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marketing strategy planning
Basic Marketing A Marketing Strategy Planning Approach 19th edition William D. Perreault Jr., Joseph P. Cannon, E. Jerome McCarthy - Solutions
Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation?
If the demand for shrimp is highly elastic below the present price, should the price be lowered?
If the demand for perfume is inelastic above and below the present price, should the price be raised? Why or why not?
If the general market demand for men’s shoes is fairly elastic, how does the demand for men’s dress shoes compare to it? How does the demand curve for women’s shoes compare to the demand curve for men’s shoes?
What is the length of life of the typical demand curve? Illustrate your answer.
Explain what a demand curve is and why it is usually down-sloping. Then give an example of a product for which the demand curve might not be downsloping over some possible price ranges. Explain the reason for your choice.
Explain in your own words how economists look at markets and arrive at the “law of diminishing demand.”
Discuss how slower economic growth or no economic growth would affect your college community—in particular, its marketing institutions.
Should a marketing manager or a business refuse to produce an “energy-gobbling” appliance that some consumers are demanding? Should a firm install an expensive safety device that will increase costs but that customers don’t want? Are the same principles involved in both these questions?
Should marketing managers, or business managers in general, refrain from producing profitable products that some target customers want but that may not be in their long-run best interest? Should firms be expected to produce “good” but less profitable products? What if such products break even?
How far should the marketing concept go? How should we decide this issue?
Distinguish clearly between a marketing strategy and a marketing plan. If a firm has a really good strategy, does it need to worry about developing a written plan?
Comment on the following statement: “Ultimately, the high cost of marketing is due only to consumers.”
How would officially granted monopolies affect the operation of our economic system? Consider the effect on allocation of resources, the level of income and employment, and the distr i bution of income. Is the effect any different if a firm obtains a monopoly by winning out in a co m petitive
In the short run, competition sometimes leads to inefficiency in the operation of our economic system. Many people argue for monopoly in order to eliminate this inefficiency. Discuss this solution.
Discuss the conflict of interests among production, finance, accounting, and marketing executives. How does this conflict affect the operation of an individual firm? The economic system? Why does this conflict exist?
Should the objective of our economy be maximum efficiency? If your answer is yes, eff i ciency in what? If not, what should the objective be?
Discuss the merits of various economic system objectives. Is the objective of the American economic system sensible? Could it achieve more consumer satisfaction if sociologists or public officials determined how to satisfy the needs of lower-income or less-educated consumers? If so, what education
What types of human resource issues does a marketing manager face when planning to expand sales operations from a branch office in a new overseas market? Are the problems any different than they would be in a new domestic market?
Could the approaches to cost allocation that we discussed in this chapter apply to a firm, like a travel agency, that produces only services? Explain your thinking.
Explain the difference between natural accounts and functional accounts.
Explain how a marketing manager’s sales forecast for a new marketing plan might be used by a. A financial manager; b. An accountant; c. A production manager; d. A human resources manager.
Is a small company’s flexibility increased or decreased by turning to outside suppliers to produce the products it sells? Explain your thinking.
Give examples of two different ways that a firm’s production capacity might influence a marketing manager’s choice of a marketing strategy.
Could the idea of mass customization be used by a publisher of college textbooks to allow different instructors to order customized teaching materials— perhaps even unique books made up of chapters from a number of different existing books? What do you think would be the major advantages and
A woman with extensive experience in home health care and a good marketing plan has approached a bank for a loan, most of which she has explained she intends to “invest in advertising designed to recruit part-time nurses and to attract home-care patients for her firm’s services.” Other than
Explain, in your own words, why investors in a firm’s stock might be interested in a firm’s marketing manager developing a new growth-oriented strategy. Would it be just as good, from the investors’ standpoint, for the manager to just maintain the same level of profits? Why or why not?
An entrepreneur who started a chain of auto service centers to do fast oil changes wants to quickly expand by building new facilities in new markets but doesn’t have enough capital. His financial advisor suggested that he might be able to get around the financial constraint and still grow rapidly
Identify some of the ways that a firm can raise money to support a new marketing plan. Give the advantages and limitations—from a marketing manager’s perspective— of each approach.
This problem emphasizes the differences between the full-cost approach and contribution-margin approach to marketing cost analysis. Tapco, Inc., currently sells two products. Sales commissions and unit costs vary with the quantity of each product sold. With the full-cost approach, Tapco’s
Explain why a marketing audit might be desirable, even in a well-run company. Who or what kind of an organization would be best to conduct a marketing audit? Would a marketing research firm be good? Would the present CPA firms be most suitable? Why?
The June profit and loss statement for the Browning Company is shown. If competitive conditions make price increases impossible and management has cut costs as much as possible, should the Browning Company stop selling to hospitals and schools? Why? Hospitals and Retailers Schools Total Sales:
Why is there controversy between the advocates of the full-cost and the contribution-margin approaches to cost analysis?
