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marketing management

Questions and Answers of Marketing Management

Explain these ethical and legal problems in B2B pricing:B2B price discrimination, price fixing, and predatory pricing.Activities: Apply What You’ve Learned
Creative Homework/Short Project You are the assistant manager of a local grocery store. While walking to the store, you observe that there are two different bins of zucchini. One bin is priced at
For Further Research (Individual) Assume you are the owner of a small Italian restaurant. You are seeking ways to increase your business. You believe that bundling items on the menu will increase the
What is the contribution per unit for Hummus-to-Go?
How many units of Hummus-to-Go must Touch of Beirut sell to earn a total profit of $1,500,000?
Based on the above, does this seem like a good business venture to you? Why or why not?Choices: What Do You Think?
Critical Thinking Two-part pricing and payment pricing are tactics that are designed to make things more affordable for customers and better meet their needs.Do you think these policies always
Ethics Luxury products often set pricing at as much as 10 to 20 times the cost of producing the product.What reasons might the company have for setting such high prices? Do you feel this practice is
Critical Thinking Some retailers manufacture their own store brands that compete with well-known national brands. Typically, the store brands are sold right beside the name-brand product on the shelf
What is the decision facing United Airlines?Correctly setting prices in any industry is challenging, but air travel can be an especially complex proposition. On the same plane, you’ll have
What factors are important in understanding this decision situation?Correctly setting prices in any industry is challenging, but air travel can be an especially complex proposition. On the same
What are the alternatives?Correctly setting prices in any industry is challenging, but air travel can be an especially complex proposition. On the same plane, you’ll have customers that are
What decision(s) do you recommend?Correctly setting prices in any industry is challenging, but air travel can be an especially complex proposition. On the same plane, you’ll have customers that are
What are some ways to implement your recommendation?Correctly setting prices in any industry is challenging, but air travel can be an especially complex proposition. On the same plane, you’ll have
Consider the issue of price elasticity for the two broad classes of United’s customer base: leisure travelers and business travelers. Are they generally elastic or inelastic?
As seen above, competition is a big factor in United’s pricing decisions. What other factors in the external environment should marketers consider?
Is the use of a “loss leader” pricing strategy ethical?What steps could United take to make sure that their Basic Economy pricing program is executed in an ethical manner?
Some firms have profit as a pricing objective, whereas others set prices for customer satisfaction. What are the major differences between these two? Which is better?
Assume that you are in charge of pricing for a firm that produces pickles. You have fixed costs of $3,500,000.Variable costs are $0.55 per jar of pickles. You are selling your product to retailers
Executives of Studio Recordings Inc. produced the latest compact disc by the Starshine Sisters Band, titled Sunshine/Moonshine. The following cost information pertains to the CD.a. CD package
A distributor of equipment and supplies for physician’s offices and other similar health-care customers requires that their sales people negotiate with customers to get the best price possible. At
“Green Stuff” is a regional chain of small restaurants.The Green Stuff menu includes only salads, all priced at$8.95, and beverages. Each restaurant serves an average of 800 salads a week at that
Explain how value is derived through different product layers. pp. 264–267 BUILD A BETTER MOUSETRAP—AND ADD VALUE p. 264
Describe how marketers classify products.pp. 267–270 HOW MARKETERS CLASSIFY PRODUCTS p. 267
Understand the importance and types of product innovations. pp. 271–274“NEW AND IMPROVED!” THE PROCESS OF INNOVATION p. 271
Show how firms develop new products. pp. 274–278 NEW PRODUCT DEVELOPMENT p. 274
Explain the process of product adoption and the diffusion of innovations. pp. 279–285 ADOPTION AND DIFFUSION OF NEW PRODUCTS P. 279
Be prepared to develop your personal value proposition. pp. 285–287
What is a good? What are the differences between tangible and intangible products? LOL-3
Explain what marketers mean by the core product, the actual product, and the augmented product? LOL-3
