MKT 421T Wk 4 - Apply: Signature Assignment: Washburn Guitars: Pricing Decisions uopcourse

MKT/421T MARKETING The Latest Version A+ Study Guide

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MKT 421 Entire Course Link https://uopcourse.com/category/mkt-421/ ********************************************** MKT 421T Wk. 1 - Practice: 4 P's of Marketing

MKT 421T Wk 1 - Apply: Signature Assignment: Quiz The generation of children born between 1946 and 1964 is referred to as Multiple Choice • the grey generation.

• millennials.

• Generation Y. • baby boomers.

• Generation X.

Using smartphones, one can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, LG, and others. As a result, customers often want to replace their existing smartphones with new models or brands every two years when their contracts expire. This increase in demand is due mostly to changes in __________, an environmental force.

Multiple Choice • competition • social culture • technology • regulations • the economy

A growing trend to "Buy American" may encourage U.S. automakers to increase political pressure on Washington to pass legislation for more restrictive quotas on Japanese car imports. In addition, a decline in the value of the U.S. dollar would be instrumental in Toyota's decision to build a manufacturing plant in the United States instead of continuing to export cars from Japan. If Toyota builds the plant, its decision would reflect Multiple Choice • a reactive strategy that would impact the competitive environmental force. a proactive maneuver to manipulate and impact the social environmental force.

• a positive result from regulatory and economic environmental forces.

• a positive response to a technological environmental force.

• a negative impact as a result of adverse competitive, regulatory, and technological environmental forces.

Members of Generation Z are most likely to influence Multiple Choice • furniture design.

• health care and insurance.

• retirement plans.

• e-textbooks.

• automobile design.

An important social trend is the continued concern for health and well-being in the United States.

This is most likely evidenced by Multiple Choice • the increased sales of Cigar Aficionado magazine.

• the introduction of Lay's Kettle Cooked potato chips, which have 40 percent less fat than regular potato chips.

• the opening of more Starbucks coffee boutiques in supermarkets.

• the upsizing of menu items at fast-food restaurants.

• the introduction of tablet devices such as the iPad.

Which of the following would be identified as a social force in an environmental scan?

Multiple Choice • a new consumer protection law • an increase in Asian immigration • an advanced technology is perfected • a decrease in consumer incomes • a new international firm exporting to the United States

Generation Y is sometimes referred to as Multiple Choice • echo-boomers.

• baby boomers.

• baby busters.

• the revolution generation.

• Generation 25.

The generational cohort described as self-reliant, supportive of racial and ethnic diversity, better educated than previous generations, but having less net worth is Multiple Choice • Generation Z. • Generation Y. • millennials.

• Generation X. • baby boomers.

Starbucks entered a partnership with Keurig Green Mountain to sell K-Cup single-serving coffee packs. Because Starbucks __________, it was prepared for this shift in its marketing environment.

Multiple Choice • optimized its distribution by adding local outlets in grocery stores • noticed the change in the demographics of coffee and tea drinkers in general • added more in-store displays • shifted funds from product development to advertising • tracked, as part of its ongoing environmental scanning activities, the percentage of households with single cup brewers

By 2030, the U.S. population is expected to exceed Multiple Choice • 273 million.

• 314 million.

• 323 million.

• 359 million.

• 414 million.

MKT 421T Wk. 2 - Practice: Market Research Process Video Case

MKT 421T Wk 2 Team – Apply: Learning Team Roles In this course, your learning team will work together on a marketing project. In addition to this assignment, you will have an assignment due in Week 3 based around a scenario. This first assignment—Learning Team Roles—is designed to help you apply your project management skills in order to understand the scope of your team project in Week 3.

Use the Learning Team Roles spreadsheet to review and assign project roles to all members of your learning team. Look ahead to the Wk 3 Team – Marketing Worksheet assignment to discuss the project and determine which role(s) will best suit you.

Submit the team assignment.

MKT 421T Wk 2 - Apply: Signature Assignment: Carmex Case While Carmex has been marketing lip balm since 1937, only recently has Carmex begun to focus on competition and growth. Carmex has used social media tools to support many of its growth initiatives including product line extension, international growth, new product development, and product line expansion. Facebook provides Carmex with the unique opportunity to research potential lip balm varieties in the United States by engaging with its target audience online.

Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Marketing researchers collect information to help marketing managers reduce risk and improve their marketing decisions. There

are five steps in the marketing research approach: (1) defining the problem, (2) developing the research plan, (3) collecting relevant information, (4) developing findings, (5) and taking marketing actions.

