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marketing management

Questions and Answers of Marketing Management

What is market segmentation, and why is it an important strategy in today’s marketplace? What is market fragmentation, and what are its consequences for marketers? LOL-1
What is a target marketing strategy? LOL-1
Describe the three major ethnic groups in the United States (African American, Asian American, and Hispanic American). How do they provide unique segments for many products?
List and explain the major demographic characteristics frequently used in segmenting consumer markets. LOL-1
Explain the process of consumer psychographic segmentation.What is VALSTM and how does it divide the population? LOL-1
What is behavioral segmentation? LOL-1
What are some of the ways marketers segment B2B markets? LOL-1
List the criteria marketers use to determine whether a segment may be a good candidate for targeting. LOL-1
Explain the differences between undifferentiated, differentiated, concentrated, and customized marketing strategies. What is mass customization? LOL-1
What is product positioning? Describe the approaches that marketers use to create product positions.
How do marketers use perceptual maps to help them develop effective positioning strategies?Activities: Apply What You’ve Learned
Creative Homework/Short Project You are the marketing director for a shredding company that specializes in small- to medium-sized businesses. Shredding services include onsite pick up and destruction
In Class, 10–25 Minutes for Teams Assume you are the owner of a local dance studio that offers tap, jazz, ballet, hip-hop, and tumbling classes to children (ages 2–18). To better market your
For Further Research (Individual) Select any automobile make and model that has been around for at least two decades and find at least five print advertisements from throughout that time frame. From
Creative Homework Choose a food category that you know well and that has several brands that compete in the marketplace. Develop a perceptual map for that category.First, you will need to create two
Ethics Some businesses market unwholesome products to certain segments of the market—the elderly, disabled veterans, and others. Should these groups warrant special concern or protection? Should
Critical Thinking Sometimes marketers will develop strategies to target multiple social class segments with the same product by offering it at different prices—based on a perceived ability to pay a
Critical Thinking In this chapter, you learned about the use of geotargeting and its capability to more precisely provide consumers with benefits, such as promotions that are especially relevant and
Critical Thinking Companies sometimes find themselves in a situation where they need to reposition to keep up with changing times. Recently automaker Buick has developed new vehicle models that they
Develop a presentation (or write a report) outlining your ideas, your research, your findings, and your marketing strategy recommendations.a. Gather ideas about different dimensions useful for
What is the decision facing McDonald’s?Part of their challenge has been responding to the tastes and priorities of a key demographic target: millennials. Born between roughly 1979 and 1994, this
What factors are important in understanding this decision situation?Part of their challenge has been responding to the tastes and priorities of a key demographic target: millennials. Born between
What are the alternatives?Part of their challenge has been responding to the tastes and priorities of a key demographic target: millennials. Born between roughly 1979 and 1994, this generation
What decision(s) do you recommend?Part of their challenge has been responding to the tastes and priorities of a key demographic target: millennials. Born between roughly 1979 and 1994, this
What are some ways to implement your recommendation?Part of their challenge has been responding to the tastes and priorities of a key demographic target: millennials. Born between roughly 1979 and
What are the challenges of marketing a product that has appeal to several generational market segments?
Besides age/generational segments, what other market segmentation approaches could McDonald’s use?
What marketing mix tactics could the company use to appeal to the additional segments you identified?
3.1 Explain business planning and its three levels. pp. 80–82
3.2 Describe the steps in strategic planning.pp. 82–88
3.3 Describe the steps in market planning.pp. 88–98
Understand how to develop a strategic plan for a successful career.pp. 98–101
What is a marketing plan, and how does it differ from a business plan? Appendix
Describe the three levels of business planning: strategic, functional, and operational planning. Appendix
What is a mission statement? What role does it play in the planning process? Appendix
Describe the five steps in the strategic planning process. Appendix
List and explain the four characteristics that make an objective effective? Appendix
Describe the four business growth strategies: market penetration, product development, market development, and diversification. Appendix
Explain the four steps in the market planning process. Appendix
Give an example of operational planning that supports a marketing plan. Describe what that plan might include. Appendix
Creative Homework/Short Project As a marketing student, you know that large firms often organize their operations into a number of strategic business units (SBUs).Consider a business that you are
Creative Homework/Short Project Select one of your favorite local small businesses. Perform a SWOT analysis for that business that includes at least three items under each header.
In Class, 10–25 Minutes for Teams Select a product that you all use, such as shampoo or toothpaste. Identify the different brands of the product used by each person in your group. Determine what
For Further Research (Groups) The Boston Cosulting Group (BCG) matrix is used to classify products into one of four groups: stars, cash cows, question marks, and dogs. Think through some of your
Come up with some other product categories besides PCs that are declining and identify the firms within those categories that have the highest market share.What does their profit picture look
Strategic planning is an intensive process that takes a good bit of time and company resources. Is this process useful to small businesses? What are the pros of developing a strategic plan in this
