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A consumer is a term that is commonly used in business, and it refers to a group of individuals who utilize services and goods that are produced in a given economic setup. For example, if you buy goods in a shop, you become a consumer of those goods. We can...
a. A target audience is defined as a population segment on which businesses concentrate their marketing. In order to identify it, companies look at their scope and capabilities and thus focus their efforts on targeting a specific group. b. A value proposition is developed through identifying a companies’ unique points...
a. While both marketing and selling are inseparable in business, the concepts are not the same thing. Marketing is associated with getting customers to come to stores, buy products, or pay for services; thus, it means capturing attention and building relationships. Selling, on the other hand, is associated with completing...
It is true that apart from HubSpot, the software market offers other affordable and sophisticated options. However, when contrasted against each other, it seems that HubSpot has a leg up in this competition. For instance, both HubSpot and Salesforce have similar functions and were recognized as some of the most...
The majority of new businesses collapse in their first year, which makes it a necessity to do thorough planning. Right from the start, it is essential to keep marketing metrics in check and nudge the course of action in the right direction. Since the promotion of our business will rely...
Understanding the development of marketing thought has a big impact on my sales practice. This knowledge helps me analyze marketing processes in the past, see them in the present, and apply them in the future. Experience and skills in this field of marketing will allow me to start my own...
The periodization of the marketing eras allows seeing what was happening during the period in which an era or concept was born. Every era has characteristic features and contains times of effectiveness and failure. There were many attempts in each of the periods to improve the existing market and to...
Modern scientists define several marketing eras or orientations:The Production Era: products should be inexpensive and available everywhere. Marketing efforts are based on securing the broadest possible distribution. The standard example of applying this era is the Ford Motor Company with its manufacturing system where workers specialized in particular tasks. As...
When developing a marketing strategy to promote a company’s products in a specific country, it is crucial to pay attention to people’s cultural peculiarities and values. Thus, even a name of a product can make it a complete failure in a new market as it can evoke unpleasant associations. As...
In the first place, it is necessary to note that Sony’s success suggests that the company’s strategies are effective. The company is famous for its region-specific marketing, and an example of this strategy (as well as its outcomes) has been mentioned above. At the same time, the introduction of Plato...
Some consumers believe that athletic shoes are highly involving. A good example of these customers includes young children. Such children “will always analyze the characteristics, aspects, and benefits of every popular shoe model”. Some “intrinsic sources of involvement for athletic shoes include love for sports, passion, desire for quality shoes,...
The establishment of the All-Conditions Gear (ACG) unit introduced a new logo to many customers. The company introduced new athletes such as Mike Michalchuk to endorse the new ACG Unit. The “decision to reach an alternative market was critical towards making the company profitable”. The ACG unit would satisfy the...
Nike Incorporation decided to abandon the swoosh logo in every advertising strategy and replaced it with the word “nike” in lowercase. This move has been critical towards supporting the firm’s marketing objectives. The firm’s advertising strategy focuses on the best ways to connect with every consumer. The company informs its...
Nike uses its advertising strategy to create the best means-ends connections with its consumers. Nike “uses a complex marketing strategy that entails the use of powerful products and promotional strategies.” The company spends a lot of money on different print and television advertisements. The use of celebrities also encourages more...
a. Two market segments exist for consumers of athletic shoes. The first group includes customers who use the shoes for athletic activities. The “second segment includes individuals who purchase the shoes for casual wear and eventually use them for sporting activities.” Many customers “form means-end chains (MECs) by relating the...
Movie advertisements should focus on showing the best scenes to attract viewers. Scenes used in the advertisement should be those that are either full of humor or engaging in convincing the audience that the movie is good enough. Moviemakers can use mechanical observation like research firms planting microphones throughout the...
I will definitely use test screenings to check if a movie is worth investing in. Since the audience rarely lies about its feelings toward a movie, getting its opinion would be the best thing to do. Apart from test screenings, I would also use past performances of movies as a...
