1. Your company has developed a new educational electronic game. Your target market is 4-6 year old children. What research methods would you use to test this product concept? Choose at least three methods that you believe will provide valuable information, and describe your research strategy.
2. New products fail at a very high rate, often greater than 75%. Demonstrate a graduate-level response that communicates your in depth rationale for why so many products fail upon their introduction. Based on this, to what should marketers be sensitive when introducing a product that is new to the market?
3. An increasing number of companies are basing their prices on the customer's perceived value of the product or service. Explain the concept of perceived value pricing. What is the "key" to pricing in this manner? How might the marketer determine the price that the consumer might pay in exchange for that value that they receive?
4. As the marketing manager for the manufacturer of a new line of computer jump drives, what strategy would you use to get your channel members to promote your product? What is the difference between a Push marketing strategy and a Pull marketing strategy? Explain how you might use each of these strategies.
5. Many companies state their market logistics objective as "getting the right goods to the right places at the right time for the least cost." Looking at these market logistics objectives, what are the different cost factors that need to be taken into consideration when looking at the total cost for effectively delivering a target level of customer service?
6. Discuss the importance of a company being seen by its public as "being ethical" in its marketing practices. What can a company do to ensure its marketers are practicing ethical marketing?
7. What is integrated marketing communications? To whom is it targeted? Why is it key to a company's success in the 21st century?
1. To test the product concept, both qualitative and quantitative methods should be used. Data from large retailers of children's toys can be obtained to calculate what percentage of total sales was from educational toys. Similarly other data sources like industry reports and market analysis reports would help in getting target sales which could be expected by the company. Qualitative data such as customer feedback (children and their parents), desires and motivation to buy educational toy would help in gauging market needs. Using a combination of these techniques would provide the company with valuable information which can be used for improving product features.
Research would be rolled out in two segments to gather all possible insights:
Secondary research: This enables research group to gain understanding of the psychology of children and consists of review of existing toys available in the market.
Primary Research: This would involve going to schools to question children and teachers.
2. One of the common reasons for product's failure is incapability of management in understanding consumer needs and wants. Often marketing managers responsible for new product launches have such high expectation from products that they fail to considerate minute details which might be important to customers. Research has shown that ego, selective perception, wishful thinking and optimism can lead to biases in one direction. ...
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