Marketing: Real People, Real Decisions 2nd Edition Michael R. Solomon, Greg Marshall, Elnora Stuart, Bradley Barnes, Vincent-Wayne Mitchell - Solutions

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Describe occasions where you have acted in the following roles, but you were not the person who paid for the purchase: (a) initiator, (b) influencer, (c) decider, (d) user.3 Watch the following video, then discuss the reasons why a knowledge of consumer neuroscience can be useful to retail
Apply the first four stages of the CDP model to two purchases you have made within the last month, one for a high-cost and the other for a low-cost product or service. Compare the total time you spent making decisions about purchasing these items. Secondly, apply stages 5, 6 and 7 of the CDP model
After visiting the company’s website www.whsmith.co.uk or one of its branches to examine the retail layout and range of merchandise WH Smith offers, propose two key potential strategies that you would recommend them to implement during the next three years.
What are the main PESTEL factors that currently affect the stationery and books retail sector?
Why does the analyst suggest that some of these strategies are not financially sustainable in the future?
Which strategies has WH Smith used that have resulted in a substantial rise in share prices without increasing sales?
Why is it important to align marketing strategy with the strategies used in other areas of the company, such as HRM and finance?
Research Ansoff’s product–market matrix online and apply it to a selection of different retailers or brands in a particular product sector, placing them in the appropriate sections.
Select ten retailers that are located in your nearest town or city. Assess which one of the following generic strategies each of these retailers are following: cost leadership, differentiation or focus.
Watch the following video featuring Michael Porter explaining the importance of strategy to an organisation. Make a note of the key points he mentions and discuss why they are relevant to retailers. http://www.youtube.com/watch?v=DViVtgD0xwE
Find the mission statements for three retailers. Which one of the three do you think is most in line with your own perceptions of the retailer? How could the other two be amended, if at all, to make them more suited to the retailers concerned?
Select a retail sector for a particular product type (e.g. electronics or toys) and conduct a PESTEL analysis to assess the macro-environment that affects this sector. Which are the main issues that you believe would impact upon a small independent store selling this product type?
Read some of the job descriptions on the website of a recruitment agency that covers the retail sector to review the responsibilities of retail management roles. For example:www.retailchoice.com www.retailweekjobs.com/www.michaelpageinternational.com/Pages/Home/International-Presence
Consider the information on the future of retailing in this chapter and discuss how this could affect retailers in the area where you live.
Reading the following article will allow you to gain a more comprehensive overview of the historical background to retailing:Evans, J.R. (2011) Retailing in perspective: the past is a prologue to the future, International Review of Retail, Distribution and Consumer Research, 21(1), 1–31.Its
The rate of adoption of developments in retailing can vary from one location to another.For international readers, plot a timeline of developments in retailing in your own country and compare this with the UK (mentioned earlier in this chapter). You can draw from a variety of sources, e.g. your own
Consider the types of non-store retailing which are popular in the area where you live. Suggest which additional non-store retailing techniques have the most potential for expansion in this location and why you believe this to be the case. Which types of products do you suggest should be sold via
After reading the retail marketing careers sections in this chapter compare the traditional independent shopkeeper’s role with the contemporary job of a business intelligence manager. What elements do the two jobs have in common? What are the key differences in the two roles?
Research into some of the key historical developments in retail marketing. What can we learn from the history of retail marketing that could be applied to contemporary retailing? The following sources could be useful for your research. A special issue of the journal Business History offers insights
Having read Table 1.1, you should write down some examples of retailers within each category from your own area and from other regions or countries you have visited.
Which are your favourite and least favourite retailers? Explain the reasons for your choices. Consider ways in which your least popular retailer could improve in order to meet your needs as a customer more effectively.
6. Supply Chain Strategy: B & V will expand its distribution network to include the business-to-business markets targeted. In addition, to encourage a high level of inventory in larger health clubs, B & V Smoothie will offer free refrigerated display units.
5. Promotion Strategy: B & V will augment current personal selling efforts with television and magazine advertising, with sponsorships of key sporting events in major cities and with a sampling programme.
4. Pricing Strategy: B & V will maintain the current pricing strategy for existing and new products.
3. Product Strategy: B & V will introduce two new product lines, each identifiable through unique packaging/labelling:a. B & V Smoothie Gold: a product similar to the original B & V Smoothie beverages but in six unique flavours.b. Low-Carbohydrate B & V Smoothie: a product with 50 per cent fewer
2. Positioning Strategy: B & V will continue to position its products as the first-choice smoothie beverage for the serious health-conscious consumer, including those who are seeking to lower their carbohydrate intake.
1. Target Market Strategy: B & V will continue to target its existing consumer markets while expanding its business-to-business markets to include hotels and resorts, golf and tennis clubs, and university campuses.
3. Profitable revenues Customer spending activity generates a profit contribution of £15 per customer per annum. 4. Environment After joining, members can continue buying from the wine club for many years. However, most do not continue but become inactive, and the number of active customers