What is the difference between a durable good and a nondurable good? What are the main differences among convenience, shopping, and specialty products?8-4. What types of products are bought and sold
What is a new product? Why is understanding new products so important to marketers? What are the types of innovations? LOL-3
Explain ideation, divergent thinking and convergent thinking. LOL-3
What is R&D, and what is its importance to marketers and the product development process? LOL-3
List and explain the steps marketers undergo to develop new products. LOL-3
What is crowdfunding? How does it help products get to market? LOL-3
Explain the stages a consumer goes through in the adoption of a new product. LOL-3
List and explain the categories of adopters. LOL-3
What product factors affect the rate of adoption of innovations?Activities: Apply What You’ve Learned
Creative Homework/Short Project Assume that you are a member of the marketing department for a firm that is producing a smart refrigerator, also known as an Internet refrigerator. In developing this
In Class, 10–25 Minutes for Teams As an entrepreneur, you know that innovation will play a huge role in your new business. With your team, brainstorm briefly to define what your new business will
Creative Homework/Short Project As a member of a new product team with your company, you are working to develop a computer that carries a perpetual charge—no plug in required! You are considering
For Further Research (Individual) Every year, marketers come out with many new or new and improved products. Using the Web, research a new or new and improved product and summarize either how
Creative Homework/Short Project Assume that you and your roommate have come up with a great idea for a new product. Outline the steps you would need to go through to determine the potential for
For Further Research (Individual) Choose an innovative product that has been recently introduced into the marketplace. Research how the product was introduced.Using the adopter categories in the
For Further Research (Individual) Take a look at the smartphone market and identify the three newest phones in the marketplace. Using the five characteristics that affect rate of adoption (relative
In the chapter, we define creativity and discuss how it relates to innovation. Innovation can be measured in terms of number of successful new products as well as a variety of secondary measures
Point out a few well-known organizations that you believe are quite creative. How do you know that they are creative—that is, what specific evidence can you cite that indicates that a high level of
Critical Thinking In this chapter, we talked about the core product, the actual product, and the augmented product. Does this mean that marketers are simply trying to make products that are really
Ethics Some companies opt to increase the price of certain types of products when there is an increased need for them—think rain ponchos on a rainy day in a theme park.Because consumers need the
Critical Thinking In the Adoption Pyramid, trial is where the company offers demonstrations and samples. What types of products and services do you think would benefit the most from this stage? Do
Critical Thinking Products such as tax software (think TurboTax)used to be exclusively produced and sold as a physical item in a box on store shelves. With the advancement of technology, the option
What is the decision facing Nature on Tap?Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic water company Nature on Tap learned in
What factors are important in understanding this decision situation?Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic water company
What are the alternatives?Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic water company Nature on Tap learned in the creation of
What decision(s) do you recommend?Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic water company Nature on Tap learned in the
What are some ways to implement your recommendation?Digging Deeper into the Case Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic
What kind of innovation is tapped birch water—continuous, dynamically continuous, or discontinuous?Sometimes innovation is less about invention and more about just noticing what’s around you.
What other innovations should the company pursue to continue growing?Sometimes innovation is less about invention and more about just noticing what’s around you. That’s what organic water company
Perhaps you, like many consumers, may have just become aware of tapped birch water. What could the company do to move consumers higher in the Adoption Pyramid?Sometimes innovation is less about
Explain how marketers increase long-term success and profits by practicing customer relationship management.pp. 148–153 CUSTOMER RELATIONSHIP MANAGEMENT (CRM): A KEY DECISION TOOL FOR MARKETERS p.
