.Discuss the differences between the absolute threshold and differential threshold. Which one is more important to marketers?
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1.Discuss the differences between the absolute threshold and differential threshold. Which one is more important to marketers?
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- The George Foreman Grill is a compact cooking appliance with a double- sided cooking surface that is angled to allow fat to drip off the food and out of the grill. Describe a likely target market for this product in terms of its geographic, demographic and behavioural characteristics. How does this target market in your opinion rate with respect to size growth and structural attractiveness? Write a positioning statement for the George Foreman Grill.11.The ___________ is the set of controllable variables that the firm use to influence the buyer’s a. All of the answers are correct b. Management Process c. Marketing Mix d. Marketing Strategy 12.Barriers to entry is part of ___________. a. Threats of new entrants b. Market Rivalry c. Competitive Advantage d. All of the answers are correct 13.The ___________ is how much the consumer will pay. a. Product b. Promotion c. Price d. Place 14.___________ describes the unique features of products and services provided to customers that is different from any competitors in the market. a. Selling Features b. Value Proposition c. Unique Product d. None of the answers are correct 15.The ___________ is a customer segment which focuses on a wide range of potential customers. a. Management Strategy b. Mass Market c. Niche Market d. All of the answers are correct 16.___________ is the way you let your customers know about, sell, deliver, and maintain your products and services. a. Marketing Strategy…For each of these products—chocolate bars and cereals—describe how marketers can apply their knowledge of the differential threshold to packaging, pricing, and promotional claims during periods of (a) rising ingredient and materials costs and (b) increasing competition.
- 6) Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior.1. Compare and contrast the two best brands 2. Now look at the two weakest brands (from chart 1) and identify (from chart 2) why are they under-performing. Consider the importance of the attribute to the consumer’s purchase decision as well. What should these brands do to improve their overall scores (that is, gain more favorable consumer attitudes)? 3. Do you think that it is helpful breaking down consumer attitudes to this level of detail? Why/why not?5. What are the factors that have made market segmentation one of the most dominant approaches to market strategy in recent years? (Short answer)
- 2. For the managers of these brands, how might a psychographics-based segmentation approach for used for making target market decisions?2. Suggest any two or more possible market segmentation techniques with justifications that TWL can use in their marketing efforts.14. Any company or business is obliged to carry out a market division process, called segmentation, in order to have greater clarity regarding the direction of its offer in the market; Once the segmentation has been carried out, it is important to choose the segment to be served and define it. From said segment, a consumer representation or prototype is chosen, called: Select one: a.market profile b.consumer profile c.buyer persona d.Target market
- One plus is a smart phone company that is currently developing a phone for lower segment of the market. It needs to know habits and trends of consumers. It believes it can use secondary data to learn all it needs to know before it tries to sell the ideas currently in development. Question: Discuss different types/sources of secondary-data, that can be used by One plus?1. Based on the first chart (overall scores), which brand/s is/are the better performing ones (where the consumers’ attitude is more favorable)? Which is/are the poorer performing brand/s? 2. Based on the 2nd chart, which product attributes are the most important to consumers in their purchase decisions? Which ones are of lesser importance? 3. What particular attributes of these products perceived as superior (that is, why are they considered to be the best)?L. P. Manning CorporationIn March 1991, the marketing division of the L. P. Manning Corporation performed a national survey to test the public’s reaction to a new type of toaster. Manning had achieved success in the past and established itself as a leader in the home appliance industry.Although the new toaster was just an idea, the public responded favorably. In April of the same year, the vice presidents for planning, marketing, engineering and manufacturing all met to formulate plans for the development and ultimately the production of the new toaster. Marketing asserted that the manufacturing cost must remain below $70 per unit or else Manning Corporation would not be competitive. Based on the specifications drawn up in the meeting, manufacturing assumed marketing that this cost could be met.The engineering division was given six months to develop the product. Manning’s executives were eager to introduce the product for the Christmas rush. This might give them an early foothold on a…