Marketing final short question
The requirement is in the attach file. answer 20 questions among 27 following the instruction of option 1. 100 words around for 1 question
Marketing Principles Final Exam June 30, 2016
Option 1. Answer 2 from 24,25, 26 or 27. Answer 1, 4, 5, 7 and 14, 15 and any 12 questions.
1. Define needs and wants. Can marketing shape a person’s wants? Explain your answer. Discuss the concept of the light side and dark sides of Marketing as discussed in class.
2. How do the macroeconomic conditions as well as consumer income affect marketing?
3. Would you agree or disagree with the following statement? “It’s a lot cheaper and easier to keep existing customers than to try to find new ones.” Explain your answer.
4. What are the characteristics of organizational buying behavior? What are the five stages of the organizational buying process? Describe at least three differences from the consumer buying process. Include the Buyers Journey we discussed in class in your answer.
5. What is the Buyer’s Journey? What are the challenges goals, challenges and implications for Marketers along the Buyer’s journey of existing and prospective customers?
6. What are some of the methods marketers use to conduct research and solve marketing problems? Include at least one specific print source and an example.
7. What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm’s revenues?
8. What are the segmentation bases for U.S. organizational (business) markets? Explain targeting and its importance to successful marketing.
9. Explain the difference between consumer products and business products. Why are some products difficult to categorize as one or the other? Give an example of a business product, a consumer product, and a product that is difficult to categorize.
10. Discuss pricing strategy concept. Include in your answer at least two types of strategy for particular marketing objectives and provide examples.
11. How do firms set prices? What internal and external considerations must be taken into account when setting prices? Why is pricing so critical to achieving success in marketing programs?
12. What is a marketing channel? Define and discuss two of each of the four types of marketing channels.
13. With respect to consumer product and service marketing channels, what are the key differences between a direct and an indirect channel?
14. Discuss what you learned from the guest speaker session on Integrated Marketing Communications, The Value Ladder and Advertising.
15. Discuss the concept of the Customer Experience. Include in your answer some discussion of the customer experience research companies I highlighted in class, like JD Powers and Confirmit. How does driving and measuring the Customer experience help marketers.
16. Discuss the 5Ps of the Marketing Mix in context of marketing strategy.
17. List two advantages and two disadvantages of using each of the following for advertising: television, radio, magazines, and newspapers
18. Media buyers use many terms to help select the right media for an advertising campaign. Define reach, rating, frequency, gross rating points (GRPs), and cost per thousand (CPM).
19. Differentiate among full-service advertising agencies, limited-service advertising agencies, and in-house agencies as to the services provided. Name a few of the things each handles for clients.
20. Discuss process of Direct Marketing. What are the strengths/advantages and weaknesses/disadvantages of using direct marketing in the promotional mix?
21. Discuss the differences between traditional television, print media and social media with regard to audience reach, expense and access, training, delivery, permanence, credibility, and social authority.
22. Explain the selling model that Xerox uses. You can also substitute any company you wish as well.
23. List and discuss 3 of the six reasons why consumers shop and buy online.
24. Harley-Davidson is well known for the HOG or Harley Owners Group that it has developed. Harley-Davidson encourages owners to visit its website to find out about events, races, and membership chapters. The website visitor can play motorcycle-inspired games, plan motorcycle trips, and even investigate how to finance a bike. Visitors can view the entire line of bikes as well as find out where the closest dealer is located. You can contact Harley-Davidson by clicking on the “Contact Us” tab. The visitor can either create a wish list of Harley products and accessories or view another’s list. Using the six reasons why consumers shop and buy online, explain how Harley-Davidson uses the Internet to stay connected with its target market.
25. Marketing managers often use break-even analysis to analyze the relationship between total revenue and total cost to determine profitability at various levels of output. What is the break-even formula? Use the formula to calculate how many DVD players a dealer must sell if her fixed costs are $100,000, unit variable costs are $150, and the selling price is $200.
26. The Thirsty Dog! & Thirsty Cat! ad in text shows an example of a product that failed in the marketplace. Identify and describe the reason(s) for this unique item’s marketing-related product failure.
27. Assume you are manager of The Outback Steak House, a franchised restaurant that has opened at new location in St. Louis. Describe which segmentation base(s) and possible segmentation variable(s) you would use to segment its market and explain why each supports the appropriate market segmentation strategy.