MKTG 482 FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED
***What is the relationship between marketing ethics and organizational performance?
What are the elements of a strong ethical compliance program to support responsible
marketing and a successful marketing strategy? - ANSWER -"The Failure to see ethical
conduct as a part of strategic marketing planning can destroy the trust and customer
relationships that are necessary for success.
-Marketing ethics does not happen by simply hiring ethical people. It requires strategic
decisions that become a part of the overall marketing strategy and culture of the firm
a. Economic and Legal responsibilities- Responsible to all stakeholders for financial
success. Expected to, at minimum, obey laws and regulations
b. Ethical Responsibilities- Obligation to do what is right, just, and fair; avoid harm
c. Philanthropic Responsibilities- Be a good corporate citizen. Contribute resources to
the community; improve quality of life
-Ethical leadership is important
***What are some of the potential difficulties in approaching strategic planning from a
balanced perspective? Isn't financial performance still the most important perspective
to take in planning? Explain. - ANSWER -Issues within the balanced scorecard include
Employee training, corporate cultures, organizational learning and executive leadership
a. However these are critical to implementation of any strategy
-This approach challenges businesses to look beyond the traditional financial approach.
It argues that things such as customer perspective, even if it does not directly impact
ROI, is important to overall performance of a firm.
***Describe the strategic planning process. - ANSWER In the strategic planning
process, senior management develops a corporate strategy to integrate resources in
various areas such as production, finance, R&D, HR, and marketing throughout the
entire business. Issues regarding competition, differentiation, diversification, and
coordination of units all derive from the corporate strategy. Corporate mission, goals,
and objectives are created. The business unit strategy determines its nature and future
direction, including competitive advantages, allocation of its resources, and
,coordination of the functional business areas. Large firms often devise different
strategies for each of its SBUs. The business unit marketing strategy will include
developing marketing goals and objectives, marketing strategy, implementation,
evaluation and control.
***Describe the consumer buying process. - ANSWER -The first step is need
recognition. A consumer will realize a discrepancy between existing satisfaction and
desired levels of satisfaction.
-Next, the consumer searches for information. This step largely focuses on the "what"
and "where." Search depends on 3 characteristics including degree of risk, experience
in product category, and actual cost in terms of time and money. The goal is to narrow
alternatives into a desire
-Evaluation of alternatives is an evoked set list of brands that come to mind. Choice
criteria and importance placed on specific attributes of products is weighed by the
consumer.
-Purchase decision. Purchase intention does not equal the actual act of purchasing.
Consumers will act on possession utility, or things in consumer's possession with the
highest value than when its not
-Post purchase evaluation is the relationship between the buying process and a long
term relationship. It's important to follow and monitor product performance in order to
meet customer expectations
***Describe the AIDA model. - ANSWER -The AIDA model stands for attention, interest,
desire, action. This model outlines how to use promotional goals and to act as a guide
on how to achieve the marketing goals and objectives within one of the four categories
of the AIDA.
***Describe the five unique characteristics of services (intangibility, inseparability,
perishability, heterogeneity, client-based relationships). - ANSWER -Intangibility-
Makes evaluating quality difficult. Firms are forced to sell a promise because it is hard to
promote benefit. There is no possession in a service and few standardized units of
measurement. Making price difficult to set and justify
-Simultaneous Production and consumption- meaning that the service and the
consumption of said service happen at the same time. Customers or their possessions
must be present during service delivery. Other customers can affect service outcomes
including service quality and customer satisfaction. Service employees are critical
because they must interact with customers to deliver service
, -Perishability- Services cannot be inventoried for later use and unused service capacity
is lost forever. Demand for services is very time and place sensitive
-Heterogeneity- Service quality varies across people, time, and place, making it very
difficult to deliver good service consistently. There are limited opportunities to
standardize service delivery. Many services are customizable by nature. However,
customization can dramatically increase the cost of providing the service.
-Client-based relationships - most services live or die by maintaining a satisfied clientele
over the long term. Generating repeat business is crucial for the service firm's success.
***Discuss the relationship between differentiation and positioning. - ANSWER
-Differentiation involves creating differences in the firm's product offering that is set
apart from competing offerings
-Positioning refers to creating a mental image of the product offering and its
differentiating features in the minds of the target market.
-Although differentiation and positioning can be based on actual product features or
characteristics, the principle task for the firm is to develop and maintain a relative
position of the product in the minds of the target market
***Describe each stage of the product life cycle. (know 2-3 paragraphs for each stage)
(each separate questions) - ANSWER -Development stage: a firm has no sales revenue
during the development stage. The firm experiences a net cash outflow due to the
expenses involved in product innovation and development. For most innovations, the
firm assumes a great deal of financial, market, and opportunity risk due to the
uncertainty involved in developing new products and brands. The development stage
usually begins with a concept, which has several components: 1. An understanding of
the specific uses and benefits that target customers seek in new product 2. A
description of the product, including its potential uses and benefits, 3. The potential for
creating a complete product line that can create synergy in sales, distribution, and
promotion, and 4. An analysis of the feasibility of the product concept, including such
issues as anticipated sales, required return on investment, time of market introduction,
and length of time to recoup the investment. Given the odds stacked against most new
products, it is not surprising that over 80 percent of all new products fail.
Introduction stage: the introduction stage begins when development is complete and
ends when sales indicate that target customers widely accept the product. The
marketing strategy devised during the development stage is fully implemented during
the introduction stage and should be tightly integrated with the firm's competitive
advantages and strategic focus. Although all elements are important during the
introduction stage, good promotion and distribution are essential to make customer
aware that the new product is available. The length of the introduction stage can vary. In
SOLUTIONS 100% VERIFIED
***What is the relationship between marketing ethics and organizational performance?
What are the elements of a strong ethical compliance program to support responsible
marketing and a successful marketing strategy? - ANSWER -"The Failure to see ethical
conduct as a part of strategic marketing planning can destroy the trust and customer
relationships that are necessary for success.
