Essay_Questions_for_studing_for_Final_08-2

Essay_Questions_for_studing_for_Final_08-2 - AEM 2400...

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AEM 2400 Fall 2008 Marketing Professor McLaughlin FINAL EXAM ESSAY QUESTIONS 2 of these will be on the final 1. You need to demonstrate to the VP of Marketing at a major company known for its world-leading brands that you are the best candidate to assume a newly created position as the Director of Private Label Products. As part of the interview process, you have been asked to write an analysis presenting both positive and negative arguments about whether this brand manufacturer should develop private label products. Of particular interest to the VP are recent trends, consumer attitudes and retail performance measures, as well as your overall recommendation. Positive: - Economic downturn – consumers want to pay less - Commoditization - Perceived product parity - Retailer’s need for own image/identity - Builds consumer loyalty - Private label marketshare has been increasing - Much greater profit margins - Builds negotiation power over A-brand manufacturers Negative: - Increased importance for safety, not everyone trusts private brands - Perceived as lower quality - Less advertising opportunities 2. Market segmentation is a core marketing concept. Discuss: a. How it relates to another core marketing concept, product differentiation - Product differentiation involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products. The perceived differences may involve physical features or nonphysical ones, such as image or price. - One product-multiple market segments, multiple products-multiple market segments, mass customization b. How it improves a firm’s revenue - increases sales. .profit and Return on Investment - helps firms better respond to consumer needs
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AEM 2400 Fall 2008 Marketing Professor McLaughlin c. The key steps in segmenting markets—detail is required. 1: Group Potential Buyers into Segemtns - Criteria: simplicity, potential for increased profit, similarity of needs of potential buyers, potential of a marketing action to reach a segment - Ways: geographic, demographic, psychographic, behavioral 2: Group products to be sold into categories - For example: individual products or group into meals 3: Develop a market-product grid and estimate the size of markets - Identify and label markets (horizontal) and product groupings (vertical) - Estimate market sizes 4: Select target markets - Criteria: o Market size o Expected growth o Competitive position o Cost of reaching the segment o Compatibility with the organization’s objectives and resources 5:Take Marketing actions to reach target markets - Immediate strategy - Future strategy - Ever changing strategy 3. The “promotional mix” is made up of a number of elements. a.
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This note was uploaded on 10/21/2009 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).

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Essay_Questions_for_studing_for_Final_08-2 - AEM 2400...

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