Marketing Principles, SME 2011 Babson College
15th Edition
ISBN: 9781308605654
Author: N/A
Publisher: McGraw Hill Create
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Chapter 10, Problem 4MA
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To discuss: The ways the retailer uses Company F to decide on whether it should open the new store.
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A sunglasses retailer is trying to determine if there is a significantmarket for its merchandise in a specific mall location where it isconsidering opening a store. It has an active Facebook page wherecustomers routinely visit to get coupons and comment on the latestsunglasses offered. How can this retailer use Facebook and FacebookInsights to decide if it should open the new store?
This is for a online tutoring business hypothetical that is starting out at small college and then expanding.
Fill out the market analysis:
Market Segmentation: This section is where you will define the main market segments as well as the one or two you will be targeting. Begin with the Total Available Market (TAM) within the industry you plan to compete for. This includes all types of customers that have an interest in or need for your particular products or services.
Total Available Market (TAM): After defining the industry, provide some data on the total number of prospects in the industry or your more narrowly defined market. Is it the number of people above a certain income or households? Is it all businesses between $50 and $150 million? Is it all mothers? Is it all teenagers that drive cars?
Serviceable Available Market (SAM):
In my market research, what are my problem for selling my handmade soaps?
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Marketing Principles, SME 2011 Babson College
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- Looking for predictable relationship between sales and factors such as advertising, weather, consumer income is an example of applying Correlation Analysis in business. Select one: True Falsearrow_forwardHow can data-driven marketing strategies improve customer loyalty and value? What role do digital platforms such as social media, mobile messaging, and email marketing play in customer lifecycle management? How can artificial intelligence and big data be utilized to provide personalized and relevant interactions with customers? How can social media and mobile interactions be integrated to establish social CRM capabilities and enhance customer loyalty and advocacy? What are the advantages of using data analysis and targeting techniques to increase customer loyalty and value, and what alternative approaches can be explored to encourage interactions with customers?arrow_forwardUsing this article Links to an external site.from wired.com Links to an external site.or another of your choice, research and write a brief summary of the emergence of big data in the field of marketing analytics. Here are some questions and concerns you might want to address: What are some of the controversies surrounding big data? Is it ok for companies to sell your data? If you are participating in a “free” service such as a social media app, is it really free? What is the unseen cost? Do you become the product being sold by providing your personal information? Why or why not? How do you feel about that? See also “The Evolution of Big Data and Where We’re Headed Links to an external site.” from wired.com.arrow_forward
- Big Data : Select an organization that employs a highly personalized approach to selling products or services to its customers online. Ideally, this is one that you have used in the past so that you are more familiar with it. What are some different ways that the selected organization employs personalization in its marketing efforts? What are some specific actions/behaviors that customers engage in on the organization’s website that enable personalized marketing efforts you identified above? What are some specific actions/behaviors that an organization could collect data on that might provide evidence that the personalization efforts identified above have had a positive effect? Which type of marketing analytics approach(es) (Descriptive, Diagnostic, Predictive, Prescriptive) would be best suited for establishing the value of personalization for the organization?arrow_forwardWhat is prescriptive analytics? What kinds of problems can be solved by prescriptive analytics? Which retail stores that you know of employ some of the analytics applications identified in this section? List the 11 categories of players in the analytics ecosystem.arrow_forwardAs the marketing manager at Tesla, your main responsibility is to launch the new Tesla x compact SUV model — a completely new electric model in the Tesla product line. History suggests that having prospects test drive the vehicle enhances the probability of a sale. However, you want to encourage prospects to register and reserve a chance to complete a test drive at the Tesla dealerships. Determine your campaign target consider each of the following options. Describe how or if the target option will be used. If you choose not to use an option, be sure to explain why it is not a fit for your campaign. Target Option Description Exclusivity Sequencing Frequency capping Road blocking Geo targeting Connection type Day and time Social serving Audience Behavioural targeting and Retargeting/Remarketingarrow_forward
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