Marketing Plan Handbook 5th Edition Solution Manual

Preview (4 of 10 Pages)

100%

Marketing Plan Handbook 5th Edition Solution Manual - Page 1 preview image

Loading page ...

Marketing Plan Handbook, 5th ed.Discussion Questions and Sample AnswersChapter 1–Marketing Planning: New Pace, New Possibilities1.How can a company hold marketing managers accountable for results when so manyelements in the marketing situation are beyond their control?Sample answer: Although marketing managers can’t control the economy or many otherelements in the marketing environment, they can and should be alert to changes and trendsand carefully analyze potential opportunities and threats as they create and implement theirmarketing plans. Marketing managers also have the advantage of being “close to thecustomer,” being in touch with customers’ needs and watching for changes in behavior andattitudes that drive shifts in purchasing and brand loyalty.Marketers must have the ability tonotice, interpret, and react to changes in the marketing environment so they can adjustmarketing plans and achieve their objectives despite the many uncontrollable elements theyface.2.In what ways might an internal marketing strategy benefit a nonprofit organization? Agovernment agency that deals with the public?Sample answer: A nonprofit would benefit from using internal marketing to solidify supportand reinforce the loyalty of employees, volunteers, contributors, and others inside theorganization. These groups need to stay informed about and maintain a positive attitudetoward the nonprofit’s marketing activities and results. In turn, these groups would beencouraged to actively support external marketing programs through their personalconnections and their behavior and communications. Similarly, a government agency coulduse internal marketing to build internal support for public contact programs, educateemployees about the agency’s mission and marketing, and improve understanding of thepeople served by the agency.3.A typical marketing plan covers a calendar year. Given the rapid pace of change intoday’s environment, should companies switch to preparing marketing plans for shorterperiods, such as three or six months?Sample answer: Students who favor a shorter period may say that this will force marketers toreevaluate the marketing situation and results more often and give them momentum to movequickly in the event of significant changes. It will alsoforcemarketersto focuson theimmediate consequences of their planned activities. Students who do not favor a shorterperiod may say that marketers need to balance short-and long-term results because buildingrelationships and loyalty can take time. They may also say that a marketing plan must coversufficient time to allow for situational analysis, research if needed, planning forimplementation, and evaluation of interim results. Marketers who create a plan for acalendar year should be reassessing the situation on a regular basis and tracking results sothey can apply marketing control at any point.4.What roledo key performance indicators play in preparing for marketing planimplementation?Sample answer: To use key performance indicators, marketing managers select a few

Marketing Plan Handbook 5th Edition Solution Manual - Page 2 preview image

Loading page ...

Marketing Plan Handbook 5th Edition Solution Manual - Page 3 preview image

Loading page ...

indicators that will show whether a marketing plan is effective in achieving theorganization’s strategic goals and marketing plan objectives. For example, a company mightdetermine that customer retention is a key performance indicator when the marketing plan isintended to reinforce customer loyalty; if retention goes up, the plan is having the desiredeffect—but if retention goes down, performance is not meeting expectations. Ask students tosuggest other key performance indicators related to common marketing objectives.Chapter 2–Analyzing the Current Situation1.What cluesaboutstrengths and weaknesses might you find in a competitor’s annualreport to shareholders? Identify at least three specific types of information and explainhow you would use such data in a competitive SWOT analysis.Sample answer: Students may identify a variety of types of information,including: revenuesand profits(changes over time can indicate financial strength or weakness); markets served(reduction in markets served can indicate insufficient resources or changes in strategy thatcan be exploited); product lines and mixof products(multiple introductions may indicatestrength in product development, whereas elimination of multiple products may indicateweaknesses in market share).2.Why do marketers need to understand business relationships (as part of the internalenvironment) when planning to address opportunities and threats in the externalenvironment?Sample answer: Although business partners are not, strictly speaking, inside theorganization, the relationships with these partners (including suppliers and resellers) are animportant part of the internal environment. Often a company’s ability to take advantage ofan opportunity or defend against a threat depends, in large part, on the resources, products,staffing, or supply networks of its partners. If the company outsources certain functions (suchas production), its marketing plan must take into account the capabilities and responsivenessof the partners that handle those functions. [Suggest that students refer to the discussionabout alliances (in Chapter 1) for more about the importance of business relationships.]3.Do companies that market products only in their home countries need to be concernedwith the political-legal environment in other parts of the world? Explain your answer.Sample answer: Such companies should monitor major political-legal developments in areaswhere their suppliers are located (or where their raw materials come from), to be preparedfor changes that could affect their ability to obtain inputs. They should also be aware ofpolitical-legal movements that can potentially spread to other countries, such as increasedregulation of environmentallysensitive activities. Finally, these companies should watch howpolitical-legal trends elsewhere may be affecting other elements in the external environmentthat could eventually influence the home country.4.From a marketing perspective, what do you think a company can do to correct inaccurateperceptions of greenwashing if, in fact, its products are ecologicallyfriendly?Sample answer:The company shouldbe able to demonstrate, through tests or certification,that its products are truly green. Publishing the results of these tests and mentioningcertification on product labels, on the brand’s website and/or in the annual report, will help

