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Chapter 9: Marketing: Providing Value to Customers 1. 2. 3. 4. 5. 6. 7. 8. What is Marketing? The Marketing Mix Pricing a Product Placing a Product Promoting a Product The Product Life Cycle The Marketing Environment Careers in Marketing (cases and problems) 1. What is Marketing? • Besides advertising and selling, what are the other 7 factors of marketing used to satisfy customer needs? • What is the marketing concept? How does it work? • What are the components of a marketing strategy? • Discuss the steps in determining your target market • Explain the difference between consumer market and industrial market • What are market segments and what are some of the common characteristics that influence buyer decisions 2. The Marketing Mix • What are the 4 P’s in the market mix? • What kind of questions should you ask when conducting market research? • Explain the process of collecting secondary data and primary data and describe methods for this collection • What is branding and what are the three major branding strategies? • Name some factors that could establish branding equity and promote branding loyalty • What benefits in marketing are derived from packaging and labeling? 3. Pricing a Product • Explain skimming and penetration pricing strategies • Discuss the pros and cons of using the following pricing strategies: cost-based pricing, demand-based pricing, target costing, prestige pricing, odd/even pricing 4. Placing a Product • Discuss the pros and cons of the following product placement distribution channels: selling directly to customers, selling through retailers, selling through wholesalers • What are the various forms and processes used in physical distribution of products? • Explain supply chain management and value chain concepts 5. Promoting a Product • Describe the elements of promotion mix • What are some of the promotional tools available to businesses and how do they use them? • How do you manage customer relations? What is permission vs. Interruption marketing? 6. The Product Life Cycle • What are the four stages a product can go through in its life cycle? How do they effect sales and marketing of that product? • Why is it important to track these cycles and change marketing mix on these products? 7. The Marketing Environment • What are the external marketing environment factors that influence how businesses operate? • Discuss the five components of the buying process and the 5 psychological and four social influences on buying behavior 8. Careers in Marketing • Discuss career opportunities in the area of business marketing. Which one(s) interest you the most? Cases and Problems The class will divide into four groups: Group 1 will address the Learning on the Web section of chapter 9 Group 2 will address the Career Opportunities section of chapter 9 Group 3 will address the Ethics Angle section of chapter 9 Group 4 will address the Team-Building Skills section of chapter 9 Be prepared to discuss your answers in your groups in the next class session