Exam MAR201 MW 3-21-18.docx [Read-Only]-Word S MAILINGS REVIEW VIEW -==.a , m. I

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Exam MAR201 MW 3-21-18.docx [Read-Only]-Word S MAILINGS REVIEW VIEW -==.a , m. ITNormaltlNo Spac ! Heading 1 Heading 2 Title Subtitle Subtle Em... En Paragraph Styles speaker discussed. (10 points) (a)Looking at the marketing mix, how do the elements relate to a product being introduced into an EU market rather than the US market? (b)What would you need to change in your group project and why? 3. 4. (5 points) (a)Where would you need to interact with other functional areas (e.g., finance, accounting, management, operations) in a company to get a new product from marketing into the marketplace? (b) How would you interact with each discipline (functional area) in marketing your group project? (10 points)(a) Describe the consumer purchase decision process. (b) Using your term project product, discuss how a consumer would go through the process to purchase. 5. (10 points)(a)Describe the differences between secondary and primary research and explain how each is used for optimal marketing results. (b)Describe what you used/are using for your term project and what you got/want to get from it. 6. 7. (20 points)(a)Define market segmentation and note the bases on which marketers segment. (b)Discuss why segmentation is such a key marketing concept. (c) Discuss how your team chose the market segment(s) for your group project. 8. (25 points)(a)Describe the Product Life Cycle, provide examples of products in each phase, and explain how marketers use this concept. (b)Be specific regarding the 4 p's and other strategies and tactics. (c)Describe how Diffusion of Innovation fits with the PLC. Use your group project as an example.

Explanation / Answer

p3. For a product to be launched in the EU rather than the US, certain changes need to be made in the marketing mix. The first step will involve the in depth study of demographic features of the target market viz. their lifestyle, income levels and spending capacity, cultural elements, education, profession, age group and traditional factors. Another aspect to be studied is the competitive environment and the market composition. With inputs from these studies, suitable changes in product, price,packaging and promotion needs to be taken to meet the needs of the target group and creating maximum value for customers.

4. For bringing the product from marketing stage to the marketplace one needs a strong procurement,production, quality control, distribution and logistics support from operations. It will need to get approval for finance department after preparing budget for the activities to happen. It will also need a robust marketing effort to reach out to the potential customers and creating a long lasting brand association with them. Finally, people will be needed for any activity, which will be provided by HR.

5. First step in Consumer decision making involves identification of need of a product to fulfill certain objectives. Next, he /she identifies the most suitable products available in the market to fulfill those needs. The customers analyses various factors like value proposition, price, benefits, availability etc. Regarding every product by assigning suitable weightage to every factor. It can use many sources to gain information to decide on the relative benefits and costs. After analysing, customer chooses the product with highest score.

6. Primary data is the information which is originally collected by a party with help of questionnaires, surveys, opinion polls to gain insight of a matter. On the other hand, secondary data is the information which has already been gathered or processed by someone else which can be useful in gathering insights for a research work. The data collected by us for the project work depends on the nature of project. Usually the data is the mix of both types thus includes both perspectives.

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