Review question Essay Example

  • Category:
    Marketing
  • Document type:
    Assignment
  • Level:
    High School
  • Page:
    3
  • Words:
    2101

Marketing

Question

1- There are many considerations and influences on the marketing mix a firm may adopt.

What do you understand by the term “the marketing mix”?

Marketing mix is combination of price, promotion, product, and placement that is also known as the distribution. The four Ps enhance marketing strategy that is effective and other three Ps are included in the case of marketing mix that is consumer- centric (Haberer, 2010, p. 08).

What are the issues that must be considered in developing a marketing mix?

There should be consideration of whether the customers are able to communicate well with the staff of the organization by use of the phones, mails, letter, fax, or even e-mail. They should also consider whether the customer has the capability of visiting the business’ website, store or even the offices (Haberer, 2010, p. 09).

Explain the relationship between the various functions (or activities, usually denoted by Ps) within “marketing mix” You should use examples in your answer.

For a product to be marketed there should be the price set aside for the product and the prices should be favoring the customers so that they can be easily attracted. To sell the products there is also a need of promoting it at first so that there may be more customers to buy and consume the product (Haberer, 2010, p. 19). There is always a target set by the business people depending on the type of products they have for sale so the place where the business is situated will also depend on the targeted customers. An example featuring all these four Ps is when an organizations’ product is coffee whereby they will look for a place where coffee is much used by the residents in that area and should observe the prices of the product that will favor the users even after the promotion of the product.

2- Discuss the various aspects to the external operating environment that the marketer would generally be concerned about and why? Give examples to illustrate our key reasons.

Climate change causes an effect to the external marketers whereby; if the weather suddenly changes there must be a great effect on the vegetable. The effects will depend on the type of climate that has taken over. For example if it has turned out to be rainy there might be problems on vegetables such as the tomatoes especially if not yet harvested whereby they might get destroyed (Haberer, 2010, p. 15).

Energy prices affects in terms of the rate of the charges done to the persons working by use of electricity to earn some money. For instance if there are charges on a welding station and the charges are too high than what they earn. Pollution from industries affects people who consume the water where factory emotions are directed. Water shortage affects marketing because the products tend to reduce if there is little water for their production.

3- Identify and explain the various segmentation variables and the benefits of segmenting your market. Be specific in your answer and examples to demonstrate what you mean.

The segmentation variables include; profilers and needs. Needs as a segment benefits the market by enabling it to find the needs the customers have and this enables easy market research. Profilers are characters for customers and they are measurable and descriptive such as nationality, income, location, gender and age (Haberer, 2010).

4- Why would a marketing manager need an understanding of consumer buyer behavior? Use examples in your answer to explain the main concepts that a marketing manager would need to understand.

The consumer buyer behavior should be well understood by managers because they need to cope with all the types of consumers or buyers they come across so that they may maximally sell their products. The managers need to know that many customers need their attention since they know that by buying their products would be a way of promoting them. Be it that the customers have not pleased them or not, they should be treated well which would encourage them to go for more services in that organization (Haberer, 2010, p. 29).

5- Explain the Product Lifecycle concept, using a diagram to identify the changing conditions that may apply during the various stages in the lifecycle.

Review question

The product life cycle shows and explains how products undergo certain stages in the market until it becomes less elastic and instead it declines. The first stage is the development whereby the products are developed through their production. Immediately after they develop they go to the second stage whereby they are introduced in the public. Introduction is done through promotions and advertisements whereby they make people to have the anxiety of buying it for a test. If they find it good for them, they go for it. The other stage is based on the growth of the product (Haberer, 2010). When a product is introduced in the market after some time, it starts growing and its growth depends on the demand it has in the market. If the demand is high, the growth will be faster but if there is a very low demand, its growth will be slow. The maturity stage is attained when the percentage of demand is very high hence; the product is also highly being sold in the market. The final stage in this life cycle is the decline stage whereby, after the product has been popular to the consumers they want to change it hence the rate at which it was being consumed in the previous stage keeps on reducing. This stage there is a need for the organization to improve the quality of the same product for more attraction of the customers or even introduce a new product in the market (Haberer, 2010, p. 12).

Explain why and how promotion and distribution strategies may change over the product lifecycle?

Promotion and distribution changes according to the lifecycle stages because in each stage there is a new thing that is introduced to the interested parties that should make them more attracted to the product. For example during the first stage, the promoters might decide to give gifts for a test of the quality of the product. Since this is a new product a small number of people might be less interested in it hence despite the gifts, few consumers will get it hence less of the products are distributed (Haberer, 2010, p. 27). In the growth, stage there will be more distribution of the product since the customers are aware of the product and they know its quality. During this promotion, the promoters might even make a lot of money thus promoting the business.

