1. Question : (TCO A, B, C) Describe a value proposition and provide an example. How important is value to the consumer?
Student Answer: A value proposition is a set of benefits that a company offers. It is used to address and satisfy consumer needs. Since “value reflects the sum of perceived tangible and intangible benefits to customer” (Keller, Philip Kotler and Kevin. Marketing Management. 13 pg 14 ), this technique offers as profitable marketing strategy to retail stores. Value is important because it provides customer satisfaction. “Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations” (Keller, Philip Kotler and Kevin. ...view middle of the document...
A marketers’ task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers. (Chap 1, pg 19-22)
4. Question : (TCO A, B, C) Describe Michael Porter’s value chain model. What makes this an effective approach?
Student Answer: Michael Porter's Value Chain looks at increasing competitive advantage by reorganizing the activities related to create, support, and deliver a a firms product. The value chain model believes that every company is a combination of activities that are performed to design, produce, market, deliver, and support their products. This is an effective approach that can lead to more optimal make-or-buy decisions which can result in a cost advantage.
5. Question : (TCO A, B, C) What key elements should be covered when writing a good mission statement? What is the purpose of a mission statement?
Student Answer: Key elements that should be covered in a good mission statement are a shared sense of purpose, direction,and opportunity. It should focus on a limited number of goals, stress the major policies and values of the company, and define the company’s major competitive scopes. In addition, a good mission statement will provide the company's long term view.
6. Question : (TCO A, B, C) What is the difference between primary and secondary research methods? Provide an example of how each of these could be used.
Student Answer: Primary research methods are collected when the data needed doesn't exist. Researchers have to gather new data using various methods. This data...
