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What are the different types of consumers?

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. How to define your target audience? b. How to develop a value proposition? c. What is the marketing funnel and how can we maximize it? d. How to use your value preposition to build your company image? e. How to acquire and retain customers? f. Ways to reach your customers?

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. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening?

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...

In a few paragraphs, please explain how the periodization of marketing eras could be understand as an evolution of marketing thought. What are the key themes of change throughout the eras?

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...

List, define, and share applied examples of the marketing eras or orientations.

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...

What kinds of factors do you think Sony considers when deciding how to market its products in various countries? How might its American marketing efforts differ from those in Japan or Europe?

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...

What do you think about Sony’s tradition of region-specific or nation-specific marketing? Would Sony be better served by working to create a more uniform global image?

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...

Identify some intrinsic and situational sources of involvement for athletic shoes, and describe some of the likely means-end chains for the most involved customers. Discuss how Nike’s advertising strategies might differ in marketing a shoe to highly involved and moderately involved consumers.

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,...

What do you think of Nike’s attempt to reach the “alternative” market through its ACG unit? What barriers and opportunities exist? Should ACG deviate from Nike’s traditional advertising strategy to reach these consumers?

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...

Recently Nike abandoned the swoosh logo in its advertising and replaced it with the word nike in lowercase lettering. Why do you think Nike made this decision?

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...

There are two market segments of consumers for many product forms of athletic shoes: those who use the shoes to engage in the designated athletic activity and those who use the shoes primarily for casual wear and seldom engage in the athletic activity. a. Discuss the differences between these two segments in means-end chains. b. Draw means-end chains to illustrate your ideas. c. What types of special difficulties does a marketer face in promoting its products to two market segments of consumers who use the product in very different ways?

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...

What are some ways that a movie studio can test advertisements for a movie, both before the launch and after the movie appears in theaters?

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...

Visit the top 15 movie stocks according to HSX. Do you agree with the predictions of the Hollywood Stock Exchange? How would you use a tool like this if you were a movie producer?

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...

What is a push poll? Include in your description of a push poll all of these points: Who uses them? Why are they used? Are they effective? Are they legal? You must provide an actual, real-life example of a push poll.

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...

Some industry experts feel that it’s acceptable to appropriate symbols from another culture even if the buyer does not know their original meaning. They argue that even in the host society there is often disagreement about these meanings. What do you think?

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....

Some activists object to Axe’s male-focused marketing because they claim it demeans women. In contrast, Dove’s “Natural Beauty” campaign gets kudos because it promotes more realistic expectations for girls. The same company—Unilever—owns both Axe and Dove. Is it hypocritical for a big company to sponsor positive messages about women in one of its divisions while it sends a different message in another?

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...

Are you what you buy?

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...

Companies and organizations in the United States spend billions of dollars to acquire and manage data on consumers such as credit information and transaction histories. Well-off consumers hold great attraction to marketers because they have greater buying potential. Today companies have the ability if they choose to offer a more attractive deal to higher-value customers to win their business. The flip side of this process is that potentially they can discriminate against low-income people who won’t qualify for lower prices. And in most cases, companies don’t permit consumers to access their database to learn what they know about them. Is it fair to stratify consumers in this way so that some get access to more attractive options than others?

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...

How might the rise of peer-to-peer music sharing influence the structure of the music CPS? One guess is that this method erodes the dominance of the big labels because listeners are more likely to access music from lesser-known groups. Survey your friends to determine whether this is happening. Do they listen to a wider variety of artists, or simply download more from the big-time groups?

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....

Why is it difficult to place a product in a consumer’s evoked set after the person has already rejected that product? What strategies might a marketer use to accomplish this goal?

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...

Applying Ansoff’s model, analyse the strategy directions for a hospitality or tourism organisation of your choice. Assess the suitability of the model for analysing hospitality and tourism organisations.

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...

One of the vendors for Feets has come forward with a proposal to produce custom shoes for customers. What potential questions would you have for this vendor?

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...

What are the benefits of Scan It! app for customers and what are the risks?

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...

In case of Scan It! app, how can analytics be used for business optimization?

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...

What suggestions should the McDonald’s franchise implement in order to ensure the success of the digital menus program?

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...

Can the solution of digital menus apply to all restaurants in the McDonald’s franchise?

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...

Can digital menus work in favour of McDonald’s restaurants?

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...

