Questions:
Question 1.1.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.
Question 2.2.What are the benefits to a company of a well-executed BRANDING strategy? What are the benefits to a consumer? How does a company benefit from a well- executed branding strategy when launching new products?
Question 3.3.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?
Question 4.4.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.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 effect increased sales?
1. Why do intermediaries bother to sponsor their own brand? What is the role of private label brands in the market place? From the consumers viewpoint, why would you or wouldn't you buy these generic brands versus more well-known brand names? Does it depend upon the product being sold?
Question 2.2. 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. 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. Your Marketing Plan has been submitted for evaluation. If you were to go back in time to Week 1 and begin anew, what would you have done differently in terms of your approach to information gathering? What would you have wanted to obtain that you did not obtain, and what difficulties did you have in obtaining that which you wanted to obtain?
(NOTE: "I'd start earlier" or "do more research" is insufficient. Tell the instructor what you would have done differently from a PLANNING perspective and information gathering perspective.) 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. 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.)