1 Discuss fully high involvement purchases. Give 2 examples of purchases that fo
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1 Discuss fully high involvement purchases. Give 2 examples of purchases that for you are high involvement.Marketing. 10th Edition, page: 47 Copyright Protected. For Academic Use Only APPLYING MARKETING KNOWLEDGE 1 (a) Using Medtroaic as an example, explain how a shown in Figure 2-7. Suggest an action that a marketing mission statement gives it a strategic direction. (bi Create manager there might take to address each factor a mission statement for your own career 2 What competencies best describe (a) your college or of the strategic markcting process? (a) planning. (b) university and (b) your favorile restaurant? 3 why does a productofensat as a question mark and The goal-setting step in the planning phase of the then move counterclockwise around the BCGs growth straiegic marketing process sets quantified objoctives for share matrix shown in Figure 2-47 4 Select one streagth, one weakness, one opportunity, mcasured results are below objectives7 Ahove objoctives?7 and one threat from the Ben & Jerry's SWOT analysis 5 What is the main resalt of each of the three phases implementation, and (c) evaluation. use in the evaluation phase. What does a manager do if building your marketing plan 1 Read Appendix A, "Building an Effective Marketing 2 Using Chapter 2 and Appendix A as guides, give focus Plan. Then write a 600-word executive summary for the to your marketing plan by (a) writing your mission state- Paradise Kitchens marketing plan using the numbered ment in 25 words or less, (b) listing three monfinancial headings shown in the plan. When you have complcted the goals and three financial goals, (c) writing your competi- draft of your own marketing plan, use what you learned tive advantage in 35 words or less, and (d) doing a SWOT in writing an executive summary for Paradise Kinchens to analysis table write a 600-word executive summary to go in the froet of 3 Draw a simple orpaniration chart for your organization your own markcting plan. video case 2 BP: Transforming Its Strategy "Beyond Petroleum" We want to get people to drive an extra prices to rise sharply during the past few decades. This block or cut across an extra lane of traffic to along with the heightened awareness of global climate choose BP over its competitors," claims Ann change in the late 1990s, created an opportunity for BP to Hand, senior vice president Global Brand transform its mássicn statement to the following Marketing and Innovation (photo below BP formerly known as British Petrolleum, business is ahout Our business is ahout finding, prodacing, and marketing the natural energy resources on which the moders werld de- is one of the world's largest producers and marketers of petroleum products. Through innovative marketing and with a focus on the environment, BP has been transforming itself into a consamer-centric provider of energy prodacts and services that are broader than just oil and gas Pnds BP then reorganized itself primar- ly into two strategic performance (ie, basiness) units to suppoet its mission. These SPUs" consist of activities related to the (I) discovery and production of oil and natural gas and (2) refining and markcting of KEY ELEMENTS IN BP'S BEYOND PETROLEUM Increased energy demand due to the growing economies of both the devel- oped and developing countries as well as supply constraints have caused oi BP also identified and evaluated many opportunities to increase ts sales and profits. One stralegy was through axquisitions. During the late 1990s, BP investod $120 billion to add competiors AmoOD, ARCO, and 47
Explanation / Answer
1. Involvement in purchases refers to the degree a cinsumer is personally involving in making a purchase and the amount of information that is needed to make that purchase. Involvement in purchase is subjective to the consumer and not the product. Some consumer might not think twice before purchasing expensive jewellery whereas some consumers might need time to research and make budgetary decisions to make that purchase. Involvement in purchase can also differ if the purchase is a new or a routine purchase . High involvement purchases are those in which the consumer is highly vested in the purchasing process. High involvement purchases are usually expensive purchases that are important to the consumer and are made once in a while . These purchases do not follow the routine purchasing pattern (grocery, food shopping), but require the customers to take their time to learn about the product and their perceived benefits and risks. High involvement purchase usually have an underlying risk since they are high value commodity and give customer 'post purchase dissonance (anxiety)', which is why the customer support and feedback for the customers are very imperative. There are a number of factors affecting high involvement purchases such as the number one being the price , the value of the product (diamond, gold), the brand image , the perceived benefit to the customer, the marketing and advertising of the product (property), the review of the product by other customers. in my opinion, two high involvement purchases would be that of a house and a car. A house is a one time purchase for which thorough research has to be carried out before investing a huge amount of money. The perceived risk of the investment also has to be determined- crashing market, neighbourhood, registration, legality etc. The house has to fulfill all my requirements in terms of the size, number of rooms, furnished/non furnished, tenancy requirements. The decisions to buy a house is one that takes time and energy and as a customer you have to be completely vested in its purchase. The second highly involved purchase would be that of a car. A car is not a routine purchase for someone is with an average income and a number of criterias have to be met before the purchase - price, mileage, engine, type, first hand/second hand and ofcourse the brand of the car. There are a number of categories when it comes to the pricing - budget cars, premium cars, luxury cars and all of them of different features to cater to the customers. In both these purchases, the customer has to be completely involved to ensure the right product is purchased.
2. Values are instilled belief's that drive ones action. In the corporate sense, core value is the utmost important beliefs that a company has, which guides its corporate strategy, unites its employees and helps resonate the brand image. Different organization have a set of their own core values that they stand by . Core values help the firms form a brand value with the customer and also benchmark a performance standard. In BP's case, their brand value is progressive where they continually strive to provide the best service for their customers and their recent partnership with Ford to build hydrogen vehicles, fuels that belief. BP also strives to continouslt innnovate their technologies in order to provide new and improved products to the customer. Alongwith with their business, BP believes in a green and sustainable environment to an extent where its included in its core value and uses double skinned tanks for its gasoline to avoid spillage and leaks during transportation. Lastly, to ensure the business is working at its best, BP has its performance based on its financial as well as enivronmental matrix which ensures that despite being a profitable company , it also leverages its expertise to save the environment.
2. A company's mission is in essence what your company deals with and what it aspires to be in a short few statements. A mission helps enable the employees and the customer establish clarity about your business. Mission statements are important for small as well as large firms to create resonance and understand the need for the business. Questions such as why , how , where, when are usually answered in the mission statement. A mission statement is the first thing that appears in companies annual reports so all the key stake holders of the business are on the same page as to where the business chooses to establish itself. There are a number of mission statement by the key leaders we are all so familiar with, their mission statement will give us an idea of what they apire to be when they has started off. The mission statements of the following corporate giants are mentioned below -
1. Linked in- “To connect the world’s professionals to make them more productive and successful.”
2. Amazon - “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.”
3. Facebook -“To give people the power to share and make the world more open and connected.”
4. Twitter - “To give everyone the power to create and share ideas and information instantly, without barriers.”
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