Pick two companies that try to establish different kinds of social relationships with their names, taglines, social media posts, or other branding elements. Describe the difference using specific examples.

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...

Give an example of a real company or product name that uses sound symbolism. Identify the relevant sounds and briefly explain how they relate to the meaning of the name and the brand the name supports.

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,...

Give an example of a company name, tagline, or slogan that uses a metaphor. Explain what the metaphor is with a brief mapping, and provide two conventional expressions of English that use the same metaphor.

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...

a. Discuss which generic strategy you will pursue? b. Why is this the right strategy to utilize for this specific IP? c. Discuss any limitations or potential failures from this strategy.

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...

The core signals of change involve evaluating three customer groups: a. Non-consumers, b. Consumers who are undershot, c. Consumers who are overshot. Describe each of these customer groups in terms of your intellectual property (project). Who are the non-consumers? Who are the undershot consumers? Who are the overshot consumers? You should provide a specific analysis for each group.

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...

Disruptors are often viewed as coming from new entities. However, existing firms can also create the disruption on their own. Provide an example of an incumbent disrupting the industry they are currently operating in.

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....

In his “Seeing what’s next” book, Christensen states that “bigger isn’t always better” when discussing disruptive firms. Why might this be the case?

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...

How do asymmetries propel disruptive entrants? Provide an example of this occurring.

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...

How do you assess a firm’s Resources-Processes-Values (RPV)?

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),...

Michael Porter outlined generic strategies for competitive advantage: low cost and differentiation. a. Explain/define low cost and differentiation. b. Provide an example of a different company that uses each and indicate if you feel they are using it effectively.

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...

What is a displacing innovation?

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...

How did the telephone industry undershoot initial customers (late 1800s)? Explain how this phenomenon still exists or doesn’t exist in the mobile telephone industry?

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...

In his book “Seeing what’s next,” Clayton M. Christensen describes two patterns of market disruptive innovations to attract non-customers. a. What are they? b. Provide an example of each of these occurring.

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....

The core signals of change involves evaluating three customer groups: Non-consumers, Consumers who are undershot, Consumers who are overshot. Define each of the subgroups and provide an example (real of hypothetical) where a customer may fall into one of the designated categories.

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...

Describe the disruptive innovation cycle.

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...

What is the “innovator dilemma”?

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...

Critically analyze the resources and competences that a company in the video game consoles industry needs to possess to achieve competitive advantage. Discuss and justify your arguments.

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...

Critically analyze the strengths and weaknesses of Sony in the video game consoles industry and identify any potential opportunities and threats for that company. Provide full support and justification for your arguments.

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...

Prepare three different maps of strategic groups in the video game consoles industry, using different variables each time. Justify the selection of the variables, critically analyze the position of each competitor on the strategic group’s map and identify future opportunities for these companies based on their position

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...

When considering diversification strategies in developed and emerging world equity markets, what would be the determining factors in selecting a foreign market? Prioritize a set of factors in making such a decision.

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...

In What Ways Might New Store Design Differ From The Redesign Of An Established Store?

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...

Retail Internationalization Is Much More Than The Opening Of Stores Abroad. Provide A Critical Review Of This Statement.

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...

Which best describes how advertising influences consumer choice in an oligopoly? A) Advertising coaxes people to buy new products. B) Advertising alerts consumers to price reductions. C) Advertising undermines competition. D) Advertising informs brand knowledge.

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...

Which consideration must be addressed when deciding for whom to produce? A) Who can be most creative with the product? B) Who has the largest resource pool? C) Who has the greatest need? D) Who can bring in the greatest profit?

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...

Which of the following things are generally true about alcohol advertisements: A) they have no effect on how much alcohol is consumed B) they target our expectations and perceptions about drinking C) they accurately depict the negative effects from drinking too much D) none of above

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...

Provide the law of supply definition.

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...

Define the long run supply curve.

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...

What’s a non-price competition?

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....

Define institutional advertising.

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...

What are the properties of the perfectly competitive market?

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...

What is the largest single item in the food marketing bill?

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...

What is market risk premium formula? Where can it be used?

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...

What is the inverse demand function?

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...

What are the issues of alcohol advertisements?

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...

Define market demand curve

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...

What does the law of demand state?

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,...

What segmentation does the American Handgunner magazine use and why?

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...

What is the definition of card stacking propaganda? Where does it occur?

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...

Provide the absolute advantage definition.

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...