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Marketing For Entrepreneurs 3rd Edition Frederick G. Crane - Solutions
What disadvantages might there be as a late entrant into a market? Did eHarmony experience any or all of these? Which?
What advantages did eHarmony have because it was not the first entrant into the online dating market space?
What are some of the steps that led to creating eHarmony?
If you were going to meet with Farrah Gray, what would you want to discuss and why?
The Farrah Gray Foundation serves as a vital part of Gray’s activities. Explain how it is important.
What is the most interesting part of his story for you? Why?
Clearly, Farrah Gray is a master of integrated promotion. List the promotional methods he has used and why he may have selected each.
Select either your own company or an entrepreneurial venture that interests you. Find three similar businesses on the Internet and select the two best sites. What features make them attractive?Why did you think they were better than the third site? How would you distinguish your own site?
Obtain ad rates from two local radio stations, a local newspaper, and a cable television channel.
Visit three independently owned businesses (not on the Internet)that are in the same industry. Identify the target market for each(demographic, geographic, psychographic, and behavioral). Note the various advertising and promotional methods in use at the business location. Search online for a
Create a chart like the one below to describe your marketing plan in detail. If you do not have a business concept, create a plan for a religious bookstore in a location that you specify. Include each media supplier, if possible, and delete the types that you are not expecting to use.
Use your press release to write a pitch letter for the opening of your business.
Answer the questions that follow and use them to write a press release for your business.a. What was your life like before you began to learn about entrepreneurship?b. Were you having any problems in school or at home?c. What have you learned about business that you did not know before?d. What is
What are some benefits of using marketing databases for small businesses?
How can entrepreneurs stretch their advertising budgets? Name at least five ways.
The examples provided in the Entrepreneurial Wisdom section of this chapter include several sites targeted to specific ethnic, demographic, or lifestyle groups. Select three of the Web sites listed there and answer the following:a. What types of marketing messages can you find on the site?b. How do
Identify the parts of promotions opportunity analysis planning.
Name four common marketing objectives. Explain why they are important.
Word of mouth or “word of mouse”; which is more impactful in advertising?
Identify a well-known public figure and discuss his or her brand.How has this individual enhanced the brand? How has he or she damaged it?
Does Texas Jet think of itself as a fueling station?
What is the Texas Jet pricing strategy?
Why has Texas Jet won so much recognition?
What makes Texas Jet special?
What is an FBO, and who are its customers?
In general, what are the pros and cons for HIC to offer credit options?
Describe the process used by HIC to evaluate credit risk and to determine an acceptable means of payment.
What types of general information does HIC ask all new customers to provide?
What types of credit does HIC offer?
Visit the PayPal Web site (http://www.paypal.com) and one of the following: Intuit Payment Services (http://www.intuit-gopayment.com), Square (http://www.squareup.com), E-Commerce Exchange(http://www.ecenow.com, TransFirst (http://www.transfirst.com), or Charge.com. Make a chart comparing the
Perform an Internet search on either a product or service comparable to what you plan to market or one that you personally own.Attempt to find at least three sites that sell it.a. List the applicable price point, including all discounts, allowances, and promotions, plus any shipping and handling
Create a pocket price waterfall for an electric yo-yo by Creative Toy Manufacturing (CTM). The list price is $5.50 each with a minimum order of 12 dozen. The standard dealer discount (off invoice) is 50%, and the order discount is 3% for orders of more than 20 dozen. There is a special promotion of
Using the markups described in the chapter, calculate the price at each link in the distribution chain for a blouse that cost the manufacturer$4.75 to make:Manufacturer’s cost: $_______________ Manufacturer’s price: $_______________ Wholesaler’s cost: $_______________ Wholesaler’s price:
Analyze the pros and cons of using keystoning alone as a pricing strategy. Illustrate your argument with an example.
What is the basis on which the price of the same product varies from firm to firm? For example, how do you expect a particular product to be priced by a manufacturer and a retailer?
Which pricing strategy would be best for a new firm in an industry with large, dominant firms? Give three reasons to justify your choice and illustrate with a real-world example.
