MKT 3401 MODULE 4 QUESTIONS AND ANSWERS
moodle essays
Level 1 is Market Analysis,
Level 2 is Strategy Development and
Level 3 is Implementation. - Answers - A Marketing Strategy Framework is divided into
3 levels:
Company - Answers - The first part of the market analysis is the _____________.
They also need to make sure their product fits with their company brand and the
company operations while understanding financial capabilities as the company.
goals, mission statement and overall philosophy. - Answers - a company needs to
determine their: (3)
financial,
distribution,
supply chain,
positive brand,
and other factors that the company does well. - Answers - It is important to examine a
company's strengths and weaknesses, as well as the company's brand and reputation
with consumers.
Their strengths could be (4):
(Also, it needs to be determined if there are ways of improving on weaknesses.)
new technology or a new location
tariffs and laws or changes in prices. - Answers - A company needs to take advantage
of possible opportunities, such as ______________________, to make sure that they
are staying ahead of the competition.
And, of course, a company needs to know about possible threats they could face, such
as new ___________________________
Competition. - Answers - The second part of the market analysis is the
___________________
Companies must always be aware of current and future competition as well as what the
current strategy might be if they need to innovate to stay current with the changing
times
Being smart and ready to make adjustments or changes needs to be a constant focus. -
Answers - what is the focus when dealing with competition ?
Companies must always beware of who the competition is and where the next level of
completion might come from. - Answers - this is an example of?
,For example, Coke and Pepsi have always been rivals competing for the soft drink
consumer. Over the past decades, they have engaged expensive and fierce marketing
campaigns against each other as they marketed their many products. But they were
slow to respond when heath became a high priority for consumers. They were not
sagacious in anticipating that water would become one of their chief competitors. Water
would also become a main competitor for many companies.
the importance of being aware of the different forms of competition that can be found. -
Answers - this is an example of?
For example, there continues to be fierce competition to eliminate straws used in
restaurants and coffee shops. With the growing concerns to reduce the amounts of
plastic straws, consumers are now demanding alternatives to plastic straws. The
plastics industry must confront this challenge and design a product that will be
appealing and not threatening to consumers concerned about the environment. This
has presented rich opportunities for paper straws or other types of non-disposable
straws to compete with the plastic straw industry. The ability for a company to be agile
and to have the vision to adapt to changes in consumer preferences will enable them to
respond to new opportunities as they emerge.
competition can be a rival school who tries to capture a rich fan base with highly loyal
fans. - Answers - this is an example of?
For example, LSU is home to the leading football program in Louisiana. The University
has competition from other schools such as Texas A&M and the University of Georgia.
But one of their biggest competitors is the New Orleans Saints of the National Football
League. Even though it is a professional football team, they are competing for fans to
purchase tickets for Saints game or to spend their money at hotels and restaurants in
New Orleans and not Baton Rouge. Because of the rather high cost of football game
tickets, fans might have to decide which team they will support and where their travel
money will go.
Consumer - Answers - The third part of a market analysis is the ____________.
Companies must learn who their possible customers are, how they get their information,
what benefits are they receiving from the product they are purchasing, and when and
where do they buy.
Senior Citizens,
Baby Boomers,
Generation X,
Millennials,
Generation Z - Answers - Gathering insightful demographic information can help in
targeting and communicating with a certain population of potential customers.
Information is being constantly gathered regarding consumer's ethnicity, education,
nationality, and geographic location. Learning about the age of the consumer is also
critical and can be broken down by categories such as (5):
67
, Generation Z
17 - Answers - According to a Wall Street Journal article, there are _____ million
members of _______________, those people born around 1997. Of that population,
approximately ____ million are now adults and preparing to enter the workforce where
they have many purchase decisions that need to be made. There are many
characteristics that describe Gen Z and this information can be used by companies as
they try to appeal to them. Understanding the profile of how each age group differs is
helpful in deciding which segment of the population to pursue.
Focus could also be placed on gender. Although some products are aimed at either
male or female populations, there could be a shift in order to expand market share. -
Answers - this is an example of?
For example, the NFL's primary consumer base has been on a male population from
early twenties to Baby Boomers. In their attempt to expand their fan base, the NFL
began focusing on women and children ages 8-12. The success of their campaign was
that they were able to grow their female fan base and were able to create a new line of
NFL licensed apparel exclusively for women.
Focus could also be placed on gender. Although some products are aimed at either
male or female populations, there could be a shift in order to expand market share. -
Answers - this is an example of?
Botox, the anti-wrinkle product. Now that they have captured a large segment of the
female population, they are now focusing on males in the range of 40 years old as they
expand their consumer base. Botox was developed as an antiwrinkle treatment for
female Baby Boomers and has been an industry success. Although the leader industry,
they are now trying to boost sales. Their new ad campaign is marketing to younger
people and to men. Have a campaign called Bo-curious. According to the Wall Street
Journal, the phrase is similar to the term bicurious which means "an intense interest in
bisexuality" and as the article states, will generate conversation with people of all ages
and gender.
Conditions
social factors - Answers - The fourth part of a market analysis is __________. These
are the factors in the external environment that are constantly changing.
Analysis should be placed on the ___________. These are the values of the day and
how do companies adjust to them.
how companies adjust to the social factors of conditions - Answers - this is an example
of?
For example, shortly after September 11, 2001, airlines changed policies regarding the
size of luggage allowed on planes. If the luggage was not the correct size to pass
security checks, it had to be stowed below the plane. When luggage manufactures
learned of this new change, they should have reacted swiftly to design luggage to meet
the new specifications. Samsonite, the luggage manufacturer was one of the first
companies to respond when the government changed regulations regarding the size of
carry-on baggage after the 9/11 attacks. By redesigning the luggage to meet these
moodle essays
Level 1 is Market Analysis,
Level 2 is Strategy Development and
Level 3 is Implementation. - Answers - A Marketing Strategy Framework is divided into
3 levels:
Company - Answers - The first part of the market analysis is the _____________.
