Essay Question:
Direction: Students are given four essay questions. For each question, provide concise and creative answers. If necessary, students may provide some relevant examples to clarify the answers.
1. Consider two following definitions of marketing. Choose one definition that you prefer and discuss its main points or underlying meanings in detail.
. Definition 1: Marketing is the process of building and managing long-term profitable relationships with customers by providing maximum value and satisfaction.
. Definition 2: Marketing is the process of identifying, creating, communicating, delivering, and monitoring customer value.
2. As a member of management consulting group, you have been hired by a business-to-business office-equipment manufacturer. Currently, the company is managing a collection of five strategic business units (SBUs) for business portfolio, as shown below. Answer the following questions from the perspective of business portfolio approach.
a. Discuss why it is useful to diagnose the effectiveness of any business portfolio using the BCG growth-share matrix approach.
b. Draw a BCG matrix using the information in the following table. Depending on the outcomes of BCG matrix you draw, diagnose current status of the company's business portfolio and suggest some recommendations of what kinds of future actions the company should take.
|
Strategic
Business Unit
(SBU)
|
Dollar Sales
(in millions)
|
Number of Competitors
|
Dollar Sales of
the Top 3
(in millions)
|
Market Growth Rate
|
|
A (copy machine)
B (laser printer)
C (inkjet printer)
D (office computer)
E (fax machine)
|
2.5
0.5
2.4
3.0
0.5
|
5
4
20
5
15
|
2.5,0.5,0.5
1.5,0.7,0.5
2.4,1.2,1.0
3.0,1.0,0.7
2.0,1.8,1.7
|
15%
6%
7%
6%
4%
|
3. As discussed in the class, one of five core marketing concepts is "market." Regarding this core marketing concept, answer the following questions.
a. Discuss why marketers do not like the definition of market as the place where the buyers and sellers meet together for the trade of a particular product or brand with money. Then, provide a better definition of the market.
b. Discuss who should be the target market for a particular product at the mature stage-characterized with the market saturated fully-of the product life cycle and what types of marketing strategies should be considered to increase the sizes of primary and secondary demand. Provide an example for each case.
4. Clearing Skies Press published a book by Robert Ruark entitled Keeping the Baby Alive Till Your Wife Gets Home. It is an advice book for new fathers. Regarding this book, answer the following questions.
a. Discuss what demographic variables have been used to define the target market for this book. Remember that two variables are used.
b. Construct a marketing structure map of this advice book for new fathers by using one or multiple segmentation variable(s). Then, provide your justification for the choice of the segmentation variable(s).