Discussion 4
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Apr 3, 2024
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1. As a marketer of that product, who would be your target market?
My target market would be working-class parents who are always on the go, as well as single parents
and families who
need to cook. I would focus on behavioral categories or those who urgently need to make meals fast.
Create a differentiation strategy that would lead to a competitive advantage. List some features of the product
you identified above.
Kotler believes that differentiation requirements should be significant, unique, outstanding, communicative, preventative, inexpensive, and lucrative (Kotler). We all need to prepare meals in the microwave to save time when manufacturers strive to distinguish their products, it's simple to connect with consumers on this point. Since personal choice tends to be at effect in this situation, customers like me often purchase the same brand as my other kitchen equipment so that they all match. Manufacturing "smart" microwaves that allow you to pre-
program or remotely program the microwave for your children while you're on the move would be one way for microwave manufacturers to stand out from the competition. Give your kids the option of pressing a button to make anything, like reheating leftovers. LCD screens featuring more cooking options that may be programmed, such as conventional cook times for meals other than popcorn and baked potatoes. These functions can encourage customers to replace their old appliances with "smart" products.
Now, review the three levels of product (Chapter 8). Discuss all three levels relating to that same product. What is the marketing implication of your list of features of the product versus the three levels of product analysis?
The product is divided into three levels: the core customer value, the actual product, and the enhanced product. The textbook states that "marketers must first determine the basic customer value that consumers desire from the product. Then, in order to generate consumer value and a rich, fulfilling brand experience, they must develop a real product and discover methods for improving it.
Actual Product, the features of the product, its design, brand name, and its packaging are all important at this point in the process. The recommended differentiation tactics that were previously addressed would be necessary in this situation if a parent could pre-program or even program the microwave for their child. Giving the
parent more time to do vital activities while still having enough time to prepare healthy meals in advance rather than buying fast food for their kids.
Augmented Product, at this level, planners add more customer services and advantages to the primary benefit and real product to create a superior product (Kotler). This may be achieved through manufacturer discounts, microwave warranties, and extra product support like a 24-hour helpline. Customers who need to upgrade but don't want to make a larger buy but may get special financing for that purchase would be satisfied.
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Related Questions
The essence of a broad differentiation strategy is to
appeal to the high-end part of the market
and concentrate on providing a top-of-the-
line product to consumers.
incorporate a greater number of
differentiating features into its
product/service than rivals.
lower buyer switching costs.
outspend rivals on advertising and
promotion in order to inform and convince
buyers of the value of its differentiating
attributes.
offer unique product attributes in ways that
are valuable and appealing and that buyers
consider worth paying for.
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Product - Ivory Soap Bar
Understanding the marketplace and customer needs and wants:
What are a few (at least 4) trends within the company’s microenvironment and macroenvironment?
What do consumers value in this product? And/or how are you meeting consumers’ needs?
Describe the customer value-driven marketing strategy as it relates to your product using the following 4 steps.
1.Segmentation
2.Market Targeting
3.Positioning
4.Differentiation
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Which of the following is/are generally accepted as (a) bad reason(s) for product extensions?
Select one:
a. Flanking price points of the current products
b. Competitive parity
c. Customer preference heterogeneity
d. Creating branded variants
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Women of different ages and segments take their Shampoos very seriously and will very carefully select the ones suitable for their hair type. They may buy multiple hair products for different usage and stages and will spend a lot of time in purchasing such products. On the other hand men are least interested in shampoos and hair products. For them a single product works well and will spend least time purchasing such products." In view of above statement answer the following:
a. How do you promote a product which may be high involvement to one segment but low for another?
b. Can a low involvement product be converted into a high involvement one?
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3. Choose your favorite brand of beauty/hygienic products and analyze its marketing mix.
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(1) Think of three car brands or specific models. Howare these products positioned in your mind? Whatterms do you use to describe them? (2) Given yourtransportation needs in the near future (assuming youwill need a car), which model is the most desirable?The least desirable?
arrow_forward
1) Define each of the four PS. Does the four Ps framework do an adequate job of describing market responsibilities in preparing and managing marketing programs? why?
2) Do you see any issues with this framework in relation to service product? Explain.
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.. What is the relationship between product differentiation and customer loyalty?
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When the primary selection criteria a firm uses to
decide whether or not to enter a new market segment
centers around not having to develop a whole new
set of products to meet the needs of that new
segment, the firm would be referring to:
Compatibility with the firms existing product
A
line.
The ability of the new segment to afford its
В
product.
The anticipated growth potential of the new
segment
The potential responsiveness of the the new
D
segment.
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Describe is the difference of Subway Fast food chain from the competition in market. You may select an attribute important to the consumers and elaborate why you use this product or avail this service.
