Essentials of marketing

taj._essentials_of_marketing

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Part A

Choices Questions

1. An impulse product

2. the Magnuson-Moss Act.

3. Company files

4. product line.

5. quantitative research.

6. Dealer brands are always priced lower than manufacturer brands.

7. Marketing research can get updated information that is not available in the MIS.

8. the in-depth responses it provides.

9. the customer’s specific requirements and needs.

10. a homogeneous shopping product, but the MP3 player was a heterogeneous shopping product.

Question 11

Focus groups research entails strategies research entails interaction with the users of the diaper products with the main aim of collecting the feelings of the respondents, beliefs, experiences and reactions towards the product. In the context of this discussion, women forms the main focus groups that the firm needs to interact with in order to acquire large amount of information. This information is crucial to the marketers as it involves creation of a hypothesis to test the market. Observation on the other hand is another crucial marketing research method that involves collection of the people’s behavior in the market through observation skills. This entails use of the eyes and will result to seeing the consumers’ behavior in regard to the purchase of diapers, listening to their commentaries in the marketplace and getting first hand information on the diapers in the market. This is essential as it enhances formation of impactful decisions that are necessary for the business to make decisions (Lamb & hair, 2008).

Survey involves identification of the likes of most people in regard to certain commodities. In the context of this research, the management may use several options in order to capture what majority of the diapers users I n the area likes of feels towards the company’s products. These may include opinion polls on the value-preposition of consumers towards the products, use of mails or customer surveys. Surveys will lead to improvements in the services through formation of a reliable database. Finally, experimentation involves taking the products to the consumers and getting experiences of the diapers in their use. In this regard, the marketing team may use the diapers and try other similar products in the market to perform the real experiment and get the first hand information regarding the company products. The different research techniques will be used together or individually to create a strong data for the product (Nijssen & Frambach, 2001).

Question 12

Searching the internet for competitor information is critical for small businesses because of the complexity of research that the internet entails. It is crucial to have expert research capabilities in order to decipher the different information that the internet contains. In this regard, marketing manager in a small firm may be unable to analyze the enormous information that the internet contains. Secondly, competitors are always keen in their posting of insider information that may not advance them competitive advantage. In this sense, the internet may not always be the best source of such information. Creative accounting and information releases by firms make it hard to rely on the credibility of the information contained in the internet postings. In this regard, the management requires critical evaluation of the information and thus, it proves to be tasking activity for small firm entities. Equipment such as internet connections in the small businesses critically presents challenges. In this perspective, the small businesses are unable to acquire the requisite machines and laptops that enhance connectivity and fast acquisition of information in the internet.

Small businesses solution to competitor information is crucial to the management in order to be able to position them for the competition. Critical analysis of the internet information is crucial and thus it is vital to have expert advice and help on the skills necessary to acquire helpful information. In this sense, the management of the small firms must employ research experts that have crucial capabilities to enhance capture and analysis of the necessary information for the marketing plan. Management of a small firm should create the necessary database for competitor information in order to save on the big investments for the development of competitor information in the marketing plan. The changing technology requires that the management use skills for the analysis of the information. In this context, the management should invest in database management for all the information necessary for the marketing plan in order to enhance creation of efficient and effective marketing strategies (Cotida, 2011).

PartB

1. salutary products

2. Relative to most other countries, U.S. courts enforce a very strict product liability standard.

3. exporting.

4. A series of individuals who aid in the flow of goods and services from producer to final customer is called a distribution network.

5. Michelin made millions of tires last year but most customers bought only one set.

6. waterfall chart

7. an administered channel system.

8. market maturity

9. is engaged in direct selling, but is part of an indirect channel

10. be encouraged from any and all sources, since only a few ideas will develop into successful products.

Question 11

New product development process is crucial in the undertaking of bringing new products in the market as it describes in a comprehensive way the necessary marketing steps vital for efficient and effective introduction of new products in the market. Offering services to residents in a beach resort town requires effective implementation of the development process as it involves competitive environment. Idea generation will be the first critical stage that will entail analysis of the services that the firm intends to offer in the market to ascertain that effectiveness of the service to earn the investor profits while retaining customer repurchase. Secondly, it is crucial to evaluate the service in relation to competition and other existing information. This entails ascertainment of the company to offer the services effectively and in an efficient manner and the availability of all the resources necessary for the process (Nijssen & Frambach, 2001).