Most sales forecasting is subject to some error (perhaps 5 to 10 percent). Should we then expect variations in sales performance of 5 to 10 percent above or below quota? If so, how should we treat such variations in evaluating performance?
Explain the meaning of the comparative performance and comparative cost data in Exhibits 18-3 and 18-4. Why does it appear that eliminating sales areas D and E would be profit able?
Carefully explain what the iceberg principle should mean to the marketing manager.
Distinguish between a sales analysis and a performance analysis.
Various breakdowns can be used for sales analysis depending on the nature of the company and its products. Describe a situation (one for each) where each of the fol lowing brea k downs would yield useful information. Explain why. a. By geographic region. b. By product. c. By customer. d. By size of
Should marketing managers leave it to the accountants to develop reports that the marketing manager will use to improve implementation and control? Why or why not?
Give an example of how a firm has used information technology to improve its marketing implementation and do a better job of meeting your needs.
This problem lets you see the dynamics of break-even analysis. The starting values (costs, revenues, etc.) for this problem are from the break-even analysis example in this chapter (see Exhibit 17-8). The first column computes a break-even point. You can change costs and prices to figure new
Is a full-line pricing policy available only to producers? Cite local examples of full-line pricing. Why is full-line pricing important?
How does a prestige pricing policy fit into a marketing mix? Would exclusive distribution be necessary?
Cite a local example of psychological pricing and evaluate whether it makes sense.
Distinguish between leader pricing and bait pricing. What do they have in common? How can their use affect a marketing mix?
Discuss the idea of drawing separate demand curves for different market segments. It seems logical because each target market should have its own marketing mix. But won’t this lead to many demand curves and possible prices? And what will this mean with respect to discounts and varying prices in
Relate the concept of stock turnover to the growth of mass-merchandising. Use a simple e x ample in your answer.
A producer distributed its riding lawn mowers through wholesalers and retailers. The retail selling price was $800, and the manufacturing cost to the company was $312. The retail markup was 35 percent and the wholesale markup 20 percent. What was the cost to the wholesaler? To the retailer? What
Why do many department stores seek a markup of about 30 percent when some discount houses operate on a 20 percent markup?
Joe Tulkin owns Tulkin Wholesale Co. He sells paper, tape, file folders, and other office supplies to about 120 retailers in nearby cities. His average retailer-customer spends about $900 a month. When Tulkin started business in 1991, competing wholesalers were giving retailers invoice terms of
Is price discrimination involved if a large oil company sells gasoline to taxicab associations for resale to individual taxicab operators for 2½ cents a gallon less than the price charged to retail service stations? What happens if the cab associations resell gasoline not only to taxicab operators
How would our marketing system change if manufacturers were required to set fixed prices on all products sold at retail and all retailers were required to use these prices? Would a manufacturer’s marketing mix be easier to develop? What kind of an operation would retailing be in this situation?
Would consumers be better off if all nations dropped their antidumping laws? Explain your thinking.
Explain the types of competitive situations that might lead to a meeting-competition pricing policy.
Cite two examples of continuously selling above the market price. Describe the situations.
Give an example of a marketing mix that has a high price level but that you see as a good value. Briefly explain what makes it a good value.
How would a ban on freight absorption (that is, requiring F.O.B. factory pricing) affect a producer with substantial economies of scale in production?
What type of geographic pricing policy is most appropriate for the following products (specify any assumptions necessary to obtain a definite answer): ( a ) a chemical by-product, ( b ) nationally advertised candy bars, ( c ) rebuilt auto parts, and ( d ) tricycles?
How can a marketing manager change a firm’s F.O.B. terms to make an otherwise competitive marketing mix more attractive?
Why would a manufacturer offer a rebate instead of lowering the suggested list price?
What are the effective annual interest rates for the following cash discount terms: ( a ) 1/10, net 20; ( b ) 1/5, net 10; and ( c ) net 25?
Are seasonal discounts appropriate in agricultural businesses (which are certainly seasonal)?
How would differences in exchange rates between different countries affect a firm’s decisions concerning the use of flexible-price policies in different foreign markets?
What pricing objective( s ) is a skimming pricing policy most likely implementing? Is the same true for a penetration pricing policy? Which policy is probably most appropriate for each of the fo llowing products: ( a ) a new type of home lawn-sprinkling system, ( b ) a skin patch drug to help
Distinguish between one-price and flexible-price policies. Which is most appropriate for a hardware store? Why?
How should the acceptance of a profit-oriented, a sales-oriented, or a status quo–oriented pricing objective affect the development of a company’s marketing strategy? Illustrate for each.
As a community service, disc jockeys from radio station WMKT formed a basketball team to help raise money for local nonprofit organizations. The host organization finds or fields a competing team and charges $5 admission to the game. Money from ticket sales goes to the nonprofit organization.