Click the ► button to watch the video. Then, answer the questions that follow.

Play Video

Carmex's first efforts in marketing research had the research objective of figuring out who it was as a company and what the Carmex name means. In the first stage of the marketing research approach, ________, the research objective is set.

Multiple Choice • defining the problem • developing findings • taking marketing actions • developing the research plan • collecting relevant information

Carmex uses key Facebook metrics such as "likes" and "engagement" to keep up with the size and activity of Carmex's Facebook audience. In what stage of the marketing research approach would the Carmex manager determine the number of current Facebook likes and level of engagement activity? rev: 03_15_2019_QC_CS-162978 Multiple Choice • Take marketing actions.

• Define the problem.

• Set research objectives.

• Develop the research plan.

• Collect relevant information.

If Carmex sent an email survey to each e-mail address registered through its Facebook page to determine what the demographic profile of its average Facebook fan looked like, this would be an example of ________ data gathering.

Multiple Choice • biased • tertiary • secondary • unreliable • primary

In addition to Facebook research, Carmex uses retailer checkout scanner data to determine which formulations of Carmex are most popular. This type of primary data gathered through the frontend checkout data is classified as ________ data.

Multiple Choice • personal interview • survey • observational • focus group • click-through

Assume Carmex used both the poll and the contest on Facebook in an attempt to increase "engagement" and "likes" on the Carmex page. If "likes" did not increase but "engagement" increased by 10 percent, one would conclude that the contest was ________ successful at driving results than the poll.

Multiple Choice • fractionally •

more • less • far more • equally

MKT 421T Wk. 3 - Practice: Alternative Branding Strategies for Philip B Case

MKT 421T Wk. 3 - Apply: Product Development Simulation

MKT 421T Wk 3 Team – Apply: Marketing Worksheet Your team is looking for a way to earn some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally. Your team will decide what product to sell. To make the endeavor work, you will have to define a marketable form for your product and decide on a target market.

Your marketing team's mission is to prove through research, strategy development, and reasoning why this product is viable and will meet the company's goals. For this assignment, you will be reporting the target market, the product's definition to the target market, the viable pricing strategy, and the brand's position in the competitive environment.

Complete the Marketing Worksheet.

Submit the team assignment.

Marketing Lemonade Worksheet

Scenario

Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define a marketable form of the drink and decide on a target market.

Your marketing team's mission is to prove through research, strategy development, and reasoning why this form of this product is viable and will meet the company's goals. In the first half of this project, your team will complete this worksheet to report on the following:  Target market  Product’s definition to the target market  Viable pricing strategy  Brand's position in the competitive environment

Complete the Following 1. Select a company name and determine the real business world industry of operation.

Company Name

Industry of Operation

2. Describe the new and unique form of lemonade that will be launched by your company in no more than 90 words.

3. Complete the chart describing your organization in no more than 90 words.

Industry of Operation

Mission and Values

How Is Your Organization Different from Other Organizations?

4. Identify the composition of the target market and segmentation criteria in no more than 90 words each.

Composition of Target Market

Segmentation Criteria Used in Identification

5. Describe how you will define the lemonade to your target market (including information on packaging, labeling, etc.) in no more than 90 words. Determine how this adds value and differentiates the brand and product from the competition while encouraging the target market to buy.

Definition to Target Market

Differentiation

6. Compare your company with industry competitors in no more than 90 words for each competitor.

Top Business Industry Competitors

Your Company’s Positioning

7. Define the pricing strategy that you will use for the introduction of the product in no more than 90 words.

8. Discuss the maturity life cycle stages of your product in no more than 90 words for each stage.

Stage of Maturity Life Cycle

Discussion

9. Describe how you will use suppliers, agents, or distributors to create your distribution channel in no more than 90 words.

MKT 421T Wk 4 - Practice: Final Price and Profit Evaluations Case Analysis

MKT 421T Wk 4 - Apply: Signature Assignment: Washburn Guitars: Pricing Decisions Washburn Guitars The modern Washburn Guitars Company started in 1977 when a small Chicago firm bought the century-old Washburn brand name and a small inventory of guitars, parts, and promotional supplies. At that time, annual company sales of about 2,500 guitars generated revenues of $300,000. Washburn's first catalog, appearing in 1978, told a frightening truth.

