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Marketing is the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
What are five core customer and marketplace concepts that are critical to
success?
(1) needs, wants, and demands;
(2) market offerings (products, services, and experiences);
(3) value and satisfaction;
(4) exchanges and relationships;
(5) markets
Pick a brand to answer these questions:
a. What needs, wants, and/or demands is the brand attempting to fill?
(NEED: physical needs for food, clothing, warmth, and safety; social needs for
belonging and affection; and individual needs for knowledge and self-expression.
WANT: An American needs food but wants a Big Mac, french fries, and a soft
drink. A person in Papua, New Guinea, needs food but wants taro, rice, yams, and
pork. Wants are shaped by one’s society and are described in terms
DEMAND: Human wants that are backed by buying power.)
b. Describe their marketing offers.
(Some combination of products, services, information, or experiences offered to
a market to satisfy a need or want.)
For example, the “Pure Michigan” campaign markets the state of Michigan as a
tourism destination that “lets unspoiled nature and authentic character revive your
spirit”
c. Describe the relationships they have with their customers.
d. What are their markets?
2. What is customer-perceived value and what role does it
play in customer satisfaction? Use examples to
illustrate your answer.
Customer-percieved value is the customer’s evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those of competing offers.
Customer satisfaction is defined as the extent to which a product’s perceived
performance matches a buyer’s expectations. If the product’s performance falls short
of expectations, the customer is disatisfied. If the performance matches expectations,
the customer is satisfied. If the performance exceeds expectations, the customer is
highly satisfied or delighted.
Ex: Though the price of Iphone is much higher than many other phone brand, most
people choose iphone to use. Because iphone offers the highest customer-perceived
value which are high fashion look, multifunction, being trendy, etc. And their
performance always match expectations which leads to customer satisfaction.
Secondary data: Information that already exists somewhere, having been collected for
another purpose.
Both internal and external secondary data sources often provide information more
quickly and at a lower cost than primary data sources, and they can sometimes yield
information that a company cannot collect by itself.
However, needed information might not exist in secondary data sources. Researchers
can rarely obtain all the data they need from secondary sources. Researchers must also
evaluate secondary information to ensure that it is relevant, accurate, current, and
impartial. Not all needed information can be easily obtained. Information found might
not be as updated and current.
Sources:
Company’s internal database: company’s previous research
Commercial online database: ProQuest, Dialog, LexisNexis
Published sources:
Government agency
International publications: WHO, UNESCO, WTO, …
Newspapers, magazines, journals: The Economist, Forbes, The Wall Street Journal,
Journal of Finance, …
Pay for secondary data from outside suppliers: US MONITOR, The Future Company,
…
Internet search engines: Google, …
7. Name and describe the types of BUYING DECISION
BEHAVIOR and describe a personal example for each.
Market targeting can be carried out at several different levels. The figure below shows that
companies can target very broadly (undifferentiated marketing), very narrowly
(micromarketing), or somewhere in between (differentiated or concentrated marketing).
9. Explain how
Convenience products
product would be facial tissue (e.g. Kleenex), which marketers often place on endcap
Shopping products
Shopping products typically elicit more consideration from consumers than those in the
previous category. Such items are compared on aspects like “suitability, quality, price,
and style” (Kotler & Armstrong, 2014). An example of a shopping product would be
basketball shoes, which marketers usually limit to particular suppliers, in order to assist in
Specialty products
In yet a narrower category fall specialty products, which possess unique traits that are
laptop (e.g. Alienware), which buyers may travel a considerable distance to locate and
purchase.
Unsought products
Lastly, unsought products are “consumer products that the consumer either does not know
about or knows about but does not normally consider buying” (Kotler & Armstrong,
2014, p. 251). For example, voice over internet protocol (VOIP) phone service was
initially an unsought product, as the technology was unheard of when it first debuted.
A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good
or service as distinct from those of other sellers.
Brand
A name, term, sign, symbol, or design, or a combination of these, that identifies the products
or services of one seller or group of sellers and differentiates them from those of competitors.
Branding helps buyers in many ways. Brand names help consumers identify products that
might benefit them. Brands also say something about product quality and consistency buyers
who always buy the same brand know that they will get the same features, benefits, and
quality each time they buy.
Branding also gives the seller several advantages. The seller’s brand name and trademark
provide legal protection for unique product features that otherwise might be copied by
competitors. Branding helps the seller to segment markets.
For example, rather than offering just one general product to all consumers, Toyota can offer
the different Lexus, Toyota, and Scion brands, each with numerous sub-brands—such as
Camry, Corolla, Prius, Matrix, Yaris, Tundra, and Land Cruiser
13. Describe the core, actual, and augmented levels of
product associated with an automobile. What level
does the mobile Wi-Fi system represent? Explain.
I think the core product of an automobile can be resumed in one word that is transportation.
On the other hand, the actual product is the tangible, physical product. You can get some use
out of it. In my opinion, the mobile WIFI system represents the level of the actual product
because the purpose of buying a car is that you need some mean of transportation.
A WIFI system is part of the features of the car.
I think the core product of an automobile can be resumed in one word thatis transportation.
On the other hand, the actual product is the tangible, physical product.
You can get some use out of it.
In modifying the market, the company tries to increase consumption by nding new us- ers and
new market segments for its brands.
The company might also try modifying the product—changing characteristics such as quality,
features, style, packaging, or technology platforms to retain current users or at- tract new
ones.
Final, the company can try modifying the marketing mix --- Improving sales by changing one
more marketing mix elements. The company can offer new or improved services to buyers
For example, brands such as Harley-Davidson and Axe fragrances, which have typically
targeted male buyers, are introducing products and marketing programs aimed at women.
P&G’s Swiffer household cleaning brand has developed special promotions for pet owners.
15. Find an example of a company that launched a
new consumer product within the last five years.
Develop a presentation showing how the company
implemented the 4 P’s in launching the product and
report on the product’s success since the launch.
News: Public relations professionals find or create favorable news about the company.
Special Events: conferences, speeches, etc. designed to reach and interest target publics.
Audiovisual materials: DVDs and online videos are increasing in their usage.
Corporate identity materials: The use of logos, stationary, brochures, signs, company vehicles
all become tools when they are attractive, distinctive, and memorable.
Public service activities: Improving public goodwill by donating money and time to a cause.
As far as public relations being free advertising, I don’t believe it’s free. It’s cheaper but not
free. It still requires a staff to develop and message and then distribute it to the masses and
hopefully it circulates enough to become a factor. Advertising is significantly more expensive
because you’re paying for the space and time in other forms of media
It is very important that advertising media and creative department work closely together for
developing effective means to attract customers and increase the sales of products or services.
These two go hand in hand because you want something that stands out from the competition
and is persuasive drawing the customer in from various market angles. Strategic branding and
quality will be the driving factors for advertising aimed at efficiently and effectively
construing the message of the given products or services with the potential of increasing sales
and profitability. Unorganized or unprofessional media has no potential in a competitive
market.
Trade promotions can persuade re-sellers to carry a brand, give a shelf space or
promote in advertising. Shelf space is scarce, so manufacturers often offer buy-backs,
price offs, allowances, and guarantees to keep the space. Some types of trade
promotions are discount, allowance and free goods or free advertising items
Business promotions are used to generate business leads, stimulate purchases, reward
customers, and motivate salespeople. Some types are conventions and trade shows as
well as sales contests.