Tuesday, January 7, 2020

Marketing Strategies - 2110 Words

Marketing Strategies – Midterm 1. The five types of customer needs are: Stated needs, Real needs, Unstated needs, Delight needs and Secret needs. Define each and give an example for each. Stated needs are wants that are expressed by the customer while shopping for a product or service. An example of a stated need is when a customer wants to buy a two-bedroom condo. Real needs are the underlying needs of those that are stated. In the case of the customer that wants to buy a two-bedroom condo, they want a condo that is convenient with regards to proximity to work, friends, family and sources of activity. Unstated needs are expectations that a customer associates with the product or service they are shopping for in which the†¦show more content†¦There are several ways in which a company is able to conduct marketing research. Some of these ways are more expensive than others, but if I were in charge of marketing research for a small company that didn’t have the necessary budget for an extensive research project, I would approach it in the following three ways: 1. Utilizing the internet – The internet has the answer to anything at just a Google search away. A company can use the internet to see how their competitors’ website is set up compared to their own and what consumers are discussing about yours and your competitors company via chat rooms, blogs and forums. The internet is a wealth of information and it is available at a minimal cost. 2. Engaging top MBA students to design and carry out projects – This is not only a great way to get some add itional sets of eyes on a specific marketing situation facing a company, but it is also available at the cost of just experience and visibility for the MBA students involved. 3. Focus Groups – I would lastly consider running a series of focus groups. This is a great way to test different ideas to resolve a specific marketing situation facing a company. Based on the results of the focus groups, you are able to determine a direction for the marketing plan at yet another minimal cost. 5. What is Customer-perceived value (CPV) and give an example of when the value of a product or service did not match the cost you paidShow MoreRelatedCorporate Responsibility and Marketing Strategies1838 Words   |  8 Pagesï » ¿ Corporate Responsibility and Marketing Strategies Wanda Joyce McGhee Dr. Malinda Swigart Business 508 July 13, 2014 Corporate Responsibility and Marketing Strategies There is no question that Apple is a remarkable company. In addition to its business turnaround, its innovative design, and its media content and apps, the unadulterated  sexiness of all its products makes Apple hard to resist. For me, what isn’t hard to resist, is asking: How can a company that is this extraordinaryRead MoreThe Marketing Strategy Of Walmart1496 Words   |  6 Pagesrecognition by consumers escalate to never before seen heights. Because of this brand recognition, it has become important for businesses to design their websites to reflect their overall marketing strategies. This is especially important in the retail world. All retail businesses have a similar overall marketing strategy of generating sales and retaining the customer for future sales. Most of the retail giants still greatly rely on the success of their brick and mortar stores to turn a profit. HoweverRead MoreDells Marketing Strategy1802 Words   |  8 Pagesalways been careful in sustaining i ts marketing strategy of providing standard-based computing solutions (Official Website 2004). Today Dell is the third largest computer manufacturer in the world. 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For example, marketing strategy was discussedRead MoreMarketing Strategies Of The Marketing Strategy Essay1527 Words   |  7 PagesThe Marketing Strategies that were exercised by eBay which contributed to its success. 1. Definition of the Marketing Strategy Grewal and Levy (2010: p.32) states that â€Å"a marketing strategy identifies a firm’s target market(s), a related marketing mix - their four P’s and the bases upon which the firm plans to build a sustainable competitive advantage†. Kotler and Keller (2012: p.274) further argues that ‘the marketing strategy is built on segmentation, targeting, and positioning (STP) and a companyRead MoreMarketing Plan For A Marketing Strategy909 Words   |  4 PagesA marketing plan is crucial to the survival of an organization. Marketing plans need to be well thought out and target a certain market. The market that an organization chooses will demonstrate what direction they want the organization to head in. 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