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Questions and Answers of Marketing

Briefly describe the four major steps in designing a customer-driven marketing strategy.
Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variables does Starbucks use?
Discuss the factors marketers consider when choosing a targeting strategy.
Explain how micromarketing differs from differentiated and concentrated marketing and discuss the two types of micromarketing.
Explain how a company differentiates its products from competitors’ products.
Name and define the five winning value propositions described in the chapter. Which value proposition describes Walmart? Neiman Marcus? Explain your answers.
In a small group, visit a grocery store and examine the brands of breakfast cereal. Using the bases for segmenting consumer markets, identify the segmentation variables a specific brand appears to be
Assume you work at a regional state university whose traditional target market, high school students within your region, is shrinking. This segment is projected to decrease over the next ten years.
Form a small group and create an idea for a new business. Using the steps described in the chapter, develop a customer-driven marketing strategy. Describe your strategy and conclude with a
What effect does very heavy usage by some customers have on other customers of broadband services? What are marketers of these services doing to counter the effect of heavy users? Most companies want
Are marketers to blame for increasing obesity rates among children? Should the government ban the advertising of food products to children ages 17 and younger? Discuss the consequences of imposing
What actions have food marketers taken to stem the threat of a ban on marketing to children? The obesity rate among children in the United States is 17 percent—triple what it was 30 years ago.
Identify an appropriate market segment for this product. Discuss variables the company should consider when estimating the potential number of buyers for the high-performance Fisker Karma sports car.
Using the chain ratio method described in Appendix 2, estimate the market potential for the Fisker Karma sports car. Search the Internet for reasonable numbers to represent the factors you identified
Using the full spectrum of segmentation variables, describe how Starbucks initially segmented and targeted the coffee market.By now, you should be familiar with the Starbucks story. After a trip to
What changed first—the Starbucks customer or the Starbucks Experience? Explain your response by discussing the principles of market targeting.By now, you should be familiar with the Starbucks
Based on the segmentation variables, how is Starbucks now segmenting and targeting the coffee market?By now, you should be familiar with the Starbucks story. After a trip to Italy in the early 1980s,
Will Starbucks ever return to the revenue and profit growth that it once enjoyed? Why or why not?By now, you should be familiar with the Starbucks story. After a trip to Italy in the early 1980s,
Define product and the three levels of product.
Compare and contrast industrial products and consumer products.
Explain the importance of product quality and discuss how marketers use quality to create customer value.
Compare and contrast the four brand sponsorship options available to a manufacturer and give an example of each.
Discuss the brand development strategies marketers use to develop brands. Give an example of each strategy.
Describe the four characteristics of services that marketers must consider when designing marketing programs. According to these characteristics, how do the services offered by a massage therapist
What do Betty Crocker, Pillsbury, Cheerios, and Hamburger Helper have in common? They are all familiar brands that are part of the General Mills product mix. Visit the General Mills Web site
Branding is not just for products and services; states are getting in on the action, too, as you learned from reading about place marketing in the chapter. One of the most recent examples of state
How would you classify virtual goods—a tangible good, an experience, or a service? Discuss the technological factors enabling the growth of virtual goods. Who would pay $330,000 for a virtual space
How do players purchase virtual goods? Identify three virtual currencies and their value in U.S. dollars. Who would pay $330,000 for a virtual space station? Or $100,000 for an asteroid space resort?
Compare and contrast the methodologies used by Interbrand (www.interbrand.com) and BrandZ (www.brandz.com) to determine brand value. Explain why there is a discrepancy in the rankings from these two
In 2008, BrandZ ranked Toyota the number one brand of automobiles, valuing the brand at more than $35 billion. In 2010, however, it valued the Toyota brand under $22 billion. Discuss some of the
Given all the changes in the branding strategy for Las Vegas over the years, has the Vegas brand had a consistent meaning to consumers? Is this a benefit or a detriment to the city as it moves
What is Las Vegas selling? What are visitors really buying? Discuss these questions in terms of the core benefit, actual product, and augmented product levels.When you hear someone mention Las Vegas,
Will the most recent efforts by the LVCVA continue to work? Why or why not?When you hear someone mention Las Vegas, what comes to mind? Sin City? Wholesome entertainment for the entire family? An
What types of products are burial plots and prepurchased funeral services? Explain. “Meet us before you need us”—that’s the motto of a cemetery in Denver. Facing decreasing demand as more
Are these marketing activities appropriate for this product? “Meet us before you need us”—that’s the motto of a cemetery in Denver. Facing decreasing demand as more Americans choose
Define marketing and discuss how it is more than just “telling and selling.
