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business
essentials of marketing

Questions and Answers of Essentials Of Marketing

What are the benefits of a local nonprofit organization affiliating with a national nonprofit organization? Can you identify any disadvantages?
Using Exhibit 2–9 on the marketing strategy planning process in Chapter 2, identify the components of BBBSA’s strategic planning process from the information presented in this case.Who are
Compare strategic planning by BBBSA with planning by forprofit organizations. What are the similarities? What are the differences?
What new retail concepts can you identify? How might you learn about more? What strategies do you suggest for learning about new retail concepts?
Review the Ben & Jerry’s case study that opens the chapter.From this case, identify examples of different key terms and concepts covered in the chapter. For example, the third paragraph describes
Give an example of how a firm has used information technology to improve its marketing implementation and do a better job of meeting your needs.AppendixLO1
Should marketing managers leave it to the accountants to develop reports that the marketing manager will use to improve implementation and control? Why or why not?AppendixLO1
Give an example of a firm that has a competitive advantage because of the excellent job it does with implementation activities that directly impact customer satisfaction.Explain why you think your
Various breakdowns can be used for sales analysis, depending on the nature of the company and its products.Describe a situation (one for each) where each of the following breakdowns would yield
Distinguish between a sales analysis and a performance analysis.AppendixLO1
Carefully explain what the iceberg principle should mean to the marketing manager.AppendixLO1
Explain the meaning of the comparative performance and comparative cost data in Exhibits BC1–3 and BC1–4. Why does it appear that eliminating sales areas D and E would be profitable?AppendixLO1
Most sales forecasting is subject to some error (perhaps 5 to 10 percent). Should we then expect variations in sales performance of 5 to 10 percent above or below quota?If so, how should we treat
Why is there controversy between the advocates of the full-cost and the contribution-margin approaches to cost analysis?AppendixLO1
Review the IKEA case study that opens the chapter. From this case, identify examples of different key terms and concepts covered in the chapter. For example, IKEA’s catalog with augmented reality
Identify some of the ways that a firm can raise money to support a new marketing plan. Give the advantages and limitations—from a marketing manager’s perspective—of each approach.AppendixLO1
An entrepreneur who started a chain of auto service centers to do fast oil changes wants to quickly expand by building new facilities in new markets, but he doesn’t have enough capital. His
Explain, in your own words, why investors in a firm’s stock might be interested in a firm’s marketing manager developing a new growth-oriented strategy. Would it be just as good, from the
A woman with extensive experience in home health care and a good marketing plan has approached a bank for a loan, most of which she has explained she intends to “invest in advertising designed to
Could the idea of mass customization be used by a publisher of college textbooks to allow different instructors to order customized teaching materials—perhaps even unique books made up of chapters
Give examples of two different ways that a firm’s production capacity might influence a marketing manager’s choice of a marketing strategy.AppendixLO1
Is a small company’s flexibility increased or decreased by turning to outside suppliers to produce the products it sells? Explain your thinking.AppendixLO1
Explain how a marketing manager’s sales forecast for a new marketing plan might be used bya. a financial manager;b. an accountant;c. a production manager; andd. a human resource manager.AppendixLO1
Explain the difference between natural accounts and functional accounts.AppendixLO1
Could the approaches to cost allocation that we discussed in this chapter apply to a firm, such as a travel agency, that produces only services? Explain your thinking.AppendixLO1
What types of human resource issues does a marketing manager face when planning to expand sales operations from a branch office in a new overseas market? Are the problems any different than they
Based on data in Exhibit B–4, discuss the relative market potential of the city of Boulder, Colorado, and the city of Lakewood, Colorado, for (a) prepared cereals, (b) automobiles, and (c)
Explain the factor method of forecasting. Illustrate your answer.AppendixLO1
Suggest a plausible explanation for sales fluctuations for(a) computers, (b) ice cream, (c) washing machines, (d) tennis rackets, (e) oats, (f) disposable diapers, and (g) latex for rubber-based
Explain the difference between a forecast of market potential and a sales forecast.AppendixLO1
Compare and contrast return on investment (ROI) and return on assets (ROA) measures. Which would be best for a retailer with no bank borrowing or other outside sources of funds (that is, the retailer
Explain how the general manager of a department store might use the markdown ratios computed for her various departments. Is this a fair measure? Of what?AppendixLO1
What net sales volume is required to obtain a stockturn rate of 20 times a year on an average inventory at cost of$100,000 with a gross margin of 25 percent?AppendixLO1
(a) What percentage markups on cost are equivalent to the following percentage markups on selling price: 20, 371⁄2, 50, and 662⁄3? (b) What percentage markups on selling price are equivalent to
Compute net sales and percentage of markdowns for the following data:Markdowns . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000 Gross sales . . . . . . . . . . . . . . . . . . . . . .