Understand Big Data, data mining, and how marketers can put these techniques to good use. pp. 153–162 BIG DATA: TERABYTES RULE p. 153
Describe what marketing analytics include and how organizations can leverage both marketing analytics and predictive analytics to improve marketing performance.pp. 163–171 MARKETING ANALYTICS p. 163
Identify how organizations can use marketing metrics to measure performance and achieve marketing control. pp. 172–174 METRICS FOR MARKETING CONTROL p. 172
Understand how to create and use a personal database to manage your career. pp. 174–176
What is CRM? How do firms tie CRM to using data analytics and making decisions? LOL
Explain the concepts of share of customer, customer lifetime value (CLV), and customer prioritization. LOL
How would you describe Big Data? What are some of the most significant sources of competitive advantage that Big Data offers? LOL
Describe the various sources of Big Data for marketers. LOL
What is data mining? What are the primary data types for data mining? For marketers, what are some of the most important applications? LOL
What is the role of the data scientist? What is artificial intelligence? What is machine learning? LOL
What are marketing analytics, and what kinds of insights are enabled by today’s marketing analytics solutions? What are predictive analytics? LOL
What is the difference between purchasing digital advertisements with a cost-per-impression structure versus a cost-per-click structure? Is one better than the other? LOL
Define marketing metrics. How can marketing metrics help marketers understand the performance of different marketing initiatives and provide greater control? LOL
What is search engine optimization? How can it help marketers better reach potential customers? LOL
What is a click-through rate, and how is it calculated? LOL
For Further Research (Individual) For this assignment, you are going to act as a manual version of a software program that conducts sentiment analysis.Select a sample of comments (between five and
Creative Homework/Short Project Assume that you are the digital marketing manager for a local law firm that specializes in divorce and auto accident cases. You have decided to implement a search
In what ways could Macy’s expect to measure the four elements of CRM within the context of a reward program such as this?
Critical Thinking Are there any potential challenges that would arise from companies using predictive analysis as a key marketing strategy? What are some examples?What are the potential benefits to
Ethics Many apps that you use are able to remain free to users through the sale of advertising and by monetizing the data of the individuals using the technology.This includes apps for social media,
Critical Thinking Spending on digital marketing has trended upward in recent years, and with so many individuals using the Internet for extended periods of time, it is easy to understand why. Some
Critical Thinking Recently, Equifax was hacked and the data of 145 million customers was compromised, including social security numbers and other personal financial information. How do you think this
What is the decision facing Spotify?Whether it’s firing us up for a workout or helping mend a broken heart, music can play a meaningful role in our lives.Streaming music market leader Spotify
What factors are important in understanding this decision situation?Whether it’s firing us up for a workout or helping mend a broken heart, music can play a meaningful role in our lives.Streaming
What are the alternatives?Whether it’s firing us up for a workout or helping mend a broken heart, music can play a meaningful role in our lives.Streaming music market leader Spotify understands
What decision(s) do you recommend?Whether it’s firing us up for a workout or helping mend a broken heart, music can play a meaningful role in our lives.Streaming music market leader Spotify
What are some ways to implement your recommendation?Whether it’s firing us up for a workout or helping mend a broken heart, music can play a meaningful role in our lives.Streaming music market
Review the four steps in one-to-one marketing. How is Spotify doing each of these to support their marketing efforts?
Creative Homework/Short Project. Assume that a firm hires you as marketing manager for a chain of coffee shops. You believe that the firm should develop a CRM strategy. Outline the steps you would
2.1 Understand the big picture of international marketing and the decisions firms must make when they consider globalization. pp. 38–41 TAKE A BOW: MARKETING ON THE GLOBAL STAGE p. 38
2.2 Explain how international organizations such as the World Trade Organization(WTO), the World Bank, the International Monetary Fund (IMF), economic communities, and individual country regulations
2.3 Understand how factors in a firm’s external business environment influence marketing strategies and outcomes in both domestic and global markets.pp. 44–54 ANALYZE THE EXTERNAL MARKETING
2.4 Explain some of the strategies and tactics that a firm can use to enter global markets.pp. 55–59 HOW “GLOBAL” SHOULD A GLOBAL MARKETING STRATEGY BE? p. 55
2.5 Understand the importance of ethical marketing practices.pp. 59–63 ETHICS IS JOB ONE IN MARKETING PLANNING p. 59
2.6 Explain the role of sustainability in marketing planning. pp. 63–66 SUSTAINABILITY: MARKETERS DO WELL BY DOING GOOD p. 63
2.7 Recognize which industry and which work environment (both domestic and international)are best for you. pp. 66–69
2. What are several of the key specific activities the firm points to as evidence that they are engaged in sustainability-related activities?
3. What specific evidence do they report (i.e., what metrics do you find reported) that quantify their level of success in sustainability?
Explain how companies can judge the economic health of a country. Explain the level of economic development of countries. What is a bottom-of-the-pyramid(BOP) consumer? How do marketers create

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