Marketing has been criticized because it “makes people buy things they don’t really need.” Refute or support this accusation.
Discuss the two important questions a marketing manager must answer when designing a winning marketing strategy. How should a manager approach finding answers to these questions?
What are the five different marketing management orientations? Which orientation do you believe Apple follows when marketing products such as the iPhone and iPad?
Explain the difference between share of customer and customer equity. Why are these concepts important to marketers?
Discuss trends impacting marketing and the implications of these trends on how marketers deliver value to customers.
Talk to five people, varying in age from young adult to senior citizen, about their automobiles. Ask them what value means to them with regard to an automobile and how the manufacturer and dealer
Select a retailer and calculate how much you are worth to that retailer if you continue to shop there for the rest of your life (your customer lifetime value). What factors should you consider when
Discuss the advantages and disadvantages of consumer-generated marketing. In only a few short years, consumer-generated marketing has increased exponentially. It’s also known as consumer-generated
Given the extreme health risks, should marketers stop selling cigarettes even though they are legal and demanded by consumers? Should cigarette marketers continue to use marketing tactics that are
Research the history of cigarette marketing in the United States. Are there any new restrictions with respect to marketing this product? Sixty years ago, about 45 percent of Americans smoked
Give examples of needs, wants, and demands that JetBlue customers demonstrate, differentiating these three concepts. What are the implications of each for JetBlue’s practices?In 2007, JetBlue was a
Describe in detail all the facets of JetBlue’s product. What is being exchanged in a JetBlue transaction?In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding
Which of the five marketing management concepts best applies to JetBlue?In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding service. In fact, the low-fare airline
What value does JetBlue create for its customers?In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding service. In fact, the low-fare airline referred to itself as a
Is JetBlue likely to continue being successful in building customer relationships? Why or why not?In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding service. In
Explain what is meant by a market-oriented mission statement and discuss the characteristics of effective mission statements.
Define strategic planning and briefly describe the four steps that lead managers and a firm through the strategic planning process. Discuss the role marketing plays in this process.
Explain why it is important for all departments of an organization—marketing, accounting, finance, operations management, human resources, and so on—to “think consumer.” Why is it important
Define positioning and explain how it is accomplished. Describe the positioning for the following brands: Wendy’s, the Chevy Volt, Amazon.com, Twitter, and Coca-Cola.
Define each of the four Ps. What insights might a firm gain by considering the four Cs rather than the four Ps?
What is marketing ROI? Why is it difficult to measure?
In a small group, conduct a SWOT analysis, develop objectives, and create a marketing strategy for your school, a student organization you might be involved in, or a local business.
Explain the role of a chief marketing officer. Summarize an article that describes the importance of this position, the characteristics of an effective officer, or any issues surrounding this
Name and describe the four product and market expansion grid strategies and explain which strategy Google implemented with the Nexus One. Did you buy a Google Nexus One smartphone when it hit the
Discuss the marketing strategy and tactical mistakes Google made when introducing the Nexus One. Did you buy a Google Nexus One smartphone when it hit the market in early 2010? Didn’t think
Should these shoemakers capitalize on consumers who want to be fit without doing the work to achieve that goal? Do you think that basing claims on research sponsored by the company is ethical?
Should Nike have entered this product category instead of giving up market share to competitors? Explain your reasoning. With 64 percent of the women in the United States overweight or obese and less
Calculate marketing return on sales and marketing ROI for both companies, as described in Appendix 2. Appendix 2 discusses other marketing profitability metrics beyond the marketing ROI measure
Which company is doing better overall and with respect to marketing? Explain.Appendix 2 discusses other marketing profitability metrics beyond the marketing ROI measure described in this chapter. On
Martha and the Trap-Ease America investors believe they face a once-in-a-lifetime opportunity. What information do they need to evaluate this opportunity? How do you think the group would write its
Has Martha identified the best target market for Trap-Ease? What other market segments might the firm target?One April morning, Martha House, president of Trap-Ease America, entered her office in
How has the company positioned the Trap-Ease for the chosen target market? Could it position the product in other ways?One April morning, Martha House, president of Trap-Ease America, entered her
Describe the current marketing mix for Trap-Ease. Do you see any problems with this mix?One April morning, Martha House, president of Trap-Ease America, entered her office in Costa Mesa, California.
