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Questions and Answers of Marketing

Lake, Snell, Perry, Mermin & Associates, Inc. (LSPMA), is a national public opinion and political strategy research firm. Its expertise is conducting objective opinion polls to assess the attitudes
For a marketing research company, an important element in gathering data for a market is the level of information technology infrastructure that exists. NationMaster.com's website offers a
What is marketing research? Why is it important?
Describe the five steps in the marketing research process.
What is the difference between defining a research problem and developing a hypothesis?
Describe the different types of approaches to marketing research, and indicate when each should be used.
Where are data for marketing research obtained? Give examples of internal and external data.
What is the difference between probability sampling and nonprobability sampling? In what situation would it be best to use random sampling? Stratified sampling? Quota sampling?
Suggest some ways to encourage respondents to cooperate in mail surveys.
Describe some marketing problems that could be solved through information gained from observation.
What is a marketing information system, and what should it provide?
How does marketing research in other countries differ from marketing research in the United States?
Samuel Tatelman began selling furniture out of the back of his truck in Waltham, Massachusetts, in 1918. Today, his grandsons, Eliot and Barry, sell more furniture per square foot at Jordan's
One approach for marketers to evaluate the level of expectations among consumers is to analyze a city's standard of living. A comparison of the overall quality of life across a variety of cities can
Outline the five major steps in the target-market selection process.
What is an undifferentiated strategy? Under what conditions is it most useful? Describe a present market situation in which a company is using an undifferentiated strategy. Is the business
What is market segmentation? Describe the basic conditions required for effective segmentation. Identify several firms that use market segmentation.
List the differences between concentrated and differentiated strategies, and describe the advantages and disadvantages of each.
Identify and describe four major categories of variables that can be used to segment consumer markets. Give examples of product markets that are segmented by variables in each category.
What dimensions are used to segment business markets?
What is a market segment profile? Why is it an important step in the target-market selection process?
Describe the important factors that marketers should analyze to evaluate market segments.
Why is a marketer concerned about sales potential when trying to select a target market?
Why is selecting appropriate target markets important to an organization that wants to adopt the marketing concept philosophy?
What is a sales forecast? Why is it important?
For more than 70 years, Consumer Reports magazine has been helping people to make better buying decisions. A subsidiary of Consumer Union, Consumer Reports first began operations in 1936. The company
How does a consumer's level of involvement affect his or her choice of problem-solving process?
Name the types of consumer problem-solving processes. List some products you have bought using each type. Have you ever bought a product on impulse? If so, describe the circumstances.
What are the major stages in the consumer buying decision process? Are all these stages used in all consumer purchase decisions? Why or why not?
What are the categories of situational factors that influence consumer buying behavior? Explain how each of these factors influences buyers' decisions.
What is selective exposure? Why do people engage in it?
How do marketers attempt to shape consumers' learning?
Why are marketers concerned about consumer attitudes?
In what ways do lifestyles affect the consumer buying decision process?
How do roles affect a person's buying behavior? Provide examples.
What are family influences, and how do they affect buying behavior?
What are reference groups? How do they influence buying behavior? Name some of your own reference groups.
How does an opinion leader influence the buying decision process of reference group members?
In what ways does social class affect a person's purchase decisions?
What is culture? How does it affect a person's buying behavior?
These days, competition is fierce. It's no longer possible just to make a product and hope that it sells; products must be designed with end users in mind. Lextant Corporation provides design
Part of your firm's evaluation of a supplier's performance is based on the degree to which it seamlessly delivers goods and materials. A recent complication for global suppliers is an initiative to
Identify, describe, and give examples of the four major types of business markets.
Regarding purchasing behavior, why might business customers generally be considered more rational than ultimate consumers?
What are the primary concerns of business customers?
List several characteristics that differentiate transactions involving business customers from consumer transactions.
What are the commonly used methods of business buying?
Why do buyers involved in a straight-rebuy purchase require less information than those making a new-task purchase?
How does demand for business products differ from consumer demand?
What are the major components of a firm's buying center?
Identify the stages of the business buying decision process. How is this decision process used when making straight rebuys?
How do environmental, business, interpersonal, and individual factors affect business purchases?
What function does an industrial classification system help marketers perform?
List some sources that a business marketer can use to determine the names and addresses of potential customers.
The idea for New Belgium Brewing Company (NBB) began with a bicycling trip through Belgium, where some of the world's finest ales have been brewed for centuries. As Jeff Lebesch, a U.S. electrical
Brands are no longer a domestic phenomenon. In fact, many consumers now associate global brands with higher degrees of quality or prestige than more localized or even regionalized brands. Find data
Is a personal computer sold at a retail store a consumer product or a business product? Defend your answer.
How do convenience products and shopping products differ? What are the distinguishing characteristics of each type of product?
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?
How do industry profits change as a product moves through the four stages of its life cycle?
What are the stages in the product adoption process, and how do they affect the commercialization phase?
How does branding benefit consumers and marketers?
What is brand equity? Identify and explain the major elements of brand equity.
What are the three major degrees of brand loyalty?
Compare and contrast manufacturer brands, private distributor brands, and generic brands.
Identify the factors a marketer should consider in selecting a brand name.
What is co-branding? What major issues should be considered when using co-branding?
Describe the functions a package can perform. Which function is most important? Why?
What are the main factors a marketer should consider when developing a package?
In what ways can packaging be used as a strategic tool?
What are the major functions of labeling?
Starbucks was founded in 1971 by three partners in Seattle’s renowned open-air Pike Place Market and was named after the first mate in Herman Melville’s Moby Dick. Howard Schultz joined Starbucks
A firm’s ability to innovate and develop new-product concepts is usually determined by the level of inventiveness and adeptness to adjust to market demands. As a result, successful firms generally
What is a line extension, and how does it differ from a product modification?
Compare and contrast the three major approaches to modifying a product.
Identify and briefly explain the seven major phases of the new-product development process.
Do small companies that manufacture just a few products need to be concerned about developing and managing products? Why or why not?
Why is product development a cross-functional activity within an organization? That is, why must finance, engineering, manufacturing, and other functional areas be involved?
What is the major purpose of concept testing, and how is it accomplished?
What are the benefits and disadvantages of test marketing?
Why can the process of commercialization take a considerable amount of time?
What is product differentiation, and how can it be achieved?
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
What is product positioning? Under what conditions would head-to-head product positioning be appropriate? When should head-to-head positioning be avoided?
What types of problems does a weak product cause in a product mix? Describe the most effective approach for avoiding such problems.
How important are services in the U.S. economy?
Identify and discuss the major service characteristics.
For each marketing-mix element, which service characteristics are most likely to have an impact?
What type of organization might use a venture team to develop new products? What are the advantages and disadvantages of such a team?
Can JetBlue Airways stay in the black over the long term? Founded by David Neeleman, a savvy entrepreneur who sold his regional airline to Southwest Airlines in 1994, JetBlue sent its first flight
Business strategists and economists sometimes use a consumer price index (CPI) in their decision models. In fact, some organizations perform a comparison across countries to inform the public of
Why are pricing decisions important to an organization?
Compare and contrast price and nonprice competition. Describe the conditions under which each form works best.
Why do most demand curves demonstrate an inverse relationship between price and quantity?
List the characteristics of products that have inelastic demand, and give several examples of such products.
Explain why optimal profits should occur when marginal cost equals marginal revenue.
In what ways do other marketing-mix variables affect pricing decisions?
What types of expectations may channel members have about producers' prices? How might these expectations affect pricing decisions?
How do legal and regulatory forces influence pricing decisions?
Compare and contrast a trade discount and a quantity discount.

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