The Principles of Marketing - Assignment Example

Principles of Marketing Answer American luxury retailer Neiman Marcus has efficiently adopted the internet marketing into their business. The products can be seen all the time through company website. The internet users can notice and avail their favorite products through online. The company has efficiently uploaded their fashionable clothes in their website. Effective web designing is the key success factor of Neiman Marcus. The other advantages the company has got from internet marketing or implementing e-commerce are advanced supply and inventory management, product development, expand the marketing efforts and reduced operation cost. Answer 2 Global or international marketing is basically extracting out the advantages of differences, opportunities and similarities in order to meet the international objectives. There are enormous career opportunities of students in international and global marketing. It increases the analytical skill of the students, as they have to deal with several international opportunities and threats in business perspective. The marketing students should solve the case studies on different issues that impact the several global companies by implementing several competitive analytical tools of marketing. It will increase the practical knowledge and core competency of good analytical skills. Moreover, the student should up to date with current affairs in global marketing field and have to follow several marketing articles and journals. Answer 3 High involvement internet consumers do more online shopping than the low involvement consumers because the consumers who are less involved with internet believes in the traditional shopping from a outlet. In the present era of internet marketing, the leading e-commerce retailers have targeted the young generation as they do more online shopping. Getting connected by several social media networks and the companies’ social media promotion influence them to consume products. Answer 4 Increase in tax rates affects the global marketing field and importantly the consumer behavior specifically. In India day by bay the price of petroleum, oil and LPG is increasing. As there is limited oil producer and supplier in global market the government of India has to buy the product paying high tax. Therefore, the price is increasing. As a result people are looking for substitute of these products. The consumers are selecting substitute like induction cooker, motor bikes that run by natural energy, oil efficient small cars. The negative buying behavior of consumers towards petroleum is affecting several industries like LPG oven, big SUV family cars etc. Answer 5 The sporting goods retailer should adopt mailed questionnaire method as the questionnaires are short and clear, simple and intelligible and very few questions’ existence. The maximum college students have the personal email id. Moreover, the college student likes sports and different athletic apparel. Therefore, it will be the effective primary data collection. Primary data collection from local agents should be effective for the manufacturer of shipping box as the agents can understand local language and the consumer behavior of local area. Here the effective primary data collection depends upon the honesty and sincerity of agents. The restaurant chain may conduct the direct personal observation as it will give the correct overview and information in order to start up the business. Moreover, it is simple and easy enough to conduct. Answer 6 Starbucks should introduce their outlets in small towns also in global market. As the disposable income of people in developed countries is increasing day by day, it will extend the life of the existing outlets due to the backup of high customer preference in all over the place. Starbucks can introduce the energy drinks with low calories in order to attract more number of customers. Moreover, they can serve products according to the several cultural backgrounds of regional places in global market Answer 7 Several over marketing activities like excessive telemarketing, print marketing and direct mail marketing can harass different people and it may create a negative brand image about the company. The marketers when they adopt marketing need to reduce the over marketing in specific times like busy office hours. The management should focus on other form of marketing strategy like digital marketing, billboards etc. Telecalling about financial service by representative in busy hours can create a negative perception about a brand in consumers’ mind. Direct mail marketing of newly launched sportswear like allows targeting a specific potential target audience in a specific region. Answer 8 The product life cycle measures the efficiency of a product in a competitive market. It is the effective tool in product management. There are four stages in product life cycle tool such as introduction, growth, maturity and decline (Lamb, 246). The products that are entering in decline stage in a life cycle that needs to be reintroduced in competitive market by the product manager. The particular product can reintroduce by adding of several attributes. If the product started to make loss then it may result the negative brand image and can affect the business performance of other star products within the company. Therefore, the product managers take product life cycle as an important tool. Answer 9 The luxury products like Diamond, gold, platinum ring in which inverse demand exists. As these are difficult to get and availability is limited, the demand of product increases as the price increases. A small platinum ring has a minimum price of 28,000 INR. There are expensive ones also that are priced almost 2, 00,000 INR. Answer 10 The three emerging global trends that impact on channels of distribution in US are social media, discount targeted channels and new search model. The departmental store like Wal-Mart, Target, Kmart if implement the trends can cut down the operational cost of channel in distribution. The high end retailers like Tiffany and Nordstrom if uses the trends then it would result more competition within the industry. End of the day ultimately the customer will be benefited. Answer 11 I did not ever purchase anything from the online retailer. As the online transaction is a bit risky, I use to avoid online shopping. Electronic transaction is not safe enough. There are many frauds who can trick fully take the security password of any individual’s account and can take away money. Answer 12 Distributing discounted coupons is one of the effective marketing strategies that increase the brand loyalty. There are five other ways to build effective brand loyalty. Companies should be better than any other competitors in terms of product quality and services. The other five ways are Belonging, accessibility, credibility, connectionability and Repeat. As brand loyalty is more than a particular product to a company, the managers should implement different ways to increase it. Answer 13 Regarding promotional objectives a marketing director should promote in social networking websites and leading e-commerce online travel agent’s website. In order to balance the promotional strategy at first a marketing director should properly do the market segmentation and according to the target market they should conduct the promotional activities. As it is the service industry a manager should implement a pull strategy in order to increase the customer base. The strategy is required due to high competitive and saturated European market. Answer 14 In next five or ten years the leading companies will adopt the social media promotional strategy. Companies will spend more in this mode of promotional activities. As the competitive market has already gets saturated and company rivalry is increasing, this would be an effective strategy. Now the people have crossed their border line by using social networking. Not only the young generation and kids, but also people of different ages are connected with each other through internet. So targeting in social networking media would be very sensitive promotional idea. The e-marketing of companies is increasing rapidly. It is the most important example for future assumption. Answer 15 Many companies do rely on personal selling to promote and move the products and services. It involves seven steps. First step of personal selling is prospecting. In prospecting the sales representatives find the new potential customer to sell the customers. Second step is pre-approach. Here the representatives contact with the new potential customers and take several information about them. The third step in personal selling process is approach. It is the most important step. Here the representatives try to involve with the customers. Fourth step is presentation. Here the representatives give demonstration of their products and services to the proposed customer. The fifth step in personal selling process is overcome the customer objection. Here the representatives have to give the answers and solution of several questions and objections of customers. The sixth step is closing the sales process. Here the representatives write the invoice and provide the final information to customer. The last most important step is follow up. After delivering the products representatives follow up the customers if they are facing problems or not. It increases the brand image and brand loyalty in customers mind. Answer 16 Traditional marketing that is based on product, price, place, promotion; now-a-day is losing its position to e-marketing. The competitive market is saturated enough and due to the increasing number of brands and product the retailers are adopting e-commerce into their business. In the present era of globalization and advanced technology every company wants to capitalize the advantages. Moreover, major number of consumers like e-marketing as it increases the satisfaction and comfort level of customers. Major number of people is connected with each other by social network. The leading e-commerce retailer has efficiently promoted their product and services through e-commerce. The strategies attract the people to consume that product or services. There are some limitations also. Many people think that electronic transaction is not safe enough. There are many frauds who can trick fully take the security password of any individual’s account and can take away money. In order to get the awareness of people the e-commerce retail companies should carefully handle the safety and security issues. Work Cited Lamb, Charles. Marketing. Stamford: Cengage Learning. 2011. Print. Read More