Case Study
Chapter 1
Distinguish between the micro and macro views of marketing. Then explain how they are interrelated, if they are.
The macro view of marketing is concerned with how a whole marketing system works, while the micro view of marketing is concerned with how individual firms do and/or should operate. In a market-directed economy, the actions of individual firms and consumers pretty much determine how the macro system works. But it is possible for others, including the government, to modify the macro-marketing system and their role and apparent efficiency may be affected by others-including consumers and the government; i.e., consumers acting through their representatives.
Chapter 2
Explain in your own words, what each of the four P’s involves and provide an example?
The main concern of the "Product" is to develop the right product for the targeted market. Example: Orange and Royal Blue Book Bag
The main concern of the "Place" is to make sure the product is to the right targeted place when the customer needs it. Example: A sports store in Whiteville
The main concern of the "Promotion" is making sure the word is out to the public about the product. Example: Send flyers to local schools and in newspapers.
The main concern with the "Price" is making sure the price is competitive. Example: If another popular shoe is $65.00 – charge $60.00
Chapter 3
In your own words, explain how a marketing manager might use a competitor analysis to avoid situations the involve head on competition.
The competitor analysis encourages the marketing manager to think in terms of whole strategies – target markets and relevant marketing mixes – as well as competitive barriers when evaluating the competitive situation. There may be a number of competitors who are very similar with respect to one dimension (i.e., the product that they offer), but who are very different with respect to other aspects of the strategy (channel of distribution, promotion approach, etc.).
Distinguish between the micro and macro views of marketing. Then explain how they are interrelated, if they are.
The macro view of marketing is concerned with how a whole marketing system works, while the micro view of marketing is concerned with how individual firms do and/or should operate. In a market-directed economy, the actions of individual firms and consumers pretty much determine how the macro system works. But it is possible for others, including the government, to modify the macro-marketing system and their role and apparent efficiency may be affected by others-including consumers and the government; i.e., consumers acting through their representatives.
Chapter 2
Explain in your own words, what each of the four P’s involves and provide an example?
The main concern of the "Product" is to develop the right product for the targeted market. Example: Orange and Royal Blue Book Bag
The main concern of the "Place" is to make sure the product is to the right targeted place when the customer needs it. Example: A sports store in Whiteville
The main concern of the "Promotion" is making sure the word is out to the public about the product. Example: Send flyers to local schools and in newspapers.
The main concern with the "Price" is making sure the price is competitive. Example: If another popular shoe is $65.00 – charge $60.00
Chapter 3
In your own words, explain how a marketing manager might use a competitor analysis to avoid situations the involve head on competition.
The competitor analysis encourages the marketing manager to think in terms of whole strategies – target markets and relevant marketing mixes – as well as competitive barriers when evaluating the competitive situation. There may be a number of competitors who are very similar with respect to one dimension (i.e., the product that they offer), but who are very different with respect to other aspects of the strategy (channel of distribution, promotion approach, etc.).