MGMT 362 Section 1 summer
Instructions: Answer each of the following essays. Each Essay is worth 10% Each essay should be at least a half page double spaced but no more than one pageYou may use any credible outside source (Not ‘it’s true because Aunt Tilly said so’)Give a simple in-line citation for any cut n paste job (website, book title or magazine)A bibliography is not necessary but will probably get you a few extra points if you need them.
Chapter 1 Marketing Management
Essay 1: What is the value of Marketing to the economy, business and the consumer. In your answer consider the four P’s of marketing, the macro economic variables (hint: average production costs). Imagine a world in which marketing of goods and services did not exist. How would that change the consumer’s ability to get the things they want. Would the consumer be better off or worse off?
Chapter 2 Developing Market Strategies
Essay 2: Review Michael Porter’s video on five forces in the posted PowerPoint slide. Which industries does Porter Identify as good industries and which are poor industries? The video was made some years ago. The airline industry is currently enjoying a highly profitable period right now. What factors have changed (consider fuel costs, airline policies, more efficient aircraft and the macro economic situation now). Would you expect the airlines will continue to enjoy superior profitability?
Chapter 3 Collecting Information and Forecasting Demand
Essay 3: Forecasting Demand
You have just taken over the marketing department for a struggling firm that serves the consumer discretionary market. What resources would use to predict the future performance of the company? How would the various environments articulated in the PowerPoint slides inform your estimates? What government reports might be helpful in estimating future demands.
Chapter 5 Conducting Research
There are a number of research methods described in the PowerPoint presentations. Define and explain how businesses use each of these techniques to gain insights to each of these markets. Explain Implicit Association as in relates to marketing and how it may be a better method for gaining consumer insights than traditional survey methods.
Chapter 6 Consumer Behavior
Consider the factors that effect consumer behavior. Name and define each as presented in the PowerPoint presentation. Iconic brands such as Cartier cultivate a personality to match that of a certain consumer set. I used the analogy of a matchmaker to explain the marketers’ role of matching brands with consumers. In what ways is that analogy correct and in which ways is it flawed? Review the video on Dove Real Beauty. What is Dove’s target audience? How does the ad use emotion to deliver its brand promise?
Chapter 7 Business Markets
Compare and contrast the b2b world with the b2c world. What are the similarities and differences? Do both have a form of a Customer Journey? Do a little research and get an idea of how big the b2b market is versus the b2c market. Did the result of your research surprise you?
Chapter 8 Global Markets
Do some independent research of Greet Hofstede. Who was he and how did he get his start. Go to the Hofstede Insights website and compare the U.S. and China. https://www.hofstede-insights.com/product/compare-countries/ Considering the similarities and differences in the cultures of these to global economic giants, how could using Hofstede’s insights help them approach the trade crisis? For instance, both have fairly similar needs for Uncertainty avoidance but are vastly different on Individualism vs collectivism.
Chapter 9 Segmentation
What were the results of your VALS survey (primary and secondary)? Do you consider those results accurate? What products and services do you use that agree with your VALS results, (E.G. Professor LaFleur is an innovator. He likes fashionable clothes and flashy cars.) Given your answer, are your consumer preferences driven more by demographic or psychographic traits. (remember that VALS has both in its consideration set.)