Short answer test - Essay Example

MKTG 3000 Summer Semester Final Exam July 28 You are a marketing manager in the USA and you are going to market a product in 45 other countries. What are some implications currency exchange rates will have for setting prices in other countries?There are two types of risks that are involved—transaction risk and translation risk. Transaction risk is a fluctuating exchange rate that may reduce profits, while translation risk is the change of assets in the accounting report because of the fluctuating exchange rate. 2. You are a brand manager with a startup company, launching a new Sunscreen.

You have carefully chosen channel members to help get your product into the hands of customers. What kind of "value” would you want them to add to your marketing efforts and your customers?I would want them to create customer loyalty and retention. Each customer that walks away from the product is customer equity that goes missing. This will need to be done by tailoring products to meet customer needs.3. You are preparing an ad for your future sunscreen retail customers. Explain the elements in the communication process.

The communication process consists of the sender of the advertisement, the content of the advertisement, and the customer who receives the advertisement. Sometimes, feedback can also be considered part of the communication process because it helps to resolve weaknesses. MKTG 3000 Summer Semester Final Exam July 28, 20114. What are the five promotional mix tools and, as a brand manager, how do you use them to achieve integrated marketing communications?The five tools are advertising, personal selling, sales promotion, public relations, and direct marketing.

Advertising is used to reach customers through a medium of exchange. Personal selling is direct communication between an advertiser and a customer. Sales promotions add value to a product by offering incentives to purchase it. Public relations have to do with supporting causes that will make a firm look good. Direct marketing is about connecting with a customer in order to get a response.5. One of the uses of public relations can be used for explaining problems your company is having with product shortages, executive embarrassment, product recalls, etc.

How can you use Public Relations Pro-actively?Public relations campaigns are very easy to organize and are also very cheap to run. It helps to take the focus of problems that may be occurring in the business and focuses consumers’ attention on something that does not concern business operations.6. Your Sunscreen sales are slow. You decide to add B2B sales representatives to your marketing efforts to convince retailers to buy and stock your product. Explain the kind of value you want them to add to your marketing efforts.

The best type of value that can be added is to properly explain the products and its uses. This will help when consumers make the final decision on whether to buy the product or not. If they have all the information at hand then they can make an informed decision quicker.MKTG 3000 Summer Semester Final Exam July 28, 20117. You are busy marketing your sunscreen, and it is becoming successful with gaining market share! In fact, your product has become number 1 in the market! With your limited time, energy, and money, explain how important the need might be to understand competitors in the sunscreen market?

It is important to understand competitors because they may come up with a better product. It is crucial to maintain a competitive advantage by differentiating your products from your competitors. Understanding competitors’ weaknesses can help strengthen your own products.8. You are ready to take your sunscreen global! (Tax deductable visits to beaches around the world - count me in!) Briefly discuss five kinds of factors would you think about before entering the global market.The five kinds of factors that would need to be taken into consideration include political, economic, social or cultural, technological, and ethical factors.

Political factors would include the current political climate in that country or how politically stable that country was. Economic factors comprise of the performance of the local economy. Social or cultural factors have to do with the differences in working culture when compared to the home country. Technological factors could be either a lack of modern technology or enhanced technology that the home country currently does not have. Finally, ethical factors are choices that have to be made regarding conflicts between the culture of the home country and the foreign country.9. Several years ago Bay Watch was a popular weekly television show (PeterMax "appeared" in two episodes).

"Return to Bay Watch" is going to start on Television this fall. The producers have offered you a "product placement" opportunity for your sunscreen for $25,000 per episode. Will this be an ethical move on your part? Is product placement by other companies ethical? Why or why not?No, it will not be an ethical move because the show has to do with people on beaches. It is only natural that a sunscreen product would be on display because the audience needs to know the effects of sun exposure.

Other companies would do exactly the same thing if their product was related to the program that was airing at that particular time.