Marketing Real People Real Decisions 2nd European Edition Michael R. Solomon - Solutions

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Which media buy is the better financial deal?You have a choice of commercials during NCIS or ads in The Wall Street Journal (WSJ). NCIS reaches 30 million members of the target audience, while WSJ reaches 15 million members. CBS is quoting you $500,000 per 30-second spot on NCIS; WSJ charges
Assume that you are a professional salesperson and consider the various input and output metrics of salesperson effectiveness described.
Which of the metrics would you prefer to be evaluated against? Why do you prefer these?
Which of the metrics would you least like being evaluated against?Why?
Using Table 1.4 as a template, develop a scorecard for student satisfaction with your marketing class. You will need to develop your own relevant items for satisfaction measurement.
Then have the students in your class complete the scorecard now and again in the middle of the semester.
Summarize, interpret, and present the results.
What are several of the key specific activities the firm points to as evidence that they are engaged in sustainability-related activities?
What specific evidence do they report (i.e., what metrics do you find reported) that quantify their level of success in sustainability?
Review the six objections to ROMI above and discuss them with your classmates.
Select any two of the objections and develop a specific example of how they might lead to a bad decision in market planning.
Explain the importance of pricing and how marketers set objectives for their pricing strategies. pp. 316–320
Describe how marketers use costs, demand, revenue, and the pricing environment to make pricing decisions.pp. 320–332
Understand key pricing strategies and tactics.pp. 332–339
Understand the opportunities for Internet pricing strategies.pp. 339–341
Describe the psychological, legal, and ethical aspects of pricing. pp. 341–347
Assume that you are in charge of pricing for a firm that produces pickles. You have fixed costs of $2,000,000.Variable costs are $0.75 per jar of pickles. You are selling your product to retailers for $0.89. You sell the pickles in cases of 24 jars per case.a. How many jars of pickles must you sell
executives of Studio Recordings Inc. produced the latest compact disc by the Starshine Sisters Band, titled Sunshine/Moonshine. The following cost information pertains to the CD.a. CD package $1.25/CDb. Songwriters’ royalties $0.35/CDc. Recording artists’ royalties $1.00/CDd. Advertising and
What is price, and why is it important to a firm? What is digital currency, such as Bitcoin? LOL.1
Describe and give examples of some of the following types of pricing objectives: profit, market share, competitive effect, customer satisfaction, and image enhancement. LOL.1
What is break-even analysis? LOL.1
What are trade margins? How do they relate to the pricing for a producer of goods? LOL.1
Give an example of how the competitive environment influences prices. What about government regulation and consumer trends? What are some ways the global environment can influence a firm’s pricing strategies? LOL.1
explain and give an example of cost-plus pricing, target costing, and yield management pricing. LOL.1
For new products, when is skimming pricing more appropriate, and when is penetration pricing the best strategy? When would trial pricing be an effective pricing strategy? LOL.1
How do marketers customize pricing with pricing segmentation, peak load pricing, and surge pricing? How can marketers price to meet the need of bottom of the pyramid consumers? LOL.1
Why do marketers use trade or functional discounts, quantity discounts, cash discounts, and seasonal discounts in pricing to members of the channel? LOL.1
explain how unethical marketers might use bait-andswitch tactics, price-fixing, and predatory pricing. LOL.1
For Further Research (Individual) Assume you are the owner of a local Mexican restaurant. You are seeking ways to increase your business. You believe that bundling items on the menu will increase the average ticket per customer. A suggested bundle offer would include the items below:Item Menu price
Does this seem like a good business venture to you?Why or why not? LOL.1
Discuss price segmentation in cinemas with different people among your family and friends (that is, a cross-section of ages and demographics). To what extent is price a factor in their decision to visit a particular cinema?Are the consumers who benefit from price segmentation more likely to visit a
What is the decision facing Disney? LOL.1
What are the alternatives? LOL.1
What decision(s) do you recommend? LOL.1
What are some ways to implement your recommendation? LOL.1
This chapter states, “Often consumers base their perception of price on what they believe to be the customary or fair price.” Explain the meaning of this statement and provide an example. LOL.1
Some firms have profit as a pricing objective, whereas others set prices for customer satisfaction. What are the major differences between these two?Which is better? LOL.1
Explain how marketers increase long-term success and profits by practicing customer relationship management. pp. 150–155
Understand Big Data, data mining, and how marketers can put these techniques to good use. pp. 155–164
Describe what marketing analytics include and how organizations can leverage both marketing analytics and predictive analytics to improve marketing performance. pp. 165–174
Identify how organizations can use marketing metrics to measure performance and achieve marketing control.pp. 174–176
explain the concepts of share of customer, customer lifetime value (ClV), and customer prioritization.
What is a click-through rate, and how is it calculated? Appendix
What is a conversion? What are some examples of conversions on an e-commerce website? Appendix
What is a cost-per-order? What kind of information do marketers gain from this metric?Activities: Apply What You’ve Learned
Creative Homework/Short Project imagine that you are building your own e-commerce site. having a keen understanding of the importance of defining and putting in place a set of conversions and metrics in advance of launching the site, you have incorporated the definitions and development of specific
Creative Homework/Short Project Consider that you are in charge of all paid search advertising through Google for your company. one of your colleagues is in charge of instagram advertising. Your boss is in the process of putting together the marketing budget and has asked you to weigh in on how
in what ways could J.C. Penney expect to measure the four elements of Crm within the context of a reward program such as this? Appendix
how would data be collected for each element, and how might management at J.C. Penney use that data to provide loyal customers with a very strong relationship with the firm? Appendix
Critical Thinking are there any potential challenges that could arise related to the use of customer lifetime value (ClV) as a means of determining the allocation of resources to current or potential customer groups? if so, what might these challenges be?
