Short Answer – Fully Answer Each Question
1. What are the types of competitive advantage? What are the pros and cons of each? Which is subject to continuous erosion? Why?
2. Describe the elements of the marketing mix. Which one is the most flexible?
3. What are the elements necessary for an exchange? Does an exchange have to take place for marketing to be successful? Why?
4. Fully explain the four Marketing Management Philosophies. Give examples of types of companies and types of economies / customers supported by each philosophy.
Four Marketing Management Philosophies:
Internal capabilities of the firm
Aggressive sales techniques and the belief that high sales result in high profits
Satisfying customer wants and needs while meeting organizational objectives
Satisfying customer wants and needs while enhancing individual and societal well-being
5. What are the elements of complete marketing plan? What types of strategic planning should be done to fully accomplish a successful marketing plan?
6. Refer to the “Core American Values.” From a marketing perspective, how can you use these values? What dangers do you see?
The 6 Core American Values:
•Self-sufficiency – Every person should stand on his or her own two feet.
•Upward mobility – Success comes with getting an education, working hard, and playing by the rules.
•Work ethic – Hard work, dedication to family, and frugality are moral and right.
•Equality – No one should expect to be treated differently from anybody else.
•Individualism – Each person is unique and special.
•Achievement orientation – Emphasizes on getting things done by setting goals, planning, and measuring results
7. Explain the types of research questions marketers need answered and the limitations of each. What are some common errors in marketing research?
8. Explain how the internet impacts market research including any limitations.
Long Answer / Essay
Fully explain the risks of relying on traditional demographic groupings in marketing. Please include alternatives to traditional demographics.
You are the owner of a small consumer research / data business. Business is slow, payroll is tight, expenses are piling up. You are considering the need to lay off employees to keep the business going. A larger company offers you a large cash payment for your customer data. Do you take it? Is it ethical? Why?
Note: All answers must be in your own words, as the completed paper will be ran through the plagiarism detecter TurnItIn.
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