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Market research and consumer

1. Describe a value proposition and provide an example. How important is value to the consumer?

2. How would you describe relationship marketing? Why are these relationships so important to successful marketing?

3. What are the similarities and differences between holistic marketing and integrated marketing communications

4. Describe Michael Porter's value chain model. What makes this an effective approach?

5. What key elements should be covered when writing a good mission statement? What is the purpose of a mission statement?

6. What is the difference between primary and secondary research methods? Provide an example of how each of these could be used.

7. Write out two different examples of closed-end questions you might use for a market research survey.

8. Putting surveys aside, what other market research methods could be used to gather data? Briefly describe three.

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1. Describe a value proposition and provide an example. How important is value to the consumer?
Value proposition is a marketing statement that summarizes additional benefits to the customer as a result of purchasing goods or use services offered by the company. It emphasizes on why a customer should buy product or use services. Following is an example of Apple's value proposition to its customers...
Convince (Who?): For talented creative and techno-savvy people.
That (What?): Apples offers hi-tech and easy-to-use products.
Because (Why?): Apple consistently innovates and come up with well-designed technology products...iPod, iTunes, iPhone, iMac.
Value is a plays an important role in purchasing decision of a consumers. It makes them confident and builds their trust in company. It strengthens their faith and belief in company's policy, attitude, communication, and that the company will stand by what they are giving to him.

2. How would you describe relationship marketing? Why are these relationships so important to successful marketing?
Relationship marketing is a strategy to develop long term relationship with the customers in order to retain them and win their loyalty. It involves methods and tactics designed to foster customer loyalty, interaction and long-term engagement. It focuses on exceeding customer satisfaction and having strong connections with the customers by promoting open communication between company and customers.
Building strong relationships with the customers is an important aspect of a successful marketing strategy in consistently changing global market. A company that fails to nurture and retain its existing customer's base ultimately fails in terms of generating revenue and success in future. Following statistics of relationship marketing shows why it is important to develop the relationship with the customers ....
• Repeat customers spend 33% more than new customers.
• Referrals among repeat customers are 107% greater than new customers.
• It costs six times more to sell something to a prospect than to sell that same thing to a customer.
The bottom line is that one of the key components in success of business is to build and spend time and effort nurturing customer relationships as this strategy helps the company in increasing the sales by 50% without increasing the company's budget.

3. What are the similarities and differences between holistic marketing and integrated marketing communications?
Difference - An integrated marketing communication is a marketing approach to achieve objective of the marketing campaign or integrating all the promotional tools (all forms of communication with messages) so ...

Solution Summary

Market research and consumers are examined. The expert describes the value proposition and provides an example.

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