What pricing principles should be considered by an organization before deciding a pricing strategy? Illustrate with examples.
How does pricing affect the strategy and value of a brand? Discuss with an example of your choice.
Identify two retailers—a world-renowned one and one well known in your country. Find out their pricing strategy and explain why you think they chose the strategy and what benefits they might have derived from it.
Meet with a partner and discuss the pros and cons of the following pricing strategies: value pricing, keystoning, cost-plus, penetration strategy, skimming strategy, and meet or beat the competition—for each of your respective businesses. Present your recommendations for each other to the class.
Besides her own boutiques, specialty stores, and the Internet, what might be some additional sales venues for Malia Mills Swimwear to consider exploring?
What kind of environment is Malia Mills trying to create in her stores? Why is this important?
The case mentions that Malia Mills Swimwear is currently experimenting with paid advertising. If you were in charge of marketing for the company, how would you assess whether it was cost-effective enough to continue purchasing advertising?
Malia Mills Swimwear is not inexpensive.Why do you think customers are willing to pay a premium for her suits?
Describe the unique features of Malia Mills’s product.
How has 23andMe woven philanthropic attitudes into its business? Name some specific ways in which the company could incorporate philanthropy further into its marketing mix.
List factors to include in a breakeven analysis for 23andMe. Suggest the company’s strategy for achieving a breakeven point.
What role does company location likely play in 23andMe’s marketing strategy?
What could 23andMe’s new pricing structure suggest about its brand? In other words, what risk(s) did 23andMe take when it cut its basic price in half? To $99?
What is the product/service offered by 23andMe?
Find out and list how much it would cost to run a banner ad on three Web sites. What are the pricing options? Are they listed on the companies’ Web sites? Where did you find the information?
Visit three independently owned businesses (in the same industry)in person. Identify the target market for each (demographic, geographic, psychographic, and behavioral). Note the various advertising and promotional methods in use for each location.Search online for company Web sites. Ask the store
Visit a library (public or university) and locate its reference section.What resources can help you to open a business like Honest Tea? Identify at least six.
Can the fifth P, philanthropy, be incorporated in every marketing mix? Illustrate with examples from two different industries.
How are the four Ps of a marketing mix interrelated? How does tweaking one affect the other? Illustrate with an example.
Brainstorm five creative ways for a small business with a low budget to advertise and promote its products or services using the latest developments in communications and Internet technology.
What is the 4th “P” (Place) more relevant to, service or product?Illustrate your argument with examples.
How do you plan to include philanthropy in your marketing mix?
Explain how pricing tells a story about your product.
What are the factors to keep in mind while designing a logo? What do you have in mind for the logo of your envisioned business, and why?
Russell Simmons invested $5,000 to start Def Jam and then later sold his business to Polygram Records for$100 million. Calculate Simmons’s return on investment (ROI).
Brainstorm a business idea that you could pitch to Russell Simmons that would be appropriate for Rush Communications.What market research would you need to conduct in advance to assess whether or not your idea had the potential to be successful?
Simmons grew up surrounded by hip-hop music and culture. In what ways did this give him an advantage in the marketplace? How might his insider’s knowledge also function as a limitation?
Describe the target market that Simmons is trying to appeal to in all of his business ventures. What does this target market value?
Why do you think Russell Simmons has been successful?
What is the role of marketing in McCormick’s business?
How did McCormick identify American Electrical’s market? Name the segmentation method and the segment he chose.
What research methods would you recommend for American Electrical today? Name three specific sources of information.
In what areas of the market did McCormick do research before starting his business?
Go online and conduct an industry-wide search for competition for your business or one that interests you. Create a profile of the competition (this may be written using a word-processing program or shown as a table using Excel). It should include minimum and maximum prices, minimum and maximum
Analyze the market for each restaurant, using the four methods of market-segmentation analysis: geographic, demographic, psychographic, and behavioral.
