AFM101 Lecture Notes - Global Marketing, Sales Promotion, Direct Marketing

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amethystbadger720

7 Aug 2019

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University of Waterloo

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Accounting & Financial Management

Course

AFM101

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ASSIGNMENT:

Create a marketing mix for McCoy's Electric. The following are examples of questions which must be answered within your marketing mix. Keep in mind; this should be a very detailed portion of your marketing plan (at 1 Â½ to 2 pages). Here is an interesting website with some additional helpful information on the marketing mix:

1. PRODUCT (provides a solution to a consumerâs need):

What is your unique selling point?

What features or services make you different than the competition?

2. PRICE (represents the customer cost):

What is the value of your product/service?

The price is based on the way you are selling. Are your products exclusive or are you mass marketing?

3. PLACE (provides convenience):

Where are you selling?

Are you providing retail, wholesale, web based, or a combination of options?

4. PROMOTION (enables two-way communication):

What types of advertising will you utilize?

What are your reasons for choosing the types of advertising?

FlashX company sells hi-end video games to consumers via the internet, each at a price of $75. It buys each game at a cost of $40, and it incurs another $5 per unit in distribution expenses. If FlashX incurs fixed overhead expenses per year of $2.1 million how many units does it need to sell in order to break even?

70,000

65,000

52,500

28,000

QUESTION 6

Why do retailers use the âmarkup on priceâ method of pricing, rather than the âmarkup on costâ method?

		Because it costs less to use the âmarkup on priceâ method.
		So that the âmarkupâ and âmarkdownâ percentages can easily be compared.
		Because it is more profitable to use the âmarkup on priceâ method.
		All of the above.

2 points

QUESTION 7

What can a service marketer do to manage the issue of âperishability?â

Charge higher prices during periods of peak demand, and reduce prices during periods of low demand.

Make sure that ambient conditions (physical surroundings) are pleasant.

Use better packaging to make sure the product does not spoil.

All of the above.

To say that service offerings are âinseparableâ means that:

		A service offering cannot be seen or touched.
		A service offering is âproducedâ or âdeliveredâ in the presence of the customer.
		The quality of a service offering can vary from customer to customer.
		All of the above are true.

2 points

QUESTION 10

Which of the following factors should be considered when setting the price of a new product?

		The price of substitute products.
		The anticipated length of the product life cycle.
		The degree of differentiation between the new product and existing products on the market.
		All of the above.

2 points

QUESTION 11

Which of the following statements regarding packaging is true?

		A package should provide protection to the consumer and to the product.
		A package should attract consumers' attention
		A good package should explain the features of the product, and how to use it.
		All of the above are true.

2 points

QUESTION 12

The "demand based" method for determining the selling price takes into consideration the fact that:

		Lower prices lead to higher sales volumes.
		Higher sales volumes lead to lower unit costs of production.
		Different levels of price (and cost) lead to different levels of profit.
		All of the above.

2 points

QUESTION 13

The concept of the âexperience curveâ is a recognition that:

		For new innovations, production costs typically increase as more and more units are produced.
		For innovations, production costs typically are not affected by production volume.
		For new innovations, production costs typically decline as more and more units are produced.
		Marketing managers who have more experience are typically more effective at their jobs.

2 points

QUESTION 14

Factors that affect the rate of adoption of new, innovative products include:

		The level of compatibility with existing technology.
		The extent to which people can observe others using the product.
		The level of functional, social, and/or monetary risk associated with the product.
		All of the above.

2 points

QUESTION 15

Which of the following statements regarding "convenience products" is true?

		Consumers typically will not accept substitute brands.
		Consumers typically are willing to put forth a high level of shopping effort.
		These products should be distributed through a wide variety of retail stores.
		All of the above are true.

2 points

QUESTION 16

Which of the following statements regarding a âfamily brandingâ strategy is true?

		A family branding strategy allows a firm to capitalize on its previous successes.
		A failure of one product within the family brand can harm sales of the other brands in the family.
		Family branding is advantageous in that it allows consumers to identify the manufacturer much easier, thus helping consumer to better judge the quality of the product.
		All of the above are true.

2 points

QUESTION 17

Which of the following factors argue for a penetration pricing strategy?

		The market potential is large, and is expected to increase over the years.
		It is highly likely that competitors will soon enter the market.
		Higher levels of sales volume are likely to bring lower production costs per unit.
		All of the above.

2 points

QUESTION 18

Which of the following statements regarding packaging is true?

		The quantity of product offered in a package can affect whether some consumers try the product.
		Different markets segments oftentimes desire different size/quantity packages.
		Different types of retail stores oftentimes prefer to carry different size/quantity packages.
		All of the above are true.

2 points

QUESTION 19

To say that a service offering is âintangibleâ means that:

		The service offering is âproducedâ or âdeliveredâ in the presence of the customer.
		The quality of the service offering can vary from customer to customer..
		The service offering cannot be seen or touched.
		All of the above are true

lilacyellowjacket558

You are the Marketing Vice President and one of your directors has prepared the following research proposal for your review and approval. Please evaluate the proposal and choose to approve or disapprove it. Justify your answers. TO: Marketing VP FR: Marketing Director RE: Consumer Advisory Panels Background: Given the dramatic changes that have occurred in our industry since September 11, many of the current marketing programs have not been as effective as in the past in generating new customers and keeping current customers. Previous focus groups and surveys have not provided the answers that we need because new respondents participate each time, limiting continuity from research findings. Proposal: It is proposed that we organize a group of consumer advisory panels to which we could present product ideas, evaluate competitive products, and discuss issues about advertising, product quality, and customer loyalty. It is proposed that we organize one group of 20 panelists in each of our eight sales regions. Panelistâs compensation will be $150 per 2-hour session, with a session planned every 60 days. Panelists will be selected randomly from our customer base for a one-year period, with new panelists included every six months. These groups will be facilitated by members of the marketing department and recorded for future reference. Costs: Total annual costs will be $160,000, which will be taken from the $890,000 secondary research budget. Pilot Test: Two groups will be set up in the closest regions to trial the process and determine its effectiveness. If these first groups are successful, other groups will be organized in 90 days to complete the panels. I am requesting $20,000 to initiate the first two groups and would like to have both in place within 30 days. Your approval is requested before I begin. Sincerely, Chris Jones

AFM101 Lecture Notes - Global Marketing, Sales Promotion, Direct Marketing

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