-Marketing ethics does not happen by simply hiring ethical people. It requires strategic
decisions that become a part of the overall marketing strategy and culture of the firm
a. Economic and Legal responsibilities- Responsible to all stakeholders for financial
success. Expected to, at minimum, obey laws and regulations
b. Ethical Responsibilities- Obligation to do what is right, just, and fair; avoid harm
c. Philanthropic Responsibilities- Be a good corporate citizen. Contribute resources to
the community; improve quality of life
-Ethical leadership is important
***What are some of the potential difficulties in approaching strategic planning from a
balanced perspective? Isn't financial performance still the most important perspective
to take in planning? Explain. - ANSWER -Issues within the balanced scorecard include
Employee training, corporate cultures, organizational learning and executive leadership
a. However these are critical to implementation of any strategy
-This approach challenges businesses to look beyond the traditional financial approach.
It argues that things such as customer perspective, even if it does not directly impact
ROI, is important to overall performance of a firm.
***Describe the strategic planning process. - ANSWER In the strategic planning
process, senior management develops a corporate strategy to integrate resources in
various areas such as production, finance, R&D, HR, and marketing throughout the
entire business. Issues regarding competition, differentiation, diversification, and
coordination of units all derive from the corporate strategy. Corporate mission, goals,
and objectives are created. The business unit strategy determines its nature and future
direction, including competitive advantages, allocation of its resources, and
,coordination of the functional business areas. Large firms often devise different
strategies for each of its SBUs. The business unit marketing strategy will include
developing marketing goals and objectives, marketing strategy, implementation,
evaluation and control.
***Describe the consumer buying process. - ANSWER -The first step is need
recognition. A consumer will realize a discrepancy between existing satisfaction and
desired levels of satisfaction.
-Next, the consumer searches for information. This step largely focuses on the "what"
and "where." Search depends on 3 characteristics including degree of risk, experience
in product category, and actual cost in terms of time and money. The goal is to narrow
alternatives into a desire
-Evaluation of alternatives is an evoked set list of brands that come to mind. Choice
criteria and importance placed on specific attributes of products is weighed by the
consumer.
-Purchase decision. Purchase intention does not equal the actual act of purchasing.
Consumers will act on possession utility, or things in consumer's possession with the
highest value than when its not
-Post purchase evaluation is the relationship between the buying process and a long
term relationship. It's important to follow and monitor product performance in order to
meet customer expectations
***Describe the AIDA model. - ANSWER -The AIDA model stands for attention, interest,
desire, action. This model outlines how to use promotional goals and to act as a guide
on how to achieve the marketing goals and objectives within one of the four categories
of the AIDA.
***Describe the five unique characteristics of services (intangibility, inseparability,
perishability, heterogeneity, client-based relationships). - ANSWER -Intangibility-
Makes evaluating quality difficult. Firms are forced to sell a promise because it is hard to
promote benefit. There is no possession in a service and few standardized units of
measurement. Making price difficult to set and justify
-Simultaneous Production and consumption- meaning that the service and the
consumption of said service happen at the same time. Customers or their possessions
must be present during service delivery. Other customers can affect service outcomes
including service quality and customer satisfaction. Service employees are critical
because they must interact with customers to deliver service
, -Perishability- Services cannot be inventoried for later use and unused service capacity
is lost forever. Demand for services is very time and place sensitive
-Heterogeneity- Service quality varies across people, time, and place, making it very
difficult to deliver good service consistently. There are limited opportunities to
standardize service delivery. Many services are customizable by nature. However,
customization can dramatically increase the cost of providing the service.
-Client-based relationships - most services live or die by maintaining a satisfied clientele
over the long term. Generating repeat business is crucial for the service firm's success.
***Discuss the relationship between differentiation and positioning. - ANSWER
-Differentiation involves creating differences in the firm's product offering that is set
apart from competing offerings
-Positioning refers to creating a mental image of the product offering and its
differentiating features in the minds of the target market.
-Although differentiation and positioning can be based on actual product features or
characteristics, the principle task for the firm is to develop and maintain a relative
position of the product in the minds of the target market
***Describe each stage of the product life cycle. (know 2-3 paragraphs for each stage)
(each separate questions) - ANSWER -Development stage: a firm has no sales revenue
during the development stage. The firm experiences a net cash outflow due to the
expenses involved in product innovation and development. For most innovations, the
firm assumes a great deal of financial, market, and opportunity risk due to the
uncertainty involved in developing new products and brands. The development stage
usually begins with a concept, which has several components: 1. An understanding of
the specific uses and benefits that target customers seek in new product 2. A
description of the product, including its potential uses and benefits, 3. The potential for
creating a complete product line that can create synergy in sales, distribution, and
promotion, and 4. An analysis of the feasibility of the product concept, including such
issues as anticipated sales, required return on investment, time of market introduction,
and length of time to recoup the investment. Given the odds stacked against most new
products, it is not surprising that over 80 percent of all new products fail.
Introduction stage: the introduction stage begins when development is complete and
ends when sales indicate that target customers widely accept the product. The
marketing strategy devised during the development stage is fully implemented during
the introduction stage and should be tightly integrated with the firm's competitive
advantages and strategic focus. Although all elements are important during the
introduction stage, good promotion and distribution are essential to make customer
aware that the new product is available. The length of the introduction stage can vary. In