I do agree with the predictions of the Hollywood stock exchange as they reflect future outcomes. The audience can never be wrong in expressing its movie preferences captured in these predictions. The audience predicts its best actors/actresses in a bid to try to get movie makers to produce more of...
Market research forms an integral part of movie production; hence the method used matters a lot. It would be better to hire a marketing research firm as opposed to in-house research since firms are not only experienced but also focus on serving the industry hence can produce unbiased, high-quality, and...
I think marketing research improves movies’ quality and increases the chance of making it a blockbuster. According to the Grewal and Levy, pre-release test screenings allow the audience to react, comment, and provide feedback about the initial cuts of a film. This helps movie producers to understand the audience’s preference...
Transformational leadership provides empowerment, trust, and a positive climate, which improves motivation in the workplace. It helps prevent turnover, burnout, and other negative events.
A push poll is a technique of telemarketing that aims to disseminate negative information about a rival. They are not illegal, and there are examples of such polls having been carried during previous presidential elections. One example would be the one conducted by George W. Bush against his rival John...
Cultural appropriation or cooptation of symbols is common in mass marketing. It is an aspect that depends on the symbols and their meaning, and it is certainly a complex issue. For example, some symbols may have controversial or even unethical meanings, and in this case, they should not be used....
This concept is not surprising, as Unilever utilizes the most effective marketing around the product category and brand identity which is appealing to the consumer to whom the product is marketed. It creates a knowledge structure with a proposition that has evolved into a schema over the years. Axe is...
It is a complex and double-sided issue. In some respects, that statement is true since consumers make a purchasing decision at the individual level with personal possessions being a reflection of one’s identity. By examining the products and services that one purchase, a competent marketer can construct a fairly accurate...
The personal take on the issue is that it is an unavoidable phenomenon and the decision to keep away from it is more detrimental to the musician. Songs heard in a commercial can stir emotions and generate interest, often serving as one of the most effective emotional marketing tools. I...
The current status quo regarding such a targeted approach and stratification of specific consumer populations does not seem fair and violates concepts of business ethics and corporate social responsibility to promote equality. While such actions may not be illegal, it is a violation of the bond of trust with customers...
As has been evident in the past decade, the rise of non-traditional music distributors has had a profound impact on the industry and the dominance of labels. Platforms such as Spotify and other social media and peer-to-peer music sharing capabilities have greatly expanded the access and marketing models of music....
An evoked set is a list of brands and products which a consumer has pre-selected before making a purchase, either based on research or personal experience. Consumers have very short evoked sets because of the aspect of familiarity, dependent also on product type and culture. Once an impression of a...
The present answer is about Ansoff Matrix and its application in the hospitality industry. Ansoff Matrix is an essential tool that is used by many businesses to define and implement strategies. However, the complex structure of the tourism and hospitality market and its fast development could make it difficult for...
Creating services that imply greater care for customers and offer them unique products that have been custom-made for them is a perfect opportunity to enhance customer loyalty levels and ensure that the target population. Customers will view the identified step as an attempt to provide the best quality services and...
As to benefits for customers, the Scan It! application showed to make shopping easier and quicker. Also, clients gained more opportunities to connect to brands since the latter had to provide as much information as possible about their products to make customers make a purchase. Lastly, it should be mentioned...
Analytics refers to a systematic analysis of computerized data or statistics to find issues and trends in business. Analytics was an essential part of ensuring the success of Scan It! because it allowed the company to look at relevant data and make changes in operations to ensure customers’ adherence to...
When it comes to the benefits of the Scan It! application for Stop & Shop, it is evident that the company gained value from the technology by getting to know customers better. By analyzing relevant data, the solution was able to make personalized offers to customers to save some money....
When it comes to suggestions that can be made to large McDonald’s franchisees, several points should be mentioned. First, prior to the complete introduction of digital menus, a cost-effectiveness assessment should be conducted. Second, since iPad menus imply particular training of personnel, especially from older generations, it is recommended to...
