Mkc1 Study Guid

MKC1 Study Plan Analyzing the Environment-Ch. 2 1. What different directs of planning give the gate validations utilize? Organizations tail utilize the reviewing levels of planning corporate level, teleph angiotensin converting enzyme circuit sector level, and functional level. 2. Give an sample of and condone how a corporation that wants to admirer protect the environs elicit do so at its corporate, business, and functional levels. An guinea pig of a corporation wanting to help protect the environs while utilizing the fol first gearing levels corporate, business, and functional level would be the fol meeking.Pepsi Co has embraced this number in the past. The business level consists of identifying the business units. Pepsi Beverages which contain Pepsi Soft Drinks, Aquafina Waters, Tropicana Juices, and Gatorade harvest-times. Pepsi Co American Foods which contain Frito Lay and Quaker Oat carrefours. Pepsi Co International which contains Pepsi Co. s business in Asia , Africa, Europe, and Australia. To support Pepsi Co. s over entirely strategy all three business units moldiness develop strategic plans to profitably take in religious oblations while demonstrating that they atomic number 18 committed to society and the environment.The functional level consists of useees creation responsible for different reapings or return categories much(prenominal) as beverages and foods. They whitethorn focus on growth healthier ingatherings and denounce their packages to a greater extent environmentally friendly. For practice, Aquafina is now using bottles which contain less plastic and beat smaller labels. This reduces waste and helps the environment. The corporate level consists of closing making regarding whether a caller bequeath be an innovator or a fol debase. Innovators white plague showtime mover strategy and followers use second mover strategy. Their finish will be based on what is best for the society and the environment. . W hat figures in the external environment be affecting the fully grown Three U. S. machine manufacturers? The three factors that played a af evenhandedly in the catastrophe of the Big Three were inflation, unemployment, and recession. 4. What ar most examples of Wal-Marts strengths? One of the main examples of Wal-Marts strengths is bribe power. Firms that do business with Wal-Mart must be prepargond to make concessions to them if they want their yields on the compeverys bloodline shelves. An new(prenominal) example is that Wal-Mart has the capability of crack very similar products for a much lower rate. 5. Suppose you mould for a major hotel chain.Using Porters quintuple forces get, explain what you need to consider with regard to each force. The hotel chain business ineluctably to consider the following regarding Porters five forces representative hotels, bed and breakfasts, dorms, and rental homes. Competition is a key factor to succeeder or failure. 6. Why is d isputation important to maintain in an diligence? Competition insures that the consumer gets the best product at the best rate. 7. Which factors be move of the economic environment? Factors of the economic environment are as follows employment, unemployment, inflation, recession, avocation rates, and embody of living. 8.Which economic factors affect consumer purchase power? The factors that affect consumer buying power are as follows equipment casualtys, wages, employment, currency considerations, and availability of credit. 9. What are some examples of social- horticulture make fors on merchandising decisions? A few examples of social-culture work on on merchandise decisions are family, social roles/ posture, and geographies. 10. What is environmental scanning? Environmental scanning is careful monitoring of organizations internal and external environments for detecting early signs of opportunities and threats that whitethorn influence its current and future plans. 1. W hat is the variance between direct and indirect competition? Direct competition in a food marketing website is cardinal or more heartys trying to sell the same good, or service. corroborative competition are those firms that offer an alternative or similar good, or service that will give the same satisfaction, unless at a less expense to the buyer. 12. How do government and non-profit organizations contribute to the technological environment? Government and nonprofit organizations contribute to the technological environment by handout green. The usage of special equipment and or procedures allows for a more managed environment.The high school security system levels that many of these facilities have also help with this sour. 13. What is an example of a hot technology making an older technology obsolete? An example of a new technology making and older technology obsolete are computers versus image writers. 14. How does the internet impact each element of Porters Five Fo rces Model? The internet is a key player in competition which is what is discussed in the Porters Five Forces Model. Competitors can use the internet for a multitude of things such(prenominal) as inquiry, new marketing strategies, booking and payments on key, and or internet usage as an amenity.These are alone a few ideas the list goes on and on. Product Strategy-Ch. 6 1. What is the difference between marketing a good and service? Marketing a good is essentially trying to sell a tangible compass point. A service is the sale of an intangible item such as a massage, something that gives pleasure or is beneficial, but is not tangible. 2. What is the difference between a product line and the product concoction? A product line is a meeting of offerings that serve similar needs and are interchange under the same name such as Campbells dope.Campbells Condensed Soup has a red label and Campbells Chunky Soup is ready to eat and denominate differently. They are expected to have diff erences still though they are twain made my Campbells. A product mix is the entire assortment of products that a firm offers. For example the IPod Shuffle which offers the following product mix the device itself, the technology platform (the MP3 Format or storage system employ by the shuffle), the product line to which the product belongs (Apple IPod line of MP3 music players) and the product category to which the offerings belong (MP3 players as contrasted to IPhones for example). . How can companies differentiate their product from competing products? Companies can differentiate their product from competing products by using the product sorting system. This will allow them to see merely where their product is at regarding the competition and from there are able to work our any issues or make changes to enhance their products and surpass the competition. 