UNDERSTANDING BUSINESS (LL/ACCESS)
13th Edition
ISBN: 9781264671656
Author: Nickels
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 13, Problem 3CT
Summary Introduction
To think critically about: The changes occurring in the community and marketing most likely to change the career prospects for the future and the way through which one can learn and get prepared for such changes.
Introduction: Marketing refers to an activity which includes creation of set of institutions, communicated, delivered and exchanged so that value can be added for the customers and other clients as a whole.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Promote a cereal bar that you have recently launched or organic olive oil to a target segment in Palestine.
You should apply the different concepts, theories and tools you learned throughout this course. The following prompts should guide you in writing up your term paper:
Start by specifying whether you’re promoting a healthy snack bar or a healthy food restaurant then define your targeted market:
Explain how you can choose popular culture to promote your product: choose a brand name for your cereal bar or organic olive oil and/or a logo
Explain what form/s of reference group influence you can apply to entice your target market to select and buy your brand.
Explain how you can motivate the target consumers to buy your brand through product involvement and advertising involvement.
Explain how you can use the drive theory and expectancy theory in your ads to promote your brand.
How can you apply the trait theory to position your brand?
Explain how you can reflect a consumption style…
Read the case below carefully and answer the following questions.
Big Data, Big Business, Big Opportunities
Imagine working 10 years to become the lead marketing executive at a large retail organization only to find
that your competitor is invading your market share by 20 percent each year. You quickly decided to launch
several online marketing promotions while improving your products, but find your efforts are fruitless as
your competitor continues to steal your customers, destroying your profits while raising its own.
As you begin to analyze your competitor's business strategy, you find that while you were focused on sales
reports, product inventory analysis, and other traditional marketing efforts, your competitor was making a
massive investment in upgrading all of its management information systems. This included systems capable
of collecting, storing, and analyzing data from every store, product, and sales representative in the market.
In fact, your competitor now knows more about…
The picture is an illustration of targeting potential market and a potential market need. To identify your new potential markets, you consider every
target demographic that you currently sell, as well as those which are not yet targeted. Consider yourself as an entrepreneur and ask the following
questions.
1. What other products do my customers need now?
2. What related products will they need in the future?
3. Who else could make use of the products I am selling now?
4. What demographic information do I have with my current customers?
Chapter 13 Solutions
UNDERSTANDING BUSINESS (LL/ACCESS)
Ch. 13.1 - Prob. 13.1AQCh. 13.2 - Prob. 13.2AQCh. 13.2 - Prob. 13.2BQCh. 13.2 - Prob. 1TPCh. 13.2 - Prob. 2TPCh. 13.2 - Prob. 3TPCh. 13.3 - Prob. 13.3AQCh. 13.4 - Prob. 4TPCh. 13.4 - Prob. 5TPCh. 13.4 - Prob. 6TP
Ch. 13.5 - Bass pro Shops offers a vast arrays of products...Ch. 13.6 - Prob. 7TPCh. 13.6 - Prob. 8TPCh. 13.6 - Prob. 9TPCh. 13.6 - Prob. 10TPCh. 13 - Prob. 1CECh. 13 - Prob. 2CECh. 13 - Prob. 3CECh. 13 - Prob. 4CECh. 13 - Prob. 1CTCh. 13 - Prob. 2CTCh. 13 - Prob. 3CTCh. 13 - Prob. 4CTCh. 13 - Prob. 1DCSCh. 13 - Prob. 2DCSCh. 13 - Prob. 3DCSCh. 13 - Prob. 4DCSCh. 13 - Prob. 5DCSCh. 13 - Prob. 1PPTCh. 13 - Prob. 2PPTCh. 13 - Prob. 3PPTCh. 13 - Prob. 4PPTCh. 13 - Prob. 1VCCh. 13 - Prob. 2VCCh. 13 - Prob. 3VC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- What is a marketing plan? Who should develop it? How does it help the new small business owner?arrow_forwardA company’s marketing environment consists of actors and forces outside the company that affect marketing management’s ability to develop and keep successful transactions with its target customers. The environment today is changing very quickly, and it is difficult to predict what the future will bring. It is important therefor to monitor the market environment and, if necessary, change the marketing plan to meet new opportunities or threats. It is dangerous for the life of the company to ignore what is going on in the environment. (i). Identify the two main forces and explain how each affects companies marketing efforts to survive in business environment.arrow_forwardOne of your friends is contemplating opening a coffee shop near your campus. She seeks your advice about size of the prospective customer base and how to market the business according to the four Ps. What strategies can you share with your friend to assist in launching the business? Assume you are about to graduate. How would you apply marketing principles to your job search? In what ways would you be able to create, communicate, and deliver value as a potential employee, and what would that value be, exactly? How would you prove that you can deliver that value? What is the difference between a need and a want? How do marketers create wants? Provide examples. Explain how Apple employed the marketing concept in designing, promoting, and supplying the iPhone. Identify the key benefit(s) for consumers relative to comparable competitive offerings.arrow_forward
- If you have a food and beverage company then in the case of market targeting, what are the market coverage strategies available for your company? Clarify.arrow_forwardThere are literally 100’s of different definitions of marketing available on the internet, and even marketing textbooks will use their own definition of what marketing is all about. And in the business world, especially across industries, you will find that different firms and different managers have a somewhat unique view of the role of marketing. As you probably know already however, the key goals of marketing are to: generate long-term profits, deliver customer satisfaction, and improve the competitive strengths of the organization over time. But let’s now have a very simple look at the role of marketing based on these three goals. The above marketing goals are really all about getting and keeping customers. This means that can we break marketing down to three simplistic responsibilities: Attract new customers (Get) Grow share of customer (Build) Retain profitable customers (Hold) In other words – GET – BUILD – HOLD customers. Clearly, there is a whole array of marketing…arrow_forwardHow is the field of marketing analytics affecting a business/organization? What changes will occur as a result? How do the tools and techniques of marketing analytics help persuade executives? What types of executives would find marketing analytics particularly persuasive? What dependent variables does your organization track at the executive level? How do those variables change as one goes lower in the organization, such as the product or service level?arrow_forward
- 1. Identify the different sources of business opportunities. Cite an example for each sources of business opportunities that will meet the needs of the market.arrow_forward1. Who are the philosophers or psychologists who you think will influence and/or will not influence your life? Expound on your answer.2. What is your own philosophy in life? Does it reflect any of the philosophers discussed? Why or why not? 3. What are the fondest memories you had that shaped your desire to take up marketing?arrow_forwardAs would-be entrepreneur, you are tasked to identify your dreamed business, one that involves your interest. Indicate who are your potential market, target market, available market, and/or penetrated market.arrow_forward
- A college in a metropolitan area wishes to increase its evening offerings of business-related courses such as marketing, accounting, finance, and man- agement. Who are the target market customers (students) for these courses?arrow_forwardDefine the nature and scope of the questions you must answer with regard to your market. Identify the types of information you will need about the market to answer those questions. For example, do you need to know about the buying habits, household income levels, or attitudes of potential customers?arrow_forwardImagine that you want to start your own business. For your business (e) Develop a brief marketing strategy for your new business, and state your marketing strategy, including short-term and long-term strategies (f) Will vour business hire employees or independent contractors (ICs)? Why? What reasons do you have for choosing employees or ICs? Does your classification conform to the law? (g) What are some of the major legal risks your business may face in employment, marketing, sales, purchasing and/or development (vou may wish to consider tort risk, criminal law risk, agency and employment risks, contract risks, or any other legal risks). Be sure to respond to all parts of all questions by 11:59pm EST Sunday.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON