Business Chp free essay sample

Discussion Questions 1. How does the American Marketing Association define marketing? How can marketers deliver value to their customers over the long term? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007) http://www. marketingpower. com/aboutama/pages/definitionofmarketing. aspx I couldn’t find on the book website the alternative page for 137 2. What are the four different kinds of utility that marketers can provide? Give an example of a product that delivers each type of utility. Marketers can provide form, time, place and ownership: Chipotle provides form, 24 7 convenient stores offer time, Starbucks provides place conveniently on every corner and most now have drive thru, and Barnes and Noble,s provides satisfaction to most consumers with friendly services provided efficiently. 3. What are the key categories of nontraditional marketing? Do you expect these areas to grow over the next decade? Why or why not? The key categories are people, place, event, and idea marketing. We will write a custom essay sample on Business Chp or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I do although the economy is down movies stars and the rich that are in the public eye often times still support this non profit marketing by donating but also appear in their commercials and speak out to help the marketing and usually do it for free. 4. How has marketing evolved over time? How have current events, economics and culture influenced thinking about marketing? Marketing has evolved over time especially with what their focus was on, it went from product to being most important to selling to marketing to not the main focus being relationship. The marketing concept is a philosophy that makes customer satisfaction now and in the future the central focus of the entire organization. It is all based on relationship to now maintain loyal customers that will make your company a success regardless of economic times. 5. What are the key characteristics of a high potential target market? Is the biggest target market always the best, why or why not? The key characteristics are size, profitability, accessibility and limited competition. I don’t think that biggest market is always the best, rather a smaller market so that you can focus on what is more important and be able to give better service therefore keeping your customers. 6. What are the different ways to segment a consumer market? Does it make sense to use more than one segmentation variable? Why or why not? Different ways to segment a market would be demographics, geographics, psychographics, and behavioral. I think that it makes more sense to focus on just one segment rather than use more than one it would be more successful for the company. 7. Describe the four elements of the marketing mix. What roles does each element play in delivering value to customers? The product strategy ranges from brand name to product image to package design to service to guarantee to product development and more; pricing strategy must allow your prices to be fair relative to the benefits of your product and must factor in competition; distribution is the goal to deliver your product to the right people in the right quantities, at the right time and the right place; and promotion strategy includes all the ways that marketers communicate about their products. 8. What are the five key dimensions of the marketing environment? How can marketers stay abreast of changes in each area? The five dimensions are: competitive, economic, social/cultural, technological, and political/legal. The way that they can stay abreast of the changes would be environmental scanning as a key tool to collect information from sources. 9. Outline the steps in the consumer decision making process. How can the marketer influence each step? The steps in the consumer decision making process would be the need recognition, information search, and evaluation of alternatives, purchase decisions and post purchase behavior. The marketer can influence each step by cultural social personal and psychological. 10. What are the key differences between primary and secondary research? Compare the benefits and drawbacks of each. Primary data is new data that marketers compile for the first time, tends to be more expensive, customized to meet your needs, fresh new data, no one else has it, while secondary data is existing data that marketers gather or purchase, tends to be lower cost, may not meet your specific needs, frequently outdated, and available to your competitors.