They also need to make sure their product fits with their company brand and the
company operations while understanding financial capabilities as the company.
goals, mission statement and overall philosophy. - Answers - a company needs to
determine their: (3)
financial,
distribution,
supply chain,
positive brand,
and other factors that the company does well. - Answers - It is important to examine a
company's strengths and weaknesses, as well as the company's brand and reputation
with consumers.
Their strengths could be (4):
(Also, it needs to be determined if there are ways of improving on weaknesses.)
new technology or a new location
tariffs and laws or changes in prices. - Answers - A company needs to take advantage
of possible opportunities, such as ______________________, to make sure that they
are staying ahead of the competition.
And, of course, a company needs to know about possible threats they could face, such
as new ___________________________
Competition. - Answers - The second part of the market analysis is the
___________________
Companies must always be aware of current and future competition as well as what the
current strategy might be if they need to innovate to stay current with the changing
times
Being smart and ready to make adjustments or changes needs to be a constant focus. -
Answers - what is the focus when dealing with competition ?
Companies must always beware of who the competition is and where the next level of
completion might come from. - Answers - this is an example of?
,For example, Coke and Pepsi have always been rivals competing for the soft drink
consumer. Over the past decades, they have engaged expensive and fierce marketing
campaigns against each other as they marketed their many products. But they were
slow to respond when heath became a high priority for consumers. They were not
sagacious in anticipating that water would become one of their chief competitors. Water
would also become a main competitor for many companies.
the importance of being aware of the different forms of competition that can be found. -
Answers - this is an example of?
For example, there continues to be fierce competition to eliminate straws used in
restaurants and coffee shops. With the growing concerns to reduce the amounts of
plastic straws, consumers are now demanding alternatives to plastic straws. The
plastics industry must confront this challenge and design a product that will be
appealing and not threatening to consumers concerned about the environment. This
has presented rich opportunities for paper straws or other types of non-disposable
straws to compete with the plastic straw industry. The ability for a company to be agile
and to have the vision to adapt to changes in consumer preferences will enable them to
respond to new opportunities as they emerge.
competition can be a rival school who tries to capture a rich fan base with highly loyal
fans. - Answers - this is an example of?
For example, LSU is home to the leading football program in Louisiana. The University
has competition from other schools such as Texas A&M and the University of Georgia.
But one of their biggest competitors is the New Orleans Saints of the National Football
League. Even though it is a professional football team, they are competing for fans to
purchase tickets for Saints game or to spend their money at hotels and restaurants in
New Orleans and not Baton Rouge. Because of the rather high cost of football game
tickets, fans might have to decide which team they will support and where their travel
money will go.
Consumer - Answers - The third part of a market analysis is the ____________.
Companies must learn who their possible customers are, how they get their information,
what benefits are they receiving from the product they are purchasing, and when and
where do they buy.
Senior Citizens,
Baby Boomers,
Generation X,
Millennials,
Generation Z - Answers - Gathering insightful demographic information can help in
targeting and communicating with a certain population of potential customers.
Information is being constantly gathered regarding consumer's ethnicity, education,
nationality, and geographic location. Learning about the age of the consumer is also
critical and can be broken down by categories such as (5):
67
, Generation Z
17 - Answers - According to a Wall Street Journal article, there are _____ million
members of _______________, those people born around 1997. Of that population,
approximately ____ million are now adults and preparing to enter the workforce where
they have many purchase decisions that need to be made. There are many
characteristics that describe Gen Z and this information can be used by companies as
they try to appeal to them. Understanding the profile of how each age group differs is
helpful in deciding which segment of the population to pursue.
Focus could also be placed on gender. Although some products are aimed at either
male or female populations, there could be a shift in order to expand market share. -
Answers - this is an example of?
For example, the NFL's primary consumer base has been on a male population from
early twenties to Baby Boomers. In their attempt to expand their fan base, the NFL
began focusing on women and children ages 8-12. The success of their campaign was
that they were able to grow their female fan base and were able to create a new line of
NFL licensed apparel exclusively for women.
Focus could also be placed on gender. Although some products are aimed at either
male or female populations, there could be a shift in order to expand market share. -
Answers - this is an example of?
Botox, the anti-wrinkle product. Now that they have captured a large segment of the
female population, they are now focusing on males in the range of 40 years old as they
expand their consumer base. Botox was developed as an antiwrinkle treatment for
female Baby Boomers and has been an industry success. Although the leader industry,
they are now trying to boost sales. Their new ad campaign is marketing to younger
people and to men. Have a campaign called Bo-curious. According to the Wall Street
Journal, the phrase is similar to the term bicurious which means "an intense interest in
bisexuality" and as the article states, will generate conversation with people of all ages
and gender.
Conditions
social factors - Answers - The fourth part of a market analysis is __________. These
are the factors in the external environment that are constantly changing.
Analysis should be placed on the ___________. These are the values of the day and
how do companies adjust to them.
how companies adjust to the social factors of conditions - Answers - this is an example
of?
For example, shortly after September 11, 2001, airlines changed policies regarding the
size of luggage allowed on planes. If the luggage was not the correct size to pass
security checks, it had to be stowed below the plane. When luggage manufactures
learned of this new change, they should have reacted swiftly to design luggage to meet
the new specifications. Samsonite, the luggage manufacturer was one of the first
companies to respond when the government changed regulations regarding the size of
carry-on baggage after the 9/11 attacks. By redesigning the luggage to meet these
