Devry MKTG522 Final Exam ANSWERS

MKTG 522 Final Exam ANSWERS1.(TCO B) Your company has developed a new educational electronic game. Your target market is 4-6 year old children. What research methods would you use to test this product concept? Choose at least three methods that you believe will provide valuable information, and describe your research strategy. (Points : 25)2.(TCO C) Michael Porter proposed a tool, the value chain, for identifying ways to create more value. According to the value chain model, every company is a combination of activities that are performed to design, produce, market, deliver, and support their products. Identify the types of activities that would create value within the organization. How can an organization use this tool? What makes this an effective approach? (Points : 25)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. 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? In your answer, provide an example of a service to which your strategies would be utilized. (Points : 25)4.(TCO D) Your company manufactures a quality line of home kitchen appliances, refrigerators, stoves, dishwashers, and so forth, and you are highly competitive with companies such GE, Frigidaire, KitchenAid, Whirlpool, LG, and others. The market is quite price sensitive.You’ve just learned that your primary competitor has cut their prices to the consumer by 7%. What might be some reasons that would support their decision to make a price reduction? What should be your thoughtful reaction? (Points : 25)5.(TCO F) You are the Sales Manager for your company. Your sales team is one that, once they gain the initial sale, enjoys considerable repeat business. Sales reps are paid a base of $35K and their commission package can add as much as $49K a year (average). Top producers make as much as $65K a year in commission–along with their base pay, they make $100K.Sales reps have not been aggressive in pursuing new business. They have become comfortable in making repeated sales calls on their existing customers “to be visible” and to handle any issues.Your VP of Sales wants to see a 12% increase in NEW business next year. How might you structure the compensation plan to drive selling behaviors that would result in more effort being made to gain new business? (Points : 25)Page 21.(TCO E) As the marketing manager for the manufacturer of a new line of computer jump drives, what strategy would you use to get your channel members to promote your product? What is the difference between a Push marketing strategy and a Pull marketing strategy? Explain how you might use each of these strategies. (Points : 25)2.(TCO I) 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)3.(TCO J) Discuss the importance of a company being seen by its public as “being ethical” in its marketing practices. What can a company do to ensure its marketers are practicing ethical marketing? (Points : 25)4.(TCO A) Now that you have completed the Final Draft of your Marketing Plan, were you to begin anew, what would you have done differently insofar as your efforts to segment your TARGET MARKET and your efforts to reach that TARGET MARKET via your promotional mix? What would you have done differently?Be sure to refresh your instructor’s mind by providing one sentence that communicates what your Marketing Plan brought to market. (Points : 25)5.(TCO G) Sales Promotions offer consumers an incentive to buy. Name at least four different types of sales promotion tools, tell how you would use them, and provide an example of a type of product or service you would promote using this tool.Failure to provide all of the requested information will result in a loss of points. (Points : 25)