Next, describe a main target market and discuss why they are the appropriate segment to target.
Expound what you think is the value proposition of your chosen product or service.
arrow_forward
First, quickly at a glance, what TV do you think you would buy?
On what criteria do you think you based that decision?
Try these decision-making processes, see what brand results for each, and see how confident you feel about the resulting brand suggested from each approach:
What attribute do you find least informative? Eliminate that row. Continue to do so until a clear brand winner emerges.
Is there a brand of TV that seems weaker than the others on some attribute you care about? Eliminate that brand. Continue until an obvious choice results.
If you made a price-based decision, would you be happy?
How would your final brand choice define you?
How similar was this thought process to your natural analysis? How can you find out if your consumers think along these lines?
arrow_forward
Pick an example of a pharmaceutical healthcare product
2. Prepare one slide, include:
o Type of product
o Disease/therapeutic area served
o Target population for use
o Brand and marketing details
Where does it fit in the market? Is it a leader, follower, new entrant?
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Determine the marketing concept for two products below. For doing so, you have to find the following:
Objective of the business:
A
Features of the product:
Benefits of the product:
Target segment of consumers:
Type of marketing management orientation
Objective of the business:
DON'T TALK ÜF
LOVE & PEACE
Features of the product:
Benefits of the product:
WHEN YOU HAVE A DEAD ANIMAL ON YOUR PLATE
Target segment of consumers:
Type of marketing management orientation
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3. Describe the marketing mix decisions (product, distribution, promotional, pricing) that
marketers face. Choose a real-world product or service and apply the marketing mix
decisions to it, explaining your choices.
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You are required to select a commercial product/service/ offering of your choosing. This can be from any industry or any cartegory. You will then analyze the chosen product under the following categories.
1.Discuss the type of target market segmentation your selected product utilises, and fully justify you answer in the context of this example.
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marketing mix.
LET US APPLY WHAT YOU HAVE LEARNED
Pretend that your company has been making and selling one product for the past five years.
Plan to make additional three products. These may be in the same category as the first product or not.
Use the following format.
NEEDS/WANTS
THAT HAS BEEN
SATISFIED
GOODS OR
SERVICES
REASON FOR
OFFERING THE
PRODUCT
PRODUCTS
Original Product
New Product 1
New Product 2
New Product 3
insmels uot
eld gne
enob anitehem
oubong,
omot
bsc
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Differentiation focus on
1-Focus on a particular group or geographical market.
2-Seek differentiation in the targeted market segment.
3-Serve the special needs of a narrow target market.
4-all the above
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With Products, Is It Form or Function?
Some marketers believe that product performance (function) is the main attribute of a product. Other marketers maintain that the look, feel, and other design elements (form) of products are what really sway the customer’s decision.
Take a position on the ‘form vs function’ debate, i.e. How would you argue that Product Performance is the key to brand success OR how would you argure that Product Aesthetics are the key to brand success.
Answer in less than 250 words
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Answer questions 3-6 in relation to that product:
Questions
Please note the product chosen is mineral water. explain each question in details
(1) Describe the product that you have Chosen .
(2) Comment on the information provided on the label
(3) How does the price of the product compare to the prices of the similar products in the category?
(4) Who (which target market) is the product targeted to?
(5) What consumer need does the product satisfy?
(6) What marketing activities are used to promote the product in the store and nationally?
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1. What trends in product variations/choices have you seen recently in marketing? provide one example.
2. How do you think companies want their customers to perceive their brand’s value or product design, and which method of promotion is well received by the general public?
3. Do they cater to a wide range of population in their target market? Explain
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3. Describe marketing mix decisions (product, distribution, promotional, pricing) faced bythe marketer and apply the marketing mix decisions to a real-world product or service.
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In planning its market offering, the marketer must address the FIVE (5) product levels of the customer value hierarchy. List and explain each level.
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1 Use the marketing process to examine and evaluate each of these factors about the products. Consider what Formula Botanica says about hair trends, and highlight the environmental factors that affect your function in the marketing of this product. • Understanding customer needs and wants; • Market offerings: bundle of benefits; • Being aware of market myopia; • Marketing, customer value and satisfaction; and • Exchanges, transactions and relationships and how it leads to market.
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2. Why do we say that is more efficient not to compete directly with existing products? What are the expenses that may be incurred when we do try to compete with them?
3. What are the advantages and disadvantages of segmenting according to traditional variables such as demographics, psychographics, behavioural, and geographic?
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To run a valid test marketing experiment regarding a possible purchase of the product, marketers need to answer which of the following questions?
Group of answer choices
a. what type of product adopters?
b. how many cities will we need for the test market?
c. is the product price reasonable in relation to the value?
d. what needs will the product meet?
