Define the term marketing
Contrary to the popular opinion, marketing is not just a concept of personal selling, rather if has two facets one being the philosophical perspective, and an orientation of management that focuses on meeting customers needs to satisfaction. The second concept describes marketing as an organizational function that uses a set processes in the implementation of the philosophy.
Marketing involves activities and processes set up by the institution that focuses on creation delivery and exchange of offerings through communication and is beneficial to customers, partners, clients, and society.
1) What are the differences between sales and marketing orientations?
Sales orientation has the belief that people will show an interest in purchasing the commodities on sale when the firm embraces an aggressive sales technique. It also believes that higher sales result in higher profits. On the other hand, marketing orientation is arguing for the idea that social and economic justification that an organization has is sufficient to meet customers need and wants hence to meet organizational objectives.
2) Describe Ansoffs Strategic Opportunity Matrix and the Boston Consulting Group Model.
Ansoffs strategic opportunity matrix is based on two concepts, i.e., present market and new market. In a present market, the firm concentrates handling the present product and penetrates the market to enhance sales. The firm has strategies that promote customer returns. When introducing a new product, the focus is on product development to convince potential customers that the new product is worth purchasing.
In new markets, the product on offer needs to have its market development. This may include a new open-up or stating a new branch of a famous store in another region. The opportunity matrix advocates for the diversification of the new product.
The Boston Consulting Group model focuses on the different dynamics that firms present with. It is designed to help firms come up with long-term strategic plans. The model encourages firms to consider opportunities for growth as they review their portfolio products in efforts to decide on appropriate investment opportunity.
3) Identify the components of the marketing mix and explain what each of them represents.
The four components of the marketing mix are products, promotion price, and place.
Product considers the customer's expectation and needs that the commodity should fulfill. It also entails the products features that would best convince the customer that it will meet their needs.
Some include the brand name, appearance, tentative experience for the customer and differentiation with competitors product.
Place includes outlets where the customer can access it, distribution channels and need to have sales forces like attending trade fairs. Price considers the value of the product to the customer, available price points already established and customer sensitivity to price fluctuations. Lastly, promotion caters for when and where one can get marketing messages to reach the target market including the use of online advertising, radio, television and the internet.
2. ANALYZING MARKET OPPORTUNITIES
1) Why should manufacturers understand consumer behavior?
Understanding consumer behaviors help manufacturers to design a product that best meets the customer's needs and wants. It also helps tailor products and services be easily accessible to consumers, set the price range and put into consideration what, when why and how some factors influence buyers decision.
2) How is business to business marketing different than business to consumer marketing?
In business to business marketing, there is a longer decision-making process as it involves managerial procedure as compared to business to the consumer since consumers do not have to report to anyone about purchasing decisions and can do so instantly. Also, business to business marketing has a greater number of stakeholder who needs to be involved. Also, the relationship formed in a business to business set up is long-lasting unlike in business to consumer that might be a one-time relationship.
3) Explain the importance of market segmentation.
Market segmentation allows a business to choose a precise focus and reached a consumer addressing their specific needs and wants. It helps the company use corporate resources effectively and come up with better marketing decisions.
4) How has the internet impacted market research?
Advancements in technology and internet help to achieve more efficient results in research. It has also curved out opportunities where businesses can acquire reliable business intelligence
3. DISTRIBUTION DECISIONS
1) Define the terms supply chain and supply chain management and discuss the benefits of supply chain management.
A supply chain is the sequential processes that take place between production and distribution of a commodity. Supply chain management involves the active management of supply chain procedures meant to release the maximum customer value and to acquire a suitable and advantageous competition. It is beneficial as it develops and runs supply chains efficiently and effectively. Also, it provides the best and comprehensive services.
2) Explain what marketing channels and channel intermediaries are and describe their functions and activities.
Marketing channels are structures adopted by interdependent organizations and reach from production to when the consumer receives the commodity. Channel intermediaries are indecent organizations within the distribution channel whose role is to avail the product to the consumer; their roles include breaking down the bulk of qualities that meet consumers needs. They include wholesalers, retailers, distributes and agents.
3) Discuss the different retail operations models and explain how they vary in strategy & format.
Retail operation models include governance which addresses the mode of man agent that a retailer adopts. In the financial model, the structure focuses on making profits and hence avoid high up-front investments. The assets and infrastructure help a retailer develop their brand and acquire assets which also increase profitability. Serie offered by retailers are also a model of operation as some give after sales services to attract customers. Lastly, the role of partnerships helps in the formation of business relationships that are beneficial to a retailer.
Retails operations vary in format and strategy as they are co-aligned with unique operation models meant to guide managers in the decision-making process.
4. PROMOTION & COMMUNICATION STRATEGIES
1) Discuss the AIDA concept and its relationship to the promotional mix.
The concept outlines four stages of the purchasing decision-making process. The stages are attention, interest, desire, and action. The process is started and maintained by promotional activities. The promotional mix is important in the AIDA as it helps consumers gain awareness of the good or services help develops and maintains customer interest and desire.
2) What are the major types of advertising?
Major types of advertising include institutional advertising, product advertising, and competitive advertising.
3) List the steps in the selling process
Identifying a prospective buyer
Making a pre-approval
Approaching the buyer
Making a presentation of what is for sale
Overcoming objectives that the customer may present
Closing the sale
Making a follow up with the customer
4) Describe stoical media, how they are used & their relation to integrated marketing communication.
5. PRICING DECISIONS
1) How important is it for a company to estimate its ROI (return on investment) before launching a new product?
Return on investment is a key performance indicator and should be used in the business to determine the realistic profitability before it launches a new product. ROI enables the business to make informed and certain decisions over time and eliminate guesswork in business decisions.
2) Describe the procedure for setting the right price.
The procedure for setting prices involves four steps including establishing the goals of the price, estimating the demand, profits, and costs, deciding on price policy for use as a reference in setting a base price and using the base price to blend with pricing tactics for a final product.
Lamb, C. MKTG principles of marketing. 9th ed.,
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