4. What is product cannibalization? Product cannibalization is when a new product takes sales away from the same companys e xisting product. 5.Name and explain four categories in the consumer product classification system? Convenience Offerings-low priced frequently purchased products and services that require little obtain military campaign. An example of a convenience offering is bread. Shopping Offering- is an offering that is purchased on impulse, without prior planning. An example of a finkping offering could be a especial(a) brand of tooth paste. Specialty Offering-is an offering for which the consumer will make an effort to compare various firms offerings and select a brand.An example of specialty offering is the Orange County Chopper. Unsought Offerings-is an offering that consumers do not typically shop for until it is needed. An example of an unsought offering is a funeral service or towing service. 6. What characteristics are associated with each of these categories convenience products, shopping products, and specialty products? Convenience Products are very muchtimes times those produc ts that the consumer will shop for a particular brand, but if the store is out of that brand they will purchase whatever brand is procurable.Bread is a great example, if the grocer does not have the brand of potato bread that I am feel for I will more often than not purchase what is available. Shopping Products are those products that we as consumers feel like we cannot do without and if the store is out of this product we will chose to go elsewhere until we bring it. Tooth paste is a great example, I purchase a particular type of crest tooth paste and if our local grocer does not carry it I will go to another location to purchase that one item if necessary.Specialty products are highly differentiated offerings and the brands under which they are marked are very different across companies too. Specialty items are usually wholly available through limited channels. Orange County Choppers is a wonderful example because the availability is limited and people will go to great lengths to purchase their products even if the cost is higher. 7. What is total timber management? Total quality management is a management approach to long term succeeder through customer satisfaction.All members of an organization participate in improving mathematical operationes, products, services, and the culture in which they work. 8. How do companies use total quality management as part of product strategy? Companies use TQM as part of product strategy by implementing the following customer focused programs, total employee involvement, process c landed, integrated system, strategic and systematic approach, continual improvement, fact based decision making, and communications. Product Strategy-Ch. 7 1. What is the difference between each of the four gunpoints of the product look roulette wheel?Idea Generation-the basic idea is created and described. Idea Screening-the costs, profits, and potential drop sales of the offering are calculated at different price levels. The company also considers how well the offering fits in with its competitive strategy. bluster Specifications-detailed specifications for the product are developed. Its features and pricing are established. Development-the actual offering is designed. Testing-the offering is tested, first in the lab and accordingly with real customers. Launch (commercialization)-the offering is made available to customers.Evaluation-the offering is evaluated as to whether it is delivering the appropriate value to consumers, as well as meeting the firms business goals. 2. What are examples of products in each of the product life rack lay outs? Idea Generation-Apple and HP, both were created in someones garage. Idea Screening-Clear Pepsi and New Coke, despite the marketing strategies used with these products the sales were not there. Feature Specification-HP Printer line, each model is created around a specification. Development-Apple, uses the same technology platform in the IPod. It is cost effective and efficient.Testing-Kraft might launch a new food product that has to work in hot climates, cold climates, high humidity, dry climates, and high altitudes all conditions that can change how well the product works. 3. Name and explain the four primary ways to ex tilt the product life cycle? Provide examples of each. The Introduction Stage-is the first coiffe of the product life cycle after a product is launched. It is essentially the same as commercialization. This stage varies between products and must also comply with the United States law of beingness able to use the new labeling for only six months.The market must be right for this stage and the consumers must be equally available for it to be a mastery. An example is the IBM Think Pad, it was a huge success at launch and IBM could not keep up with the demand. The Growth Stage-is the stage of the life cycle in which sales increase and more competitors enter the market. In this stage the product is accepted by the marketplace. Th is stage is characterized by increasing sales, more competitors, and high profits. Unfortunately this stage attracts more and more competitors, for example when Diet Coke was introduced Diet Pepsi soon followed.Something to keep in mind here as well is that supply and demand needs to be balanced. The same scenario as IBMs Think Pads occurred when the Nintendo Wii was launched. The Maturity Stage-is the stage of the product life cycle at which sales begin to level off and competitors have saturated the market. After many competitors enter the market place and the number of potential new customers declines, the sales of the product tend to level off. This indicates the entrance of the maturity stage most customers are adopt customers rather than new customers.For example Quaker Oatmeal, this product was introduced over a hundred years ago and is still in the maturity stage. 4. sop up each strategy of the Ansoff Matrix market penetration, market discipline, product development and p roduct diversification. Market Penetration-the firm seeks to achieve growth with existing products in their current market segments, aiming to increase its market share. Market Development-the firm seeks growth by targeting its existing products to new market segments. Product Development-the firms develop new products targeted to its existing market segment.Product Diversification-the firm grows by diversifying into new businesses by create new products for a new market. 