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marketing research
Marketing Real People Real Decisions 2nd European Edition Michael R. Solomon - Solutions
describe the market conditions that influence a firm’s decision to enter foreign markets. LO-1
Explain the types of competition marketers face: discretionary income competition, product competition, and brand competition. LO-1
What are a monopoly, an oligopoly, monopolistic competition, and pure competition? LO-1
What do marketers mean when they refer to technological and sociocultural environments? Why do they need to understand these environments in a global marketplace? LO-1
What is ethnocentrism? LO-1
describe the four globalization strategies representing different levels of involvement for a firm: exporting, contractual agreements, strategic alliances, and direct investment. LO-1
describe the utilitarianism, rights, fairness or justice, common good, and virtue approaches to ethical decision making. What is ethical relativism? LO-1
Why is it increasingly important that firms engage in sustainability? What are some ways that strategies for the Four Ps can include sustainability? LO-1
In Class, 10–25 Minutes for Teams Using the data in table 2.2, select two countries that are substantively dissimilar. then select one of the products below. Use the data for the two countries to develop arguments why each of the two countries would and would not be a good opportunity for
Creative Homework/Short Project With several members of your class, assume you are in the marketing department for a low end retail store chain; you might think of a chain similar to dollar General. Your firm has decided to begin an expansion into the global market. Currently you are considering
For Further Research (Individual) Consider the six different ethical philosophies described in the chapter. Apply these six philosophies to one of the following ethical dilemmas. What would be the most ethical decision for each? Explain why you think so. Which would you be most likely to
In Class, 10–25 Minutes for Teams Some people argue that our environment is not in jeopardy and that sustainability efforts will only make products more expensive.Plan a debate in your class with two teams, one arguing for sustainability efforts and one against.
For Further Research (Individual) You are planning a trip to another country for your summer vacation. You are considering traveling to Greece, to Peru, to England and to Egypt. determine the current forex rate for all four countries as well as the average forex over the past five years for each.
do you think the approach described is effective for entering BrICS markets to appeal to consumers with small but growing disposable income?
Critical Thinking LdCs are not required by the Wto to meet the same environment standards as developed countries. do you think LdCs should be excluded from Wto standards for pollution and other environmental protection issues? Why or why not?
Critical Thinking Some of the U.S. population supports free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on imports of such products as textiles and furniture, causing factories to shut down and employees to lose their jobs. they feel that the U.S.
Ethics review the AMA Code of Ethical Norms and Values for Marketers, available on the AMA website, https://www.ama.org/AboutAMA/Pages/Statement-of-Ethics.aspx. Which of the areas represented within the document do you anticipate are the most challenging for marketers to consistently follow?What
describe your local competitive advantage and why you believe this competitive advantage will serve you globally. LO-1
decide which market-entry strategy you will pursue.Again, explain your reasoning. LO-1
describe your marketing mix strategy:• How might you need to adapt your product?• What other product decisions do you need to make?• How will you promote your products?• How will you price your products?• What place/distribution decisions must you consider?Prepare a short presentation to
What is the decision facing Ford? LO-1
What factors are important in understanding this decision situation? LO-1
What are the alternatives? LO-1
What decision(s) do you recommend? LO-1
What are some ways to implement your recommendation? LO-1
Explain business planning and its three levels. pp. 92–94
Describe the steps in strategic planning. pp. 95–101
Describe the steps in market planning. pp. 101–108
Review the six objections to ROMI above and discuss them with your classmates. LO-7
Select any two of the objections and develop a specific example of how they might lead to a bad decision in market planning. LO-7
What is a marketing plan, and how does it differ from a business plan? LO-7
Describe the three levels of business planning: strategic, functional, and operational planning. LO-7
What is a mission statement? What is a SWOT analysis? What role do these play in the planning process? LO-7
What is a strategic business unit (SBU)? how does strategic planning differ at the corporate and the SBU levels? LO-7
Describe the five steps in the strategic planning process. LO-7
how do firms use the BCG model for portfolio analysis in planning for their SBUs? LO-7
Describe the four business growth strategies: market penetration, product development, market development, and diversification. LO-7
Explain the four steps in the market planning process. LO-7
What is return on marketing investment (rOMI)? how does considering marketing as an investment instead of an expense affect a firm? LO-7
Give several examples of marketing metrics. how might a marketer use each metric to track progress of some important element of a marketing plan? LO-7
What is an action plan? Why are action plans such an important part of market planning? Why is it so important for marketers to break the implementation of a marketing plan down into individual elements through action plans? LO-7
how does operational planning support the marketing plan? LO-7
Creative Homework/Short Project Accor hotels is a French-based corporation that operates a multi-brand hotel strategy in almost 100 countries. They operate a number of well-known hotel chains that range from budget to very exclusive. Via their website, review Accor’s current business portfolio
For Further Research (Groups) Identify a large company, like Disney, that has several SBUs. Using the BCG model, assign at least one SBU to each category in the model:star, cash cow, question mark, and dog. Include at least two pieces of data for each to justify your
Critical Thinking In today’s dynamic world, the marketing environment appears to be changing faster than ever, particularly with regard to technology and related customer lifestyles. Do you think that a structured approach to developing marketing plans is beneficial for the success of an
The Boston Consulting Group (BCG) growth–market share matrix identifies SBUs and their related products as stars, cash cows, question marks, and dogs. Do you think this is a useful way for organizations to examine their businesses? What are some examples of product lines that fit in each category?