2. Customer response Historical analysis of its mailing discloses a response rate of 2 per cent for annual mail volumes up to 2 million items and then response drops to 1 per cent for volumes above 2 million.
1. Marketing cost allocation The marketing department spends money sending direct mail to acquire new customers at a cost of 50p per letter. It can vary the volume of its acquisition mailing and in recent years has annually mailed between 1 million and 3 million letters.
5 Understand the importance of shop image to a retail positioning strategy and explain how a retailer can create a desirable image in the marketplace
4 Describe B2C e-commerce and its benefits, limitations and future promise
3 Define retailing and understand how retailing evolves
2 Describe the types of distribution channel and the steps in planning distribution channel strategies
1 Understand what a distribution channel is and what functions distribution channels perform
2 Understand the important role of personal selling
1 Explain what sales promotion is and describe the different types of trade and consumer sales promotion activities
2 Explain the role of public relations
1 Explain what advertising is and describe the main types of advertising
7 Explain the stages in developing an IMC plan
6 Explain the important role of database marketing in integrated marketing communications (IMC)
5 Describe integrated marketing communications and its characteristics
4 Explain how word-of-mouth marketing, buzz marketing, viral marketing and guerrilla marketing provide effective marketing communications
3 List and describe the traditional elements of the promotion mix
2 Understand the communications model
1 Understand the role of marketing communications
8 Describe the psychological, legal and ethical aspects of pricing
7 Understand the opportunities for online pricing strategies
6 Explain pricing tactics for single and multiple products and for pricing on the internet
5 Understand pricing strategies
4 Understand some of the environmental factors that affect pricing strategies
3 Describe how marketers use costs, demands and revenue to make pricing decisions
2 Understand the pricing objectives that marketers typically have in planning pricing strategies
1 Explain the importance of pricing and how prices can take both monetary and non-monetary forms
5 Explain the marketing of people, places and ideas
4 Explain how marketers create and measure service quality
3 Explain marketing strategies for services
2 Understand how services differ from goods
5 Describe how organisations are structured for new and existing product management 1 Describe the four characteristics of services
4 Explain the roles packaging and labelling play in developing effective product strategies
3 Discuss how branding creates product identity and describe different types of branding strategies
2 Explain how firms manage products throughout the product life cycle
1 Explain the different product objectives and strategies a firm may choose
5 Explain the process of product adoption and the diffusion of innovations
4 Show how firms develop new products
3 Understand the importance of new products
2 Describe the classifications of products
1 Explain the layers of a product
5 Understand how a firm develops and implements a positioning strategy 6 Explain how marketers increase long-term success and profits by practising customer relationship management
4 Explain how marketers develop a targeting strategy
3 Show how marketers evaluate and select potential market segments
2 Know the different dimensions that marketers use to segment consumer and business-to-business markets
1 Understand the need for market segmentation in today’s business environment
7 Understand the growing role of B2B e-commerce
6 Understand the stages in the business buying decision process
5 Explain the roles in the business buying centre (decision-making unit)
4 Explain the business buying situation and describe business buyers
3 Describe how business or organisational markets are classified
2 Explain the unique characteristics of business demand
1 Describe the general characteristics of business-tobusiness markets
6 Show how the internet offers consumers opportunities to participate in consumer-to-consumer marketing
5 Explain how consumers’ relationships with other people influence their decision-making processes
4 Show how situational factors at the time and place of purchase influence consumer behaviour
3 Explain how internal factors influence consumers’ decision-making processes
2 Describe the pre-purchase, purchase and postpurchase activities that consumers engage in when making decisions
1 Define consumer behaviour and explain why consumers buy what they buy
5 The growing use of online research
4 The different types of data-collection methods and types of consumer samples that researchers use
3 The differences among exploratory, descriptive and causal research techniques available to marketers
2 The marketing research process
1 The role of the marketing information system and the marketing decision support system in marketing decision making
7 Explain the strategies that a firm can use to enter global markets
6 Explain operational planning
4 Understand the big picture of international marketing, including trade flows, market scope and global competitive advantage 5 Explain the role of implementation and control in marketing planning
3 Discuss some of the important aspects of an organisation’s internal environment and understand how factors in the external business environment influence marketing strategies and outcomes
2 Explain the strategic planning process
1 Describe the steps in marketing planning
5 How value is created from the perspectives of customers, producers and society 6 The basics of marketing planning and the marketing mix tools used in the marketing process
4 The range of services and goods that are marketed.
3 The evolution of the marketing concept

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Marketing: Real People, Real Decisions 2nd Edition Michael R. Solomon, Greg Marshall, Elnora Stuart, Bradley Barnes, Vincent-Wayne Mitchell - Solutions

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