...For this project I was tasked with designing a mousetrap powered vehicle for either speed or distance. I was given the challenge of designing for speed. Due to this I needed to have a light weight mousetrap car with a short lever arm. However the lever arm could not be too short. If it were the mousetrap car would not move as a result of lack of friction. This mistake was made on the first prototype of the vehicle. The first time I tasted in the hallway the lever arm did not have enough leverage to turn the drive wheels. This of course meant that the mousetrap car did not move. After testing I realized that in addition to not having the right sized lever arm my drive wheels did not have enough traction. I discovered this after making my lever arm...
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...ORIENTATION OF A FIRM (Production concept, Product concept, Selling concept and marketing concept) Marketing management wants to design strategies that will build profitable relationships with target consumers. But what philosophy should guide these marketing strategies ? What weight should be given to the interests of customers ? Very often, various interests conflict. There are four alternative concepts under which organizations design and carry out their marketing strategies : the production concept, product concept, selling concept and marketing concept. PRODUCTION CONCEPT The production concept holds that consumer will favor products that available and highly affordable. This is one of the oldest orientations that guide sellers. It gives too much importance to production of goods and services. Large scale production is the base of production concept. Hence, management should focus on improving production and distribution efficiency. Production is important in marketing as without production marketing is just not possible. This concept is still a useful philosophy in some situations e.g. A computer maker Lenovo dominates the highly competitive, price sensitive Chinese PC market through low labor costs, high production and efficiency and mass distribution. However, production concept is one-sided concept as production without considering the needs and expectations of consumers may not get the support of consumers. Companies adopting this orientation run a...
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...chapter 1 Marketing’s Role in the Global Economy When You Finish This Chapter, You Should 1. Know what marketing is and why you should learn about it. 2. Understand the difference between micro-marketing and macro-marketing. 3. Know why and how macromarketing systems develop. 4. Understand why marketing is crucial to economic development and our global economy. 5. Know why marketing special— ists—including middlemen and — facilitators—develop. 6. Know the marketing functions and who performs them. 7. Understand the important new terms (shown in red). www.mhhe. When it’s time to roll out of bed in the morning, does your General Electric alarm wake you with a buzzer—or by playing your favorite radio station? Is the station playing rock, classical, or country music—or perhaps a Red Cross ad asking you to contribute blood? Will you slip into your Levi’s jeans, your shirt from L. L. Bean, and your Reeboks, or does the day call for your Brooks Brothers interviewing suit? Will breakfast be Lender’s Bagels with cream cheese or Kellogg’s Frosted Flakes—made with grain from America’s heartland—or some extra large eggs and Oscar Mayer bacon cooked in a Panasonic microwave oven imported from Japan? Will you drink decaffeinated Maxwell House coffee—grown in Colombia—or some Tang instant juice? Will you eat at home or is this a day to meet a friend at the Marriott-run cafeteria—where you’ll pay someone else to serve your breakfast? After breakfast, will you head off to school...
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...do for the assignments. Reflect deeply on what has worked well for you in your career or your life. What are your stumbling blocks? Focus on using the deeper levels of thinking from Bloom's taxonomy in your responses on all assignments, discussion posts, and so on. You will get out of your education what you put into it. Have questions? Please post them in the Q & A Forum in the Discussion area. For faster response times, feel free to call or e-mail me. ------------------------------------------------- Ready? Let's get started! Click on the Week 1 Objectives tab to left to see what learning we will achieve this week. Marketing, Strategies, and Research What is Marketing? | What is Market Management? | Discovering Consumer Wants and Needs | The Marketing Orientation and the Marketing Concept | The Four Ps | Market Research | Marketing Plan Tip | | What is Marketing? | | Real-Life Application ... | Many equate marketing with advertising. That's not unusual. The concept of "make a product and pitch it on TV" is what marketing is to many Americans.As you will learn in Week 1, marketing is much more than advertising on TV. As a matter of fact, TV advertising – despite the billions spent annually...
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...La Rosa, Maria Sophia S. BSBA – MM3 CHAPTER 7: MARKET SELECTION AND RETAIL LOCATION ANALYSIS 1. Why should retailers be concerned about selecting the right target market? How are target market selection and location related? Retailers should be concerned about selecting the right target market because their target market is their potential customers. These are the people who are most likely to buy their products or to buy from their stores. For the follow up question, target market selection and location are related to each other with regards to reaching the target customers. Location is a very important thing to consider when targeting a segment. Retailers should also be concerned not only with the demographics of their market but with the geographics as well. It would help the retailers in reaching their target markets and it could also help minimize the marketing costs and ensure the focus on the right target market. 2. What three criteria should be met to successfully target a market? The three criteria that should be met to successfully target a market are measurability, accessibility, and substantiality. 3. What types of retailers would be best suited for locating in a lifestyle center? For me, I think specialty and convenience retailers would be best suited to be located in a lifestyle center. 4. Why are some shopping centers and malls now using big-box stores such as Home Depot, Bass Pro Shops and Kaplan’s as anchors? Aren’t anchor stores supposed...