After the process of idea screening and evaluation, the next step involves testing of the service in the market. Service testing involves strategic assessment in the real market through provision of information to the prospective customers to find out their reaction to the idea. The next step will involve business analysis process to ascertain the profitability of the service through projections on demand and supply and competitor analysis. Service development is the next strategic stage that involve making the service necessities available and making all the arrangements necessary for effective marketing of the product in the market. After all the arrangements are in order for the final service delivery, the firm makes initial offers of the service to a sample of the market. In this regard, the sample market offers the management with the necessary feedback hence enable making of defective strategies. The final stage of service introduction is the product launch to the market. This entails making the services available to the beach members and thus it involves the actual marketing of the services. It is paramount to evaluate the performance of the service delivery and profitability in a market with an objective of making necessary strategic changes (Nijssen & Frambach, 2001).

Question 12

Product Life Stages

Product’s lifecycle in the market passes through four major stages namely introduction, growth, and maturity and decline stages. Each stage posses its own challenges to the management that requires critical understanding and strategic marketing strategies. Introduction stage of a product occurs from the point of a product launch, posses market search challenges, and the most expensive as the product strives to find a base in the market. In this sense, it is essential for the management to employ aggressive promotional strategies that will enhance the market entry and lead to the growth stage. Sales are low while expenses and costs are on the rise. Examples of products that are currently in the introduction stage include 3D televisions and Wi-Fi services that are still using high investments. Blue Ray players are in the growth stage as they have been around for some time and have expounded advanced technology in their systems. Currently the Blue Ray players enjoy high sales with increase in sales. In addition, the Smart phones and Wi-Fi technology services are in the growth stages (Rosenbloom, 2011.).

As products in the market gain momentum, they advance to the maturity stage where profits are relatively stable and the products are in control of their markets. For instance, laptops and DVD players are in the maturity stage as they have taken over full control of the technology market and home entertainment respectively. Finally, products enter the decline stage where the market is under control of other products and thus experiences drop in both sales and market influence. Examples of products in the decline stage include video cassettes and analogue broadcasting technology. Video cassettes lost value as recent technologies such as flash disks and compact disks took over the market. In addition, the traditional Kodak company photography services slowly declined and lately the company changed to modern technology.

Question 13

One characteristic of products that consumers used to value was that products were made to last. Now with technology products like cell phones, video games, and televisions, there seems to be a new version of the product that just came out, or is about to come out. Many consumers will buy the latest version even though the version they have still meets all their needs. This phenomenon presents both social value and economic waste. Social value refers to the impact of friends and society toward the expenditure behaviors of an individual. In this context, the bearing of the people in the society plays a crucial role on the social construct in the society and the impact it makes on purchase decisions of the people (Perreault, Cannon & McCarthy, 2010).

Technological advancements affect many people in the society in that there is a form of competition whereby people value new versions of products because of the influence their social society makes on them. An individual makes purchases of the gadgets to fit and have high status in the society. Social connections of an individual in the society acts as a marketing pillar for these products in the sense that it influences and makes the person make purchase decisions. Technological advancements make social impacts in the society in that consumers prefer to get the high-end technology. Economic waste entails the extraneous use of the available resources in a way that is not economical in the context of utility. Technological gadgets disposal even before they exhaust their value is a way of creating economic waste. In this sense, the society uses the gadgets and yearns to acquire new models even before they exhaust their previous ones (Perreault, Cannon & McCarthy, 2010).

References

Perreault, Cannon & McCarthy. (2010). Essentials of marketing (12th ed.). New York, NY:McGraw-Hill/Irwin.

Cotida, R. (2011). Contingency Factors of Marketing-Mix Standardization: German Consumer Goods Companies in Central and Eastern Europe. Newyork: Springer.

Lamb, C., & hair, J. (2008). Marketing. New York: Cengage Learning.

Nijssen, E., & Frambach, M. (2001). Creating Customer Value Through Strategic Marketing Planning: A Management Approach. New York: Springer.