Marketing Management Principles - Assignment Example

1. Review In what type of stores would you expect to find Convenience Products can be found in a convenience store, which is typically a small store and is characterized by being generally accessible or local in nature. Shopping products can be found in larger stores. Specialty products can be found in special stores that feature in only single products. Unsought products are those that are found in stores that are in small sectors that only regular customers are aware of. 2. Is there a difference between brand name and a trademark? If so, why is this difference importance? A brand is a representative quintessence of all the information associated to a corporation merchandise or facility. A brand name aids to generate relations and potential amongst merchandise. A brand frequently incorporates an unambiguous symbol, fonts, and color design, symbols, which are developed to symbolize inherent principles, ideas and even traits1. A trademark is an idiosyncratic symbol of several varieties that is used by a company to classify itself and its merchandise or services to purchasers. It also helps to differentiate the company and its merchandise from those of others. A trademark is a kind of industrialized chattels, which is diverse from other varieties of intellectual chattels. Ch10. 1. What is a new product? Illustrate your answer. There are numerous categories of new products; a number of are new-fangled to the market, several are new to the organization, and a quantity of others are new to both. A number of new products are inconsequential adjustments of readily available commodities while various are entirely pioneering. There are a number of junctures in new merchandise expansion processes for example proposal production that incorporates thoughts for novel merchandise, the research and development subdivision, opponents, and so on; suggestion selection that consists of, eradicating unstable perceptions; theory expansion and experiment and so on.2 2. Explain why individual brands may not follow the product life-cycle pattern. Give an example of a new brand that is not entering the life cycle at the market introduction stage. The manufactured goods existence sequence, or PLC as it is more commonly known, is one of the best-known advertising conceptions. Initially submitted in the 1920’s, the expression pertains to all comportment of products and representation of all products conceivable chronicling every one as it moves from naissance to development, development to adulthood, adulthood to deterioration, and eventually to bereavement3. The motivating reasons of admission assessment are tactical dealings, ambiguity about prospect requirements and the like. In this implication, conditions have been investigated, under which entrance into a market may be instantaneous and chronological. The consequences propose that entrance charges hasten or slow down with regards to whether the entitlement lessening in idiosyncratic proceeds owing to the instantaneous group entry diminishes or augments with the quantity of lingering competitors4. Explain how a channel captain can help traditional independent firms compete with a corporate channel system. At any rate in a hypothesis, there is a type of exchange: the expenditure of utilizing mediators to accomplish extensive circulation is allegedly subordinate. Certainly, the majority of customer merchandise companies may possibly by no means explain the expenditure of selling straight to their patrons, with the exception of correspondence requisitions. When put into practice, if the manufacturer is considerable enough, the exercise of mediators can every so often cost additional than if approached directly. Countless of the conjectural opinions about conduits consequently rotate approximately based on cost. Alternatively, the majority of the applicable assessments have to do with influence over the buyer. The diminutive corporation has no substitute but to use mediators, often quite a few tiers, but considerable sized conglomerates have other options.5 Conversely, numerous purveyors give the impression of presupposing that once their merchandise has been sold their responsibility is complete. Nevertheless, that circulation sequence is only taking up some responsibility thus the purveyor’s responsibility is far from being completed6. 1. Discuss some reasons why a firm that produces installations might use direct distributions in its domestic market, but use middlemen to reach overseas customers. Circulation conduits have numerous echelons; Kotler7 defined the simplest stage, which is of straight exchange with no mediators, as the zero-level. The subsequent level features only one mediator. In modern time this has been the level which when combined with the simplest level, has represented the supreme proportion of the general volumes distributed, with many levels being stumbled upon. Ch12. 11. Discuss the relative advantages and disadvantages of railroads, trucks, and airlines as transporting methods. Rail transportation is a power resourceful way of automatic land transportation. Railways offer smooth transportation with a smallest amount of friction; this can save power equated with other forms of transportation, such as road transport. Railways also have a diminutive anterior region in relative to the consignment they are transporting, which cuts down on air resistance and thus energy usage. In all, a train needs half or less energy to transport a given weight of freight, than road transport. Furthermore, the rails distribute the weight of the train consistently, permitting considerably superior loads than in road transport, leading to less wear and tear. However, railways are very unsafe and a larger proportion of accidents happen on rails than say on commercial flights. 14. When would a producer or middleman find it desirable to use a public warehouse rather than a private warehouse? Illustrate, using a specific product or situation. Public warehousing is defined as companies that offer short or long-term storage space to an assortment of conglomerates usually on a month-to-month basis. A public warehouse will use its own apparatus and personnel although, arrangements may be made wherever the customer either purchases or sponsors tools. Public warehouse charges are an amalgamation of storeroom fees and operation fees. Public warehouses are frequently utilized to complement space necessities of a private warehouse and thus a producer or middleman would find it more desirable to use a public warehouse. Ch13. 1. What are some advantages and disadvantages to using internet for shopping? Conglomerates need to publicize their products for the following reasons: to elevate patron knowledge, to be reminiscent about obtainable services, to convince clientele to change from adversary conglomerates, and to perk up and preserve the representation of the company. A comparatively innovative type of advertising uses the Internet and is commonly known as internet marketing. It pursues its addressees more accurately, and is now and then described as personalized marketing. Its advantages are; elevated image influence, it is relatively cheaper and so on. Its disadvantages are; immense competition makes it complex to magnetize clientele, it requires continuous updating, and it can be pricey. 6. What advantages does a retail chain have over a retailer who operates with a single store? Does a small retailer have any advantages in competing against a chain? Explain your answer. Chain stores are an array of trade conduits that share a trademark and essential administration, habitually with homogeneous production processes. Such shops may be smaller outlets owned by a big corporation and managed under indenture with the original conglomerate. Characteristics communal to all such stores are essential advertising and acquisitions that frequently result in higher sales, lower costs and seemingly elevated proceeds. 11. Explain how opinion leaders affect a firms promotion planning. Estimation management is a perception that was conceived from the theory of two-step flow of communication promulgated by Paul Lazarsfeld8 and Elihu Katz. The estimation manager is the representative who uses modern technology constantly and who deciphers the connotation of media communiqué for not so frequent media users. Characteristically, the estimation manager is held in reverence, as there are many that accept his opinions. Estimation management has a propensity of being theme particular and therefore can greatly affect a firms promotion planning. References Available at Wikipedia, the Free Encyclopedia Belliveau, P., Griffin, A. and Somermeyer, S. (2002) PDMA ToolBook 1 for New Product Development, John Wiley, New York, 2002. Bollen, N.P.B. (1999), “Real Options and Product Life Cycles”, Management Science, 45(5):670-684 Dixit, A. K. and Robert S. Pindyck (1994), “Investment under Uncertainty”, Princeton, NJ, Princeton University Press. G. Lancaster and L. Massingham, 'Essentials of Marketing' (McGraw-Hill, 1988) Klein, Naomi (2000) No logo, Canada: Random House, Kotler, 'Marketing Management' (Prentice-Hall, 7th ed., 1991) Kotler, 'Marketing Management' (Prentice-Hall, 7th ed., 1991) Read More