Principles of Marketing - Term Paper Example

Principles of Marketing Short Answers – In the spaces provided, please provide a detailed answer to the following Based on the branding terms from the “Elements of Product Planning” chapter, please identify a Brand for each of the categories below and the primary buying motivations of the customers. Type of Brand Example of a Particular Brand (Company) What is the Primary Buying Motivation for Customers seeking this Classification of Brand? 1. Generics sellotape Customers classify products under generic brand names because of a particular brand been dominant in the market or having existed in the market for a long time. For instance, brands such as sellotape, Hoover and biro are considered more than just brand names but a noun or an adjective that describes the product. Consumers buy these products are motivated by quality assurance and superiority of the brand. 2. Manufacturer Toyota Customers buy Toyota vehicles because they are assured of performance and quality. Toyota’s logo states that every car in front is a Toyota. This makes customers to buy vehicles under the Toyota brand in order to be equivalent to other vehicle owners. 3. Dealer/Private Label Wall- Mart Products that are marketed under private brands such as Wall-Mart and Carrefour Group are sold at a lower cost compared to other products of similar value. Low price without compromising quality is the main factor that motivates con summers of goods under private label. 4. Family Heinz Customers who seek the classification of products in one family brand are motivated to buy such products are motivated by availability of quality products under the brand. Customers who buy Del Monte fruit juice are likely to buy fruit products under the same brand. 2) According to Abraham Maslow’s Hierarchy of Needs, take products from the industries mentioned below and identify a minimum of two products for each level of the hierarchy. Then answer the follow-up questions. INDUSTRY CHOICES – Automobiles, Education, Restaurants, Travel, Jewelry, Fashion, Electronics, Entertainment, Housing, Furnishing, Personal Care, Pharmaceuticals, Apparel, Shoes, Accessories Maslow Level Product 1 Product 2 Self-Actualization Creativity Problem solving abilities Esteem Achievements respect Social/Belongingness Friendship family Safety Health body Physiological food Physical comfort Follow up: 1) Name two key reasons why a product would fall into the “esteem” category rather than the “social- belongingness category.” A product would be categorized in the esteem category rather than the social-belonging category due to its role in determining people’s attitude. In addition, the degree or quality of products in this class depends on social values. 2) Which area is toughest to identify actual “brands” for? Why was it difficult in your opinion? It is difficult to identify actual brand for the class of self-actualization products. This is because the value of products in this class depends on personal effort and abilities. For instance studying in the best college does not make a person to be excellent in problem solving. 3) You are asked to implement the survey method for a new Snapple drink – be creative and pick a unique flavor. Your budget includes elements to implement at least three primary research methods. Select three methods below and include the methodology for what you would seek to gain from using Each method. Feel free to pick from any assortment of Observation, Survey or Experimental Tactics. Snapple Flavor - _Out-Red-Geous Orange___________________________________________________ Primary Research Tactics What Would be Sought From the Research? 1. Observation I would stand in a shopping mall and observe the visual reaction of customers concerning the new brand. I will also observe people’s behavior when consuming the product for example do they like to consume the Snapple drink while they are traveling or when seated down in a restraint with friends. 2. Experimental I will introduce the drink to a selected population such as a school and analyze the students purchasing behavior for a period of one month. The introduction will involve giving free sample to the students and requesting them to be buying the product. 3. Survey In the survey, I will observe people purchasing behavior such preference for a particular shopping mall or a particular drinking habit. The survey will employ questioners that will contain questions that target the attitude of the customers towards the new drink. 4. In marketing research, there are three fundamental questions – the type of sampling, the type of research and type of information. Compare the three questions below and identify two reasons why you would need to utilize all areas of research. 1. What are two great considerations behind a decision to use probability or non-probability sampling? Using the three research areas is necessary since individual methods do knot give adequate results due to probabilistic factors. Market research are mainly qualitative, thus using the three research areas will avoid ambiguity. 2. Why would you utilize both primary and secondary research techniques in the same research study? Utilizing both primary and secondary research techniques enables a researcher to compare and contrast current and past information. Utilizing both the primary and secondary methods enables a researcher to identify data collection and entry mistakes at an early stage. 3. Give two key reasons on why you would want to gain both quantitative and qualitative data? Qualitative data help in answering “why” And “how” questions that cannot be answered using quantitative methods. Market research is primarily concerned with people’s behavior, which cannot be quantified. This indicates that both methods are instrumental for credible market research data. 5. Using the psychographic categories below from VALS2, list and explain a product which would appeal to each group of people. VALS2 Segment Product Explanation 1. Devout Inspirational books Devout individuals are more concerned with been role models to the society. 2. Fun Seekers Iphone A fun seeker has great interests and trends. Such individuals are compelled into believing that the latest models are the best. 3. Altruists Hybrid car An Altruist is more concerned with effecting changes in the society than personal gains of fame. Thus, an altruist person will be concerned with influencing the society with positive behaviors towards environmental conservation. 4. Creatives Designer shirt A person in this category is more concerned visual and artistic designs on a product than its material value. Creative individuals also like influencing other people with their personal trends or definition of beauty. 6. Miscellaneous – Please answer the following questions. A. Describe a recent situation where cognitive dissonance came into play for you. I was faced with controversy concerning the market share of LG and Apple. The two companies market high-tech products that have great price variations. I always believed that Apple products are more expensive than LG products and hence LG had a bigger share of the market. B. Explain someone that you feel best embodies an opinion leader to you personally. Steve Jobs, the Apple CEO best embodies my opinion leader. The CEO has not only enabled Apple be ranked among the top global brands but he makes edge-cutting decision. C. How strong an effect does culture have on your buying decisions? Explain where it may have an effect. Culture has relative strength in influencing buying decisions. This is because culture is dependent on other factors such as period and trends. Thus, culture does not have a long-lasting effect on the buying decision-making. Read More