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Unformatted text preview: AEM 240 Fall zoo? Marketing Prof. McLaughlin SECTION II Essays Do 2 of 3 ONLY (10 points each) 1. A) Identity:I the three phases of the strategic marketing process and briefly describe what happens during each phase, ensuring that all steps of each phase are listed. (5 fits} - B) Consumer purchases are o en Influenced by opinions o friends or peers. Describe the newest form of word-of-mouth (WON).- marketing and identifyr at least two of its potential strengths and two of its potential weaknesses. (5 pts} Word of Month is people influencing others during conversations. Strengths: --most powerfiJLr’authentic information source because friends are nusbworthy "generally inexpensive, sometimes free --can be spread by Internet --open, honest opinions Weaknesses: --difficult to control what is said about productr‘service, could be untrue --spreadmg WOM might lead one to distrust the “messenger”— unethical“? 1E! AEM 24:0 Fall 200? Marketan Prof. McLaughlin 2. A} Set up a table to compare the three main ways to collect suryey data. The basis of comparison should be at least three of the key factors of interest to market researchers. [8 pts) “ll-55h «I‘ “it“. illlt‘I'lu'l. T1 Il'lllllllllc Pet's-(HIM l'l PM Mil" (ERNIIMTWH fl Fin Hlii'H'}! but we}: IIIIt-rt'elfl'fiurt'c '6 B) Briefly describe two problems often experienced with survey data as discussed in class. (2 pts) Problems with Surveys - Failure to apply appropriate guidelines - Poor interviewing - Reluctance to participate — burnout, mistrust of use, dull - Poor questionnairelquestions — tool inappropriate for certain productsr‘seryices AEM 240 Fall 200? Marketing Prof. McLaughlin 3. A) Briefly describe the stages in the evolution of American businesses to the market place. [5 pts) Evolution of the Market lIIIlIrientation Many American manufacturers have experienced four disdnct stages in the life of their firms. The first stage, the production em, covers the early years of the United States up until the lilflfls. Goods were scarce and buyers were willing to accept virtually anyr goods that were available and make do with them. In the safes em from the 19205 to the lilofls, manufacturers found they could produce more goods than buyers could con— sume. Competition grew. Firms hired more salespeople to find new buyers. This sales era continued into the 1960s for many American firms. In the 19603, marketing became the motivating force among many American firms and the murdering concept on: dawned. The marketing concept is the idea that an organization should {1) strive to satisfy the needs of consumers (2} while also trying to achieve the organization’s goals. General Electric probably launched the marketing concept and its focus on consumers when its 1952 annual report stated: “The concept introduces . . . marketing . . . at the beginning rather than the end of the production cy- cle and integrates marketing into each phase of the business?” Firms such as General Electric, Marriott, and Toyota have achieved great success by ' putting huge effort into implementing the marketing concept, giving their fimts what has been called a market orientation. An organization that has a market orientation focusos its efforts on {1) continuously collecting information about customers’ needs. {2) sharing this information across departments, and {3} using it to create customer value. 'T The result is today’s customer era. in which firms seek continuously to satisfy the high expectations of customers. B} List at least 4 problems with the “marketing orientation" '1'. Marketing Myopia 2. Costs of information exceed revenues generated 3. Researchers learn expressed needs 1. Censumrs not visionary, unsteading. teehnotogicarty naive 2. Coosumers piain wrong 4. Passion for customers? What about employees? 5. No real need if. Demand outstrips sum 2. Art, religion I. But even here. must live win: consequences 1H1M1W1WJ1M Ism1mm ...
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