The question of whether digital menus could work in all McDonald’s destinations worldwide is complex because different restaurants cater to different consumers, especially with the diversification of menus to specific geographic locations. Also, there is a problem associated with differences in the equipment among locations due to the fact that...
It should be mentioned that the successful integration of such IT solutions as iPad menus requires companies to have efficient management and relationship skills for ensuring the collaboration between information, technology, people, and processes. Thus, if the management wants digital menus to work at McDonald’s, the solution should be reviewed...
Both commercial and non-profit organizations aim to get more customers; however, the ways in which these companies build social relationships with their customers are very different. Whereas commercial companies emphasize what their product or service can do for the customer, non-profit companies focus on what their contributors can do for...
Krispy Kreme donuts company uses double sound symbolism in its name to make it more appealing to the customers. First, a sequence of sounds “k,” “r,” “s,” and “p,” separated by “i,” creates a clear, somewhat crunchy sound. This reminds the audience of the crispy donut topping, such as icing,...
A good example of the use of metaphorical expressions in a company’s slogan is Tropicana’s “Your daily ray of sunshine,” used to promote its orange juice products. Here, “sunshine” is a metaphor used to create a pleasant feeling about the product and emphasize its necessity. People see sunshine as something...
The strategies described by Michael Porter are effective mechanisms for achieving a competitive advantage, and Christensen et al. confirm this fact. I will pursue a differentiation technique, trying to seek new markets and constantly expanding the sphere of influence for recognition by different market participants. This strategy is correct from...
Non-consumers are the category of the market which, as a rule, are limited in certain resources or opportunities. According to Christensen, Anthony, and Roth, the members of this group usually “hire someone to do the job for them.” The main reasons for the inability to act as full-fledged consumers are...
Some people think that innovation is associated with the activities of individuals or small companies. However, large corporations can also disrupt industries or themselves. Capital One is one of such large companies. This banking giant introduced its new subsidiary Capital One Labs that is involved in the process of innovation....
The size of the company does not necessarily translate into its successful innovation. The funds necessary to produce and market the product in the right niche are sufficient to make disruptive companies successful. The central premise of competitiveness is the ability to innovate effectively and deliver products that will be...
One of the illustrations of asymmetries’ propelling innovation is the emergence of air taxis. People are often frustrated to commute from large hubs to their destinations. Large airlines are unwilling to provide the services that could satisfy these needs. Air taxis are a popular alternative for many customers. These companies...
By values, employees’ decisions at different levels of the firm are meant. For example, these are decisions related to salespeople’s choices as to what products to prioritize and when. Values can also be related to such strategic questions concerning acquisition and mergers.
When assessing a firm’s RPV, it is necessary to focus on resources, processes, and values, in order to evaluate resources, tangible (products, technology, equipment, etc.) and intangible (human capital, brands, and knowledge) resources should be analyzed. When evaluating processes, typical processes (human resources management, production, research, budgeting, and the like),...
Companies try to innovate to gain a competitive advantage. Michael Porter described some generic strategies affecting competitive advantage. Two major strategies associated with innovation are differentiation and low cost. When entering new markets, companies often offer low-cost products to attract customers. However, this strategy is winning in the market where...
It is important to remember that non-market forces also have a considerable effect on the development of innovation. The government is one of these factors that can influence the three groups of consumers. For instance, the balance between jo regulation and laws concerning intellectual property, industry standards, and unions often...
Displacing innovation is quite common. It is closely linked to the concept of modularity. This type of innovation tends to target mainstream consumers. An example of displacing innovation is the introduction of the so-called Carterfone. Tom Carter invented a device that transmitted voice from this device that was placed near...
As far as overshoot industries are concerned, it is possible to consider the market of airlines. Flights used to be rather expensive, but the development of technology-enabled companies to provide services to overshoot customers. Air flights at shorter distances are becoming more affordable. People are ready to pay for some...