Construct an operating statement from the following data:Returns and allowances . . . . . . . . . . . . . . . . . $ 150,000 Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compute the net profit for a company with the following data:Beginning inventory (cost) . . . . . . . . . . . . . . . $ 150,000 Purchases at billed cost . . . . . . . . . . . . . . . . . 330,000
Explain the similarity between markups and gross margin.What connection do markdowns have with the operating statement?AppendixLO1
How does gross margin differ from gross profit? From net profit?AppendixLO1
Distinguish between the following pairs of items that appear on operating statements: (a) gross sales and net sales, and (b) purchases at billed cost and purchases at net cost.AppendixLO1
Cite a local example of an oligopoly, and explain why it is an oligopoly.AppendixLO1
List three products that are sold in purely competitive markets and three that are sold in monopolistically competitive markets. Do any of these products have anything in common? Can any
If a manufacturer’s well-known product is sold at the same price by many retailers in the same community, is this an example of pure competition? When a community has many small grocery stores, are
Why would a marketing manager prefer to sell a product that has no close substitutes? Are high profits almost guaranteed?AppendixLO1
Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation?AppendixLO1
If the demand for shrimp is highly elastic below the present price, should the price be lowered?AppendixLO1
If the demand for perfume is inelastic above and below the present price, should the price be raised? Why or why not?AppendixLO1
If the general market demand for men’s shoes is fairly elastic, how does the demand for men’s dress shoes compare to it? How does the demand curve for women’s shoes compare to the demand curve
What is the length of life of the typical demand curve?Illustrate your answer.AppendixLO1
Explain what a demand curve is and why it is usually downsloping.Then give an example of a product for which the demand curve might not be down-sloping over some possible price ranges. Explain the
Explain in your own words how economists look at markets and arrive at the “law of diminishing demand.”AppendixLO1
The Consumerist (www.consumerist.com) is a widely read blog. It operates as a consumer watchdog and monitors corporate behavior. Go to this blog and read a posting critical of some firm’s
Discuss how slower economic growth or no economic growth would affect your college community—in particular, its marketing institutions.AppendixLO1
Discuss how one or more of the trends or changes shown in Exhibit 19–5 are affecting marketing strategy planning for a specific firm that serves the market where you live.AppendixLO1
Should a marketing manager or a business refuse to produce an “energy-gobbling” appliance that some consumers are demanding? Should a firm install an expensive safety device that will increase
Should marketing managers, or business managers in general, refrain from producing profitable products that some target customers want, but that may not be in their longrun best interest? Should
How far should the marketing concept go? How should we decide this issue?AppendixLO1
Distinguish clearly between a marketing strategy and a marketing plan. If a firm has a really good strategy, does it need to worry about developing a written plan?AppendixLO1
Comment on the following statement: “Ultimately, the high cost of marketing is due only to consumers.”AppendixLO1
How would officially granted monopolies affect the operation of our economic system? Consider the effect on allocation of resources, the level of income and employment, and the distribution of
In the short run, competition sometimes leads to inefficiency in the operation of our economic system. Many people argue for monopoly in order to eliminate this inefficiency.Discuss this
Why does adoption of the marketing concept encourage a firm to operate more efficiently? Be specific about the impact of the marketing concept on the various departments of a firm.AppendixLO1
Should the objective of our economy be maximum efficiency?If your answer is yes, efficiency in what? If not, what should the objective be?AppendixLO1
Discuss the merits of various economic system objectives.Is the objective of the American economic system sensible?Could it achieve more consumer satisfaction if sociologists or public officials
Explain why marketing must be evaluated at two levels.What criteria should be used to evaluate each level of marketing? Defend your answer. Explain why your criteria are better than alternative
Review the case study that opens this chapter and look at the section “Today’s Marketers Face Challenges and Opportunities.”If you could advise the U.S. government, would you increase
Review the case study that opens this chapter. From this case, identify examples of different concepts covered in the chapter. For example, highlight examples of microversus macro-marketing
Is a full-line pricing policy available only to producers?Cite local examples of full-line pricing. Why is full-line pricing important?AppendixLO1
How does a prestige pricing policy fit into a marketing mix? Would exclusive distribution be necessary?AppendixLO1
Cite a local example of odd-even pricing and evaluate whether it makes sense.AppendixLO1
Cite a local example of psychological pricing and evaluate whether it makes sense.AppendixLO1
Distinguish between leader pricing and bait pricing. What do they have in common? How can their use affect a marketing mix?AppendixLO1
Discuss the idea of drawing separate demand curves for different market segments. It seems logical because each target market should have its own marketing mix. But won’t this lead to many demand
The Davis Company’s fixed costs for the year are estimated at $200,000. Its product sells for $250. The variable cost per unit is $200. Sales for the coming year are expected to reach $1,250,000.
