Marketing Management short Essay

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timer Asked: Jun 8th, 2019
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Question Description

MGMT 362 Section 1 summer

Instructions:

  • Answer each of the following essays. Each Essay is worth 10%
  • Each essay should be at least a half page double spaced but no more than one page
  • You may use any credible outside source (Not ‘it’s true because Aunt Tilly said so’)
  • Give a simple in-line citation for any cut n paste job (website, book title or magazine)
  • A bibliography is not necessary but will probably get you a few extra points if you need them.

Chapter 1 Marketing Management

Essay 1: What is the value of Marketing to the economy, business and the consumer. In your answer consider the four P’s of marketing, the macro economic variables (hint: average production costs). Imagine a world in which marketing of goods and services did not exist. How would that change the consumer’s ability to get the things they want. Would the consumer be better off or worse off?

Chapter 2 Developing Market Strategies

Essay 2: Review Michael Porter’s video on five forces in the posted PowerPoint slide. Which industries does Porter Identify as good industries and which are poor industries? The video was made some years ago. The airline industry is currently enjoying a highly profitable period right now. What factors have changed (consider fuel costs, airline policies, more efficient aircraft and the macro economic situation now). Would you expect the airlines will continue to enjoy superior profitability?

Chapter 3 Collecting Information and Forecasting Demand

Essay 3: Forecasting Demand

You have just taken over the marketing department for a struggling firm that serves the consumer discretionary market. What resources would use to predict the future performance of the company? How would the various environments articulated in the PowerPoint slides inform your estimates? What government reports might be helpful in estimating future demands.

Chapter 5 Conducting Research

There are a number of research methods described in the PowerPoint presentations. Define and explain how businesses use each of these techniques to gain insights to each of these markets. Explain Implicit Association as in relates to marketing and how it may be a better method for gaining consumer insights than traditional survey methods.

Chapter 6 Consumer Behavior

Consider the factors that effect consumer behavior. Name and define each as presented in the PowerPoint presentation. Iconic brands such as Cartier cultivate a personality to match that of a certain consumer set. I used the analogy of a matchmaker to explain the marketers’ role of matching brands with consumers. In what ways is that analogy correct and in which ways is it flawed? Review the video on Dove Real Beauty. What is Dove’s target audience? How does the ad use emotion to deliver its brand promise?

Chapter 7 Business Markets

Compare and contrast the b2b world with the b2c world. What are the similarities and differences? Do both have a form of a Customer Journey? Do a little research and get an idea of how big the b2b market is versus the b2c market. Did the result of your research surprise you?

Chapter 8 Global Markets

Do some independent research of Greet Hofstede. Who was he and how did he get his start. Go to the Hofstede Insights website and compare the U.S. and China. https://www.hofstede-insights.com/product/compare-countries/ Considering the similarities and differences in the cultures of these to global economic giants, how could using Hofstede’s insights help them approach the trade crisis? For instance, both have fairly similar needs for Uncertainty avoidance but are vastly different on Individualism vs collectivism.

Chapter 9 Segmentation

What were the results of your VALS survey (primary and secondary)? Do you consider those results accurate? What products and services do you use that agree with your VALS results, (E.G. Professor LaFleur is an innovator. He likes fashionable clothes and flashy cars.) Given your answer, are your consumer preferences driven more by demographic or psychographic traits. (remember that VALS has both in its consideration set.)

Tutor Answer

TutorLeal
School: UT Austin

Attached.

Introduction

A. Topic/focus of the essay
B. Thesis Statement

Body

First paragraph description

A. Summary of first piece of supporting evidence/information
B. Summary of second piece of supporting evidence/information

Second paragraph description

A. Summary of first piece of supporting evidence/information
B. Summary of second piece of supporting evidence/information

Third paragraph description

A. Summary of first piece of supporting evidence/information
B. Summary of second piece of supporting evidence/information

Conclusion

A. Restatement of thesis
B. Concluding remarks


Running Head: MARKETING MANAGEMENT

Marketing management
Student’s Name
Professor’s Name
Institutional Affiliation
Date

MARKETING MANAGEMENT

2
Marketing Management

Marketing plays an active role in businesses, economy, and consumers because it is
associated with the process of researching the product, promoting a product, and selling it to
potential customers. Marketing enables businesses to create awareness to the customers through
advising, attracting, and convincing them about the product. It increases sales, when using
marketing strategy, there will be an increase in selling products and services because people are
aware that a particular business exists. It helps in creating trust, and customers always want to
buy products they are aware of and ones the market establishes trust between them and
customers, there will be a creation of customer's loyalty, and they will always talk good about
the business thus encouraging other customers to buy from the same market. It also facilitates the
transfer, exchange, and movement of products and services, retailers, and intermediaries help in
supplying the commodities to the customers (East, Singh, Wright, & Vanhuel, 2016).
Developing Market Strategies
Forces determine the profitability of businesses and are, therefore, an essential strategy to
be considered since they tend to set profitability in the long term and creates a backgrou...

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Anonymous
Goes above and beyond expectations !

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