A common saying among managers is “if we can’t measure it, we can’t manage it.” Is there such a thing as an overreliance on marketing metrics? Are there cases or specific aspects of marketing
What is the decision facing Amazon? Appendix
What are some of the factors in the external environment that may have affected Amazon’s decision to acquire Whole Foods?
Using the product-growth matrix you learned about in this chapter, what kind of growth strategy does Amazon’s Whole Foods investment represent?
Using another category from the product-growth matrix, give an example of another strategy Amazon could use for continued growth.
4.1 Explain the role of a marketing information system and a marketing decision support system in marketing decision making.pp. 112–118 KNOWLEDGE IS POWER p. 112
Understand the concept of evidence-based decision making toward gaining customer insights.pp. 119–120 EVIDENCE-BASED DECISION MAKING IN MARKETING p. 119
List and explain the steps and key elements of the market research process.pp. 120–137 STEPS IN THE MARKET RESEARCH PROCESS p. 120
Understand how to research both online and offline resources to search for a job or internship.pp. 137–139
What is a marketing information system (MIS)? What types of information does it include? LO-1
How does a marketing decision support system(MDSS) allow marketers to easily get the information they need? LO-1
Define the concept of customer insights and the role it plays in market planning decisions. LO-1
Why is defining the problem to be researched so important to ultimate success with the research project? LO-1
Explain the difference between primary data and secondary data. LO-1
What is syndicated research? List two types of syndicated research and tell how firms can use this information in their marketing activities. LO-1
Describe the purpose of causal research. How does it differ from descriptive research? LO-1
What are the main methods used to collect primary data? LO-1
GIGO—garbage in, garbage out—is mentioned in the chapter. What is the significance of this concept to market research? LO-1
What are the steps in the market research process?Provide a short description of each. LO-1
What unique issues must researchers consider when they plan to collect data online? LO-1
What are some ethical problems associated with marketing research? LO-1
What is a cross tabulation? How are cross tabulations useful to analyze and interpret data? LO-1
In Class, 10–25 Minutes for Teams Your firm is planning to begin marketing a consumer product in several global markets. You have been given the responsibility of developing plans for market
Creative Homework/Short Project Select a local company that sells a product to consumers.a. Identify at least four things the company might need to know about how its customers interact with or feel
Creative Homework/Short Project How might secondary data sources be used for a company that sells carseats?Where could they look for information? LO-1
What other two or three data collection approaches to measuring the success of a web advertising campaign might be fruitful in providing more meaningful data than just clicks? (Hint: Just because the
Critical Thinking This chapter introduces QScores, which are used to track the way that the public perceives different celebrities. A positive (and ideally high)QScore indicates a positive
Critical Thinking What personal information are you willing to divulge to market researchers? Where do you draw the line, and why?
Critical Thinking Would you be willing to participate in an ethnographic research study within your own home? Why or why not?
Critical Thinking What types of reseach studies do you think parents of young children would be most receptive to? Why? What considerations might they have unique to this group? LO-1
Critical Thinking A focus group offers marketers the ability to directly discuss a product or concept with consumers. What specific types of products do you think would benefit the most from a focus
What is the decision facing Lego?
Creative Homework/Short Project. You work for a small company that sells floatable waterproof phone cases throughout the United States. Sales have been strong, but you think they could be stronger.
Explain what marketing is, the marketing mix, what can be marketed, and the value of marketing.pp. 4–11
Explain the evolution of the marketing concept.pp. 11–16
Understand value from the perspectives of customers, producers, and society.pp. 16–25
Explain the basics of market planning. pp. 25–26
Trace the evolution of the marketing concept. What is the triple-bottom-line orientation?
In Class, 10–25 Minutes for Teams Assume that you are a marketing consultant employed by retail giant Target, which offers consumers products in a number of brick-and-mortar stores and online.
Would you buy from a demonstrably more expensive provider just because they exhibited a higher level of commitment to sustainability?Choices: What Do You Think?
What is the decision facing Coca-Cola?
Think about three Coca-Cola products: classic Coke, Diet Coke, and the new Diet Coke flavors. What needs do these products meet?
Devise a good value proposition for the new line of flavored Diet Coke.
Consider Coca-Cola’s corporate social responsibility in the area of providing products that are not harmful.What do you feel the company could do differently in product development and/or
Creative Homework/Short Project. As a marketing professional, you have been asked to write a short piece for a local business newsletter about the state of marketing today. You think the best way to
Why is the United States a popular destination for international travelers?
What are some typical lodging needs of international travelers? How are lodging properties meeting these needs?
How can properties market to international travelers?
What avenues can be used to target the destination wedding and honeymoon market?
How do the different types of sports teams differ in their lodging requirements?
Why is targeting government business sometimes a challenge? What are the differences between a straight per diem, an actual and necessary per diem, and a contract per diem?
What are the three major categories of travelers with disabilities, and what are properties doing to accommodate the special needs of each?
What are the different types of reunion groups, and how can a property reach each group?
What are the advantages of attracting travel crews to a property? What types of properties best meet the needs of this market segment?

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