Construct an example showing that mechanical use of a very large or a very small markup might still lead to unprofitable operation whereas some intermediate price would be profitable. Draw a graph
If total fixed costs are $200,000 and total variable costs are $100,000 at the output of 20,000 units, what are the probable total fixed costs and total variable costs at an output of 10,000 units?
Relate the concept of stock turnover to the growth of mass-merchandising. Use a simple example in your answer.AppendixLO1
A producer distributed its riding lawn mowers through wholesalers and retailers. The retail selling price was$800, and the manufacturing cost to the company was$312. The retail markup was 35 percent
Why do many department stores seek a markup of about 30 percent when some discount houses operate on a 20 percent markup?AppendixLO1
Review the Samsung case study that opens this chapter.Explain how Samsung could make changes to its marketing strategy to address (a) price sensitivity, (b) value in use pricing, and (c) reference
Review the Samsung case study that opens the chapter.From this case, identify examples of different key terms and concepts covered in the chapter. For example, “selling$2,000 and making $10”
Is price discrimination involved if a large oil company sells gasoline to taxicab associations for 2.5 cents less than the price charged to retail service stations? The gas sold to the cab
How would our marketing system change if manufacturers were required to set fixed prices on all products sold at retail and all retailers were required to use these prices?Would a manufacturer’s
camelcamelcamel (camelcamelcamel.com) is a website that automatically tracks prices at Amazon.com. The site allows users to track prices, showing a product’s price history for a year or more. Users
Would consumers be better off if all nations dropped their antidumping laws? Explain your thinking.AppendixLO1
Think about a business from which you regularly make purchases even though there are competing firms with similar prices. Explain what the firm offers that improves value and keeps you coming
Give an example of a marketing mix that has a high price level but that you see as a good value. Briefly explain what makes it a good value.AppendixLO1
Why would a manufacturer offer a rebate instead of lowering the suggested list price?AppendixLO1
What are the effective annual interest rates for the following cash discount terms: (a) 1/10, net 20; (b) 1/5, net 10; and(c) net 25?AppendixLO1
Are seasonal discounts appropriate in agricultural businesses(which are certainly seasonal)?AppendixLO1
What pricing objective(s) is a skimming pricing policy most likely implementing? Is the same true for a penetration pricing policy? Which policy is probably most appropriate for each of the following
Distinguish between one-price and flexible-price policies.Which is most appropriate for a hardware store?Why?AppendixLO1
How should the acceptance of a profit-oriented, a salesoriented, or a status quo–oriented pricing objective affect the development of a company’s marketing strategy? Illustrate for
Identify the strategy decisions a marketing manager must make in the Price area. Illustrate your answer for a local retailer.AppendixLO1
Review the Method case study that opens this chapter.Considering what you have learned in the class thus far(other elements of the marketing mix) and, more specifically, pricing lessons in this
Review the Method case study that opens the chapter.From this case, identify examples of different key terms and concepts covered in the chapter. For example, early on the company had a
Go to the Facebook page for Olive Garden (Italian restaurant chain)—choose the main company page, not an individual location. Scan through the page and open different tabs. Critique the pages. What
Search online and find examples of (a) a case study, (b) an infographic,(c) a blog, and (d) a branded community. Describe the promotion objective you believe each is trying to achieve.AppendixLO1
What kinds of publicity would work best at a company that markets tractors, combines, and other farm equipment to farmers? Why would the publicity you suggest be effective?AppendixLO1
Name two companies that you think would have success building a Pinterest page. Why do you think they should choose to build a page? What type of content should each company place on its

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