Name
Hour
Use your Internet searching skills to answer the following Marketing questions.
For some questions, you must supply the key words used and copy/paste the
URL of your Internet source. Save and print for a class discussion.
1. What are the 4 P’s of the marketing mix?
Key words used: 4 p's "marketing mix"
URL: http://www.netmba.com/marketing/mix/
Answer:
1.
2.
3.
4.
Product
Place
Price
Promotion
2. Site selection is a very important part of the “place” in marketing.
Explain what Culver’s does to help their franchisees select their restaurant sites.
Key words used: "Site selection" + culver's
URL: http://www.culvers.com/Franchise/FranchiseSupport.aspx
Answer: To assist you in the site selection process, we review your proposed site’s demographics,
such as placement within the trade area and specific characteristics of that area. If you don’t have a
specific trade area in mind, we will help you locate one. Our site approval for a Culver's restaurant
does not constitute a recommendation, assurance, or endorsement of the success of that approved
site.
3. Pricing your product or service is crucial to your success as an entrepreneur.
Use this link at Entrepreneur.Com to answer the following questions:
If your product is unique, should you charge very high prices? Why or why not?
Answer: No because your customers can still pick an alternative product or not buy at all. In
addition, your high margins may give incentives to competitors to copy your product and then
undercut your price.
If your product isn’t unique and you are not the only place selling it, how should
your price compare to your competition?
Answer: Your prices simply can't be higher than that of your closest competitor.
If you cannot sell your product or service at a low enough price to be competitive,
what are your two options?
Answer: lower your direct costs, fixed costs or desired profit, or consider not selling this product
and focus your attention instead on products that have a better profit margin or less competition.
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4. The geographic place of your business is not only important, but so is the
placement of product within a store. Check out this link to find out why milk is
placed at the back of most grocery stores.
Answer: Many grocery stores are purposely laid out to encourage customers to wander through the
aisles. That is why many times the items most often purchased are placed the furthest away from the
door. Imagine if milk was right next to the "less than 10 items" checkout aisle. Wow! We might miss
grabbing the chocolate pudding we really don't need or the bag of chips that jumped in the cart on the
way to the back to grab a gallon of milk.
5. The Apple iPod is a very popular product. How does Apple use the “product”
part of the marketing mix to sell iPods to consumers? Think of colors, models,
styles, features, warranties, service, etc. that are appealing.
Key words used: “apple iPod”
URL: http://www.apple.com/itunes/
Answer: students will provide a variety of answers regarding product qualities
6. Promotion is the 4th part of the marketing mix. Use this link and list the seven
elements of promotion.
Answer:
1.
2.
3.
4.
5.
6.
7.
Personal Selling.
Sales Promotion.
Public Relations.
Direct Mail.
Trade Fairs and Exhibitions.
Advertising.
Sponsorship.
7. Using the previous link and any other Web resources, please explain
how you, the marketing manager of The Cheesecake Factory, would
use any two elements of promotion to persuade consumers to eat there.
Answer:
1.
2.
One element with a specific explanation
Another element with a specific explanation
8. Market research is the gathering of information that businesses use to determine
what kind of goods or services to produce. How does Entrepreneur.Com define
demographics and target market? Please explain the difference in the two.
Key words used: entrepreneur.com
Answers at the following URLs:
http://www.entrepreneur.com/encyclopedia/term/82226.html
http://www.entrepreneur.com/encyclopedia/term/82498.html
Demographics--statistical view of a population, generally including age, gender, income, schooling,
occupation, etc. After a marketing manager has done that, then they determine their target market-A specific group of consumers at which a company aims its products and services
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9. Check out this website and learn about the Product Life Cycle. Read the
webpage, then copy and paste the chart into this document. Save, print out
now, and be ready to brainstorm for question 10!
Answer:
10. Look at Heely’s total revenue (sales) at Yahoo Finance. Based upon this
information and estimated sales of $188 million for 2007 (the same as 2006),
where would you place Heely’s on the Product Life Cycle. Put an X on the
sloped line and explain your reasoning.
Answer:
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