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1. Why is the product life cycle an important consideration in selecting and developing a marketing strategy?
2. What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?
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How would you define market positioning? and How would you position your product/service in the market?
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To understand customer needs and offer customers a complete experience, the marketer needs to address a few product levels for its product offerings. Define FIVE (5) product levels and apply the product levels to explain about CoverGirl cosmetics.
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Using an example of a recent purchase which is a Playstation 5, answer the following questions:1. Justify, using relevant theory, why this was a high involvement purchase.2. Demonstrate how the product/service you purchased satisfied a need, within your answer identify what type of need this was.3. Explain why you chose this product over others you may have considered. You may want to consider how it differentiated itself from other products and which elements of the marketing mix it used to build this differentiation.4. Discuss whether you feel you gained value from this purchase, within your answer show how value is created during an exchange.
could you please write around 2000 words with references?
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Select a brand and present the members of its product line, identifying the markets that each product targets. Di the products together form a strategic fit (i.e., there are minimal prospects for cannibalization)?
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In planning its market offering, the marketer must address the FIVE (5) product levels of the customer value hierarchy. Explain each level - Marks - 25
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SEE MORE QUESTIONS
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Related Questions
- The essence of a broad differentiation strategy is to appeal to the high-end part of the market and concentrate on providing a top-of-the- line product to consumers. incorporate a greater number of differentiating features into its product/service than rivals. lower buyer switching costs. outspend rivals on advertising and promotion in order to inform and convince buyers of the value of its differentiating attributes. offer unique product attributes in ways that are valuable and appealing and that buyers consider worth paying for.arrow_forwardProduct - Ivory Soap Bar Understanding the marketplace and customer needs and wants: What are a few (at least 4) trends within the company’s microenvironment and macroenvironment? What do consumers value in this product? And/or how are you meeting consumers’ needs? Describe the customer value-driven marketing strategy as it relates to your product using the following 4 steps. 1.Segmentation 2.Market Targeting 3.Positioning 4.Differentiationarrow_forwardWhich of the following is/are generally accepted as (a) bad reason(s) for product extensions? Select one: a. Flanking price points of the current products b. Competitive parity c. Customer preference heterogeneity d. Creating branded variantsarrow_forward
- Women of different ages and segments take their Shampoos very seriously and will very carefully select the ones suitable for their hair type. They may buy multiple hair products for different usage and stages and will spend a lot of time in purchasing such products. On the other hand men are least interested in shampoos and hair products. For them a single product works well and will spend least time purchasing such products." In view of above statement answer the following: a. How do you promote a product which may be high involvement to one segment but low for another? b. Can a low involvement product be converted into a high involvement one?arrow_forward3. Choose your favorite brand of beauty/hygienic products and analyze its marketing mix.arrow_forward(1) Think of three car brands or specific models. Howare these products positioned in your mind? Whatterms do you use to describe them? (2) Given yourtransportation needs in the near future (assuming youwill need a car), which model is the most desirable?The least desirable?arrow_forward
- 1) Define each of the four PS. Does the four Ps framework do an adequate job of describing market responsibilities in preparing and managing marketing programs? why? 2) Do you see any issues with this framework in relation to service product? Explain.arrow_forward.. What is the relationship between product differentiation and customer loyalty?arrow_forwardWhen the primary selection criteria a firm uses to decide whether or not to enter a new market segment centers around not having to develop a whole new set of products to meet the needs of that new segment, the firm would be referring to: Compatibility with the firms existing product A line. The ability of the new segment to afford its В product. The anticipated growth potential of the new segment The potential responsiveness of the the new D segment.arrow_forward
- Describe is the difference of Subway Fast food chain from the competition in market. You may select an attribute important to the consumers and elaborate why you use this product or avail this service. Next, describe a main target market and discuss why they are the appropriate segment to target. Expound what you think is the value proposition of your chosen product or service.arrow_forwardFirst, quickly at a glance, what TV do you think you would buy? On what criteria do you think you based that decision? Try these decision-making processes, see what brand results for each, and see how confident you feel about the resulting brand suggested from each approach: What attribute do you find least informative? Eliminate that row. Continue to do so until a clear brand winner emerges. Is there a brand of TV that seems weaker than the others on some attribute you care about? Eliminate that brand. Continue until an obvious choice results. If you made a price-based decision, would you be happy? How would your final brand choice define you? How similar was this thought process to your natural analysis? How can you find out if your consumers think along these lines?arrow_forwardPick an example of a pharmaceutical healthcare product 2. Prepare one slide, include: o Type of product o Disease/therapeutic area served o Target population for use o Brand and marketing details Where does it fit in the market? Is it a leader, follower, new entrant?arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning