Marketing Module 3 notes
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Module 3 Notes and Questions 1.
Which of the 4 Ps of the marketing mix will you be working on this week?
Promotion
2.
What do marketing strategists combine to develop a company’s marketing
plan? Company mission, corporate strategy, and market understanding
- marketing strategists bring their market understanding and combine this with a company’s corporate strategy and mission. This creates a unique marketing plan for the company
Marketing plan – a document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence
executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a
success
Steps in creating a marketing plan
o
Conduct market research – collect and analyze customer data, sales, and market conditions
o
Create the right offering – develop and test products in the market to meet customer wants and needs
o
Plan for delivering value – plan how to create and deliver a product to the market
o
Communicate value – make customers aware of the value a product has to offer o
Monito the exchange – use feedback from the exchange to refine the offering and value propositions
Personal value equation – the perceived benefit a consumer receives from a product minus the price paid for it and the hassle or effort expended to
acquire it 3.
What is the second step of the marketing plan? Creating the right offering
Big data – the data being gathered by internet and computer systems today
Customer profiles – descriptions of a type of customer based on market segmentation criteria 4.
What is the term for the massive amount of digital information left behind by online consumers?
Big data
Social responsibility – the idea that companies should manage their businesses not just to earn profits but to advance the well-being of society
5.
What does the concept of social responsibility require of businesses?
That they not only earn a profit but also advance the well-being of society
Sustainability – engaging in practices to minimize the reduction of the earth’s resources 6.
Which of the following is an example of a business being influenced by global issues? A company’s operations become more expensive because of an increase in the price of oil -
The price of oil is a significant global concern that affects most businesses in one way or another. This is because the price of oil influences the cost of production for most products and services. 7.
Which of the following explains why some companies create marketing plans at the divisional level? Different divisions may offer very different goods or services
-
Companies that produce a wide variety of goods and services may need different marketing approaches for their different products. This may make it necessary to create marketing plans at the divisional level. 8.
Which of the following positions is likely to be a permanent member of the chief marketing officer’s planning team? A marketing analyst
-
The person in the marketing analyst role usually serves permanently on the CMO’s planning team to provide them with continual information
9.
What is one advantage of email marketing over social media marketing? Businesses own their email lists, so they are protected against losing access to their customers.
10.
Which of the following statements about ROI is true? ROI is how much revenue you get back for each dollar you spend.
-
ROI is how much revenue you get back for each $1 you spend
-
A positive ROI means that you are making more than you spend
-
A negative ROI means you are losing money on your marketing campaign
Brand – a name, picture, design, or symbol—or a combination of those elements—used by a seller to differentiate its offerings from competitors’ offerings
Branding – a set of activities designed to create a brand and position in the minds of consumers
Brand promise – what the brand stands for; the value the brand pledges its product will deliver
11.
Which of the following scenarios is an example of brand promise in
action? Buying a brand of laundry detergent because their product always smells
good -
When a consumer buys a product because they trust the reliability of the brand, it is an example of brand promise
Brand name – the spoken part of an identity used to describe a brand
Brand mark – the symbol or logo used to identify a brand
Brand extension – the process of utilizing an existing brand name or brand mark for a new product category 12.
If Black & Decker added new products to its DeWalt line, what would this be called? A brand extension
Cannibalization – when a new product takes sales away from the same company’s existing products 13.
Which kind of product is most likely to result in cannibalization? A product that is a line extension
Why great branding matters:
o
Forms a stronger customer bond o
Creates employee advocates supports marketing and advertising efforts
o
Drives a higher price point o
Builds a loyal customer base 14.
According to the article, to form a bond with the customer, a brand
needs to be which of the following? Transparent and authentic 15.
According to the article, what are the most valuable tools for persuading potential new customers to buy from the brand?
Customer advocates
Primary packaging – packaging designed to hold a single retail unit of a product
Secondary packaging – packaging designed to hold a single wholesale unit of a product 16.
Primary packaging is designed to hold which of the following? A single retail unit of a product 17.
