MKT 421 Marketing Week 2 DQ 2 What is competitive intelligence? What is the importance of competitive intelligence and analysis in modern-day marketing? How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? MKT 421 Marketing Week 2 DQ 3 What are the different types of buyers and consumers? How does the type of buyer or consumer affect marketing strategy?
• Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. Week Two: Marketing Research • Justify the importance of marketing research in the development of marketing strategy and tactics. • Analyze the importance of competitive intelligence and analysis in marketing. • Identify various segmentation criteria that impact target market selection. • Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
The school tokens are a good sales promotion because to get this sales promotion you have to buy products from the store to a certain price. This will not just be benefitting Tesco it will be benefitting the school, which you are giving the token, too whether that’s new computers, new sports equipment. These are two good ways to be able to offer customer the best value for money and another marketing objective in working directly with suppliers to make long-term business relationships based on strict quality and price
Explain key concepts such as segmentation, target marketing and product positioning. 2. Explain the four elements of the marketing mix: product strategies, pricing strategies, promotion strategies and distribution strategies. 3. Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis.
• What is meant by the term product differentiation? • Explain the role of the marketing department
You want to know how your product or service will stack up against your competition as well as what the demands of the market are or will be. With that being said, your supply and demand which has a significant impact on the organizational performance is reviewed. Per the textbook, supply is the number of products (goods and/or services) that businesses are willing to sell at different prices at a specific time and demand is the number of goods and services that consumers are willing to buy at different prices at a specific time (Hellriegel & Slocum, 2009,
A buy-side transaction is one buyer purchasing goods/services from many different sellers. An exchange transaction involves many different sellers and buyers working together. The supply chain improvements and collaborative commerce transaction includes everything that the other transactions have, as well as providing supply chain improvements, communication, collaborating, and the sharing of ideas for joint designs, planning, and so on. Reference: Our Text Pg 173. 4.
What effect did the product life cycle have on the product in the simulation? The product lifestyle cycle allows for the customer to buy into the products image and product. The simulation allowed me to develop and enhance marketing ideas, and examine what was important to the customer. The perceptual map made the marketing strategy visual and making certain valued elements relevant for customer perception. What is the relationship between differentiation and positioning of products or services?
WHAT IS PROMOTION? Promotion is one of the major elements of the marketing mix of the business. Promotion is a form of persuasive communication, or getting others to do what you want them to do. Its function is that of informing consumers about a product or service and influencing them to buy that product or service. There are many different promotional tools that are used by businesses to enhance the image of the product, such as mailings, speeches,
2. What alternative distribution approaches are available to Omega? Are there more options? 3. How do different distribution channels affect how you buy products?