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MKTG 522 Marketing Management Week 8 Final Exam Complete Set 1, set 2 and set 3 Complete Answer

MKTG 522 Marketing Management Week 8 Final Exam Complete Set 1, set 2 and set 3 A+ Answer

Set 1

Week 8 : Final Exam – Final Exam

Question 1. 1. (TCO B) What are the advantages of using secondary data over primary data when doing Market Research? Disadvantages? How might Primary Data be obtained? Benefits? Disadvantages?

Question 2. 2. (TCO C) Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success?

Question 3. 3. (TCO H) Marketers recognize that the marketing of services is different than the marketing of a product because of the different characteristics that distinguish them from physical products. What are these distinguishing characteristics? How do marketers communicate the value of services to consumers? How do they make these intangible services appear tangible to the consumer?

What are some marketing strategies that might be employed with services to ensure positive results with these distinguishing characteristics (choose at least two)? In your answer, provide an example of a service to which your strategies would be utilized.

Question 4. 4. (TCO D) An increasing number of companies are basing their prices on the customer’s perceived value of the product or service. Explain the concept of perceived value pricing. What is the “key” to pricing in this manner? How might the marketer determine the price that the consumer might pay in exchange for that value that they receive?

Question 5. 5. (TCO F) You are the Sales Manager for your company. Your sales team is one that, once they gain the initial sale, enjoys considerable repeat business. Sales reps are paid a base of $35K and their commission package can add as much as $49K a year (average). Top producers make as much as $65K a year in commission–along with their base pay, they make $100K.
Sales reps have not been aggressive in pursuing new business. They have become comfortable in making repeated sales calls on their existing customers “to be visible” and to handle any issues.
Your VP of Sales wants to see a 12% increase in NEW business next year. How might you structure the compensation plan to drive selling behaviors that would result in more effort being made to gain new business?

Page 2

Question 1. 1. (TCO E) Designing a marketing channel system requires analyzing customer needs, establishing channel objectives, and identifying and evaluating major channel alternatives. It is important to understand what the customer expects channels of distribution or channel members will provide them. Consumers desire certain key service outputs: lot size, waiting and delivery time, spatial convenience, product variety, and service backup. How does each of these affect the design of the marketing channel?

Question 2. 2. (TCO I) When a company chooses their distribution channels, they must keep in mind that each channel member must be given the opportunity to be profitable. The main elements in the “trade-relations mix” are Price policy, Conditions of sale, Distributors’ territorial rights, and Mutual services and responsibilities. Explain how these terms of doing business can affect the profitability of all channel members.

Question 3. 3. (TCO J) Direct marketing can involve many different types of media. What are some of the potential ethical issues that marketers much address when transmitting their marketing message to consumers?

Question 4. 4. (TCO A)Now that you have completed your Final Draft of your Marketing Plan, were you to begin anew, what would you have done differently insofar as your RESEARCH effort? What would have been your Definition of the Problem? What information would you have liked to have obtained? As you answer the question, assume reasonable monies for market research have NOW been made available to you to do market research… that were unavailable to you previously. Please be sure to provide a graduate level response based on the marketing principals learned in class.

Be sure to refresh your instructor’s mind by providing one sentence that communicates what your Marketing Plan brought to market.

Question 5. 5. (TCO G) What is integrated marketing communications? To whom is it targeted? Why is it key to a company’s success in the 21st century? (Use your own words.)

Set 2

1. (TCO B) What are the advantages of qualitative measurements when doing marketing research? What are the disadvantages? Do qualitative measurements negate the need for quantitative measurements? Please justify your answer. Be sure to answer all questions..

2. (TCO C) Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success?

2. (TCO C) Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success?

3. TCO H) New products fail at a very high rate, often greater than 75%. Demonstrate a graduate-level response that communicates your in depth rationale for why so many products fail upon their introduction. Based on this, to what should marketers be sensitive when introducing a product that is new to the market?

4. (TCO D) An increasing number of companies is basing their prices on the customer’s perceived value of the product or service. Explain the concept of perceived value pricing. What is the “key” to pricing in this manner? How might the marketer determine the price that the consumer might pay in exchange for that value that they receive?

5. (TCO F) Edward Adams is the new sales manager for Wolfe Corporation. He has just come aboard to head up a sales force of seventy sales professionals, all of whom possess at least a Bachelors degree, many of whom have Masters Degrees. Mr. Adams’ sales reps sell highly complex instrumentation systems that are used to analyze a variety of different materials in laboratory environments. The instruments, sixteen in total, are used to analyze gases, liquids, and blood. Each product is very technical and customers expect their Wolfe sales rep to be very knowledgeable about the technical applications and analysis requirements of their laboratories. Each sales professional covers an assigned territory, which usually comprises one to two states depending upon the geographic area and amount of industry. The sales team has been divided into twelve teams around the country, with each team having its own sales manager and five to nine sales reps, all of whom call on a variety of customers. Sales teams operate out of the same office, located in a major metropolitan area (e.g., Boston, Dallas, San Francisco, Atlanta, etc). Sales rep turnover has been about 15% annually the past few years, and Mr. Adams sees it as imperative that he do something about this. Annual sales have been averaging a 3-5% increase each year over the past five years, but the corporate president wants more. Your competition has been averaging 6-8% sales growth increases in revenue each year. Analyze the sales force structure. What is the current sales force strategy that is being used? What might be the limitations of the current sales force structure? What changes, if any, would you suggest that Mr. Adams consider making to the sales force structure to affect increased sales?

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6. (TCO E) Designing a marketing channel system requires analyzing customer needs, establishing channel objectives, and identifying and evaluating major channel alternatives. It is important to understand what the customer expects channels of distribution or channel members will provide them. Consumers desire certain key service outputs: lot size, waiting and delivery time, spatial convenience, product variety, and service backup. How does each of these affect the design of the marketing channel?