Who is Trap-Ease America’s competition?One April morning, Martha House, president of Trap-Ease America, entered her office in Costa Mesa, California. She paused for a moment to contemplate the
How would you change Trap-Ease’s marketing strategy? What kinds of control procedures would you establish for this strategy?One April morning, Martha House, president of Trap-Ease America, entered
Name and describe the major steps in developing a new product.
Define crowd sourcing and describe an example not already presented in the chapter.
Compare and contrast the terms product idea, product concept, and product image.
Explain why successful new product development requires a customer-centered, team-based, and systematic effort.
Why do products enter the decline stage of the product life cycle? Discuss marketers’ options at this stage.
Discuss the special challenges facing international product and service marketers.
Coca-Cola has sustained success in the maturity stage of the product life cycle for many years. Discuss how Coca-Cola has evolved over the years. Identify ways that Coca-Cola can continue to evolve
To acquire new products, many companies purchase other firms or buy individual brands from other companies. For example, Disney purchased Marvel Entertainment and its portfolio of more than 5,000
What skills would you need to function in this type of work environment? Technology is speeding up new product development while also reducing its costs. What formerly took months and cost millions
As described at the beginning of this chapter, Google is already ahead of this curve. Visit Google Labs (www .googlelabs.com) to learn about new products that are still in the testing stage—what
Should Apple have released the iPhone 4 when engineers were aware of the antenna problem? Discuss the pros and cons of further testing before launching the product.There is usually lots of publicity
Did Apple handle the situation effectively? Did Apple’s iPhone lose brand equity from this controversy? There is usually lots of publicity surrounding the launch of a new Apple product. The iPhone
Refer to Appendix 2 and calculate the incremental contribution realized by adding the new iPhone 4 if sales during the first six months of launch were five million units. However, the company also
Apple also offered a 32GB version of the iPhone 4 at $299. Variable costs for that version were $250. Besides its higher price, explain why Apple would encourage customers to purchase the 32GB over
How was Samsung able to go from copycat brand to product leader?In the world of consumer electronics, copycat brands are a dime a dozen. These are the brands consumers turn to if they don’t want to
Is Samsung’s product development process customer centered? Team based? Systematic?In the world of consumer electronics, copycat brands are a dime a dozen. These are the brands consumers turn to if
Based on the PLC, what challenges does Samsung face in managing its high-tech products? In the world of consumer electronics, copycat brands are a dime a dozen. These are the brands consumers turn to
Will Samsung likely achieve its goals in markets where it does not dominate, such as smart phones? Why or why not?In the world of consumer electronics, copycat brands are a dime a dozen. These are
What factors must marketers consider when setting prices?
Name and describe the two types of value-based pricing methods.
Describe the types of cost-based pricing and the methods of implementing each.
What is target costing and how is it different from the usual process of setting prices?
Discuss the impact of the economy on a company’s pricing strategies.
Name and describe the four types of markets recognized by economists and discuss the pricing challenges posed by each.
In a small group, discuss your perceptions of value and how much you are willing to pay for the following products: automobiles, frozen dinners, jeans, and athletic shoes. Are there differences among
Find estimates of price elasticity for a variety of consumer goods and services. Explain what price elasticities of 0.5 and 2.4 mean.
In a small group, determine the costs associated with offering an online MBA degree in addition to a traditional MBA degree at a university. Which costs are fixed and which are variable? Determine
Go to www.outofpocket.com/OOP/Default.aspx to determine the average cost for a colonoscopy. Using a source such as www.newchoicehealth.com, determine the cost for a colonoscopy in your city and in a
Health-care providers offer price deals through these types of Web sites. Debate the likelihood of consumers taking advantage of Internet price discounts for medical care. Would you shop around for

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