Marketing Week 3 Start by reading and following these instructions:
Marketing
Week 3
Start by reading and following these instructions:
1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.
2. Read the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
3. Consider the discussions and the any insights gained from it.
4. Create your Assignment submission and be sure to cite your sources, use APA style as required, check your spelling.
Assignment:
Check Your Understanding:
1. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
2. The 20-80 rule states ________.
3. Formal groups having a direct influence on a person such as religious, professional, and trade union groups are ________.
4. ________ consist(s) of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, etc. that become linked to a brand “node.”
5. Derived demand refers to the fact that the demand for business goods is ultimately derived from the demand for________.
6. A ________ is a more narrowly defined customer group seeking a distinctive mix of benefits.
Exercises:
1. List the steps involved in conducting a customer value analysis.
2. Name five ways companies can use their databases.
3. What is the difference between biogenic needs and psychogenic needs?
4. Distinguish between “family of orientation” and “family of procreation.”
5. The buying center consists of all members of the organization who play any of seven roles in the purchase decision process. Name and define each of these roles.
Case Study: 800 to 1000 words
Forget nanotechnology, it’s Nana-technology (that is, grandmother-technology) that will make a big impression on this market. Marketers are beginning to recognize the need to redo product lines to accommodate the massive number of seniors who are about to cross the retirement threshold. Consumers are already beginning to see phones with larger numbers on their key pads, digital hearing aids to make music easier to listen to, programmable pill dispensers, and GPS systems that display maps in larger type. Fashion designers have begun to add lines of senior glasses. Clothing manufacturers have also taken note – remember that today’s seniors set the fashion and style industry on its ear in the ‘60s and ‘70s. With annual incomes of $175,000 plus, seniors are demanding products that fit their needs.
Seniors are also interested in modern technology. Several companies are modifying their game business to include devices and programs that appeal to seniors’ desire to remain mentally alert and entertained. Such devices can also teach seniors more about advancing technology. The spending power of the Baby Boomers will motivate companies to re-think how they approach seniors in the marketplace. Nana-technology is “where it’s at” in the twenty-first century!
Adapted from “Nana Technology” by Phuong Ly, Business 2.0, October 2007, pp. 40-41.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
1. Why is the senior market becoming more attractive?
2. What generational group is powering the growth of seniors?
Week 4
Start by reading and following these instructions:
1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.
2. Read the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
3. Consider the discussions and any insights gained from it.
4. Create your Assignment submission and be sure to cite your sources, use APA style as required, check your spelling.
Assignment:
Check Your Understanding:
1. ________ is endowing products and services with the power of a brand.
2. ________ are those trademarked devices that serve to identify and differentiate the brand.
3. ________ is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.
4. In a ________ pattern of the product life cycle, sales grow rapidly when the product is first introduced and then fall to a “petrified” level.
5. Firms that serve small markets not being served by larger firms are known as _________.
6. A(n) ________ attack can be directed along two strategic dimensions, geographic and segmented.
Exercises:
1. Describe the functions a brand provides for the firm.
2. What are the two basic approaches to measuring brand equity?
3. What are the three key consumer desirability criteria for POD’s (points-of-difference)?
4. What are the four stages in the Product Life Cycle? Describe what happens at each stage.
Case Study: 800 to 1000 words
When you hear the name James Dyson you may recall his famous Dyson cyclonic vacuum that came on the market a few years ago. What do you think his next invention will be?
Developing new products and managing them through the first several stages of the product life cycle can be a difficult and risky task. Inventor James Dyson learned how to manage an effective product life cycle through trial and error. His experiences have led him to believe that the time has come for an “effective and environmentally friendly” hand dryer for private and public restrooms. Though this seems a far cry from vacuums, Dyson’s entrepreneurial skills have helped him to launch his new venture.
Dyson’s inventions tend to come from two basic sources. First, his organization looks for solutions to common frustrations of the consuming public. Second, the Dyson group tries to find new uses for technologies or products that the organization already controls. These two paths have led his organization to increasing success in developing new products and introducing them to the marketplace.
How will James Dyson leverage technologies and products following the hand-dryer project? Known for his pursuit and support of cutting-edge technology, Dyson is experimenting with robotics and microchips in order to develop appliances that give humans more free time, away from their daily chores. History shows that his ideas are in-tune with those of the public.
Adapted from “The Vacuum Man Takes On Wet Hands” by Steve Hamm, Business Week, July 2, 2007, pp. 84, 86.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
1. James Dyson’s innovative ideas come from two sources. What are those sources?
2. James Dyson has begun experimenting with robotics and microchips to accomplish what objective?
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