5. When would it be appropriate for a firm to employ each of the strategies? It would be appropriate for a firm to employ each of the strategies when looking for growth. The Ansoff Matrix in a marketing moxie is centered on growth and development. Consumer Behavior-Ch. 10 & 3 1. What is secondary inquiry? Secondary seek involves collecting info from either the originator or a distributor of primary research.In essence, researching data already collected. This is also cognize as secondary data which is defi ned as being data already collected by your firm or another organization for purposes other than the marketing research project at hand. 2. Where can secondary data resources be found? Secondary data resources can be found in the companys internal records or one can purchase syndicated research which is primary data that marketing research firms collect on a regular basis and sell to other companies. 3.What is primary research? Primary research or primary data is data collected using hands on tools, such as interviews or surveys to answer a question for a specific research project. 4. Describe and give examples of the three primary research methods observations, surveys, and controlled experiments. Observations-are the method of data collection in which the situation of interest is watched and the relevant facts, actions and behaviors are recorded. An example could be during a soft make merry study, Pepsi Challenge perhaps.Several soft drinks could be made available to a controlled group of people and the observer could get down any comments made as well as what soft drink was the most liked and vice versa. The soft drinks can be labeled or they can be kept unmarked depending upon the study. Surveys-are detailed studies of a market or geographical area to gather data on attitudes, impressions, opinions, satisfaction level, etc. , by polling a section of the population. For example voters are quiet often polled or given surveys during the election season. The results are used to determine the running mark between candidates.Controlled Experiment-is an experiment in which an observer tests a hypothesis by looking for changes brought on by alterations to a variable. In this type of experiment, an independent variable is the only factor that is allowed be adjusted, with the dependent variable as the factor that the independent variable will affect. An example would be seeing if placing an aspirin in the soil of represent will produce a brighter colored plant. You would need to plant to uniform seeds one with an aspirin and one without. Treat both the same in every way and record the results. 5.What are cultural influences that affect consumer buying behavior? How do they affect it? Culture is simply the set of values, attitudes, and ideals dual-lane by a group of people whether they are family, friends, or strangers. It can often have a role in consumer buying behavior. For example, Moslem women may be more interested in traditional dispirited clothing dictated by their religion whereas other religious groups have different guidelines for clothing. Family roles are especially important when it comes to consumer buying behavior. bribes are often made by more than one member of the family.For example, furniture is typically made by both married man and wife, diapers are usually purchased by the mother, and barbeque pits are usually purchased by the father. Marketers often target the group of consumers based upon their family roles. 6. What are social influences that affect consumer buying behavior? How do they affect it? A reference group, which is any group that an individual belongs to, such as a sorority can have a big role in how he/she behaves as a consumer. They will tend to follow what the other members are doing. If the majority of the members purchase red gloves for the formal then odds are so will the consumer.Social class is a type of rank based on multiple factors like income, education, occupation, race, and or cultural group. These factors can also have a high impact on the consumer buying behaviors. For example, those with a lower social class may decide against certain purchases such as a hot tub. Social roles can go either way it can be classified as both cultural and social. Social roles also influence how one acts and what they buy. For example, a man may be a father, a husband and a car salesman. Each role he takes on will influence him in a different manner.As a father he may be interested in a less expensive but still high quality car seat, as a husband he may want to purchase a birthday demo for his wife, and as a car salesman he may be looking for a comfortable yet classy pair of work shoes. 7. What are personal influences that affect the consumer buying behaviors? How do they affect it? Age and life style change can affect consumer buying behavior because of developing maturity and experience. This can go for many situations from purchasing clothing to vehicles and homes. employment and income is another key factor.Todays society is highly concerned with status and material prosperity. The professional status of someone is again a factor in their purchasing decisions. Lawyers tend to have higher incomes than say a teacher. More often than not one can see the difference between the two simply from the way they live. That would lead into lifestyle, which it would be fair to say would have in impact on ones buying decisions as well. 8. What are the steps (in order ) of the consumer decision making process? The steps (in order) of the consumer decision making process are as follows regard Recognition Search for Product InformationProduct Evaluation Product Choice and Purchase Post Purchase Use and Evaluation of Product Disposal of the Product 9. What is the difference between routinized response behavior, limited problem solving and increase problem solving? Routinized Response Behavior-is a buying situation in which the buyer has had considerable pas experience. Limited Problem Solving-is a purchasing situation usually involving some degrees of conscious information searching and analysis, as it involves slightly high priced goods which are not purchased too frequently. Extended Problem Solving-is an elaborated decision making process.The consumer tries to collect as much information as possible and weighs their options before the purchase. 10. What is the difference between high involvement and low involvement purchase decisions? High in volvement purchases are higher priced items such as luxury products, consumers will usually research to eliminate any risk before making the purchase. There is high involvement on the consumers part. Low involvement purchases are usually small purchases such as tooth paste or toilet paper. Consumers usually do not research much before making this type of decision. There is low involvement on the consumers part.