MRKT 5000 Midterm 2013 Webster University
1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.
Product, distribution, promotion, and price are what make up the mix, while the marketing managers are the ones who control the variables. It is their job to match the needs of the customers with the desired marketing mix, and it’s crucial for the marketing managers to look at their target group and decide the level each variable needs to be used to achieve maximum return on a product.
2) What are the key components of a marketing plan? List and describe each component briefly.
The key components are the executive summary, environmental analysis, SWOT analysis, and the
…show more content…
4) Why is ethics an important consideration in marketing decisions? Explain your answer with an example.
Ethics is an important consideration in marketing decisions because a company wants to instill a relationship or trust with consumers. Consumers are not as likely to purchase a company’s goods when they have been caught lying. Take for example Dannon yogurt, which told consumers they would have better digestion because of their yogurt. This was before probiotics were added to yogurt, and as a result it was nothing but their word and consumers fought back. I received a refund for $15 because of the amount of yogurt I bought during a year of their misleading information. The outcome for me was that I no longer bought Dannon yogurt for my family. It was Dannon’s misleading information that prevented me from purchasing it later on, and proved that the consumers would not stand by it, which caused litigation and millions of dollars paid out to consumers.
5) Explain the Five Steps of the Marketing Research Process.
The first step is to locate and define the problem or desired research issue. The second step is to formulate a hypothesis and decide which method of hypothesis testing should be conducted such as exploratory research, descriptive research, or causal research. The third step is to collect data as primary of secondary such as surveys, observations or rely on other methods such as the census. The forth step is to
Marketing Ethics: The Marketers standards of conduct and moral values. The 5 areas of ethical concerns for Marketers are: Marketing Research – ex: Gathering marketing information in exchange for money or free offers. Product Strategy – ex: Product quality, planned obsolescence, packaging. Distribution – ex: Determining the appropriate degree of control over a channel. Promotion – ex: Gifts and Bribes Pricing – Most unethical pricing behaviours are also illegal. Social Responsibility: involves marketing philosophies, policies, procedures, and actions whose primary objective is the enhancement of society. The 4 levels of Social Responsibility are: Economic – Be Profitable; the foundation upon which all others rest Legal – Obey The Law; Play by the rules of the game Ethical – Be Ethical; Obligation to do what is right, just, and fair. Philanthropic – Be a Good Corporate Citizen; Contribute resources to the community, improve quality of life.
Question: Outline the marketing process and explain the importance of each element of the marketing plan.
a) Problem Definition.- The definition of the problem presented when Marcello & Litzenberger analyze that professionals resistance to pursing marketing research.
Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.
According to the text, Principles of Marketing, marketing mix is made up of four things: product, price, place and promotion. Further, there are four Cs that go along with these four Ps: consumer solution, customer cost, convenience and communication. (Kotler) Building lasting lifetime relationships is what every company desires. To create that, customer satisfaction must be at the top of the
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
Ø Explain why ethical consideration IS appropriate and required when conducting business in the 21rst century.
2008). The main aspect of Marketing Mix is product, price, place and promotion that the firm combine to produce the response it wants in the target of market segmentation.
The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.
Businesses have been relatively passive in investigate their in marketing ethics and are still operating according to traditional business models and process that do not reflect consumer interests and ethical implications of their activity often continue afterthought and are yet to be thoroughly incorporated into management decision-making. The contingency framework can accelerate this pre-emptive approach to ethical decision-making. To embed ethics into firms planning and strategy formulation process , marketers should learn from consumers ethical evaluation of their marketing techniques (Smith and Cooper-Martin 1997). An “ethical execution of the marketing program. In addition to financial , market, and competitive objectives, marketers should include consumer concerns and ethical integrity as important criteria for management decision making . Furthermore, ethics must be matched throughout the marketing planning process from product development, market selection , advertising and promotion execution.
Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p
Marketing mix is nothing but a critical mix of right amount of efforts and mechanism that is made up of the product that an organisation offers, market segmentation and the marketing strategy, selling the product at the right price and to the right customers through right people.
Marketing mix refers to the enterprise for their target market needs, control various marketing factors (product, price, place and promotion) to optimize the combination and comprehensive utilization, in order to accomplish better economic and social benefits (Chai, 2009, p.4). Place and product will be attached more importance in this section.
Marketing mix is one of the basic and the very important part of marketing plan. It includes all the elements that are important for an organization from manufacturing to sale of the product. It can be considered as the set of marketing tools that blends together to generate a marketing response in the market. Every organization uses this tool to make its marketing plan. Primarily it consists of 4P’s, but now it is extended to 7P’s of marketing. (Jain, 2013)