Reference no: EM133865883

Marketing Management

Question 1

In our unit we discussed the value of marketing in today's corporations. We discussed the relationship of marketing to corporate functions such as accounting, production, sales and R&D.

Explain, using a diagram if you want, marketing's ability to guide the development of the strategy of a firm and how financial success can come through marketing guidance of strong brand, and intelligent channel distribution strategy. Also indicate the relationship of marketing to the other corporate functions. In answering this question, please use examples from the Holmes Institute curriculum.

(answer in 250 words)

Question 2

In our unit we discussed the marketing research process. Please define this process - a diagram may be helpful. Also, explain how each step in the process is necessary to provide the information that a corporation needs to make strategic decisions and be profitable.

Think carefully about primary and secondary data and how data can become information. In answering this question, please use examples from the Holmes Institute curriculum.

(answer in 250 words)

Question 3

Good marketers think carefully about market segments. In our unit we discussed some of the variables that defined market segments - four in total. One of them was "geographics" - in other words what part of the world do you live in and what is your region's culture?

One example we discussed was McDonalds' entry into India and the fact that McDonalds did not try to produce hamburgers with beef in them. Instead, they used a vegetarian product.
Please identify the other 3 variables that defined the market segments.

Give examples that are relevant to this segmentation. You may use Holmes Institute examples or others from your own research.

(answer in 300 words)

Question 4

In our unit we learned about "setting the price". This is obviously an important issue that must be discussed with sales, accounting, and production. It cannot be, "too much or too little".

We learned about a "setting the price" process in our unit. Please explain the process and use a diagram if that is of assistance. Examples are necessary. You can use Holmes Institute or your own research to give examples.

Also, if you wish to discuss issues of elasticity or inelasticity it would maximize your mark.

(answer in 350 words)

Question 5

In our unit we learned about a process to establish, "effective marketing communications". The first step in this model was "Identify target audience". There are in total eight steps in the model.

Please explain what each one of these steps means, and how it advances the ability to establish marketing communications.

Also, from your own experience being an active person in an urban city environment what examples can you offer from your own life experience? This can be from you home country or Australia. Think carefully what the communication is trying to ‘say to you', and what the communicating company is doing to get your attention - think of colour, sporting heroes, etc.

(answer in 350 words)