The telephone industry of the 1800s was characterized by the operation of numerous companies, but the quality of telephone communication was limited due to technological issues. The emergence of AT&T, the giant that quite monopolized the market and created its own network, made telephone communication easy and affordable for mainstream...
When trying to attract noncustomers, companies can use two patterns. First, it is possible to create a product or service that would enable people to do something they did in a simple and affordable way. The example of the telecommunications and telegraph mentioned above is the illustration of such innovation....
In order to predict the way innovations will develop (or whether they will develop), it is necessary to understand the peculiarities of three types of customers who largely define the process of innovation flourishing. Noncustomers can be regarded as one of the central powers affecting the evolvement of innovations. These...
Disruptive innovations change priorities in the market. The products that used to be popular become outdated as they are substituted with modern and innovative goods. This model is commonly used to describe the influence of new technologies on companies. The disruptive innovation cycle aims to analyze why companies lose their...
Innovator’s Dilemma is a famous book that is focused on the evaluation of the significance of modern trends and technologies in the market. Clayton Christensen, the author of the book, was sure that the vast majority of organizations pay too much attention to the current needs of the customers and...
To gain a competitive advantage in the video game console segment, a company needs to adopt strategies that will enable its devices to stand out and therefore appeal to a larger portion of the market. Current market analysis indicates that casual gamers prefer video consoles that are innovative, affordable, and...
SWOT Analysis for Sony Strengths Sony has various strengths that enable it to command a considerable market share in the video gaming industry. First, Sony’s video game devices and games are innovative, technologically advanced, and, therefore, attractive to gamers of all age groups. The devices are also suitable for hardcore...
Figures 1, 2, and 3 show the different maps of strategic groups that outline the competition between the three main players in the video game industry. The 3rd generation video game consoles have been chosen to identify the main variables in the video console segment. According to the case study...
A brand is considered as an aggregation of emotions and functions association of a certain product or service. It acts as a customer’s assurance that the product or service to be purchased will perform as anticipated. Brands are very important aspects of the business as they greatly influence the sale...
What is the 4 p’s model? How does it operate? Read our article to get the answers and learn why the marketing mix suits more for product brands. The four P’S represents elements of the marketing mix. The 4 P’S model is considered as one method of the marketing mix....
The ability to select a viable foreign market is a crucial undertaking whenever there is a need to expand and diversify operational strategies. Before expanding to international markets, it is vital to consider the level of demand for products being marketed by an organization. Market demand is an essential selection...
Although other modern forms of advertising have emerged, TV advertising is still vibrant in promoting goods and services in various targeted markets. Quite a large segment of the global population obtains information from Television sets. For instance, TV offers a ready platform for entertaining viewers who are spread across a...
Due to the world’s increasing reliance on image recognition, successful retailers in the modern world are heavily investing in the creation of an attractive brand image for their products. Retailers lack adequate time and resources to develop new brand names every time they open new establishments since most of them...
Although the amount of analysis and planning involved in retail product management might appear vast, retailers should not underestimate the effects of consumer’s tastes on their sales turnover. Due to increased competition and development of interrelated products in the modern market, retailers have to increasingly focus on retail design as...
“Retail structures refer to the state of play in the competitive struggle between retail companies and businesses each of which is seeking to not only survive but also grow”. The struggle for dominance of markets in the modern economy is unending. This calls for retail companies to strategize on the...
A retail firm wishing to expand its activities into the international markets is faced with numerous options for market entry. These options include international mergers and acquisitions, organic growth, franchising, joint ventures, in-store concessions among others. Franchising, a market entry mode often adopted by firms in the food industry such...
Retail internationalization is one of the complex issues in retail strategy primarily due to the previously localized nature of retailing. The accelerating rate of internalization in the retail sector has attracted increased attention by scholars and business practitioners who have sought to understand what retail internationalization entails. The process of...
D. advertising informs brand knowledge. Explanation: In an oligopoly, a small number of companies dominate the market for a specific commodity, choosing not to compete among each other in price or quality. The barrier of entry is very high, and therefore, new products surface infrequently. As such, the participants try...
