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marketing theory questions and answers

By Heather Mitchell,2014-01-21 02:32
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marketing theory questions and answers

1.Which factors are important for price setting?

    Intern(company)factors: marketing objectives, marketing mix strategies, cost, organization for

    pricing

    Extern(environmental)factors: nature of market and demand, competition, other environmental factors(economy, resellers, government ).

    2.Discuss the development of new products.

    New product strategy-idea generation-idea screening-concept develop and testing-marketing strategy-business analysis-product development-test marketing-commercialisation 3.Discuss the product life cycle. What is its importance for the marketeer? Product life-cycle(PLC)-the course of a products sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity and decline. The PLC concept can be applied by marketers as a useful framework for describing how products and markets work. It can help in developing good marketing strategies for different stages in the PLC.

    4.Brand or no brand? Discuss the pros and contras

    For clients:1.indication of quality2.efficient shopping 3.customer service For supplier:1.order management 2. Juridical aspect(provide the protection for unique production feature otherwise might be copied by competitors) 3.customer relations(attract loyal customer) 4. Segmentation possibility(help segment market).

    For society: quality(lead to a higher quality), innovation (give incentive to producer to look for new feature that can be protected against imitated by competitors)shopers (for it provide information about the product and where to find it )

    No brand is cheaper

    5. What is the length of the product group? Which decisions are linked to it for the

    company?

    The number of item in the product line. Product line is influenced by companys objectives and

    resources. The major product line decision involves product line length. 6. Market segmentation! Why? How? (give sime examples)

    Buyers may differ in their wants, locations, buying attitudes and buying practices. Through market segmentation, companies divide large markets into smaller segments that can be reached more efficiently with products and services that match unique needs.

    For consumer market 4 base:1 geographic 2. Demographic 3. Psychographic 4.behavioural segmentation

    7.What are the 4Ps? Whats their relation to the marketingmix?

    Product price promotion place

    Marketing mix the set of marketing tools product, price ,promotion and place that the firm

    blends to produce response it want in the target market.

    8.Changing prices! Be careful with it! Why?

    the action will affect buyers, competitors, distributors and suppliers, and may interest government as well.

    Market theory questions

    2011-1-18 14:09 |个人分类:Market

1.Discuss the product life cycle. What is its importance for

     the market?

    ANS1:

    Definition:The stages that a new product is belived to go through from the beginning to the end: Product development, Introduction, Growth, Maturity and Decline. Importance: It helps a firm to manage the risk of launching a new product more effectively, whilst simultaneously maximising the sales and profits that could be achieved throughout the product's life cycle.

    ANS2:

    Product life-cycle(PLC)-the course of a products sales and profits over its lifetime. It

    involves five distinct stages: product development, introduction, growth, maturity and decline.

    The PLC concept can be applied by marketers as a useful framework for describing how products and markets work. It can help in developing good marketing strategies for different stages in the PLC.

2. Discuss the development of new products.

• New product strategy

    • Idea generation

    • Idea screening

    • Concept development and testing

    • Marketing strategy

    • Business analysis

    • Product development

    • Test marketing

    • Commercialisation

    3. Which factors are important for price setting?

    The factors are divided into internal factors and external factors. The internal factors are also called company factors, mainly including marketing objectives, marketing mix strategies, costs, orgazition of pricing. The external factors are also called environmental factors, mainly including nature of the market and demand, competition, other factors such as government regulations, resellers, economy.

    4 .What are the 4P’s? What’s their relation to the

     marketing mix?

    "4Ps of Marketing" includes marketing strategies of product, price, place and promotion.

    It is the easiest way to understand the main aspects of marketing. It is the synonym of marketing mix.

    5 .What is the ‘acceptable price region’?

     How can it be determined?

    The acceptable price region: Consumers will understand the value of goods in different price limits. This limit is the price consumers would rather pay the money and do not want to miss this opportunity to purchase the product. It is determined by the consumers' understanding of the product value , and their demand intensity. 6.Brand or not brand? Discuss the pro’s and contra’s.

    ANS1:

    For clients:1.indication of quality2.efficient shopping 3.customer service

    For supplier:1.order management 2. Juridical aspect(provide the protection for unique production feature otherwise might be copied by competitors) 3.customer relations(attract loyal customer) 4. Segmentation possibility(help segment market).

    For society: quality(lead to a higher quality), innovation (give incentive to producer to look for new feature that can be protected against imitated by

    competitors)shopers (for it provide information about the product and where to find it )

    No brand is cheaper

    ANS2:

    If we do not brand, the product will be cheaper.

    But if we brand, we can have some different advantages:

    For client: it is a indication of quality, and they can enjoy efficient shopping, also they can get better customer service.

    For supplier: they can do order management easier and they do not worry about the juridical aspect. And they can have stronger customer relations. And they are possible to segment market.

    For society: The brand can lead and enhance innovation. Also it can repreasent quality.

    7.What is the ‘length of the product group’?

     Which decisions are linked to it for the company?

    ANS1:

    The length of the product group is the total number of product items in the product group. Product line-length decisions

    ANS2:

    The number of item in the product line. Product line is influenced by companys

    objectives and resources. The major product line decision involves product line length.

    8.Changing prices! Be careful with it! Why?

    Becasue we should consider many factors before we change the price.

    The factors are divided into internal factors and external factors. The internal factors are also called company factors, mainly including marketing objectives, marketing mix strategies, costs, orgazition of pricing. The external factors are also called environmental factors, mainly including nature of the market and demand, competition, other factors such as government regulations, resellers, economy.

    So we should be careful with changing prices.

    9.Market segmentation! Why? How? (give sime examples)

    Reason:

    Buyers may differ in their wants, locations, buying attitudes and buying practices. Through market segmentation, companies divide large markets into smaller segments that can be reached more efficiently with products and services that match unique needs.

    The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures.

    Method:

     Dividing a market into distinct groups of buyers with different needs, characteristics or behaviour, who might require separate products or marketing mixes. For the consumer market ,we segment the market into the geographic, demographic, psychographic, behavouristic segmentation, for example, the ikea or lego. For the business market, we segment the market according to geographics, operating variables, purchase approaches, situational factors, personal characteristics . And for the international market, few companies have the willingness and ability, so different criterias are possible, for example, sony, Unilever.

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