MKT 522 Final Exam 100% Correct Answers
What are the advantages of qualitative measurements when doing marketing research? What are the disadvantages? Do qualitative measurements negate the need for quantitative measurements? Please justify your answer. Be sure to answer all questions.. (Points : 25)
Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success?
3. (TCO H) Marketers recognize that the marketing of services is different than the marketing of a product because of the different characteristics that distinguish them from physical products. What are these distinguishing characteristics? How do marketers communicate the value of services to consumers? How do they make these intangible services appear tangible to the consumer?
What are some marketing strategies that might be employed with services to ensure positive results with these distinguishing characteristics (choose at least two)? In your answer, provide an example of a service to which your strategies would be utilized.
Why do intermediaries bother to sponsor their own brand? What is the role of private label brands in the market place? From the consumers viewpoint, why would you or wouldn’t you buy these generic brands versus more well-known brand names? Does it depend upon the product being sold?
When a company chooses their distribution channels, they must keep in mind that each channel member must be given the opportunity to be profitable. The main elements in the ‘trade-relations mix’ are Price policy, Conditions of sale, Distributors’ territorial rights, and Mutual services and responsibilities. Explain how these terms of doing business can affect the profitability of all channel members. (Points : 25)
(TCO A) Your Marketing Plan has been submitted for evaluation. If you were to go back in time to Week 1 and begin anew, what would you have done differently in terms of your approach to information gathering? What would you have wanted to obtain that you did not obtain, and what difficulties did you have in obtaining that which you wanted to obtain? (NOTE: ‘I’d start earlier’ or ‘do more research’ is insufficient. Tell the instructor what you would have done differently from a PLANNING perspective and information gathering perspective.) Please be sure to provide a graduate level response based on the marketing principals learned in class. Be sure to refresh your instructor’s mind by providing one sentence that communicates what your Marketing Plan brought to market. (Points : 25)
(TCO D) An increasing number of companies are basing their prices on the customer’s perceived value of the product or service. Explain the concept of perceived value pricing and relate it to the idea of total customer cost. How might the marketer determine the price that the consumer might pay in exchange for that value that they receive? (Points : 25)
Why do intermediaries bother to sponsor their own brand? What is the role of private label brands in the market place? From the consumers viewpoint, why would you or wouldn’t you buy these generic brands versus more well-known brand names? Does it depend upon
the product being sold?