The correct answer is C, which is who has the greatest need. Explanation: Creativity (Answer A) and the number of resources (Answer B) do not help decide the stakeholders of the product, while Answer D is not an easily measurable or correctly predictable number. Every economy faces several problems, which...
The correct answer is A (they have no effect on how much alcohol is consumed). Explanation: Advertisements allow liquor makers to promote alcoholic beverages, such as beer, wine, whiskey, and absinthe, through various media channels. Excessive consumption of such drinks usually results in hangovers, poor health, and can lead to...
The law of supply implies that when the price of goods and services increases, its factors being equal, the offer of the number of services and goods rises, too. Explanation: The law of supply works this way because when the price of products or services increases, the seller may want...
The long run supply curve is a curve that reflects the relationship between the overall price level in a country and the real output that firms want and plan to realize in the long term. Explanation: In the long run, the prices of the end products sold as well as...
Non-price competition refers to the ways that help companies attract customers and increase sales without involving a change in price. Explanation: Very often the price of the product is not the main issue when there is competition between firms; it is only one of the many factors on the list....
Institutional advertising practice stands for a type of indirect expression of an industry’s benefits, ideas, and usefulness, in an attempt to build a positive image among the general public, thus making them more likely to get themselves involved with the businesses comprising said industry. Explanation: Institutional advertising is a business...
In a perfectly competitive market, all producers sell the same goods or services. A single seller or buyer cannot influence the price – it is established by balancing supply and demand. In a market of pure competition, there are no restrictions on entry and exit. Explanation: Perfect competition was considered...
United States food marketing bill’s largest single item is marketing bill series, which is the key component of a food dollar concept. Marketing bill series of the food marketing bill consists of two elements, which are farm share and bill. Explanation: The active use of marketing in managerial activities is only...
A market risk premium formula is calculated by deducting a risk-free rate of return from the expected risk of return or from the market rate return. It is used by investors to determine the level of risk against risk-free investment. Explanation: The investors want to balance the risk with the...
Absolute advantage is manifested in a country’s ability to produce goods using fewer resources than other countries. Сomparative advantage refers to a country’s ability to manufacture some products at a lower cost than others. Explanation: Absolute advantage and comparative advantage are elements of trade theory, which explains the mechanisms of...
Inverse demand function is a term used in economics to identify the inverse of a demand function. This can be represented as Price = f-1 (Quantity). Visually, the graph is identical to the demand function, but with switched axes. Explanation: The main difference between the demand function and the intermediate...
Alcohol advertising is recognized to have little or no influence on the amount or frequency of alcohol drinks consumption by the population. The rate of liquor drinking is impacted by factors other than commercial representation. Explanation: Recently, there has been a significant rise in alcohol advertising restrictions aimed at controlling...
The market demand curve derives from the summation of the individual demand curves of all consumers in the market. Explanation: The market demand curve reflects market demand. The market demand curve is flatter than the individual demand curves. It happens because when the price changes, the proportional change in market...
The law of demand is a term used in microeconomics, which states that when other things that affect demand held constant, quantity demand and price of a good or service are inversely related to each other. When a price for a product falls, the demand for the same product increases,...
American Handgunner is a 110 plus pages magazine dedicated to handguns and all related shooting products. The magazine is published by FMG Publications and targeted at the consumer magazine sector of the market. It is positioning itself as the world’s best handgun magazine. Explanation: The magazine industry is dependent on market segmentation...
The card stacking propaganda is a technique which can be used in politics or marketing in order to appeal to the listeners by way of exaggerating positive fact and omitting negative information. Explanation: Card stacking is a form of propaganda, used in marketing, different advertisements, political speeches, and campaigns. Card...
Absolute advantage theory implies that a specific entity, whether it is a country or a business organization, can produce a more significant number of goods than another establishment can within the same period. Another angle that one can look at it is that a company has higher production abilities, manufacturing...