Research can give you a great deal of information, but you will have to use your math skills to make it more useful. For example, imagine you are interested in opening a dog-care service and you have gathered the following facts:• In 2000, the U.S. Census Bureau estimated that there were 2.67
Read and interpret the chart in Figure 6–2.a. Which single provider has the largest market share? What is the percentage?b. What share do the two largest suppliers enjoy together?c. How much bigger is IBM’s share than Apple’s?d. If there are approximately 100 other smaller makers of personal
How do customers decide to buy a product? For example, how would you make the decision to buy organic vegetables?
Which research technique would best suit your envisioned product or service, and why?
Choose five people from your market segment to research with a survey. Write 10 questions in a scaled format and ask the survey participants to frame their responses on a scale of 1 to 5, or design your own range. Also ask five open-ended questions (questions that cannot be answered with a yes or
Step Two: Market Analysis• How large is the total market for your product or service? How did you arrive at this figure?• Which segment of this market do you intend to target? Why?How large is the segment?• Describe your segmentation method. Why did you choose this method?
If you were consulting to the Amadors, what advice would you give them?
What competitive advantages does Amador Bilingual Voice-Overs have in the voice-over field? List them and indicate whether each is based on quality, price, location, selection, service, or speed/turnaround—or a combination of these.
Which methods of deciding on business opportunities did Rosi and Brian Amador pursue?
Describe the culture of the Amadors’businesses.
How does Sol y Canto define its business?Identify the offer, the target market, and the product and delivery capability.
How is this business tied to a social mission?What do the owners do to demonstrate their commitment?
Use the Internet to research suppliers for a business you would like to start or can envision. Describe the business and list the URL, e-mail, phone and fax, and street address for five suppliers you located via the Internet.
You own a small record label. You sell CDs through your Web site for $15, including shipping and handling. You get an offer from someone who owns a record store in Germany who wants to buy your CDs at $10 each and sell them for €30. He says his profit from each sale would be €12 and he will
How does analyzing the cost of goods sold (COGS) or cost of services sold (COSS) of one unit help an entrepreneur gauge the viability of their business?
Is there a service presently available to only a few consumers, or one that is not available yet all? Write about a service that you can imagine eventually becoming very popular and the need(s) it will meet.
How can one determine whether one’s advantage is strong enough or sustainable? Illustrate with a real-life example.
Sue, of Sue’s Sandwiches, sells sandwiches and soda from a sidewalk cart in a popular park near her house. She sets up her cart in the summers to earn money for college tuition. Last month she sold $1,240 worth of product (sandwiches and sodas) to 100 customers.She spent $210 on the sandwich
What is the average unit of sale for the following businesses?• Business 1: A restaurant that serves $2,100 in meals to 115 customers per day.• Business 2: A record store that sells $1,500 worth of CDs to 75 customers per day.
How would you determine the core values of your envisioned business?
Suppose your new venture was a souvenir shop at a tourist destination, what would be the competitive strategy and tactics that you will employ to gain a sustainable advantage?
Identify a global company of your choice. Discuss its core values, vision and mission statements.
What strategies will you use to compete with your rivals? Illustrate with examples.
Explain how this statement applies to becoming a successful entrepreneur:Spotting opportunities consists of looking at the same thing as everyone else and thinking something different.
What are the different business opportunity decision processes?Which one would you prefer for a product driven opportunity, and why?
In very specific terms, map out your marketing opportunity and detail the marketing actions required to exploit this opportunity effectively and profitably.What are the most important tasks that you must complete to exploit the opportunity?
Check several key social media platforms. Get critical information on which ones reach your addressable markets (target customers). Most of them provide a media buying kit, which provides such information. If they do not, then contact them and ask for it. You cannot assume that your consumers
Knowing your target audience(s), specify two to three specific and measurable promotional objectives you wish to achieve with this audience. In other words, what do you want to have happen as a result of the promotional activity? Next, map out the most effective promotional techniques you can use
Identify your most direct competitors and record the prices they charge.Plot those prices on paper to establish a “price range.” Now, given your costs and the established price range, where could you price your offerings along that range? Record your price on the range. Set this aside. Now,
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