MKT 571 Final Exam [pic] 1. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company? • Technological • Political • Economic • Cultural Find the final exam answers here MKT 571 Final Exam 1. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed.
II. Wal-Mart’s existing vision, mission, objectives, and strategies In the case studied, Wal-Mart Stores does not appear to have a clear or formal vision statement. Nonetheless, we found out in Wal-Mart’s website the following: “Saving people money so they can live better”. The case says that there is no formal mission statement, and according to Public Relations Coordinator, Kim Ellis, if they would have one, it would be something like: “To provide quality products at an everyday low price and with extended customer service”. Among Wal-Mart’s objectives for the current year we could find the following: • To keep on being #1 price leader in retailing.
They influence the product or service they buy. ~ Market segmentation - The important thing is to influence your target group, to buy your products or services. ~ Bases of a segmentation * Geographic : Segmenting by content, country, city * Psychographic: Understanding the lifestyle and opinions of the consumers. * Demographic: Segmentation based on age, sex, marital status * Lifestyle : Segmentation based on state, neighborhood, region ~ Uses of geo-demographic systems to identify and reach target groups eg ACRON, MOSAIC * The ACORN is a geo-demographic tool the business use to identify and understand the UK population and local demand for products and services. They use the postcodes for demographic statistics and lifestyle variables to give business a guide to different regions.
• Explain the rationale and analysis behind the recommended course of action After conducting research, Kudler must purchase specific software because of the company’s size and to maintain a balance in its inventory. The company must purchase software to record, maintain, and report their information. Current software needs an up grade if Kudler wants to remain competitive they must make this transition. IThe introduction of new software allows the main location to communicate directly with the central server, back up information, and process payroll direct deposits through the bank for their employees. Customer purchasing trends and supplier orders can be automated.
An average price for a pair of shoes were about $3.00, the stores also kept down cost by purchasing shoes from more than one supplier. This also assisted with keeping the price of shoes down, and prevented shortage of merchandise. Payless Shoesource, Inc. is in the pure competition market structure for footwear, Payless Shoesource would incorporate name brand footwear to increase revenue. Payless would incorporate brands such as Nike, Polo, Coach, Adidas,
Distribution and Global Marketing Analysis for Nike Inc. In looking at Nike Inc.’s athletic shoe supply chain, the company utilizes a multi-level channel strategy to move products from manufacturing to the consumer. Starting with customer needs and wants, Nike Inc. looks to social media platforms to connect with consumers to target what improvements and/or new products the company can implement when it comes to athletic shoes. Nike Inc. then initiates the product development phase and comes up with a new athletic shoe design to match the feedback that was received from consumers. From there the company utilizes two different intermediaries, suppliers to produce the raw material needed to build the shoes, and manufacturers to build and assemble the final product.
1. What different skill and experiences might be required to market B2B compared to operating in the consumer market? In order to understand the skill sets and experiences required to market accordingly between B2B (Business-to Business) we must first understand the difference between B2B and B2C (Business –to- Consumer) markets, the buyers in them and how to identify what processes are require to close a sale. What drives B2B market buyers opposed to B2C? B2B • Relationship driven • Maximize the value of the relationship • Small, focused target market • Multi-step buying process, longer sales cycle • Brand identity created on personal relationship • Educational and awareness building activities • Rational buying decision based on business value B2C • Product driven • Maximize the value of the transaction • Large target market • Single step buying process, shorter sales cycle • Brand identity created through repetition and imagery • Merchandising and point of purchase activities • Emotional buying decision based on status, desire, or price The difference between a B2B and B2C business markets depends solely on the buyer and their emotional perspective about the item or service they wish to purchase.
In order to properly identify what are we going to spend for a particular marketing channel, it is necessary to understand how much we have to spend to get a new customer and ultimately the lifetime value. Loyalty Factor The loyalty factor is a particular metric or a mix of metrics that dwell and trigger spending levels and customer lifetime value. It calculates the measure of customer loyalty and the conditions that influence this loyalty. Loyalty factor is also termed as RFM, as in Recency, Frequency and Monetary Value, which means how recently did the customer make a purchase, how frequently do they purchase and how much are they willing to spend. This is retrieved by multiplying the count of purchases over the past year by total sales per months since last purchase.
Which is the MOST commonly used measure of corporate performance (in terms of profit)? • ROE • ROI • EPS • DPS 4. When a company determines a competency's competitive advantage, Barney refers to this issue as • value • rareness • imitability • organization Final Exam Answers just a click away MGT 498 Final Exam 5. If performance data and activity reports indicate undesirable performance as a result of inappropriate use of the strategic management process, operational managers must • change the strategic management model. • know about it so that they can correct the employee activity.
As manager I will analyze the business process and identify possible improvements for classes and equipment, understand the needs of members to increase membership enrollment, and identify technology improvements to keep competitive advantage. Upon completion, I will present recommendations of the forces affecting the competitive position of the Fitness Center to Mr. Ellis and develop a generic strategy to improve profits. Porters Five Forces Porter Five Force Model is a tool used to analyze the competitive forces in the situation of which the business operates in. The model will help identify the current competitive power the business possesses in its industry. The five forces model can help determine the business strengths or weaknesses in a situation.