1. Most organizations seek consumer information, yet, why is a competitor analysis a crucial approach to evaluate the marketplace? List and explain the data to include in this analysis. 2. Use...
1. Most organizations seek consumer information, yet, why is a competitor analysis a crucial approach to evaluate the marketplace? List and explain the data to include in this analysis.
2. Use the marketing mix as a basis to discuss the criticisms of marketing. Evaluate how marketing influences you, in terms of what you buy and in terms of your beliefs or attitudes? (Base your answer on your thoughts before and after taking this course.)
3. You have been hired as a consultant (due to the great marketing course that you had within your undergraduate degree) for a chain of grocery stores. Your assignment is to help this store in their Hispanic community locations. Using the marketing mix and the promotional mix (make sure you discuss all elements from both in your answer) discuss how you will develop these stores to meet the target customer's needs.
4.List and explain the major components of the marketing plan.
5. Using two different examples, apply the Marketing Concept to non-profit organizations and explain how the application works.
6. List, explain, and give examples for three of the basic pricing strategies. What factors must be considered when setting prices? Has Price (in today's marketplace) become the most important component of the Marketing Mix? (Explain your argument with examples.)
7. What is the difference between "sales activity" and "Sales promotion". Give examples.
8. Using the Pizza industry, cite examples that clearly distinguish between leader pricing and bait pricing. What do they have in common? How can their use affect the marketing mix?
9. List and explain five important changes/trends affecting marketing and ultimately the strategic planning process.
10. What is meant by "The Channel of Distribution"?
On this site, we cannot provide answers to long lists of questions like this. Therefore, I will choose two of your questions and address them as much as possible in the space available. I will address questions #1 and #8.
A competitor analysis is, as its name implies, an analysis of a company that is (or soon will be) in competition with your own firm. A competitor analysis is an attempt to understand the strategic thinking of that competitor. In order to understand your competitor’s strategic thinking, you need to know a number of things about them. First, you need to identify your competitors and the reasons why they are a threat to you. Next, you need to determine what their objectives are and what strategies they are using to pursue those objectives. In order to do this, you will need to understand what the competitors’ strengths and weaknesses are. Finally, you need to determine how the competitor will react to any moves that your firm might make. All this information is very important because you need to be able to anticipate your competitors’ behaviors. You need to be able to understand this so that you can shape your own firm’s actions in ways that will allow you to outcompete the other companies. If you do not understand what your competitors are going to try to do, you cannot effectively compete with them.
Turning to #8, let us first look at the difference between these two kinds of pricing. Leader pricing is a legitimate form of business. This consists of selling some product at a very low price to attract customers. You hope that these customers will also buy other products that have a higher profit margin. Bait pricing is generally illegal. This consists of advertising a product at a very low price to get customers to come to your establishment. You then tell them that you are out of the advertised product and you try to steer them to a more expensive product. There are many examples of leader pricing in the pizza industry. For example, a restaurant might offer free or very cheap soda or breadsticks in order to try to get you to buy the actual pizza to go along with those side dishes. However, bait pricing is illegal and is very hard to do in the pizza industry. It is very hard to claim that you have run out of medium pepperoni pizzas, for example. However, it would be possible to do something like giving out coupons for low-priced pizzas and then telling customers that their coupons are not valid for some technical reason. You would be hoping that they will decide to just stay and order something at regular price since they are already in your restaurant. Thus, bait pricing and leader pricing both involve low prices on some items, but the former offers the prices on nonexistent items while the latter actually will sell you the advertised items at the advertised prices.