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MGT301 VU Current Midterm Fall 2012 Paper 9 December 2012

Question 1

What important component that are kept in mind while going to analyze the current marketing situation: 3 marks

Question 2

Why Manager acquires information in an organization: 3 marks

Question 3

Difference between Idea generation and idea screening: 3

Question 4

What are reference group and why it is important in marketing: 5 marks

Question 5

 What is positioning and its competitive advantages, on which base one company differ from another company: 5 marks


Another Paper:

In your opinion, why is it important to divide market into different segments for developing a customer-drive strategy?

 

In my opinion it is very must to divide market into segments for developing customer-drive strategy. Its impact would be very positive on customers and buyers because every product would be fully concentrated by different segments. If one of our segments is all about the customer relationship, than it will surely give benefit to the customer and it would be the cause of developing customer strategy. If our another segment is a searching about the products which will be very  best for the development of customer satisfaction & market segmentation can increase the good will of some organization. Good will is a very strong implementation for developing a customer drive strategy.

When our product passes from every segments of the market, there is very low chance of the loss or negativity for the customer. It will be highly influences. We can also measure the market rate, price, place or promotions rate for the market and can do it before the time. The time of a customer will be saved and they will must satisfied.

 

The customers go through the different stages while making a decision about buying a new product. Describe the stages involved in adoption process where customers plan to buy a new product.

 

The customer suffers from the different stages during the adoption process. As the human buying nature is this that satisfaction is the first element of someone’s buying behavior so he/she always thinks from buying.

 

Idea screening:

                        First every customer prefers to take a new idea about what’s going hit? Where, when and how is going hit. It’s all about the idea screening.

 

Searching:

A buyer always first searches the modern or famous trend of the days. Because every body first prefer a social status, search, follow the market advertisements, got influenced than go forward.

 

Price and demand idea:

Than he go forward for the best product that which is available on the suitable price and going high.

 

Interest

Culture

Icelander

 

Understanding technological environment is very important in this era. Identify the major trends in technological environment.

 

Most technologies was invented the 21st century. Now every person should have to survive with the technologies because than he can be best in this modern era. There are some major trends. Twitter, face book, Google hangout etc is the very best for the getting knowledge about the markets trend from all over the world. If we are aware and know all the things than must it would help us. Computer, mobiles or handsome software’s should be very in, which are very helpful and the learning process of someone for them, it is must.

 

Differentiate between idea generation and idea screening?

 

Idea generation is the first stage of developing new product, where is idea generated. Where as the idea screening is the next step after the idea generation, here the given idea has to verify systematically and searched according to market strategy that is idea is prefect or it’s about the market demand or it’s about the customer satisfaction or not.

 

Compare and contrast closed-end questions and open-end questions for gathering data.

Open-end question is for the getting information about the data which is not confirmed where as the closed question can be scientific method for the survey; it can be for the search of a new survey.

 

Which one of the following options represents this statement “What place do you want your product to hold in the consumer’s mind”?

When Olympia Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product’s benefits. This activity calls for which one of the following marketing mix variables?

Which one of the following concepts is a useful philosophy in a situation when the product’s cost is too high and marketers look for ways to bring it down?

 

In the previous three years, four studies have been conducted on the characteristics of ABC Company’s clients. As the firm seeks to put together a report showing trends in this area, it has a hard time locating the information contained in these study reports. What does this firm seem to need?

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