Checkpoint Week 1 Due September 4, 2011

1. Describe a value proposition and provide an example. How important is value to the consumer? (5) A value proposition is a statement of the emotional and self-expressive benefits provided to the target customer or audience. The value is very important to the consumer if they benefit from the product.

2. How would you describe relationship marketing? Why are these relationships so important or successful marketing? (5) Relationship Marketing is to earn and retain a long positive relationship with a consumer. This relationship is important to ensure long-term satisfying relations with key stakeholders.

3. What are the similarities and differences between holistic marketing and integrated marketing communications? (5) Holistic Marketing is broader and Integrated Marketing more specific. Holistic involves one looking at your marketing efforts as a whole. whereas Integrated Marketing is the integration of all communication tools.

4. Describe Michael Porters value chain model. What makes this an effective approach? (5) The Value Chain looks at increasing competitive advantage by reorganizing the activities related to create, support, and deliver a a firms product. This is an effect approach that can lead to more optimal make-or-buy decisions which can result in a cost advantage.

5. What key elements should be covered when writing a good mission statement? What is the purpose of a mission statement? (5) Key elements of a good mission statement are a shared sense of purpose, direction, and opportunity. It focuses on a limited number of goals, stresses the companys major policies and values, and defines the companys major competitive scopes. In addition, a good mission statement will have a long term view.

6. What is the difference between primary and secondary research methods? Provide an example of how each of these can be used. (5) Primary research methods are collected when needed data doesn't exist. Researchers have to gather new data from various methods. Researchers could collect this data through questionnaires, technological devices, and/or qualitative measures. Secondary research methods use data already collected and completed by someone else; and available to the researcher now. Secondary research can be used by gathering reports from studies already conducted. Primary research can be conducted by communicating with customers and consumers on a personal level such as; face-to-face interviews, focus groups, and/or in-depth interviews.

7. Write out two different examples of closed-end questions you might use for a market research survey. (5) Two examples of closed-ended questions used in market research are: 1. Which of the following age groups do you fall into? (A) below 20 (B)20-30 (C)3040 (D)40-50 (E)50 or above. 2. The quality of cutomer service I recieved during my stay at Hotel X was: (1) Excellent (2) Very good (3)Good (4)Acceptable (5)Poor

8. Putting surveys aside, what other market research methods could be used to gather data? Please describe at least three. (5) Focus Group Research is a method of group interviewing in which the interaction between the moderator and the group, as well as the interaction between group members, serves to elicit information in response to carefully designed questions. Behavioral Research is the customers actual behavior in terms of actual purchases reflecting their preferences. Experimental Research is the most scientific method of research which tries to capture cause and affect relationships.