Which of the following is an example of a secondary packaging? A case of bagged candy
Tertiary packaging – packaging designed for shipping and efficiently handling large quantities of a product
Active packaging – smart packaging with reactive elements based on chemical or mechanical technology
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Focus, Objectives and Issues
•
What is to be achieved with this plan.
•
Specific statement of what will be
accomplished over the planning period
(usually one year).
•
Should be achievable, measurable, written in
quantifiable terms (e.g., sales in $ or units)
and should be consistent with the
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Create a new product for Kellogg's company that could be an extension of an existing brand(family branding) or totally new branded product(individual branding)
In order to assist in developing the marketing plan, the report should cover the following sections
1. introduction
2. Business mission statement (Source either from the company or your decision)
3. Marketing environmental analysis
External environmental analysis
Macro-environment: PESTLE analysis
Micro-environment: Porter’s Five Forces
Internal environmental analysis: SWOT and TOWS analysis (both in a table format listing a few key points – the SWOT and TOWS tables are not included in the word count)
Optional: BCG Matrix (not included in the word count)
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Jabal Al Akhdar Hotel wants to maximize the performance of its field sales forces. What approach would you suggest as best action for the company?
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Q)Marketing strategy alone can make the success of any product the core competencies of business can develop” Is this true? Explain with example.
(Subject name: strategic marketing planning)
note: i need non plagerised and relevant answer only thanks
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Please Type response.
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5.
What is a marketing strategy?
6.
Define the four components of a marketing mix. Use either non-commercial
foodservice or nutritional services to illustrate your definition.
a. Product:
b. Price:
C. Promotion:
d. Place:
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Lee is ready to turn her marketing plan into action assignments. What phase of the marketing process is this considered?
Question 3 options:
a)
Control
b)
Evaluation
c)
Post audit
d)
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Company Name: Floward (flowers Market)
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Direction: Multiple Choice
1. This refers to measure of how well customer expectation from a purchased product or
service have been met.
Consumer goods
Marketing
a
b.Satisfaction
d. Brand equity
C.
2. This is the appreciation in a brand's value from the point of view of customers.
a. Brand equity
c.Marketing
b.Satisfaction
d. Consumer goods
3. These are products whose physical characteristics are so identical, that it would be difficult,
it not impossible, to distinguish one purchased from one vendor or another.
a. Brand equity
b. Marketing
b. Consumer goods
d. Primary Demand
4. It is a form of communicating or promoting the value of a product, service, or brand to the
consumers.
a. Durable
c.Marketing
b. Primary demand
d. Consumer goods
5. This can used in marketing to describe the way in which a service capacity cannot be
stored for sale in the future. Services cannot be stored, saved, returned, or resold once
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1. Answer the following.
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Use this in creating the sales plan:
January: New Year promotions, kick-off sales meetings.
February: Valentine's Day promotions, lead nurturing activities.
March: End of Q1 push, performance review, and strategy adjustment.
April: Spring sales campaign, customer feedback collection.
May: Mid-year training, product refresh.
June: Mid-year performance review, prepare for summer promotions.
July: Summer sales push, lead generation activities.
August: Back-to-school promotions, focus on upselling.
September: End of Q3 push, prepare for Q4 strategy.
October: Fall sales campaign, early holiday promotions.
November: Black Friday and Cyber Monday sales.
December: Holiday sales, year-end clearance, customer appreciation events.
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1. Propose a new product and discuss the product benefits using any of the product levels (core, basic, expected, augmented potential)
2. Explain the production process (material acquisition - product creation) to be undertaken.
3. Describe the market to be served including the communication strategies to be used.
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Creative Homework/Short Project As the marketing
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concentrated marketing, differentiated marketing, and
custom marketing strategies.
a. Prepare a summary explaining what each type of
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c. Describe your final recommendations for the best
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7. Successful marketing
O focuses solely on selling more products.
O continues long after the product is purchased.
O includes preproduction through selling the product.
O ends once the product is sold to consumers.
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reference
https://drive.google.com/file/d/1iGn_azw19vMXbmM8tzoJOVBSw6HTsmp1/view?usp=drivesdk
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Q28
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