Critical Thinking spending on digital marketing has trended upward in recent years, and with so many individuals using the internet for extended periods of time, it is easy to understand why. in some cases, some organizations spend more than half of their budget on digital marketing. how do you
Critical Thinking if a company of which you are a customer suffered a data breach (in which some of the data customers created or shared by customers with the company were compromised), would your perceptions of that company change and if so, why? Would it matter what type of data was compromised?
rank the conversion actions in order of importance and include an explanation of why you have ordered them as such. identify whether they are short-term oriented as they relate to the organization’s objectives or long term-oriented (or, in some cases, both)and why.Different types of businesses
if you could choose only two marketing metrics (remember metrics, not conversions) to track for each of these websites, identify which two you would select for each website and explain why.Different types of businesses use different approaches to engaging with both current and potential consumers
some of the websites visited should have a requestfor-information form on them. often, this is one of the ways that marketers begin to collect information on a customer to place within their Crm system. locate this form and identify what information it is asking for.Write down the different
What are the alternatives? Appendix
What decision(s) do you recommend? Appendix
What are some ways to implement your recommendation? Appendix
What is the decision facing novartis? Appendix
What factors are important in understanding this decision? Appendix
How is IMC different from traditional promotion strategies?
Describe the traditional communications model.
What are word-of-mouth marketing, buzz marketing and viral marketing? Why are such activities gaining in popularity?
Explain what guerrilla marketing means.
What is IMC? Explain the characteristics of IMC.
What is database marketing? How do marketers use databases to meet the needs of their customers?
List the stages in developing an IMC strategy.
How does the promotion mix vary with push versus pull strategies?
What are some different types of appeals marketers may use in their communications strategies?
How do marketers evaluate the effectiveness of their communications programmes?
Some people would argue that there is really nothing new about IMC. What do you think?
More and more companies are developing word-ofmouth or buzz marketing campaigns. Is buzz marketing just a craze that will fade in a year or two or is it here to stay? Do you think buzz is effective? Why do you feel that way?
With an IMC programme, firms need to coordinate all of the marketing communications activities. What do you see as the problems inherent in implementing this?
Consumers are becoming concerned that the proliferation of databases is an invasion of an individual’s privacy.Do you feel this is a valid concern? How can marketers use databases effectively and, at the same time, protect the rights of individuals?
As a marketing consultant, you are frequently asked by clients to develop recommendations for marketing communication strategies. The traditional elements used include advertising, sales promotion, public relations and personal selling. Which of these do you feel would be most effective for each of
Again, assume that you are a marketing consultant for one of the clients in question
You believe that the client would benefit from guerrilla marketing. Develop several ideas for guerrilla marketing tactics that you feel would be successful for the client.
As the director of marketing for a small firm that markets environmentally friendly household cleaning supplies, you are developing a marketing communication plan. With one or more of your classmates, provide suggestions for each of the following items. Then, in a role-playing situation, present
Assume that you are the word-of-mouth marketing manager for a sports shoe company such as Footlocker. Develop ideas on how to create buzz for your company’s products.
As the marketing manager for a chain of bookshops, you are interested in developing a database marketing plan.Give your recommendations for the following:a. How to generate a customer database;b. How to use the database to better understand your customers;c. How to increase sales from your existing
As a member of the marketing department for a manufacturer of handheld power tools for home improvement, you have been directed to select a new agency to do the promotion for your firm. Of two agencies solicited, one recommends an IMC plan and the other has developed recommendations for a
Visit your university alumni office and ask to discuss how it uses database marketing to enhance participation of alumni in the programmes of the university and in fundraising.Some of the questions you might ask include the following:a. How the office obtains names for an initial or expanded
Based on what you learn, consider other ways the school might use database marketing for enhancing its alumni programmes and its fundraising.
Make a presentation of your findings and recommendations to your class.
In what ways does each website facilitate interactive communications between the firm and customers?
How does each firm use the internet to gather information on customers? What information is gathered? Which site does a superior job of gathering information, and why?
How do you think the firm might use the information it gathers through the internet in database marketing activities? How can the information be used to build relationships with customers and prospective customers?
What recommendations do you have for each company to improve the interactive opportunities on its website?
How is Groupon effectively combining personal and mass appeals as it grows?
In what ways is Groupon engaging in positive word-of-mouth strategies?
How is Groupon effectively integrating its marketing communications activities?
How do business-to-business markets differ from consumer markets? How do these differences affect marketing strategies?
Explain the unique characteristics of business demand.
How are business-to-business markets generally classified?What is the SIC system?
Describe new-task buys, modified re-buys and straight rebuys.
What is a buying centre or DMU? What are the roles of the various people in the DMU?
What are the stages in the business buying decision process?What happens in each stage?
How are the stages in the business buying decision process similar to the steps in the consumer buying process?How are they different?
Explain how reciprocity and reverse marketing operate in business-to-business markets.
Explain the role of B2B e-commerce in today’s marketplace.

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