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principles of marketing

Questions and Answers of Principles Of Marketing

Today’s marketing managers are often overloaded with data—from internal sales and customer data to external data on TV viewing habits or grocery purchases from the scanner data at checkout
One approach uses the subjective judgments of the decision maker, such as direct or lost-horse forecasts. A direct forecast involves estimating the value to be forecast without any intervening steps.
In column 1, list the information you would ideally like to have to fill holes in your marketing plan.
In column 2, identify the source for each bit of information in column 1, such as an Internet search, talking to prospective customers, looking at internal data, and so forth.
In column 3, set a priority on information you will have time to spend collecting by ranking each item: 1 5 most important; 2 5 next most important, and so forth.
“What makes social media ‘social’is its give and take,” says Jeff Gerst of Bolin Marketing, who manages the Carmex® social media properties.By “give” Gerst is referring to the feedback
Market segmentation involves aggregating prospective buyers into groups that (a) have common needs and (b) will respond similarly to a marketing action. Organizations go to the expense of segmenting
Step 1 is to group potential buyers into segments. Buyers within a segment should have similar characteristics to each other and respond similarly to marketing actions like a new product or a lower
Bases used to segment consumer markets include geographic, demographic, psychographic, and behavioral ones. Organizational markets use the same bases except for psychographic ones.
Organizations use five key criteria to segment markets, whose groupings appear in the rows of the market-product grid.Groups of related products appear in the columns. After estimating the size of
Marketing managers often locate competing products on twodimensional perceptual maps to visualize the products in the minds of consumers. They then try to position new products or reposition existing
What variables might be used to segment these consumer markets? (a) lawn mowers, (b) frozen dinners,(c) dry breakfast cereals, and (d) soft drinks.
What variables might be used to segment these industrial markets? (a) industrial sweepers, (b) photocopiers,(c) computerized production control systems, and (d) car rental agencies.
Suppose you want to increase revenues for your fast food restaurant even further. Referring to Figure 8–7, what advertising actions might you take to increase revenues from (a) dormitory students,
Locate these drinks on the perceptual map in Figure 8–8:(a) cappuccino, (b) beer, and (c) soy milk.
Define the market segments (the rows in your grid) using the bases of segmentation used to segment consumer and organizational markets.
Define the groupings of related products (the columns in your grid).
Form your grid and estimate the size of the market in each market-product cell.
Select the target market segments on which to focus your efforts with your marketing program.
Use the information and the lost-horse forecasting technique (discussed in Chapter 7) to make a sales forecast(company forecast).
Draft your positioning statement.
Over the last decade we’ve seen a dramatic change in the media to reach consumers,” says Linda Glassel, vice president of sports marketing and brand image of Prince Sports, Inc.PRINCE SPORTS IN
What marketing metric might you use in a marketing dashboard to discover which states have weak sales?
What is the new-product strategy development stage in the newproduct process?
How does the development stage of the new-product process involve testing the product inside and outside the fi rm?
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value.A good has
By type of user, the major distinctions are consumer products, which are products purchased by the ultimate consumer, and business products, which are products that assist an organization in
The four unique elements of services—the four I’s—are intangibility, inconsistency, inseparability, and inventory. Intangibility refers to the tendency of services to be a performance that
From the important perspective of the consumer, “newness” is often seen as the degree of learning that a consumer must engage in to use the product. With a continuous innovation, no new behaviors
A new product or service often fails for these marketing reasons: (a) insignificant points of difference, (b) incomplete market and product protocol before product development starts,(c) a failure to
The new-product process consists of seven stages a firm uses to develop salable products or services: (1) New-product strategy development involves defining the role for the new product within the
In terms of the behavioral effect on consumers, how would a computer, such as an Apple iMac, be classified?In light of this classification, what actions would you suggest to the manufacturers of
Develop a simple three-column table in which (a) Market segments of potential customers are in the first column and(b) The one or two key points of difference of the product to satisfy the
In the third column of your table, write ideas for specific new products for your business in each of the rows in your table.
