13 Jun DESCRIBE THE COMPONENTS OF A COMPANY’S MARKETING ENVIRONMENT.
INSTRUCTIONS: You are to answer five (5) of the following questions fully in essay format (these are not SHORT ANSWER TERMS). Each question is worth 20 points.
1. Describe the components of a company’s marketing environment. Give examples to show how each of the environmental variables might affect the following firms:
a. Amway products
b. Land’s End catalog sales
c. Local Red Cross
2. Identify firms that you feel reflect the philosophies of each of the following eras. Defend your answers.
a. Production era
b. Sales era
c. Marketing era
d. Relationship era
3. Distinguish between marketing research and marketing intelligence. What benefits are derived from marketing research and marketing intelligence. If you were the marketing manager for a large fast food restaurant, what types of information would you like to have?
4. Discuss the major bases for segmenting the consumer market. What segmentation basis would you recommend for each of the following products and why?
a. A ballet production
b. Fat-free snack foods
c. Motor home RV
d. Boston Red Sox
5. Explain the stages of the product life cycle (PLC). Which stage is the:
a. Most important
b. The most riskiest
c. Offer the greatest profit potential
d. Explain your thinking behind each of your answers
6. Identify and explain the basic pricing objectives available to marketers. What types of adjustment/discounts and or allowances are available to marketers?
a. Marketing managers indicate that customer satisfaction depends on both performance and expectations. Should companies ever take steps to lower customer expectations? Explain your answer.
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