Week 4 Perceptual Maps S. L. Harrison MKT 421 March 3, 2014 Prof. Jon Ragatz Week 4 Perceptual Maps When using perceptual mapping for marketing purposes, the marketer will use the responses gathered from questions about a certain product provided by the consumers themselves. The qualitative answers given will be transferred to a graph or chart, called a perceptual map and the result are employed in improving the product or in developing a new one. During the simulation, the first aspect to creating the perceptual map for Thorr motorcycles was to choose the parameters of the perceptual map. In so doing, one must use the information that is provided in the competitor product comparison and the market research ratings. For the first perceptual
B. B2B Business-to-business buyers are professional buyers that purchase a product or service on behalf of a business. Red Bull may have a person that buys the ingredients of their products in large quantities, and L&Q may have professional buyer that purchases cement and pluming equipment on their behalf, the cement and plumbing equipment would be used to build houses. All customers that purchases a products is a buyer and not all consumers are buyer as a customer may have brought Red Bull for a friend, the friend would have consumed the product but the individual wouldn’t have been the customer as they didn’t purchase the product. Influence over purchasing decisions In order for businesses to understand consumers purchasing decisions first the business needs to identify the consumer’s behavioural traits. The more a business knows about their
This act means the company has the right to sell their products and services. This means when items are being sold by their description for example buying a product from ebay and how they describe the product they are selling has to be accurate otherwise the sales of goods act would have been broken and the person selling the item could be prosecuted. This act also includes sampels when the customer is shown or try samples of their products the product on the shelfs has to be the same as the customers has tested/tried. Examples of buisnesses that have been affected by sales of goods act 1979- 1. The company has been affected in a good way because this act allows the company to have the right to sell their products and services.
531 Learning Team Team Reflection: Performance management HRM/531 Team Reflection: Performance Management In week 4 Team “D” reviewed and discussed the following information and how it applies to Landslide Limousine. Alignment of the performance management framework to the organizational business strategy, organizational performance philosophy, the job analysis process completed identifying the skills needed by employees, methods used for measuring an employee's skills, process for addressing skill gaps, approach for delivering effective performance feedback. Alignment of the performance management Aligning the structure of the performance management plan with the business strategy is a key element for its success. For Landslide Limousine Services, it was previously communicated that this strategy entailed providing first class transportation to its customers. Its prospective goals indicate a $50,000.00 first year net revenue, a 5% net revenue increase over the first few years, and a turnover rate of approximately 10%.
c. Making cross-functional decisions -Business strategy is a corporate-wide venture, requiring the commitment and shared resources of all functional areas to meet overall objectives. d. Achieving objectives -Whether the organization is seeking market leadership through low-cost, innovative products, superior quality, or other means, projects are the most effective tools to allow objectives to be met. Discuss how each of these four elements is important in understanding the challenge of strategic project management. How do projects serve to allow an organization to realize each of these four components of strategic management? Allows them to know they need to develop a plan evaluate that plan to see if fits the needs then deciding on to put it into action or not to achieve the overall goal.
Consumers could decide the purchase separate appliances instead of choosing the all-in-one. Our product is convenient, efficient, and cost effective. However, three separate machines could, in theory, do what our machine does. Customers could already own the three separate machines and decide not to spend money on a new gadget unless they need to replace something. There will be a higher marketing cost associated with this product in order to educate the consumers on the benefits of owning the product Because the customers could already own a toaster, microwave and convection oven, they won’t immediately understand the benefits of an all-in-one product.
Marketing Research and Planning Huffman trucking implements a marketing research and planning system that supports a variety of areas within the marketing department. The system encompasses all past marketing research and marketing plans. “To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want” (Armstrong & Kotler, 2011). The system is used to research information and make better decisions for future marketing endeavors. It encompasses the following
Marketing Mix Walter Swinson MKT/421 August 21, 2013 Jose Medina Marketing Mix When marketing anything there is a basic format in business that has to be followed. We call this the marketing mix, this includes a basic structure that everyone uses to develop their marketing strategies. This structure is commonly called the four p’s of business. The four p’s are product, place, price and promotion. Of the four p’s the first step is to identify the product or service.
With today’s economy everyone is looking for a good deal. This strategy would allow promotional deals and bring in more revenue. Vitez (2014), “Many businesses develop pricing strategies to maintain a competitive advantage. These include penetration, economy, skimming, bundle and promotional strategies. Penetration pricing uses low initial prices to gain market share and slowly increases the price to its normal level.
If changes need to made, all parties would be able to see the changes immediately. In conclusion, Project management has emerged as a crucial factor that determines the success of an organization. One of the distinguishing characteristics of project management is that it has both a beginning and an end and typically consists of four phases: defining, planning, executing, and closing (Larson, 2010,pg.24). References Pandey, K. (2012, March 2). Why is Project Management Important.