X-1 started as a simple idea for a business school project and has quickly grown to become the foremost leader in waterproof, sweatproof,and weatherproof audio equipment for athletes.Many factors
Advertising plays a major role in the _______________ stage of the product life cycle, and ______________ plays a major role in maturity.
The product life cycle describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. Product sales growth and profitability differ at each stage,
Marketing executives manage a product’s life cycle in three ways. First, they can modify the product itself by altering its characteristics, such as product quality, performance, or
A basic decision in marketing products is branding, in which an organization uses a name, phrase, design, symbols, or a combination of these to identify its products and distinguish them from those
Packaging and labeling play numerous roles in the marketing of a product. The packaging component of a product refers to any container in which it is offered for sale and on which label information
The four Ps framework also applies to services with some adaptations. Because services cannot be patented, unique offerings are difficult to protect. In addition, because services are intangible,
Identify (a) its stage in the product life cycle and(b) key marketing mix actions that might be appropriate, as shown in Figure 10–1.
Develop (a) branding and (b) packaging strategies, if appropriate for your offering.
How do you revitalize a 50-plusyear-old brand? By focusing the brand’s marketing efforts on its core purpose—a purpose that is both benefit-driven and inspirational—and using that purpose to
What is the difference between fi xed costs and variable costs?
What are the three steps in setting a fi nal price?
Price is the money or other considerations (such as barter)exchanged for the ownership or use of a product or service.Although price typically involves money, the amount exchanged is often different
A demand curve is a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price. Three demand factors affect price: (a) consumer tastes, (b)
Four important costs impact a firm’s pricing decisions: (a) total cost, or total expenses, the sum of the fixed costs and variable costs incurred by a firm in producing and marketing a product;(b)
Pricing objectives specify the role of price in a firm’s marketing strategy and may include profit, sales revenue, market share, unit volume, survival, or some socially responsible price level.
Three common steps marketing managers often use in setting a final price are (1) select an approximate price level as a starting point; (2) set the list or quoted price, choosing between a oneprice
Read Appendix A, “Building an Effective Marketing Plan.” Then write a 600-word executive summary for the Paradise Kitchens marketing plan using the numbered headings shown in the plan. When you
Using Chapter 2 and Appendix A as guides, focus your marketing plan by (a) writing your mission statement in 25 words or less, (b) listing three nonfinancial goals and three financial goals, (c)
Draw a simple organization chart for your organization.
Smarter Planet’ is not an advertising campaign, it’s not even a marketing campaign, it is a business strategy,” explains Ann Rubin, vice president of advertising at IBM. The “Smarter
Describe three generational cohorts.
Environmental scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. Environmental trends typically
The social forces of the environment include the demographic characteristics and the culture of the population. Three key demographic characteristics include a population profile, a description of
Two aspects of economic forces include macroeconomic conditions related to the marketplace and microeconomic factors such as consumer income. Indicators of marketplace conditions include GDP,
Technological innovations can replace existing products and services. Changes in technology can also have an impact on customer value by reducing the cost of products, improving the quality of
There are four forms of competition: pure competition, monopolistic competition, oligopoly, and monopoly. While large companies are often used as examples of marketplace competitors, there are 28
Regulation exists to protect companies and consumers. Legislation that ensures a competitive marketplace includes the Sherman Antitrust Act. Companies can protect their competitive position with
Four factors presented in Figure 3–2 influence ethical marketing behavior. They are: societal culture and norms, business culture and industry practices, corporate culture and expectations, and
Social responsibility means that organizations are part of a larger society and are accountable to that society for their actions.There are three concepts of social responsibility: profit
To summarize information about external factors, create a table and identify three trends related to each of the five forces (social, economic, technological, competitive, and regulatory) that relate
When your table is complete, describe how each of the trends represents an opportunity or a threat for your business.
