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MKT 250 Lynn University Marketing Benefits and Value Questions

1. Define Marketing in your own words. What are the core functions of the marketing field? In your answer, discuss how marketing became a necessary business function, what it originally focused on (and why), and how it evolved over time, prior to WW2, after WW2, in the 1980s, and finally from the Internet Age onward.

2. What is the difference between benefits and value?

Throughout the course, the concept of creating perceivable benefits and value has been applied to various lectures. From a marketer’s perspective, how can we ensure that our target market perceives the benefits and value we offer and promote to them?

From a customer’s perspective, how do we perceive whether the benefits promised and delivered in products have any value to us? Explain.

3. Explain the concept of marketers viewing a typical household as a System of Inputs and Outputs.

What are these so-called “Inputs”?

What are the resulting “Outputs”?

Discuss how the dynamic nature of a household forces businesses/organizations to also engage in dynamic marketing strategies.

4. What is the “Pareto Principle”, also known as The 80/20 Rule? What does it mean from a marketing perspective?

Although it is a general, statistical rule, why is it important to marketers from a Customer Relationship Management perspective? Explain.

5. Based on our Lecture(s) recording and whiteboard notes, list and explain the core components of Strategic Marketing (be thorough in your answer).

Provide at least one example of a company (or multiple ones) that has implemented those core strategic components.

6. Recall the BCG Matrix (stars, cash-cows, question marks, and dogs):

Explain each quadrant of the BCG Matrix.

Apply each one of the following brands/products to its corresponding quadrant, and explain how/why it applies:

GoPro action cameras

Electric vehicles (EVs)

3D-printers

Digital/Online retailing

7. Provide a definition of Industries and Markets.

How do they differ?

What do marketers research and evaluate when conducting an Industry Analysis?

What do marketers research and evaluate when conducting a Market Analysis?

8. List and explain Copeland’s classification of Goods. In your answer, include a brief discussion on the two main different types of Services.

Discuss and explain the relationship between consumer’s income and purchasing power, to each classification of goods.

Discuss and explain the relationship between social and environmental responsibility and sustainability, to each classification of goods.

9. What is the difference between an international (also known as multinational) marketing strategy, and a global marketing strategy?

Provide an explanation as to why global enterprises attempt to standardize their Marketing Mix Strategy to a global consumer market.

What have sociologists and economists noticed about consumer cultures in increasingly globalized economies? How does that impact the marketing field?

10. What does it mean to study Consumer Behavior? Why do marketers want to deep-dive into understanding consumer’s purchasing patterns and trends? You may use the definition covered in class, but are expected to provide a thorough answer.

List the 5-Step Consumer Decision Process:

Provide a brief explanation of each step

Explain each step from a Marketer’s perspective, use real-world examples to support your answer(s).

11. (EXTRA CREDIT)

As the Industrial Revolution launched mass production of goods, there was more emphasis on _________ products from the factories to the wholesalers, retailers, and ultimately the consumers. This is why the original name given to what became the marketing field, was _______ ________.

https://drive.google.com/drive/folders/1tRs8NJq-usADUUmq3sQE7Im0RzU4tLNk?usp=sharing

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