Mktg 522 Final Exam Solutions

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MKTG 522 Final Exam Solutions

1. (TCO B) Your company has developed a new educational electronic game. Your target market is 4-6 year old children. What research methods would you use to test this product concept? Choose at least three methods that you believe will provide valuable information, and describe your research strategy. 2. (TCO C) Michael Porter proposed a tool, the value chain, for identifying ways to create more value. According to the value chain model, every company is a combination of activities that are performed to design, produce, market , deliver, and support their products. Identify the types of activities that would create value within the organization. How can an organization use this tool? What makes this an effective approach? 3. (TCO H) Marketers recognize that the marketing of services is different than the marketing of a product because of the different characteristics that distinguish them from physical products. How do marketers communicate the value of services to consumers? How do they make these intangible services appear tangible to the consumer?
What are some marketing strategies that might be employed with services to ensure positive results? In your answer, provide an example of a service to which your strategies would be utilized. 4. (TCO D) Your Company manufactures a quality line of home kitchen appliances, refrigerators, stoves, dishwashers, and so forth, and you are highly competitive with companies such GE, Frigidaire, Kitchen Aid, Whirlpool, LG, and others. The market is quite priced sensitive.
You’ve just learned that your primary competitor has cut their prices to the consumer by 7%. What might be some reasons that would support their decision to make a price reduction? What should be your thoughtful…...

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