intro to business lesson 12

You are again watching a show where entrepreneurs pitch investors to fund their company. You have consistently noticed that companies with a fully developed marketing mix seem to garner more interest from investors. What elements of the marketing mix are missing from this entrepreneur's pitch? "We help customers design the most beautiful photo books and scrapbooks online, then customers order their books and receive them within three days. Our templates are more artistic and customizable than those offered by any other service. Our service will be offered through an exclusive partnership with Pinterest, where Pinterest users can design an unlimited number of photo books or scrapbooks free, then save them for future purchase. We will also sponsor ads on Pinterest, Facebook, and Twitter to tell people about our service."

Product

One of your favorite programs is a show in which wealthy investors listen to sales pitches from entrepreneurs looking for an investment in their new company. Some entrepreneurs are lucky enough to have all four investors make offers, while most are happy if just one of the investors is interested. You come to realize that companies with a fully developed marketing mix seem to garner more interest from investors. What elements of the marketing mix are missing from this entrepreneur's pitch? Select all that apply. "We have created a new kind of waffle mix that is gluten free, grain free, dairy free, and high in protein - but it tastes as good or better than the leading waffle mix. We're targeting customers who want delicious options for breakfast, without having to worry about food allergies or empty calories. The best part is that our product will sell for only 20% more than the leading waffle mix, which is highly-processed and grain-based."

Promotion Distribution

Your office supply business has been open for three weeks and you are disappointed in how few sales you've had. The store is located on the perimeter of a new office park that is about 40% occupied. You were hoping that sales would be brisk because the nearest Office Max is at least 10 minutes away. Since you opened, many customers have stopped in to buy supplies, but you didn't carry what they needed. However, you have since ordered the supplies these customers want and have them in stock. While your prices are about 25% higher than OfficeMax, you figured that since your store is much more convenient, customer will pay more. So far this has not been the case. Marketing brings value to customers in four primary ways. In what two ways are you failing to provide that value?

Right time Right price

Identify which of the following statements represent a production orientation and which represent a customer orientation. a. A television company sells the same set year-after-year because they are able to sell everything they make without much advertising. b. A television company engineers a thinner set because of the trend toward hanging TV's on the wall. c. A shoe manufacturer creates a specialized model for athletes who CrossFit, because CrossFit has specific needs. d. A shoe manufacturer focuses on increasing efficiency in order to cut the cost of make each pair of shoes.

a- Product orientation b- Customer orientation c- Customer orientation d- Product orientation

You were just hired as an account executive at a fast-growing advertising agency. One of your media buyers was offered some incredible ad rates from the publisher of several magazines, so she bought the ad space thinking it could be used one way or another for the agency's clients. The buyer now realizes this was a bad move and begs you to bail her out by making sure the agency finds a good fit between their clients and the target audience of each magazine. For each client's target audience, identify the magazine that provides the best fit that client's ads. a. Mountain Bikes: Outdoor enthusiasts who are active and travel a lot. Men and women ages 25-54. College educated with income of more than $75,000 per year. b. Granola cereal: Moms looking for healthier breakfast options for their family - especially their kids. c. Ultra-thin tablet computers: Business professionals. Men and women ages 45-60. College educated with income of more than $150,000 per year. d. Skateboards: Boys aged 12-18 who enjoy extreme sports.

a- backpacking and camping magazine b- women's fitness magazine c- investment and personal finance magazine d- video game magazine

You are opening a new restaurant and bar downtown. You create a detailed description of your target market profile, using the three primary dimensions of market segmentation. Identify each portion of your description by its dimension of segmentation. a. Is between the ages 18-22: b. Enjoys trendy clubs and restaurants: c. Attends college: d. Lives in the downtown area: e. Is socially conscious: f. Watches Black-ish and Modern Family: g. Doesn't watch news programs very often:

a- demographic b- psychographic c- demographic d-geographic e- psychographic f- psychographic g- psychographic

New product developers are meticulous in selecting the right marketing mix to match the interests of their target audience. Selecting the most appropriate forms of promotion is a key success factor for any marketing plan. For each of the following activities, select the factor by using the drop-down list. a. _________ is one of the demographic factors marketers consider when defining a target market. b. Many companies utilize predefined market segmentation systems, such as c. If you can find a group of people who share a set of characteristics, you could define them as a

a- income b- PRIZM c- market segment

Apple has elevated marketing to a level other companies envy by optimizing their marketing mix to stay ahead of competitors. Categorize each of the marketing mix examples below. a. Apple designs unique products that fulfill a customer need. b. Apple products are available in retail stores around the world and online. c. Apple products typically cost more than their competitors. d. Apple offers their products in several colors. e. Apple creates television advertisements, billboards, and magazine ads.

a- product b- distribution c- price d- product e- promotion

Your pet supply store is doing well and your marketing plan is working. You have noticed that another office supply store has purchased a van for deliveries and the store logo is prominently displayed on both sides of the van. The beat up old van that you have been using just doesn't make a good impression, is dented up, and doesn't even have your logo. So, you think about buying a new van. For each of the following activities, select the step of the consumer decision process by using the drop-down list. a. "My van is old and may break down. I need a reliable van so I can always deliver on my promise of 20-minute delivery service." b. "It's the van I wanted, the price was right, and it will be a good advertisement for my business." c. "I think this is a fair price, so I guess all that we need to do is write up the agreement." d. "I have narrowed the options down to two vans, a Ford and a GM. Time to test drive them." e. "I will check edmunds.com to find the top-rated vans with the features I want."

a- recognize the problem b- evaluate after the purchase c- purchase d- evaluate alternatives e- search for information

You manufacture an array of watches in fun, bright colors. The watches have a choice of characters on them such as Hello Kitty, Sponge Bob, Po from Kung Fu Panda, and others. The watches are mass-produced and are on the low end of the price scale compared to other watches made for kids and young adults. When selecting your target audience and other elements of the marketing mix, which of the following combinations represents the best marketing strategy?

a. Sell at Target stores and advertise on Nick Jr. television channel.

"There are a bunch of burger places in our town that my friends and I really like, but I usually go to Burger Country because it's on my way home from work." This purchase is primarily driven by which purchase influence?

a. Situational

You are shopping with a friend and see a pair of FRYE boots that you really like. Your friend really likes them too and mentions a famous singer who wears those boots in her latest video. You examine the boots and see they are made in Massachusetts. Still, the cost is pretty high and you aren't sure whether to buy them. You decide to think it over for a few days. Later that evening you are surfing online for boots and see the same pair. You read the reviews and see that 80% are 5 stars - the highest rating. You order the boots immediately and hope they arrive in time for a party you are attending with friends. From the list below, select the items that were a social influence in your purchase decision (select all that apply):

b. 80% of customer reviews were 5 stars - the highest rating. c. Your friend likes the boots. e. A famous singer wears the same boots in her video.

Your washing machine no longer gets your clothes clean. Often it leaves soapsuds in your clothes, and the spin cycle hardly removes any water - requiring you to leave clothes in the dryer for twice as long. You walk in the door at your local hardware store and immediately see a sign that says, "Top rated washing machine. $899" You buy it right there. After a few months, you realize this expensive machine doesn't get your clothes as clean as the old machine you had for years. You are dissatisfied with this purchase. What steps in the consumer decision process did you skip? Select all that apply

b. Evaluate alternatives e. Search for information

There are four primary steps in the market research process, including which of the following steps (select all that apply):

b. Gather information. d. Make marketing decisions.