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...holds that consumers prefer products that are widely available and inexpensive. Managers of production– oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. This orientation makes sense in developing countries such as China, where the largest PC manufacturer, Lenovo, takes advantage of the country’s huge and inexpensive labor pool to dominate the market. Marketers also apply the production concept when they want to expand the market. THE PRODUCT CONCEPT The product concept proposes that consumers favor products offering the most quality, per-formance, or innovative features. However, managers are sometimes caught in a love affair with their products. They might commit the “ better mousetrap” fallacy, believing a better product will by itself lead people to beat a path to their door. A new or improved product will not necessarily be successful unless it’s priced, distributed, advertised, and sold properly. THE SELLING CONCEPT The selling concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products, so the organization must undertake an aggressive selling effort. It is practiced most aggressively with unsought goods buyers don’t normally think of buying, such as insurance and cemetery plots and when firms with overcapacity aim to sell what they make, rather than make what the market wants. Marketing based on hard selling is risky. It assumes customers coaxed...
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...chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction ROAD MAP: Previewing the Concepts Fasten your seat belt! You’re about to begin an exciting journey toward learning about marketing. To start you off in the right direction, we’ll first define marketing and its key concepts. Then, you’ll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. ᭤ After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the world’s most dominant brands. The Nike example shows the importance of — and the difficulties in — building lasting, value-laden customer relationships. Even highly successful Nike can’t rest on past successes. Facing “big-brand backlash,” it must now learn...
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...chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction ROAD MAP: Previewing the Concepts Fasten your seat belt! You’re about to begin an exciting journey toward learning about marketing. To start you off in the right direction, we’ll first define marketing and its key concepts. Then, you’ll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the world’s most dominant brands. The Nike example shows the importance of — and the difficulties in — building lasting, value-laden customer relationships. Even highly successful Nike can’t rest on past successes. Facing “big-brand backlash,” it must now learn how to be both big...
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...CHAPTER 1 Introduction to Corporate Finance Compensation of corporate executives in the United States continues to be a hot-button issue. It is widely viewed that CEO pay has grown to exorbitant levels (at least in some cases). In response, in April 2007, the U.S. House of Representatives passed the “Say on Pay” bill. The bill requires corporations to allow a nonbinding shareholder vote on executive pay. (Note that because the bill applies to corporations, it does not give voters a “say on pay” for U.S. Representatives.) Specifically, the measure allows shareholders to approve or disapprove a company’s executive compensation plan. Because the vote is nonbinding, it does not permit shareholders to veto a compensation package and does not place limits on executive pay. Some companies had actually already begun initiatives to allow shareholders a say on pay before Congress got involved. On May 5, 2008, Aflac, the insurance company with the well-known “spokesduck,” held the first shareholder vote on executive pay in the United States. Understanding how a corporation sets executive pay, and the role of shareholders in that process, takes us into issues involving the corporate form of organization, corporate goals, and corporate control, all of which we cover in this chapter. 1.1 What Is Corporate Finance? Suppose you decide to start a firm to make tennis balls. To do this you hire managers to buy raw materials, and you assemble a workforce that will produce and...
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...CHAPTER - 1 INTRODUCTION Introduction: In their 1981 book, Positioning: The Battle for your Mind, Al Ries and Jack Trout describe how positioning is used as a communication tool to reach target customers in a crowded marketplace. Regular use of the term dates back to 1972 when the same authors published a series of articles in Advertising Age called "The Positioning Era." Not long thereafter, Madison Avenue advertising executives began to develop positioning slogans for their clients and positioning became a key aspect of marketing communications. Positioning: The Battle for your Mind has become a classic in the field of marketing. The following is a summary of the key points made by Ries and Trout in their book What is Positioning? Positioning is a platform for the brand it facilitates the brand to get through to the target consumers. Positioning is act of fixing the locus of the product offer in the minds of the target consumers. In positioning, the firm decides how and around what parameters, the product offer has to be placed before the target consumers. The significance of product positioning can be easily understood from David Ogilvy’s words; the results of your campaign depends less on how we write your advertising than on how your product is positioned. Most authors define positioning as the perception that a target market has of a brand relative to its competitors. This definition raises two points. First, positioning is perceptual. In other...