In this chapter, we talked about how firms do strategic, functional, and operational planning. Yet some firms seem to be successful without formal planning. Do you think planning is essential to a firm’s success? how might planning hurt an organization? Under what circumstances do you believe
A common saying among managers is “if we can’t measure it, we can’t manage it.” Is there such a thing as an overreliance on marketing metrics? Are there cases or specific aspects of marketing where a single-minded focus on metrics is inappropriate or detrimental to the firm?
The product-market matrix provides four quadrants where firms may pursue growth opportunities. For this activity, you need to consider the range of growth opportunities that are potentially available to a book retailer that is struggling against online providers, such as Amazon, in the current
What is the decision facing Amazon? LO-7
What factors are important in understanding this decision situation? LO-7
What are the alternatives? LO-7
What decision(s) do you recommend? LO-7
What are some ways to implement your recommendation? LO-7
how does marketing support my company’s mission, objectives, and growth strategies? LO-7
What is the corporate culture and how does it influence marketing activities? LO-7
What has my company done in the past with its: Target markets?Products? Pricing? Promotion? Supply chain? LO-7
What resources including management expertise does my company have that make us unique? how has the company added value through its offerings in the past?
What is the nature of the overall domestic and global market for our product? how big is the market? Who buys our product? LO-7
Who are our competitors? What are their marketing strategies? LO-7
What are the key trends in the economic environment? The technological environment? The regulatory environment? The social and cultural environment? LO-7
Based on this analysis of the internal and external environments, what are the key Strengths, Weaknesses, Opportunities, and Threats (SWOT)? LO-7
What does marketing need to accomplish to support the objectives of my firm? LO-7
how do consumers and organizations go about buying, using, and disposing of our products? LO-7
Which segments should we select to target? If a consumer market: What are the relevant demographic, psychographic, and behavioral segmentation approaches and the media habits of the targeted segments? If a business market: What are the relevant organizational demographics?
how will we position our product for our market(s)? LO-7
What is our core product? Actual product? Augmented product? LO-7
What product line/product mix strategies should we use? LO-7
how should we package, brand, and label our product? LO-7
how can attention to service quality enhance our success?
how will we price our product to the consumer and through the channel? how much must we sell to break even at this price? What pricing tactics should we use?
how do we get our product to consumers in the best and most efficient manner?
how do we integrate supply chain elements to maximize the value we offer to our customers and other stakeholders?
What types of retailers, if any, should we work with to sell our product?
how do we develop a consistent message about our product? how do we best generate buzz?
What approaches to Advertising, Sales Promotion, Social Media, Direct/Database Marketing, Personal Selling, and Public relations should we use?
What role should a sales force play in the marketing communications plan? how should direct marketing be used?
how do we make our marketing plan happen?
Who is responsible for accomplishing each aspect of implementing the marketing plan?
What is the timing for the elements of our marketing plan?
What budget do we need to accomplish our marketing objectives?
how do we measure the actual performance of our marketing plan and compare it to our planned performance and progress toward reaching our marketing objectives?
What is advertising, and what is its role in marketing?
What are the types of advertising that are most often used?
How do advertising agencies create campaigns for their clients? Describe the steps in developing an advertising campaign.
Describe some of the different advertising appeals used in campaigns.
What are the strengths and weaknesses of television, radio, newspapers, magazines, directories, out-of-home media, place-based media and the internet for advertising?What are the ways marketers advertise on the web?
Describe the media planning process. How do marketers pre-test their ads? How do they post-test ads?
What is the purpose of public relations? What is proactive PR? What is a crisis management plan?
What are the steps in planning a PR campaign?
Describe some of the activities that are a part of PR.
Some people are turned off by advertising because they say it is obnoxious, that it insults their intelligence, and that advertising claims are untrue. Others argue that advertising is beneficial and actually provides value for consumers.What are some arguments on each side? How do you feel?
Technology through television remotes, VCRs, computers and cable television is giving today’s consumers more and more control over the advertising images they see. How has this affected the advertising industry so far, and do you think this will affect it in the future? What are some ways that
Some people criticise PR specialists, calling them ‘spin doctors’ whose job is to hide the truth about a company’s problems. What is the proper role of PR within an organisation?Should PR specialists try to put a good face on bad news?
As an account executive for an advertising agency, you have been assigned to a new client, a new line of high quality, high price makeup. As you begin development of the creative strategy, you are considering different types of appeals:a. USPb. Comparative advertisingc. A fear appeald. A celebrity
Spend some time looking through magazines. Find an ad that fits each of the following categories:a. USP strategyb. Testimonialc. Lifestyle formatd. Humour appeal Assess each ad. Explain who the target market appears to be.Describe how the appeal is executed. Discuss what is good and bad about the
Assume that you are the head of PR for a regional fast-food chain that specialises in fried chicken and fish. A customer has claimed that he became sick when he ate a fried cockroach that was in his meal along with the chicken. As the director of PR, what recommendations do you have for how the
As a PR professional employed by your university, you have been asked to develop strategies for improving your school’s PR programme. Write a memo to your university vice chancellor with your recommendations.
With one or more classmates, create (imagine) a new brand of an existing product (such as toothpaste, perfume, soft drink or the like).
Decide on an advertising appeal for your new product.
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