7. (TCO I) Many companies state their market logistics objective as “getting the right goods to the right places at the right time for the least cost.” Looking at these market logistics objectives, what are the different cost factors that need to be taken into consideration when looking at the total cost for effectively delivering a target level of customer service?

8. (TCO J) Direct marketing can involve many different types of media. What are some of the potential ethical issues that marketers much address when transmitting their marketing message to consumers?

9. (TCO A) Now that you have completed the Final Draft of your Marketing Plan, were you to begin anew, what would you have done differently insofar as your efforts to segment your TARGET MARKET and your efforts to reach that TARGET MARKET via your promotional mix? What would you have done differently? Please be sure to provide a graduate level response based on the marketing principals learned in class. Be sure to refresh your instructor’s mind by providing one sentence that communicates what your Marketing Plan brought to market.

10. (TCO G) You are the media planner for an advertising agency, responsible for the placement of your client’s ads in various media. Your client’s product is a “smart” robotic lawnmower (Robo-mower) that one can easily “program” to cut a home lawn. Robo-mower will only cut grass within its programmed area and it will avoid flower beds, rocks, sidewalks, etc., while you sit in the hammock, enjoying the summer! An emergency “cut-off” switch brings it to a full stop in one-quarter of a second. Select four (4) advertising media that you would consider for an ad placement and indicate THREE (3) advantages and THREE (3) disadvantages of those that you select for advertising the Robo-mower. Failure to provide all of the requested information will result in a loss of points.

Set 3

Question 1. 1. (TCO B) Your company has developed a new educational electronic game. Your target market is 4-6 year old children. What research methods would you use to test this product concept? Choose at least three methods that you believe will provide valuable information, and describe your research strategy. (Points : 25)

Question 2. 2. (TCO C) Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success? (Points : 25)

Question 3. 3. (TCO H) Marketers recognize that the marketing of services is different than the marketing of a product because of the different characteristics that distinguish them from physical products. What are these distinguishing characteristics? How do marketers communicate the value of services to consumers? How do they make these intangible services appear tangible to the consumer?

What are some marketing strategies that might be employed with services to ensure positive results with these distinguishing characteristics (choose at least two)? In your answer, provide an example of a service to which your strategies would be utilized.
(Points : 25)

Question 4. 4. (TCO D) Your company manufactures a quality line of home kitchen appliances, refrigerators, stoves, dishwashers, and so forth, and you are highly competitive with companies such GE, Frigidaire, KitchenAid, Whirlpool, LG, and others. The market is quite price sensitive.
You’ve just learned that your primary competitor has cut their prices to the consumer by 7%. What might be some reasons that would support their decision to make a price reduction? What should be your thoughtful reaction?
(Points : 25)

Question 5. 5. (TCO F) You are the Sales Manager for your company. Your sales team is one that, once they gain the initial sale, enjoys considerable repeat business. Sales reps are paid a base of $35K and their commission package can add as much as $49K a year (average). Top producers make as much as $65K a year in commission–along with their base pay, they make $100K.
Sales reps have not been aggressive in pursuing new business. They have become comfortable in making repeated sales calls on their existing customers “to be visible” and to handle any issues.
Your VP of Sales wants to see a 12% increase in NEW business next year. How might you structure the compensation plan to drive selling behaviors that would result in more effort being made to gain new business?
(Points : 25)

Page 2

Question 1. 1. (TCO E) Designing a marketing channel system requires analyzing customer needs, establishing channel objectives, and identifying and evaluating major channel alternatives. It is important to understand what the customer expects channels of distribution or channel members will provide them. Consumers desire certain key service outputs: lot size, waiting and delivery time, spatial convenience, product variety, and service backup. How does each of these affect the design of the marketing channel? (Points : 25)

Question 2. 2. (TCO I) When a company chooses their distribution channels, they must keep in mind that each channel member must be given the opportunity to be profitable. The main elements in the “trade-relations mix” are Price policy, Conditions of sale, Distributors’ territorial rights, and Mutual services and responsibilities. Explain how these terms of doing business can affect the profitability of all channel members.

Question 3. 3. (TCO J) With the memory of the many companies showing poor judgment and poor ethics, such as B&P, Toyota, Enron, WorldCom, Arthur Andersen, and others fresh in your mind, you have been asked to advise your company’s CEO on to how to minimize the risk of a similar event occurring at your company.
Specifically, what recommendations would you make to your CEO that would minimize unethical business and marketing practices by your employees, such as those alleged to have occurred at these and other companies?

Question 4. 4. (TCO A)Now that you have completed your Final Draft of your Marketing Plan, were you to begin anew, what would you have done differently insofar as your RESEARCH effort? What would have been your Definition of the Problem? What information would you have liked to have obtained? As you answer the question, assume reasonable monies for market research have NOW been made available to you to do market research… that were unavailable to you previously. Please be sure to provide a graduate level response based on the marketing principals learned in class.

Be sure to refresh your instructor’s mind by providing one sentence that communicates what your Marketing Plan brought to market.

Question 5. 5. (TCO G) You are the media planner for an advertising agency, responsible for the placement of your client’s ads in various media. Your client’s product is a “smart” robotic lawnmower (Robo-mower) that one can easily “program” to cut a home lawn. Robo-mower will only cut grass within its programmed area and it will avoid flower beds, rocks, sidewalks, etc., while you sit in the hammock, enjoying the summer! An emergency “cut-off” switch brings it to a full stop in one-quarter of a second.
Select four (4) advertising media that you would consider for an ad placement and indicate THREE (3) advantages and THREE (3) disadvantages of those that you select for advertising the Robo-mower.
Failure to provide all of the requested information will result in a loss of points.

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