Marketing Strategy Final

Topic 9-Distribution Strategy: Please specify and briefly explain the three levels on the Distribution Coverage that manufacturers rely on

- exclusive distribution: a manufacturer may limit distribution on a number of specific intermediaries and are given exclusive rights within a certain territory. (not all manufacturers may have an intermediary and a manufacture does the direct marketing) - intensive distribution: a manufacturer may attempt to gain popularity or exposure through as many retailers are wholesalers as they possibly can. - selective distribution: a manufacturer may limit the use of intermediaries if they have access to them to the best available in the geographic area that they are in.

Please specify and describe the four edges of Porter's diamond of national advantage

1. Factor conditions: a countries ability to turn their natural resources, infrastructure and skilled labor into a competitive advantage. 2. Demand conditions: the sophistication of domestic customers and the nature of domestic demand for an industries service or product. 3. Strategy, structure, and rivalry: the conditions in a country that govern how accompany is created, managed or organized as well as how intensely they may compete on a domestic level. 4. Supporting and related industries: The absence or existence in a nation, supplier, and other related industries that are also competitive internationally.

Please specify and briefly explain the two competing strategies that firms undertake in their sales promotions

1. Pull Strategies: promotional efforts that are directed at the end of consumers, which purpose is to encourage the individual to request a product from a retailer. (consumers promotions & advertising) 2. Push Strategies: promotional efforts that are directed to channel partners like a retailer or distributor in order to gain cooperation in stocking or supporting the sale of a product. (trade promotions)

Present brief details on any 3 factors that serve to increase the strength of a brand.

1. consistent advertising, usually over a long period of time as well as other forms of communication in marketing. ex: volvo for safety 2. a products quality and toyota is a great example because they create a strong perception of durability as well as reliability in their vehicles. 3. creating and establishing a powerful personality for a brand and that it means something. ex: apple is known for their innovation and disney is known for excitement/ family time.

Please specify any 4 types of governmental regulations on the supply side of pricing.

1. deceptive pricing which involves price deals that may mislead a consumer. 2. price fixing occurs when competitors in a market collide in order to set a final price for a product 3. promotional pricing which occurs when a low price is charge for product with the hopes of driving competitors out of business 4. price discrimination is when different prices are charged to different buyers for a good like quality and grade.

Please specify any 5 considerations for whether a firm's selling price should be at, below, or above competition.

1. degree of vertical integration of competitors. 2. Cost structure of competitors. 3. Number of competitors. 4. Likely entry of new firms into the industry. 5. Market shares, profitability of competitors, or growth.

What are the different ways by which firms stretch their product lines? What are the evaluation criteria by which firms determine whether to introduce a new product line stretch?

- the different ways a firm stretched their product lines would be DownMarket Stretch, Two-Way Stretch (potentially helps cross-selling), and Up-Market Stretch (helps up-selling). -the evaluation criteria... first the market demand is important because it is necessary to understand if the demand for a product line will be sufficient and successful on the market and if it will align with a companies existing customers. -the competitive nature of a market is key in determining whether or not to introduce a new product line stretch because by analyzing and existing competition in the market, a firm can see if there is potential for introducing new product lines and if it can differentiate itself. -profitability is important and a firm may be able to estimate this amount. by doing so, results like revenue, profit margins, and costs can be estimated and whether or not a new product line stretch would be successful.

Topic 8- Personal selling: Please specify any 6 objectives for why firms maintain a sales force

1. A key objective would be in terms of persuasion and converting first time customers to repeat customers. 2. Distinguishing a firm, business, or organizations product or service from competitors in the industry. 3. Selling more of a product or service to current customers of a firm, which are also prospects 4. Information provision on services as well as products 5. After-sale service other wise known as after marketing, which involves a products delivery or installation 6. customer relationship building

Topic 7- integrated marketing com- Please specify and briefly explain the four elements of promotion mix of a firm

1. Advertising: advertising is a paid type of communications that is non-personal. This is in regards to an organization, It's activities or products that are transmitted into a form of mass media then into a target audience. 2. Sales promotion: material or activity which provides sales personnel, customers, resellers, or channel partners direct inducement when a product is purchased. (ex: sweepstakes or coupons) 3. Publicity: also known as public relations, which is efforts that are directed to persuading the feelings or opinions of stockholders, suppliers, customers/non customers, and employees about the given organization. 4: Personal Selling: can be defined as the flow between a buyer and a seller, which is designed to end in a transaction of some sort or a purchasing decision.