6- IMC (integrated marketing communication) is now used to describe all of an organization’s promotional efforts. Why has this term been adopted?

The IMC was adopted to enhance link among different forms of communication whereby messages are also involved thus enabling businesses go on smoothly (Haberer, 2010, p. 33).

Using a product or services of your choice, explain how an integrated marketing communication program might be formulated. Justify your suggestions for the particular product or service you have chosen.

When an organization deals with sales and marketing, for better services in the organization needs to put together all the information required to run the business together whereby different departments such as advertising, sales and direct mail. The three departments assist each other in collecting data whereby later it is collected by the marketing information system and the relevant data is shared across the different departments.

7- What is brand loyalty?

Brand loyalty is the percentage at which a brand has a trust to a certain consumer of their product that is exposed through the number of times the customers keep purchasing their products despite the competition of other brands which has similar products (Haberer, 2010, p. 55).

Explain the three degrees of brand loyalty and the relationship between loyalty and brand equity.

Recognition- In this brand the customer is always aware of its availability and the customer uses it as an alternative of the brand they prefer.

Preference- In this brand the customer goes for the brand that is having competing offerings.

Insistence- In this the customer does not accept ant substitute of the preferred brand.

Brand loyalty is the trust the business has in their customers due to their frequent purchase of their products despite presence of other competing products of other brands. On the other hand, brand equity is the power of the brand that is attained from goodwill and a name being recognized since it has been in service for a long time (Haberer, 2010, p. 23).

Discuss the issues marketers should consider when selecting a brand name providing examples to support your answer.

They should consider something that should be recognizable and that can be liked easily, this will attract them since it will be sounding familiar. In addition, the name should be having letters starting with the first letters alphabetically and this will help in its placement in directories. The name should also be unique such that if it is searched for it cannot be found anywhere (Haberer, 2010, p. 34).

What is co-branding and what make it effective?

It is the act of naming a new brand by use of more than one brand. Co- branding if effective since it assists partners in achieving their goals.

8- Provide a definition of market research and describe its main purpose.

Marketing research is a method of data collection, analyzing it and recording the data. The aim of marketing research is to solve problems concerning market (Haberer, 2010, p. 45).

What are the five steps of the market research process?

First step; define the problem.

Second step; create procedures on how to face the problem.

Third step; to research on the design to be used

Fourth step; there should be data collection carried on.

Fifth step; the data is prepared for analysis (Haberer, 2010, p. 56).

Select two of the following survey methods; mail surveys, telephone surveys, online surveys and personal interview surveys. Describe the two methods using the categories of; cost flexibility, interviewer bias, sampling and respondent’s cooperation, and response rate.

Mail survey- the surveyor uses mail questionnaire whereby it is expensive since there is need of use of internet. The information attained might be biased since we don’t know the number of people was answering the questions. There can be an effect on the response since not all people are able to afford money for using in cyber or even have computers in their houses (Haberer, 2010, p. 87).

Personal interview- it is much better compared to the mail survey because a very small percentage will not be interviewed, biasness will be of a small percentage, sampling is not easy since some of the people might not understand the questionnaires and it is costly due to transport. The response might be good in most cases.

9- Name and describe the various stages of the consumer buying decision process.

Need recognition- buying will come out of need of the product.

Information research- a consumer also is supposed to know more about the product.

Alternative information- the customer also is supposed to know if there is alternative of the available product (Haberer, 2010, p. 90).

Purchase decision- the customer is able to decide whether to buy it or not.

Explain how any two of the following three influences may affect the consumer buying decision process the three influences for you to choose from are; situational, psychological and social.

Situational- the customer might not be able to purchase the products due to lack of money so he/she decides to purchase the cheaper one.

Social- due to influence from friends a customer decides to purchase the product (Haberer, 2010, p. 114).

10- Define the terms ‘market segmentation’, market targeting’ and ‘market position’.

Market segmentation- it is a method used for better targeting of products in business at the right consumers.

Market targeting- it is the target set by an organization whereby they need to achieve it.

Market position refers to the rank of a company, brand or product that depends on the volume of the sales made compared to that of the competitors (Haberer, 2010, p. 102).

Define ‘brand positioning’ and ‘competitive positioning’

Brand positioning- it is the target set for consumers for them to choose the product despite that there are other competitive products.

Competitive positioning- it is the position an organization is trying to occupy thus being competitive to other competing organizations (Haberer, 2010, p. 123).

References

Haberer, J., 2010. Disneyland International Marketing Mix. Germany: GRIN Verlag, .