Utilization of marketing concepts in different paradigm
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The problem is composed of
1. (Evaluating Opportunities in the Changing Market Environment). The owner of a small hardware store, the only one in a medium-sized town in the mountains, has just learned that a large home improvement chain plans to open up a new store nearby. How difficult will it be for the owner to plan for this new competitive threat? Explain your answer.
2. (Focusing Marketing Strategy with Segmentation and Positioning). List the types of positional segmenting dimensions, and explain which you would try to apply first, second, and third in a particular situation. If the nature of the situation would affect you answer, Explain why?
3. (Marketing's Value to Consumers, Firms, and Society). Give an example of a recent purchase wasn't just a single transaction but rather part of an ongoing relationship with the seller. Discuss what the seller has done (or could do better) to strengthen the relationship and increase the odds of being a loyal customer in the future.
4. (Marketing Strategy Planning). In your own words, explain several reasons why a marketing manager should consider international markets when evaluating possible opportunities.
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Solution Summary
This solution focuses on the following marketing concepts:
a.) Evaluating Opportunities in the Changing Market Environment b.) Focusing Marketing Strategy with Segmentation and Positioning c.) Marketing's Value to Consumers, Firms, and Society), and d.)Marketing Strategy Planning.
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Question:
1. (Evaluating Opportunities in the Changing Market Environment). The owner of a small hardware store is the only one in a medium-sized town in the mountains has just learned that a large home improvement chain plans to open up a new store nearby. How difficult will it be for the owner to plan for this new competitive threat? Explain your answer.
Answer:
It is difficult because it will entail careful planning, sacrifice and cost. To be competitive with the 'large home improvement chain', the following may be implemented by the 'small hardware store' :
a.) Convert your store into a Convenient Store. This means that instead of the regular store hours of 8:00-12, 1:00-5:00, the store will be open 24 hours a day.
b.) Advertise. Do this using the different media available in the town-print, broadcast, and television.
c.) Create rapport with the community. Find time to spend time and resources to help the community as part of the store's social obligations. Doing this will endear the store to the townsfolk.
d.) Implement purchase discounts and raffle draws. Provide incentives for regular customers. Even a small discount or ...
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