"Our designs are translated by Japan's most experienced craftsmen, assuring the consistent quality and craftsmanship for which they are known. At that time, the American guitar-making craft was at an all-time low. Guitars made by Japanese firms, such as Ibanez and Yamaha, were in use by an increasing number of professionals."

"We offer a guitar at every price point for every skill level," explains Kevin Lello, vice president of marketing at Washburn Guitars. Washburn is one of the most prestigious guitar manufacturers in the world, offering instruments that range from one-of-a-kind, custom-made acoustic and electric guitars and basses to less-expensive, mass-produced guitars.

Lello has responsibility for marketing Washburn's products and ensuring that the price of each

product matches the company's objectives related to sales, profit, and market share. "We do pay attention to break-even points," adds Lello. "We need to know exactly how much a guitar costs us, and how much the overhead is for each guitar."

With that statement in mind, watch the video describing how Washburn prices its guitars and how it uses the pricing variable as a strategic tool for positioning its various guitars in the market place.

Click the ► button to watch the video. Then, answer the questions that follow.

Play Video If Washburn Guitars were to lower the price of the Maya Pro DD75 to $2,499 from $2,699, sales of the guitar would increase 30 percent. This illustrates Multiple Choice • a product with inelastic demand.

• an increase in the unit variable cost.

• a shift in the demand curve.

• a product with elastic demand.

Washburn Guitars makes signature series guitars to enhance the credibility of the Washburn brand.

Creating signature series guitars would have a positive effect on all of the following except Multiple Choice • brand awareness.

• demand.

• unit variable cost.

• brand loyalty.

If the mass-produced guitar sells 100,000 units annually at $175 per guitar, what is the total revenue?

Multiple Choice •

$17,500,000 • $175,000 • $1,750,000 • $6,175,000

Washburn has four distinct price points for its guitar lines—entry, intermediate, professional, and collectors—based on the fact that each line has very different production costs, market demand, and sales level. Thus, Washburn has implemented a ________ pricing objective.

Multiple Choice • survival • market share • social responsibility • unit volume

Washburn’s fixed costs for producing mass-produced guitars are $500,000. Its variable costs are $150 per guitar. If it prices these guitars at $250, what is the break-even quantity for this line?

Multiple Choice • 1,500 guitars • 1,000 guitars • 5,000 guitars • 2,500 guitars

With the typical downward-sloping demand curve like the one shown for Washburn, as price per unit falls, demand Multiple Choice • increases.

• decreases.

• is minimized.

• remains unchanged.

If employees of Washburn guitars want to travel to Asia to meet with guitar craftspeople, what is the best choice of who to send if diversity is considered a primary factor in the visit?

Multiple Choice • A team of the most senior executives in the company • A team comprised of a diverse group of gender and race • A team comprised of a diverse group of gender, race, sexual orientation, economic backgrounds, educational attaintment and generational differences.

• It should be a random selection

MKT 421T Wk 5 - Practice: Google an Integrated Marketing Company Video Case

MKT 421T Wk 5 - Apply: Integrated Marketing Communication Simulation

MKT 421T Wk 5 Team – Apply: Marketing Lemonade Presentation Using the same organization and product (lemonade drink) from the Wk 4 assignment, you will be presenting the following analysis to the bank to gain financial support for your endeavor. The bank will be using these analyses to make their final decision on how, and if, to launch your company's new and unique lemonade. Through your research, you have found that the bank in which you will be presenting this proposal to is favorable to socially conscious companies that support local charitable endeavors.

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Create a 20- to 24-slide presentation, including detailed speaker notes, addressing the following: Select four of the following marketing methods and explain how they should be used by your company to align best with your target segment and product definition: Advertising Public relations Traditional digital marketing New digital marketing techniques (Be sure to describe the new method in addition to how it will be used.)

Direct marketing Event marketing Outdoor advertising Select two of the following forms of sales promotion to promote your product and explain the reasoning for each of the choices: Coupons Deals Premiums Contests Sweepstakes Contests Samples Loyalty programs Point-of-purchase displays Rebates Discuss ways that you can demonstrate to the bank that this company is a socially conscious organization and will be involved with local social endeavors.

Discuss ways that your company could expand into the global market.

Examine promotional methods that could be used to market your lemonade globally.

Examine any ethical or moral issues you may encounter in developing and utilizing the various forms of sales promotion.

Include appropriate visuals and images in your presentation.

Cite any references according to APA guidelines.

Submit the team assignment.