Please specify and briefly explain any four methods that firms use for determining their advertising expenditure

1. All you can afford: a budget is formed or established as a predetermined share of either financial resources or profits. 2. Percent of sales: an organization or firm takes out a percentage figure, which then can be applied to future or past sales. 3. Research approach: Budget is argued and presented on the results from research. 4. Competitive parity: A budget is based on an organizations competitor or another member apart of the industry/ market.

Present brief details on three commonly used Branding Strategies.

1. Dual branding occurs when Two or more branded products are unified 2. brand extension is when a company leverages their brands name in order to persuade customers to purchase something new. a brand can use their existing name to enter new product markets and a great example of this would be Arm & Hammer, baking soda, toothpaste, deodorant, pet necessities, etc. 3. another common branding strategies would be by franchise extension. A business has a corporate name or brand that is aligned with its products, this can be used to enter a differing product class or new market segment. ex: Honda motorcycles, Honda cars, Honda lawn, which all depend on the company's umbrella branding.

Please explain the "Door in face" and the "Foot in door" paradigms in how salespeople and others use them

- "door in face": can be described when a company makes an initial large request that is expected to be turned down and then they follow up with a more reasonable request in order to leverage customers. - "foot in door": can be described as after marketing, which puts a focus on the attention of an organization to ensure that they are providing a continuous amount of reinforcement and satisfaction to current or past customers.

How is a firm's Product Portfolio described by? Please provide details by including examples.

- a firms product portfolio or product mix can be described as a whole set of products that are put up for purchase by a business or organization. in addition it can be described through their product lines, which is a a grouping of products that all share common customers, characteristics, uses, distribution channels, etc. - depth is the average amount of products in a given product line. ex: a single number of models in a automotive company like Honda. these product lines can be through their cars, acura, or Honda motorcycles - width is the amount of individual product lines that are offered by a business or organization. ex: in regards to the automotive company Honda, the company has its cars, Honda motorcycles, Honda tractors, Honda aircraft's, etc.

What is a brand and what is Brand Association Network? How does a firm control association that customers have with its brands?

- brand can be defined as a symbol, name, design, etc that can be used to identify a business or sellers product or service that they are selling that is distinct from the others on the market. the goal of a brand is to invoke mental associations in individuals and potential or existing consumers. - a brand association network is a gathering of feelings and perceptions that consumers may have about a particular brand. in addition, these perceptions that consumers have on a brand can affect how they will inter connect with them. -a firm controls associations that customers have with its brands through slogans, logos, aesthetics in packaging, spokespersons, etc.

Briefly explain Relationship Marketing and how it differs from vertical Corporate system

relationship marketing- this type of marketing can be described as a system in a conventional channel of distribution where there are independent players whose goals are to form as well as manage long-term/ loyal relationships with individuals like customers, suppliers or distributors. The focus is put on creating win win agreements. vertical corporate systems- this type of system otherwise known as vertical using involves a singular firm owning two or more levels of a channel in an attempt to buy out another channel. in addition, this type of system involves two types of integration forward and backward.

Please specify the entry and growth strategies for global marketing that firms can pursue from the least investment to highest investment

REWORD THIS SLIDE: 1. Exporting - goods manufactured in one country and shipped to target country - lowest level of investment 2. Licensing - in exchange for a fee, firm grants rights to another firm to use its (patented) technology and undertake manufacturing/providing services - technical collaboration 3. Franchising - similar to Licensing, but can use the brand name of the Franchiser - Franchiser retains higher control than in Licensing 4. Joint ventures 5. Strategic alliances (very similar to Joint venture) but joint ownership as well 6. Direct ownership - highest level of investment

Please specify supply-side influences on pricing decisions i.e., pricing objectives of the sellers.

