Marketing management both an art and a science?
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1-How is marketing management both an art and a science? What marketing
challenges and opportunities do businesses face today?
2- What are some factors that influence consumer purchasing decisions? Which do you believe are most important? What are some ways markets can be segmented? How do firms decide which market segments to target?
3- What are some of the differences between business and consumer markets? Why do some customers prefer more of a transactional relationship with business marketers?
4- What factors should be considered in price setting? Which of these factors is most important? Why? Why is adapting the price of a product important?
5- What is the best way a company can build and manage its product mix and product lines?
6- Why are marketing channels and intermediaries necessary? What is the most
important function carried out by intermediaries? Why? Why do channel
arrangements sometimes must be modified over time?
7- Why is logistical efficiency important in marketing? How important is technology's role in market logistics? What are some examples of technology improving market logistics?
8- What is the most important thing to consider in new product development? Why?
Why is it necessary to evaluate the new product idea at each and every stage of the development process? How can marketers best promote consumer adoption of a new product?
9- What are the primary differences between advertising and publicity? How ethical is advertising that appears as publicity?
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Solution Summary
Science is the effort to discover and increase human understanding of how the physical world works; art is the process or product of deliberately and creatively arranging elements in a way that appeals to the senses or emotions. One is focused on analytically understanding the world; the other creates new worlds out of human imagination. Science is fighting against ignorance, uncertainty and ambiguity; art's enemies are limits, dullness and sameness.
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1 - How is marketing management both an art and a science?
The process today, whether in an ad agency or client marketing organization, needs to incorporate the union of two increasingly essential marketing disciplines: strategic planning and analytics. A human synthesis of art and science in thought and action occurs when people combine science and intelligent analysis with an intuitive and creative way of seeing the world. Merging the artistic manner of the strategic planner with the scientific brain of the analyst creates this arts /science marketing approach. Science is the effort to discover and increase human understanding of how the physical world works; art is the process or product of deliberately and creatively arranging elements in a way that appeals to the senses or emotions. One is focused on analytically understanding the world; the other creates new worlds out of human imagination. Science is fighting against ignorance, uncertainty and ambiguity; art's enemies are limits, dullness and sameness.
What marketing challenges and opportunities do businesses face today?
The challenges facing marketing managers are many but among the most prevalent are: identification and assessment of the product to market due to all efforts being expended on current products launched. Another challenge is balancing the marketing teams time between the development of the product and also supporting sales. Marketers also face challenges of identifying customer bases and spend valuable time "cold calling" many times with little to no positive results. And then the most common challenge is competition from other manufacturers of the same type product who are already on the market.Some of the more modern opportunities that marketing managers have today is the advancement of technologies.
With the availability of the internet, marketing has taken on a whole new life. There are so many creative ways to reach a greater audience and advertise in today's society than ever before. Also the more common opportunity are Growth Opportunities. These emerge from changes in market trends, segment dynamics changing and also internal brand or operational business challenges. The Marketing team can then prioritize these Growth Opportunities and begin to develop strategies to exploit the opportunities that could include new or adapted products and services.
2. Factors that influence consumer purchasing decisions...
The three main factors are:
Personal- Unique to a particular person. Demographic Factors. Sex, Race, Age etc
Social - Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture.
Psychological - is a person's motives, attitude, personality, knowledge of product.
The most important factors stem from the ...
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