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8 Cards in this Set
- Front
- Back
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RQ13-4 Pg 375 middle
What are the major components of a marketing strategy? |
A marketing strategy is a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives. A marketing strategy consists of;
1. Select and analyze a target market 2. Create and maintain an appropriate marketing mix. |
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RQ13-6 Pg
What are the four elements of a marketing mix? In what sense are they “controllable”? |
The four elements of the marketing mix are a combination of: (4 P’s of Marketing)
1. Product 3. Placement (Distribution) 2. Price 4. Promotion (Advertising) They are controllable in the sense a firm can vary each element to suit its organizational goals, marketing goals, and target market. |
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RQ13-9 Pg 382
What major issue should be specified before conducting a sales forecast? |
A company sales forecast is the amount of a product an organization expects to sell during a certain period of time, cased on specified level of marketing effort, specific methods used for a sales forecast depends on;
1. Cost involved 2. Type of product (pencil or BMW) 3. Characteristics of the market 4. Time span of the forecast 5. Purpose for which forecast will be used 6. Stability of historical sales data 7. Availability of the required information 8. Expertise and experience of the forecasters |
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RQ13-13 Pg 397 bottom
How are personal income, disposable income, and discretionary income related? Which is the best indicator of consumer purchasing power? |
Personal Income = is the income an individual receives from all sources less social security taxes.
Disposable Income = is personal income less all additional taxes (fed, state, city, Medicaid) Discretionary Income = is disposable income less savings on food, clothing and shelter. This income is of particular interest to marketers because customers have the most choice in spending it. |
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RQ13-14
List five reasons why consumers make purchases. What meed is satisfied in each case? |
1. They have use for a product (book)
2. They like the convenience (electric can opener) 3. They believe the purchase will enhance their wealth (diamond) 4. They take price in ownership (Seiko vs. Timex) 5. They buy for safety (smoke detectors) |
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Build-A-Bear
1. Is there evidence that Build-A-bear is trying to use the marketing concept? Explain. |
Build a Bear is using the marketing concept and applying a customer orientation. It is involving the entire company in satisfying customer’s needs for a fun product (a customized stuffed animal) and a fun shopping experience (picking out the stuffing for the animal, making it, and naming it.)
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2. Has Build-A-Bear used an undifferentiated approach, a concentrated approach, or a differentiated approach to segmenting a target market?
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Build a Bear is using a concentrated approach. The process of dividing a market into segments is called market segmentation. (pg 377) Either concentrated of differentiated (pg 376) with concentrated market segmentation a single marketing mix (which is a combo of product, price, placement and promotion) developed to satisfy a particular target market is directed at a single market segment (a group of individuals or organizations within a market that share one or more common characteristic.) Build a Bear is using a concentrated approach by aiming a single marketing mix at a single market segment. Build a Bear doesn’t try to be everything to everyone who wants to buy a stuffed animal. Not like Vermont Teddy Bear.
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3. How has Build-A-Bear used its knowledge of consumer buying to attract customers?
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1. Use for product
2. Convenient to acquire. It is at malls 3. Encourages kids to feel pride in making and customizing the animals 4. Recognize customers buy bears all year round. Birthdays and holidays 5. Entertaining in-store buying process |
