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business
business essentials
Business Essentials 11th Global Edition Ronald J. Ebert, Ricky W. Griffin - Solutions
What action should the board take?
If you were considering investing in an African business, what would be the most sensible reason for investing?
Private equity investment differs to some extent from venture capital if the business is being wholly acquired.What are the advantages and disadvantages of using private equity to build a business venture?
What do you think is the risk-return relationship for investors in African businesses? How are private equity firms likely to manage this?
How might a private equity firm make a valuation of an African business prior to them making an offer to buy some or all of the company?
Would you consider investing in Africa? Why or why not?
If an African business owner wanted to retain ownership, long-term loans might be an option. What are the advantages and disadvantages?
Given the risk, what would motivate an investor to purchase stock in Gogo?
Why would Gogo sell stock rather than taking on additional debt financing? Do you think that this was a good decision?
What role did underwriters, such as Morgan Stanley, JPMorgan, and UBS, play in the IPO?
Use a Web source, such as Yahoo! Finance or www.nasdaq.com to obtain the current price of Gogo stock.What has happened to the price of the stock over the last 6 months? What about the last 2 years?
Using the data provided from the web source in the previous step, is Gogo a small or large cap stock? How would this affect the risk associated with this investment?
How much money will you need to get your business started?Hint: Refer back to Part 5 of the plan, where you analyzed the costs involved in running your business.Approximately how much will you need to get your business started?
How will you finance your business? For example, will you seek out a bank loan? Borrow from friends? Sell stocks or bonds initially or as your business grows?Hint: Refer to Chapter 17 for information on securities, such as stocks and bonds. Refer also to Appendix I:Financial Risk and Risk
Now, create an executive summary for your business plan.The executive summary should be brief—no more than two pages long—and should cover the following points:• The name of your business• Where your business will be located• The mission of your business• The product or service you are
Suppose you are managing the securities investments for the firm where you work.Several employees have heard hallway conversations about something called a “risk–return relationship” that sounds important, but they are unsure what it means. (a) Write an essay that explains the risk–return
A recent college graduate has come to you looking for advice. He has just landed a great job and his grandmother has stressed the importance of starting to save for retirement right away. He’s wondering if this is really good advice, so he’s looking to you for guidance. What would be the
Explain the purpose of a marketing plan and identify its main components.
Discuss the purpose of marketing research and compare the four marketing research methods.
Describe the consumer buying process and the key factors that influence that process.
Discuss the four categories of organizational markets and the characteristics of business-to-business (B2B)buying behavior.
Discuss the marketing mix as it applies to small business.
In order to promote products effectively, which three types of competition need to be identified?
How is the concept of product differentiation a vital one in order to ensure that a product stands out in the market?
What are psychographic variables and how are they used in target marketing?
Why is post-purchase evaluation by customers important to marketers even though the sale has been made?
Select a technology product (cell phone, laptop, tablet, for example). Outline the four key areas of utility of that product. Explain how it addresses each of the four elements.
There are four main influences on consumer behavior.Did these influences have a bearing on the decision you made about attending college? Why or why not?
Choose an existing product that could benefit from viral marketing. Once you have identified the product, describe how you would use viral marketing to increase demand for the product.APPlICATIOn ExERCISES
Develop a “Statement of Marketing Objectives” for your company. Justify those marketing objectives by explaining how they contribute to the overall business mission of the company.
Identify the target market(s) for your business. Who are your customers? Describe the characteristics of customers in your target market(s).
Discuss how your team is going to identify the existing competitors in your chosen market. Based on the discussion, what are the key elements of your marketing plans that will give you a competitive edge over those competitors?
Consider, again, the customers in your target market(s).Are they individual consumers, organizations, or a mix of both consumers and organizations? Describe in detail the buying process(es) you expect them to use for purchasing your product(s). Discuss whether the customer buying process should or
Develop a preliminary design of the marketing mix for your target market(s). Retain the design for carryover and refinement in the following marketing chapters.
As a group, describe the characteristics, wants, and needs of the target market.
Are there any other individuals or groups that might have an influence on the buying decision?
Identify the typical demographic variables of the target markets. Make sure that you cover age, education, family life cycle, family size, income, nationality, race, religion and gender. Does the group agree on the profiles?
Have each group member try to identify the key psychographic variables that the target market is likely to have.
Share your thoughts about the psychographic variables and develop a profile of the target market.
As a group, suggest how you would present the information to distributors and any advice you would give them about the marketing campaign.
From an ethical standpoint, what are the obligations of the quality control manager and the marketing manager regarding the introduction of the product in this situation?
If you were the quality control manager, how would you handle this matter?
What forces in the external environment have created opportunities or challenges for Michelle Phan? Explain.
Who is Michelle Phan’s target market?
Describe the consumer buying process for someone purchasing cosmetic products. Where would videos and a service like Ipsy fit into this process?
Go the website for Phan’s beauty line with L’Oreal, www.emcosmetics.com. How does the product line appeal to Phan’s target market?
How would you best describe P&G’s marketing strategy for the situation presented in this case? Explain why.
What elements of P&G’s external marketing environment, if any, are influencing the company’s marketing strategy?Explain your reasoning.
Explain the roles of target marketing and market segmentation as they apply in this case.
In what ways are the components of P&G’s marketing mix being affected by the situation described in this case? Give examples to illustrate.
Marketing in every business must consider the firm’s external environment and the environmental forces (or “marketing environments”) that affect marketing decisions, successes, and failures. Recall and consider the major elements in the “marketing environment.” Write an essay explaining
Describe the steps in the consumer buying process for someone purchasing a new automobile. What are the major influences on the consumer buying process? Explain how each might affect the decision made.
Describe the stages of the product life cycle (PLC)and methods for extending a product’s life.
If a business has a mark-up percentage of 34.55 percent, how much gross profit is made per $1 sales revenue?
Why is dynamic pricing increasingly common for online sales?
Newspapers, milk, and fast food are all examples of convenience goods and services. What is it about these types of products or services that help categorize them?
How would you identify the key characteristics of a range of products that you could identify as a coherent product line?
What is product placement? Why does it tend to work when some forms of conventional advertising might fail? Identify some examples of product placement from your region of the world.
What steps need to be amended in the development of services compared to products? Why is this the case?
Describe price skimming and penetration pricing. What types of new products would be best suited to price skimming? What types of products will be most successful with penetration pricing?APPLiCAtioN ExERCiSES
For this exercise, select a car or truck that interests you and identify the target market. Once you’ve identified the target market, describe the features of the vehicle that appeal specifically to the target market.
Consider the customers in your target market(s). Are they individual consumers, or organizations, or a combination of both? For each of your target markets, identify what customers will expect in the product features and in the value-package features.
Identify your business’s product mix, including its product line(s), if any. How do you justify this product mix rather than others you might have chosen?
Will your product(s) require new product development, modifications of existing products, or are they fully developed and ready to go? How quickly do you anticipate your product(s) will be developed and ready for market?How long a life span do you expect for your product(s)?
Consider various pricing objectives and strategies to use when your product(s) first goes to market. Which pricing objective(s) seems most appropriate for your entry into the market(s)? Identify the pricing strategy(s) that seem best suited for your business. Explain.
Various pricing tactics, too, are available for planning your business. Describe the pricing tactics you expect to use on opening the business. Explain your choice(s).Might you resort to different pricing tactics as your product(s) moves through various stages in the life cycle(s)? Explain your
As a group, develop a consensus about the best pricing philosophy and a rationale for why you have selected this approach.
Using the information provided in the case, identify the fixed and variable costs.
What other pricing tactics might you employ at the phone case kiosk to increase sales?
From an ethical standpoint, what are the obligations of the Beirut company and the sales manager regarding the pricing of the product in this situation?
If you were the sales manager, how would you defend your actions?
If you were responsible for maintaining good customer relations at the dealership, how would you handle this matter, considering the interests of both the consumer and the business?
Considering the product life cycle, where would you place digital music downloads, such as iTunes? Explain your conclusion.
Who is the target market for iTunes? Do you think that this has changed over time?
Who is the target market for streaming music services?
Most streaming services offer a free, ad-supported model as well as a subscription service. What are the advantages of each option to the provider, the musical artist, and the consumer?
How do you respond to the following question: Why would one food retailer’s pricing and promotion strategy be expected to work well for a competing store chain?
Describe the characteristics you would expect to find in a competitor’s target market(s), as compared with those in Sheng Siong’s target market(s)?
Explain how a company’s target market is a relevant consideration for its pricing strategy.
Think about the product offerings for customers at your favored food store. Also, consider a competing store’s customers and products. Do you expect that differences in the kinds of products of the two companies might result in differences in their pricing strategies? Explain.
Consider the place (distribution) where customers go to purchase general food products. Next, consider where customers go to purchase specialty food products. How do you suppose differences in the companies’ distribution methods may result in differences in their pricing strategies?
Describe the product life cycle. Why is this so important to marketers? Identify a product in each of the stages of the product life cycle. Be sure to support your conclusion about why each product fits within the stage.
Companies always face various kinds of decisions for pricing their products in the marketplace. Pricing strategies for existing products, for example, are usually different than for pricing new products. (a) Compare and contrast pricing strategies for existing products versus pricing for new
Describe the role of wholesalers and the functions performed by e-intermediaries.
Describe the different types of retailing and explain how online retailers add value for consumers on the Internet.
Define physical distribution and describe the major activities in the physical distribution process.
Identify the objectives of promotion and the considerations in selecting a promotional mix, and discuss the various kinds of advertising promotions.
Outline the tasks involved in personal selling and describe the various types of sales promotions.
What differentiates direct distribution as a distribution method from all other forms of distribution?
What is channel conflict? What are the circumstances in which it develops?
Compare private and public warehousing and why both types can be used by organizations.
What are the key differences between push and pull strategies used by organizations?
What are the strengths and weaknesses of radio advertising?QuEStIOnS FOR AnALySIS
Describe the main types of retailer in your country using the three main classifications. Which is the most dominant form and why is this the case?
What are the major types of product line and bargain retailers? Identify at least one example of each type.
Identify the major tools of sales promotion. At which stage of the consumer buying process is each most important? Why?APPLICAtIOn ExERCISES
Go to YouTube and find a video advertisement that you think is particularly interesting. What is the product being marketed and who is the target market? How does the advertisement appeal to the target market? Do you think that this is effective or not? Why?
Consider once again the target market(s) for your business.For that target market, develop a “Statement of Promotional Objectives” for your company. What do you intend to accomplish with your chosen promotional objectives?
Considering your target market, discuss alternative promotional strategies that may be appropriate for your company. What are the pros and cons for each strategy you considered? Which strategy, at the present time, seems more favorable, and why?
Outline the elements for your promotional mix, including specific promotional tools to be included at the onset(opening) of your company. Rank, in order, the relative importance of each tool in your promotional efforts.How might those rankings change, if at all, after your company is better
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