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. On January 2004 Dell reports net revenue approximately $41,444 millions and 46000 employees (Annual report 2004). Marketing Environment Dells strategy is global. It realizes that being closer to the customers is essential in carrying out its marketing strategies as well as in enabling it to build customerRead MoreMarketing Strategy1138 Words   |  5 PagesChapter 1 Marketing in Today’s Economy Exercise 1.1 CarsDirect http://www.carsdirect.com 1. Explore the CarsDirect website, including pricing a vehicle of your choice. How successful is CarsDirect in reducing the hassles associated with buying an automobile? 2. Does the design of the CarsDirect website convey confidence and trust in the car buying process? How has CarsDirect answered consumers’ concerns over the lack of a human element in their marketspace? Exercise 1.2 DaytonaRead MoreMarketing Strategies For A Marketing Strategy1235 Words   |  5 PagesMarketing strategies A marketing strategy is a description of goals that need to be achieved with marketing efforts. A marketing strategy is normally formed by an organizations business goals. Business goals and a marketing strategy should go hand-in-hand. A marketing strategy should consist of a clear goal of what has to be done, informing consumers about the product or services being offered, and also informing consumer of differentiation factors. The 4 P’s of marketing Marketing is a businessRead MoreMarketing Strategies For The Marketing Strategy1453 Words   |  6 Pagestrue cost of production for the particular products and services are not known to the customers. Instead, they feel the worth of a product from their sense of feeling and decide to buy it even on higher price. Therefore producers chase such marketing strategies which help them to set huge perceived value for their product or service and in this way they are able to get high prices for their products in the market (Sweeney et al., 1999). Perceived value is mostly used by companies who manufactureRead MoreMarketing Strategies For A Marketing Strategy1177 Words   |  5 Pagescompanies in marketing has become more intense. Practice effective marketing strategies is very important for most of the companies who want to be successful and to become leaders in marketing. Strategy is part of marketing techniques that combine all the market goals which are the company needs to make a completed plan in order to increase sales and maintain customers (Bennie, 2016). Marketing strategies have been extensively studied in the marketing area. 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. However, choosing just one market will be problematic to the organization because they will be missing out on other opportunities to grow. The organization needs to operate like the old sane, kill two birds with one stone. Therefore, if an organizationRead MoreMarketing Strategy : Marketing Strategies871 Words   |  4 PagesPurpose and Overview The purpose of this case analysis report for Mistine, direct selling in Thailand Cosmetic Market looks into the marketing strategies focus. The report includes external opportunities and threats as well as strengths that are to be discussed here. The external opportunities include new markets and new product and service development. External threats include growing competition and lower profitability external business risks. The weakness are high prices are possible