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...Wal-Mart and the U.S. Economy Dr. Robert Jantzen Professor of Economics Iona College Dr. Donn Pescatrice Professor of Economics Iona College Dr. Andrew Braunstein Professor of Business Economics Hagan School of Business Iona College Corresponding Author: Dr. Donn Pescatrice Iona College Department of Economics 715 North Avenue New Rochelle, NY 10801 (914)-637-2729 (dpescatrice@iona.edu) March, 2008 Wal-Mart and the U.S. Economy ABSTRACT The Wal-Mart company, the world’s largest retailer and second-largest corporation, is a dominant U.S. business. This study investigates whether there are significant long-run relationships between the business of Wal-Mart and the overall U.S. economy as measured by an array of traditional macro-level variables. Cointegration analysis reveals that Wal-Mart sales generally move counter to overall economic conditions, dampened in more prosperous economic periods and buoyed in more sluggish economic environments. Consequently, trends in Wal-Mart sales may serve as a rather non-traditional contrarian economic bellwether. Keywords Wal-Mart . macroeconomy . cointegration . bellwether JEL Classifications E32 . L81 . M21 WAL-MART AND THE U.S. ECONOMY Introduction The Wal-Mart corporation has come under media scrutiny for a myriad of reasons in recent years. It continues to be the focus...
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...Chapter 1: Defining Marketing for the 21st Century GENERAL CONCEPT QUESTIONS Multiple Choice 1. Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research Answer: a Page: 4 Level of difficulty: Medium 2. Marketing is both an “art” and a “science”—there is constant tension between the formulated side of marketing and the ________ side. a. creative b. selling c. management d. forecasting e. behavior Answer: a Page: 4 Level of difficulty: Easy 3. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers Answer: d Page: 6 Level of difficulty: Medium 4. Marketing management is ________. a. managing the marketing process b. monitoring the profitability of the companies products and services c. selecting target markets d. developing marketing strategies to move the company forward e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer: e Page: 6 Level of difficulty: Easy 1 Part 1: Understanding Marketing...
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...|Question 1 |1 points |Save | | |Kroger buys a lot of cranberry products at Christmas due to high consumer demand. This is an | | | | | | |example of ________ demand. | | | | | | |[pic] | | | | | | |[pic][pic] | | | | | | | | | | | | | |elastic | | | | | | | | | | | | | |[pic] | | | | | | | | | | | | | |inelastic | | | | | | | ...
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...Marketing Principles Lecture Notes 31/7/2014 Marketing Process Create value for customers and build customer relationships Capture value from customers in return 1. Understand the marketplace and customer needs and wants. 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture Value from customers to create profits and customer equality Create value for customers and build customer relationships Capture value from customers in return 1. Understand the marketplace and customer needs and wants. 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture Value from customers to create profits and customer equality Figure 1.1 Figure 1.1 To explain the various elements of the marketing process, we must first understand the steps in the marketing process. There are five steps in the marketing process and each step consists of many elements. Figure 1.1 present a simple five step model of the marketing process. In the first four steps, the first three steps lead up to the four and most important step; building profitable customer relationships. The fifth (or) final step involves capturing value in return in the form of current and future sales, market share, and profits by treating superior customer value the firm...
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...The Marketing Audit Comes Of Age Philip Kotler, William Gregor and William Rogers Comparing the marketing strategies and tactics of business units today versus ten years ago, the most striking impression is one of marketing strategy obsolescence. Ten years ago US, automobile companies were gearing up for their second postwar race to produce the largest car with the highest horsepower. Today companies are selling increasing numbers of small and medium-size cars and fuel economy is a major selling point. Ten years ago computer companies were introducing ever-more powerful hardware for more sophisticated uses. Today they emphasize mini and microcomputers and software. It is not even necessary to take a ten-year-period to show the rapid obsolescence of marketing strategies. The growth economy of 1950-1970 has been superseded by a volatile economy which produces new strategic surprises almost monthly. Competitors launch new products, customers switch their business, distributors lose their effectiveness, advertising costs skyrocket, government regulations are announced, and consumer groups attack. These changes represent both opportunities and problems and may demand periodic reorientations of the company’s marketing operations. Many companies feel that their marketing operations need regular reviews and overhauls but do not know how to proceed. Some companies simply make many small changes that are economically and politically feasible, but fail to get to the heart of the matter...
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