Marketing Plan Handbook 5th Edition Solution Manual - Page 4 preview image

Loading page ...

refute inaccurate perceptions. The company can also use social media to discuss andshowcase the product’s eco-friendly properties or enlist the assistance of influential opinionleaders in correcting misperceptions of greenwashing.Chapter 3–Understanding Markets and Customers1.How might a company define the market for a pioneering, innovative product that isunlike anything previously available?Sample answer: The company can focus on broad but specific customer needs and interestsin initially defining the potential market, then narrow the definitions for the available andqualified market prior to defining the target market. Also,the marketer might considermodeling the market definition partlyon an existing product that addresses similar needs orinterests. As an example, for an innovative electronic gadget that delivers entertainmentcontent, the marketer might use the market definitions for an iPad as a starting point forthinking about the potential, available, and qualified available market definitions.2.In what ways are social media such as Facebook and YouTube likely to affect aconsumer’s social connections, cultural considerations, and personal factors,all of whichinfluence individual buying behavior?Sample answer: Clearly, social media can have a very direct effect on social connectionsthrough friending and status updates (Facebook), following individuals and lists (Twitter),forwarding links to amusing or informative videos/commercials (YouTube), etc. Even peoplewho rarely see each other in person may be in touch via social media on a regular basis andcan potentially influence how their contacts view favored or disliked brands, makerecommendations about brands to buy, and so on. Social media are also helping to shapeand change culture (think of all the news references to Twitter, for instance), which in turnaffects buying behavior. Finally, social media are reshaping lifestyle patterns and attitudesas people become accustomed to checking for friends’ updates, posting their own updates,watching videos posted by friends, and seek out social media content regarding productsthey’re thinking of buying.3.During the planning process, how can B2B marketers determine specific ways in whichthe principle of derived demand applies to their marketing situations?Sample answer: First, B2B marketers should list every product in which their own goods orservices is a component, tracing forward through the value chain until a comprehensivelisting of consumer products has been prepared. Next, consider how changes in demand foreach of those consumer products will affect demand for the B2B product being marketed.Then project the likely course of demand and supply for each of the consumer products forthe period covered by the marketing plan. Based on this information, B2B marketers canestimate shifts in demand for their business products and plan accordingly.4.Why would a marketer find online behavioral tracking useful in understanding consumerbehavior and decision-making priorities?Sample answer: Behavioral tracking allows marketers to see what consumers do when theyvisit a website, including what they click on and how long they remain on a page beforeclicking away. This kind of research helps marketers understand what consumers research,

Preview Mode

This document has 10 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

Analyzing Market Differences

Creating Good Advertising 4 Rules to Attract, Inte

Key Questions for Managing Stakeholder Relationshi

Comparing Daiso and Miniso A Comprehensive Analysi

HP Sauce vs

Comparative Analysis of Food Lion and Walmart Pric

J.crew.edited 2.edited

Marketting Plan For Organic Vally

New Product Launch Marketing Plan

Marketing Research Final Exam

Company

Explore

Study Tools