The influence of supply on pricing is based and determined by a seller. common pricing objectives may include achieving a target, market share, prevent or me competition, achieve a target investment or return, and stabilization of price and margin. in addition, cost plus pricing is when a manufacturer totals of the cost of producing a product or completing a project that adds a percentage or profit. pricing is when a retailer adds a percentage to a manufacturers invoice price in the goal of determining a final selling price. Lastly, return pricing involves adding a desired rate of return on investment to the total costs.

Please specify and briefly explain in a sentence or two the 6 steps in salespeople's relationship-building process

The six step process of a salespeople's relationship-building process/ sales funnel starts with prospecting (locating potential customers) , planning the sales call (having knowledge of a prospect before all), presenting (being prepared well), responding to objectives that are set, obtaining commitment ( not all calls end in success, be prepared) , and to finish building a long-term relationship

What are the advantages and disadvantages of undertaking the Multigrading strategy.

advantages; the image of a single product isn't connected with another company's products on the market. -products can be deliberately targeted to a specific market segment. -in the case that a product doesn't get success, the threat of failure to a company as a whole and their other products is minimized disadvantages: -notable quantities of effort, money, and time need to be spent in order to make a customer familiar with newer brands.

Briefly specify and explain any 3 advantages of branding for the customers. Briefly specify and explain any 3 advantages of branding for the selling firm.

branding for selling firms: -having a brand can increase customer loyalty -can allow a company to charge premium prices for their products or services -branding can help guide a firm to better position themselves, targeting customers, and segmentation. branding for customers: -brands can reduce a customers risk - they help convey information - they confer status

Topic 11 - Global Marketing:Please specify any three offensive goals and any three defensive foals of firms.

defensive goals: 1. preempt competitors global moves 2. Gain access to technological, innovations in other nations. 3. Compete with foreign companies on their own turf. offensive goals: 1. take advantage of economies of scale. 2. Improve overall market position. 3. Maximize total sales revenue.

cont.

horizontal market is when products are bought by various types of firms that are in differing industries. ex: furniture or computer industries.

Topic 10 - Pricing Strategy: Please specify important demographic factors on the demand side of pricing.

important demographic factors on the demand side of pricing include the location or number of potential buyers, economic strength of potential buyers, whether or not the buyer is a organizational buyer or consumer, and expected consumption rates of buyers.

Briefly describe what are wholesalers and how are they different from large manufacturers? What is the critical function undertaken by wholesalers

wholesalers can be defined as merchants who partake in the act of buying (not always, but most of the time) Either to take a title, store, or physically handle goods. in some industries, a wholesaler may be defined as a distributor. some critical functions undertaken by wholesalers would be that they provide transportation and sell to smaller retailers, have the ability to finance purchases made by these smaller retailers, and they purchase from a larger number of smaller manufacturers who happened to have a decreased amount of distribution resources. furthermore, a wholesaler may decrease the cost for small retailers due to them being able to provide an assortment of goods.

Topic 6 - Product & Brand Strategy 1. Please specify and explain the two ways in which products are generally classified. Please present details on each of these two classifications. Next, please present details on how organizational goods markets are classified.

1. first is tangibility and durability, which includes goods that are durable, non durable, and services. 2. second is use-based product classification, which has both consumer and organizational goods. consumer goods: -there is consumer goods, which which has convenience goods, which are bought frequently with a little amount of effort. an ex would be bottled drinks, toothpaste, soap, etc. -then there is shopping goods, which are bought using both time and energy while comparing other products or services. ex: clothing, appliances like a refrigerator, furniture, etc) Organizational goods:- bought by firms in order to run their business. -supplies that don't end up as part of a finished good -equipment or machinery either minor or major - semifinished goods/raw materials organizational goods markets are classified by a vertical and horizontal market. a vertical market is classified by a small amount of buyers in a narrow market. ex: specialized medical software or machine tools.➡️

Briefly explain the three methods that firms use to organize their sales force

1. geographical structure: includes worldwide sales through countries like asia, latin america, north america, and europe, 2. product structure: includes worldwide sales through products like computers, sales, fax machines, and office furniture. 3. customer structure: includes national sales through establishments like law farms, government, hospitals, and schools.

