg97 Integrated marketing communications (pp. 409–412)
➤ Objective 1 Define the five promotion mix tools for communicating customer value.The promotion mix (pp. 408–409) pg97
4. What recommendations would you make to Auchan’s management for the future of their global business? pg97
3. What are Auchan’s long-term prospects and what threats does the company face in its dependence on emerging markets? pg97
2. As a retail brand, assess the Auchan retail strategy with respect to segmentation, targeting, differentiation and positioning. pg97
1. Describe Auchan according to the different types of retailers discussed in this chapter. pg97
13-13 Refer to Appendix 2: Marketing by the numbers, and determine the stockturn rate of a retailer carrying an average inventory at cost of €350,000, with a cost of goods sold of €800,000.
13-12 Discuss the impact the Marketplace Fairness Act will have on small retailers in the US. Is it fair that small retailers should have to collect sales taxes on online sales to customers outside
13-11 Why did Amazon change its position regarding online sales taxes and why does it now support the Marketplace Fairness Act? (AACSB: Communication; Reflective thinking) pg97
13-10 Create a presentation to give to local retailers in your locality explaining how they can effectively use online, mobile and social media marketing to engage customers and enhance their
13-9 Find an example of a local retailer in your country or locality that uses online, mobile and social media marketing.Interview the owner of the store or restaurant and ask about the challenges
13-8 The majority of shoppers agree that online reviews can be very helpful. However, some online reviews are fake.Research this issue and write a report on how to spot fake online reviews and the
13-7 Deciding on a target market and positioning for a retail store are very important marketing decisions.In a small group, develop the concept for a new retail store. What is the target market for
13-6 Visit a local shopping centre where you are and evaluate five stores. What type of retailer is each of these stores? What is the target market for each? How is each store positioned? Do the
13-5 Compare and contrast brokers and agents with merchant wholesalers. (AACSB: Communication; Reflective thinking) pg97 Critical-thinking exercises
13-4 Explain how wholesalers add value in the channel of distribution. (AACSB: Communication) pg97
13-2 Define the concept of shopper marketing and explain why it has grown in prominence.(AACSB: Communication) pg97
13-1 Explain how retailers can be classified based on the amount of service offered and give an example of each retailer type. (AACSB: Communication; Reflective thinking) pg97
➤ O bjective 4 E xplain the major types of wholesalers and their marketing decisions.Wholesaling (pp. 393–397) pg97
➤ O bjective 3 D iscuss the major trends and developments in retailing. pg97 Retailing trends and developments (pp. 386–392)
➤ O bjective 2 D escribe the major retailer marketing decisions. pg97 Retailer marketing decisions (pp. 381–386)
➤ O bjective 1 E xplain the role of retailers in the distribution channel and describe the major types of retailers.Retailing (pp. 375–381) pg97
4. How can competitors respond effectively to the P&G/Amazon partnership with new channels of their own? pg97
3. Are there any potential risks and disadvantages to a close cooperative partnership of this kind — from the points of view of the partners and the consumer? List them and discuss how serious they
2. What potentials are there for disagreements between the partners which could undermine the partnership system? pg97 For example, as P&G expands its own online operation, are there potential
1. What are the advantages of a channel partnership like that between P&G and Amazon from the points of view of the partners and the consumer? pg97
12-10 What other industries’ channels of distribution have been impacted dramatically by online, mobile and social media? (AACSB: Communication; Reflective thinking) pg97
12-9 Visit a self-publishing site such as Amazon’s Kindle Direct (https://kdp.amazon.com/) and create a presentation to give to aspiring authors about distributing their works this way. (AACSB:
12-8 The term last mile is often used in the telecommunications industry. Research what is going on in this industry and how the last mile has evolved in recent years, then predict where it is
12-7 The most common type of contractual vertical marketing system is the franchise organisation. Visit the International Franchise Association at www.franchise.org/and find a franchise that
12-6 Distribution channel concerns for pharmaceutical drugs — especially the problem of counterfeit drugs —can be a matter of life and death. There have been moves in some parts of the world to
➤ Objective 5 Discuss the nature and importance of marketing logistics and integrated supply chain management. pg97 Marketing logistics and supply chain management(pp. 358–365) pg97
➤ Objective 4 Explain how companies select, motivate and evaluate channel members.Channel management decisions (pp. 356–357) pg97 Public policy and distribution decisions (pp. 357–358)
➤ Objective 3 Identify the major channel alternatives open to a company.Channel design decisions (pp. 351–356) pg97
➤ Objective 2 Discuss how channel members interact and how they organise to perform the work of the channel.Channel behaviour and organisation (pp. 345–351) pg97
➤ Objective 1 Explain why companies use marketing channels and discuss the functions these channels perform.Supply chains and the value delivery network(pp. 340–341) pg97 The nature and
4. Will the plan proposed by current Coach leadership be successful in reversing the brand’s slide in market share? Why or why not? pg97
3. How has increased competition at Coach’s price points affected the brand’s performance? pg97
1. What challenges does Coach face relative to pricing its vast product line? pg97
11-14 Determine by how much sales can drop and let the company still maintain the total contribution it had when the contribution margin was 40 per cent. (AACSB:Communication; Analytic reasoning) pg97
11-13 If the company’s original contribution margin was 40 per cent, calculate the new contribution margin if price is increased 10 per cent. Refer to Appendix 2: Marketing by the numbers, paying
11-10 Research ways in which marketers protect against the consequences of online pricing errors and write a brief report summarising what you learn. (AACSB: Communication;Reflective thinking) pg97
11-9 Find two other examples of online pricing mistakes.How did the companies handle the problems resulting from the pricing errors? (AACSB: Communication;Reflective thinking) pg97
9-ending pricing? Why do marketers use this pricing tactic? (AACSB: Communication; Reflective thinking pg97
11-7 Identify three online price-comparison shopping sites or apps and shop for a product you are interested in purchasing. Compare the price ranges given at the three sites. Based on your search,
You know that you cannot absorb this increase and that you must pass it on to your customers. However, you are concerned about the consequences of an open price increase. Discuss three alternative
11-6 You are an owner of a small independent chain of coffee houses competing head-to-head with Costa Coffee. The retail price your customers pay for coffee is exactly the same as at Costa Coffee.
11-5 Briefly discuss the major policy issues across levels of the channel of distribution. (AACSB: Communication)Critical-thinking exercises pg97
11-4 Should a company always respond to a competitor’s price cut, and what options are available if it does decide to respond? (AACSB: Communication) pg97
11-2 Define captive-product pricing and give examples. What must marketers be concerned about when implementing this type of pricing? (AACSB: Communication) pg97
11-1 Compare and contrast market-skimming and market penetration pricing strategies and discuss the conditions under which each is appropriate. For each strategy, give an example of a recently
Objective 5 Overview the social and legal issues that affect pricing decisions. pg97 Public policy and pricing (pp. 328–330)
Objective 4 Discuss the key issues related to initiating and responding to price changes.Price changes (pp. 325–328) pg97
Objective 2 Explain how companies find a set of prices that maximises the profits from the total product mix.Product mix pricing strategies (pp. 315–317) pg97•Objective 3 Discuss how companies

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