Identify what, if any, ethical and social responsibility issues might arise for each type of stakeholder.
Toyota’s mission is to become the most respected and admired car company in America,” explains Jana Hartline, manager of environmental communications at Toyota.To accomplish this, Jana and her
Assign one or more levels of the Maslow hierarchy of needs described in Figure 4–5 to the following products:(a) life insurance, (b) cosmetics, (c) The Wall Street Journal, and (d) hamburgers.
Identify the consumers who are most likely to buy your product—the primary target market—in terms of(a) their demographic characteristics and (b) any other kind of characteristics you believe are
Describe (a) the main points of difference of your product for this group and (b) what problem they help solve for the consumer in terms of the first stage in the consumer purchase decision process
For each of the four outside boxes in Figure 4–4 (marketing mix, psychological, sociocultural, and situational influences), identify the one or two key influences with respect to your product.This
1 Identify the consumers who are most likely to buy your product—the primary target market—in terms of(a) their demographic characteristics and (b) any other kind of characteristics you believe
What is the North American Industry Classifi cation System (NAICS)?
What are e-marketplaces?
There are three different organizational markets: industrial, reseller, and government. Industrial firms in some way reprocess a product or service they buy before selling it to the next buyer.
Seven major characteristics of organizational buying make it different from consumer buying. These include demand characteristics, the size of the order or purchase, the number of potential buyers,
Buying centers and buying situations have an important influence on organizational purchasing. A buying center consists of a group of individuals who share common goals, risks, and knowledge
Organizations dwarf consumers in terms of online transactions made and purchase volume. Online buying in organizational markets is popular for three reasons. First, organizational buyers depend on
Define the product market precisely, such as ice cream.
Visit the NAICS website at www.census.gov.
Click “NAICS” and enter a keyword that describes your product market (e.g., ice cream).
“Let me tell you a little bit about the history of Trek,” says Mark Joslyn,vice president of human resources at Trek Bicycle Corporation. “It’s a fantastic story,” he continues proudly,
The North American Free Trade Agreement was designed to promote free trade among which countries?
What is dumping?
Five major trends have influenced the landscape of global marketing in the past decade. First, there has been a gradual decline of economic protectionism by individual countries, leading to a
Three major environmental forces shape global marketing efforts.First, there are cultural forces, including values, customs, cultural symbols, and language. Economic forces also shape global
Companies have four alternative approaches for entering global markets. These are exporting, licensing, joint venture, and direct investment. Exporting involves producing products in one country and
Companies distinguish between standardization and customization when crafting worldwide marketing programs. Standardization means that all elements of the marketing program are the same across
As a novice in global marketing, which global marketentry strategy would you be likely to start with? Why? What other alternatives do you have for a global market entry?
What features of your product are especially important to potential customers?
In which countries do these potential customers live?
What special marketing issues are involved in trying to reach them?Answers to these questions will help in developing more detailed marketing mix strategies described in later chapters.
“Everybody should be able to enjoy a pure, simple cup of yogurt. And that’s what Chobani is,” says Hamdi Ulukaya, founder and chief executive officer of Chobani, Inc., in summarizing his vision
What are points of difference and why are they important?
An organization is a legal entity that consists of people who share a common mission. It develops offerings (goods, services, or ideas) that create value for both the organization and its customers
Organizations exist to accomplish something for someone. Core values are the organization’s fundamental, passionate, and enduring principles that guide its conduct over time. The organization’s
Marketing managers use marketing dashboards to visually display on a single computer screen the essential information required to make a decision to take an action or further analyze a problem. This
Managers of an organization ask two key questions to set a strategic direction. The first question, “Where are we now?” requires an organization to (a) reevaluate its competencies to ensure that
An organization uses the strategic marketing process to allocate its marketing mix resources to reach its target markets. This process is divided into three phases: planning, implementation, and

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