Please specify any three environmental factors that make it conducive for firms to undertake a global strategy

1. market factors.: homogeneous market needs, shorter product lifecycles, transferable brands and advertising, global customers, and the ability to globalize distribution channels. 2. environmental factors: favorable government, policies, improving communications, and increasing technological change. 3. Competitive factors: global moves of competitors, competitive interdependencies through other nations, and opportunities to preempt a competitors moves globally.

Please specify three types of psychological pricing strategies on the demand side of pricing.

1. odd pricing or odd even pricing: prices are chosen at one or a few cents/ dollars below a whole number, which is to create a perception for customers that the price is low. 2. Prestige pricing: occurs when a high price is charged in order to create the idea that a product is exceptional. 3. Bundle pricing: involves selling multiple products together at a single price which is meant to suggest a good value for customers.

Please specify two product life cycle considerations in the supply influences on pricing decision-making by sellers. Provide relevant details.

1. penetration policy can be defined as when a seller charges a relatively lower price on a new product at the start in the hopes to grow a market, acquire economies of scale, or gain a share. This is also done to discourage other competitors from entering the market. In addition, penetration policy can help accompany build demand for newer products 2. Skimming policy is when a seller charges a relatively low or high price on a new or existing product. (ex: smart phones or flatscreen TVs)

Please specify what are product perishability and distinctiveness considerations in the supply influences on pricing decision-making by sellers. Provide relevant details.

1. perishability can be defined as discounting products as they become no longer fit for sale. Another explanation of this would be that demand for these products is confined to a specific period of time. 2. distinctiveness can be defined as when marketers charge a higher price for a product if they can distinguish their product successfully from others in the market. It is important to know that brand equity and branding are used to make a companies product distinctive.

Please specify and describe any four challenges for firms in entering foreign markets

1. political uncertainty: which includes armed conflict or government instability. 2. Cultural misunderstanding: managers usually use their own cultural values as well as priorities for a frame of reference. this may include a feeling of superiority which can lead to a modified method of communication/ mannerisms. 3. import restrictions: quotas or tariffs, These type of import restrictions are meant to promote self-sufficiency, which is questionable to some, but it also reduces consumer choice. 4. ownership restriction and exchange controls.: some nations may limit the profits that can be withdrawn from their country, and it is generally established by the ones that are experiencing balance of payment problems.

Please specify and briefly explain any 4 costs of distribution that channel players try to minimize

1. reducing order processing costs. 2. cost of lost business. (this occurs due to opportunity cost due to a firms inability to meet the demands of their customers) 3. inventory costs: this may include insurance or storage which are significant costs and channel players try to minimize them by putting in place inventory management practices. 4. transportation.(reducing the cost of transportation while attempting to reduce theft or damage during transportation)

Please specify any three internal factors of firms that enable them to undertake a global strategy

1. resources: resources and capabilities available to perform operational functions on a global scale. 2. people: frequent travelers, availability of for nationals, and commitments to multi country careers. 3. structure: Absence of riffs between international and domestic divisions of a firm.

Briefly explain and describe how retailers are classified based on the type of merchandise that they carry

1. specialty stores: these types of establishments deal with deep assortments in a smaller number of product categories 2. mass merchandisers.: of merchandiser carries a large assortment of goods as well as compete on the basis of a price and selection. 3. convenience stores: this retailer classification is classified by the convenience of their location, close parking, and easy entry and exits.

Briefly explain the two broadly used methods that firms use to motivate and compensate their sales

commission-based compensation and quota-bonus compensation. commission can be determined on the basis of gross sales in dollars, net sales after returns, or sales volume in excess of a quota. quota bonus compensation can be determined based on customer satisfaction, exceptional job performance, or finishing deadlines in the correct time frame.