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foundations of marketing

Questions and Answers of Foundations Of Marketing

I 5. Why do customers associate price with quality? When should prestige pricing be used?
14. Describe bundle pricing, and give tlu·ee examples using different industries.
13. For what types of products would price skimming be most appropriate? For what types of products would penetration pricing be more effective?
12. What is differential pricing? In what ways can it be achieved?
11. A retailer purchases a can of soup for 24 cents and sells it for 36 cents. Calculate the markup as a percentage of cost and as a percentage of selling price.
10. Under what conditions is cost-plus pricing most appropriate?
9. What are the benefits of cost-based pricing?
8. Chambers Company has just gathered estimates for conducting a break-even analysis for a new product.Variable costs are $7 a unit. The additional plant will cost $48,000. The new product will be
7. Explain why optimal profits should occur when marginal cost equals marginal revenue.
6. List the characteristics of products that have inelastic demand, and give several examples of such products.
5. Why do most demand curves demonstrate an inverse relationship between price and quantity?
4. Why should a marketer be aware of competitors' prices?
3. Why must marketing objectives and pricing objectives be considered when making pricing decisions?
2. How does a return on investment pricing objective differ from an objective of increasing market share?
l. Identify the eight stages in the process of establishing prices.
12-9 Identify seven methods companies can use to price products for business markets.
12-8 Describe the selection of a specific price.
12-7 Compare the different types of pricing strategies.
12-6 Analyze the bases used for setting prices.
12-5 Explain how marketers analyze competitors'prices.
12-4 Describe the relationships among demand, costs, and profits.chapter 1 2 ' 1 iStock.com/niarchos
12-3 Explore the role of demand and the price elasticity of demand.
12-2 Discuss the importance of identifying the target market's evaluation of.price.
12-1 Identify issues related to developing pricing objectives.
3. What are the possible benefits and risks of Huy Fong allowing other marketers to use his sauce, and include his brand, when they introduce line extensions?
2. If you were to create a perceptual map for sriracha sauces, which four dimensions would you choose?Where would you put Huy Fang's sriracha on this perceptual map, and why?
L. Because chili peppers are agricultural products, their level of spiciness can fluctuate from crop to crop. What does this mean for consumers' perceptions of the quality of Huy Fong sriracha sauce?
16. What type of organization might use a venture team to develop new products? What are the advantages and disadvantages of such a team?
15. For each marketing-mix element, which service characteristics are most likely to have an impact?
14. Identify and discuss the major service characteristics.
13. How important are services in the U.S. economy?
12. What types of problems does a weak product cause in a product mix? Describe the most effective approach for avoiding such problems.
10. Explain how the term quality has been used to differentiate products in the automobile industry in recent years. What are some makes and models of automobiles that come to mind when you hear the
9. What is product differentiation, and how can it be achieved?
8. Why can the process of commercialization take a considerable amount of time?
7. What are the benefits and disadvantages of test marketing?
6. What is the major purpose of concept testing, and how is it accomplished?
5. Why is product development a cross-functional activity within an organization? That is, why must finance, engineering, manufacturing, and other functional areas be involved?
4. Do small companies that manufacture just a few products need to be concerned about developing and managing products? Why or why not?
3. Identify and briefly explain the seven major phases of the new-product development process.
2. Compare and contrast the three major approaches to modifying a product.
1. What is a line extension, and how does it differ from a product modification?
11-7 Describe organizational structures used for managing products.
11-6 Summarize how the characteristics of services influence the development of marketing mixes for services.
11-5 Discuss how product deletion is used to improve product mixes.
11-4 Explain how businesses position their products.
11-3 Discuss the importance of product differentiation and the elements that differentiate one product from another.
11-2 Explore how businesses develop a product idea into a commercial product.
11-1 Explain how companies manage existing products through line extensions and product modifications.
3. Do you think GaGa's SherBetter pints and bars are likely to follow the product life cycle of traditional ice cream products? Explain your answer.
2. Why is packaging particularly important for a company like GaGa, which can't afford advertising?
1. When GaGa began adding novelty bars in new flavors, what was the effect on the width and depth of its product mix?
15. What are the major functions of labeling?
14. In what ways can packaging be used as a strategic tool?
13. What are the main factors a marketer should consider when developing a package?
12. Describe the functions a package can perform. Which function is most important? Why?
11. What is co-branding? What major issues should be considered when using co-branding?
10. Identify the factors a marketer should consider in selecting a brand name.
9. Compare and contrast manufacturer brands, private distributor brands, and generic brands.
8. What are the three major degrees of brand loyalty?
7. What is brand equity? Identify and explain the major elements of brand equity.
6. How does branding benefit consumers and marketers?
5. What are the stages in the product adoption process, and how do they affect the commercialization phase?
4. How do industry profits change as a product moves tlu·ough the four stages of its life cycle?
3. How does an organization's product mix relate to its development of a product line? When should an enterprise add depth to its product line rather than width to its product mix?
2. How do convenience products and shopping products differ? What are the distinguishing characteristics of each type of product?
l. Is a personal computer sold at a retail store a consumer product or a business product? Defend your answer.
10-8 Identify the functions of labeling and legal issues related to labeling.
10-7 Describe the major packaging functions and design considerations, and how packaging is used in marketing strategies.
10-6 Explain the major components of branding, including brand types, branding strategies, and brand protection.
10-5 Discuss the product adoption process.
10-4 Explore the product life cycle and its impact on marketing strategies.
10-3 Explain the concepts of product line and product mix and how they are related.
10-2 Discuss how products are classified.
10-1 Define the concept of a product.
3. How does Zappos use digital media to create an authentic relationship with consumers?
2. How does Zappos encourage word-of-mouth marketing through digital media?
l. Describe some ways in which Zappos uses digital media tools.
LO. Name and describe the major ethical and legal issues that have developed in response to the Internet. How should policymakers address 'these issues?
9. How has digital media affected the pricing of products?Give examples of the opportunities and challenges presented to marketers in light of these changes.
8. How do the characteristics of e-marketing affect the promotion element of the marketing mix?
7. Describe how social media affects the push-pull dynamic of distribution.
6. How can marketers exploit the characteristics of the Internet to improve the product element of their marketing mixes?
5. Describe the ways marketers can measure digital strategy success.
4. How has new media changed consumer behavior?What are the opportunities and challenges that face marketers with this in mind?
3. Why are social networks becoming an increasingly important marketing tool? Find an example online in which a company has improved the effectiveness of its marketing strategy by using social
2. How can marketers exploit characteristics of digital marketing to improve relations with customers?
1. How does e-marketing differ from traditional marketing?
9-6 Identify legal and ethical considerations in digital marketing.
9-5 Clarify how digital media affects the four variables of the marketing mix.
9-4 Describe how marketers can measure the success of a digital strategy.
9-3 Describe different types of digital media and how they can be used for marketing.chapter 9
9-2 Summarize the growth and importance of digital marketing.
9-1 Define digital media, digital marketing, and electronic marketing.
3. Why would the sale of counte1feit products through its sites be damaging to Alibaba?
2. How bas Taobao created economic opportunities for Chinese entrepreneurs that were inaccessible to them before?
1. What are some of the barriers Alibaba is facing as it expands globally?
10. What are some of the product issues that need to be considered when marketing luxury automobiles in Aust:ralia, Brazil, Singapore, South Africa, and Sweden?
9. Contrast globalization with customization of marketing strategies. Is one practice better than the other?
8. Discuss the impact of strategic alliances on international marketing strategies.

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