If sales promotion spending continues to grow— often at the expense of media advertis ing—how do you think this might affect the rates charged by mass media for advertising time or space? How do you think it might affect advertising agencies?
Why wouldn’t a producer of toothpaste just lower the price of its product rather than offer consumers a price-off coupon?
Indicate the type of sales promotion that a producer might use in each of the following situations and briefly explain your reasons: a. A firm has developed an improved razor blade and obtained distribution, but customers are not motivated to buy it. b. A competitor is about to do a test
Discuss some ways that a firm can link its sales promotion activities to its advertising and personal selling efforts—so that all of its promotion efforts result in an integrated effort.
Explain why P&G and other consumer packaged goods firms are trying to cut back on some types of sales promotion like coupons for consumers and short-term trade promotions such as “buy a case and get a case free.”
How would your local newspaper be affected if local supermarkets switched their weekly advertising and instead used a service that delivered weekly freestanding ads directly to each home?
Is it unfair to criticize a competitor’s product in an ad? Explain your thinking.
Does advertising cost too much? How can this be measured?
Discuss the future of smaller advertising agencies now that many of the largest are merging to form mega-agencies.
Discuss the use of testimonials in advertising. Which of the four AIDA steps might testimo nials accomplish? Are they suitable for all types of products? If not, for which types are they most suitable?
Briefly discuss some of the pros and cons an advertising manager for a producer of sports equipment might want to think about in deciding whether to advertise on the Internet.
Describe the type of media that might be most suitable for promoting: ( a ) tomato soup, ( b ) greeting cards, ( c ) a business component material, and ( d ) playgr ound equipment. Specify any as sumptions necessary to obtain a definite answer.
What does it mean to say that “money is invested in advertising”? Is all advertising an i n vestment? Illustrate.
Give three examples where advertising to intermediaries might be necessary. What are the objective(s) of such advertising?
List several media that might be effective for reaching consumers in a developing nation with low per capita income and a high level of illiteracy. Briefly discuss the limitations and advantages of each medium you suggest.
Discuss the relation of advertising objectives to marketing strategy planning and the kinds of advertising actually needed. Illustrate.
Franco Welles, sales manager for Nanek, Inc., is trying to decide whether to pay a sales rep for a new territory with straight commission or a combination plan. He wants to evaluate possible plans—to compare the compensation costs and profitability of each. Welles knows that sales reps in similar
How would our economy operate if personal salespeople were outlawed? Could the economy work? If so, how? If not, what is the minimum personal selling effort necessary? Could this minimum personal selling effort be controlled by law?
Are the benefits and limitations of a canned presentation any different if it is supported with a Power- Point presentation or DVD than if it is just a person talking? Why or why not?
Explain how a compensation plan could be developed to provide incentives for experienced salespeople and yet make some provision for trainees who have not yet learned the job.
A firm that produces mixes for cakes, cookies, and other baked items has an incoming toll-free line for customer service calls. The manager of the customer service reps has decided to base about a third of their pay on the number of calls they handle per month and on the average amount of time on
Would it make sense for your school to have a person or group whose main job is to handle “customer service” problems? Explain your thinking.
Think about a situation when you or a friend or family member encountered a problem with a purchase and tried to get help from a firm’s customer service representative. Briefly describe the problem, how the firm handled it, and what you think about the firm’s response. How could it have been
Discuss the future of the specialty shop if producers place greater emphasis on mass selling because of the inadequacy of retail order-taking.
Discuss the role of the manufacturers’ agent in a marketing manager’s promotion plans. What kind of salesperson is a manufacturers’ agent? What type of compensation plan is used for a manufacturers’ agent?
What kind of salesperson (or what blend of the basic sales tasks) is required to sell the following products? If there are several selling jobs in the channel for each product, indicate the kinds of salespeople required. Specify any assumptions necessary to give definite answers. a. Laundry
What strategy decisions are needed in the personal selling area? Why should the marketing manager make these strategy decisions?
Helen Troy, owner of three Sound Haus stereo equipment stores, is deciding what message channel (advertising medium) to use to promote her newest store. Her current promotion blend includes direct-mail ads that are effective for reaching her current customers. She also has knowledgeable salespeople
Discuss the potential conflict among the various promotion managers. How could this be reduced?
If a marketing manager uses the task method to budget for marketing promotions, are competitors’ promotion spending levels ignored? Explain your thinking and give an example that supports your point of view.
Discuss how the adoption curve should be used to plan the promotion blend(s) for a new automobile accessory—an electronic radar system that alerts a driver if he or she is about to change lanes into the path of a car that is passing through a blind spot in the driver’s mirrors.
Explain how opinion leaders affect a firm’s promotion planning.
Explain how an understanding of the adoption process would help you develop a promotion blend for digital tape recorders, a new consumer electronics product that produces high-quality recordings. Explain why you might change the promotion blend during the course of the adoption process.
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