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Trang 1 BÀI TẬP MARKETING – TIẾNG ANHAnswer No.1: Explain the following: a Production concept The Production concept, one of the oldest business, holds that consumers preferproducts tha
BÀI TẬP MARKETING – TIẾNG ANH Answer No.1: Explain the following: (a) Production concept The Production concept, one of the oldest business, holds that consumers prefer products that are widely available that and inexpensive; therefore, managers of production – oriented businesses focus on achieving high production effectively, low costs, and mass distribution (b) Product line Other businesses are guided by the production line when consumers are more interested in obtaining the product than in its features It is also used when a company wants to expand the market For example, Texas instruments are a leading exponent of this concept It concentrates on building production volume and upgrading technology in order to bring costs down, leading to lower prices and expansion the market The Japanese companies have also been applying this concept (c) Augmented product Augmented product concept is often applied by many businesses and the concept holds that consumers favor the products with the most quality, performance or innovative features Managers in the organizations focus on making superior products and improving them over time, assuming that consumers can appraise quality and performance (d) Social marketing concept Some have questioned whether the marketing concept is an appropriate philosophy in an age of environment deterioration, resource shortages, explosive 1 population growth, world hunger and poverty and neglected social services Are companies that successfully satisfy consumer wants necessarily acting in the best, long – run interests of consumers and society? The marketing concept sidesteps the potential conflicts among consumer wants, consumer interests, and long run societal welfare, so societal marketing concept is that the company’s task in determining the need, wants and interests of target markets and in delivering the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society well – being 2 Answer No.2: Explain various concepts of marketing with suitable examples The selling concept is regarded as another common business orientation and it holds that consumers and businesses if left alone, will ordinary not buy enough of the organization‘s products The organization must, therefore, undertake an aggressive selling and promotion effort This concept assumes that consumers must be coaxed into buying, so the company has a battery of selling and promotion tools to stimulate buying The selling concept is practiced most aggressively with unsought goods – goods that buyers normally do not think of buying, such as insurance and funeral plots The selling concept is also practiced in nonprofit area by fund – raisers, college admissions offices, and political parties For instance, in Vietnam, there have been foreign educational organizations VUS, ILA, wall street… In fact, most firms practice the selling concept when they have overcapacity and their goal is to sell what they make rather then make what the market wants In the age of globalization, modern industrial economies; productive capacity has been built up to a point where most markets are buyer markets (the buyers are dominant) and sellers have to scramble for customers Prospects are bombarded with sales messages As a 2 result, the public often identifies marketing with hard selling and advertising But marketing based on hard selling carries high risks It assumes that customer who is coaxed onto buying a product will like it, and if they don’t that they won’t bad – mouth it or complain to consumer organizations and will forget their disappointment and buy it again These are indefensible assumptions In fact, one study showed that dissatisfied customers may bad – mouth the product to 10 or more acquaintances; bad new travels fast; something marketers in Ho Chi Minh City use hard selling should bear in mind 3 Answer No.3: Explain market segmentation with suitable examples A business or an organization cannot serve their customers in broad markets such as soft drinks (for consumers) and computers (for businesses) because the customers are too numerous and diverse in their buying demand This is the reason why successful marketers look for specific market segments that they can serve more effectively Instead of scattering their marketing effort (a “shotgun approach”), they can focus on the buyers whom they have the greatest chance of satisfying (a “rifle approach”) Market segmentation also aims to a company’s precision marketing In contrast, sellers that use mass marketing enlarge in mass production, distribution, and promotion of one product for all buyers Henry Ford epitomized this strategy when he offered the model T Ford “in any color, as long as it is black” Coca – cola also used mass marketing when it is sold one kind of coke in a 6.5 – ounce bottle KFC in Vietnam identifies the market segment in big cities, centers where children and youngster often come 4 Answer No.4: “PLC as a tool for marketing strategy" justify A new product progresses through a process of phases form introduction to growth, maturity and decline This process is known as the product life cycle and a tool for marketing strategy The product revenue and profits can be plotted as a function of the life cycle phases shown in the graph below 3 Product life cycle diagram Introduction Growth Maturity Decline Source: Quick MBA Com a) In this phase In this phase, the company seeks to build product awareness and develop a market for the product which impacts on mix marketing as follows: * Product branding and quality lever is established and intellectual property portion such as patents and trademarks are obtained * Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs * Distribution is selective until consumers show acceptance of the product *Promotion: is aimed at innovators and early adopters marketing communications seek to build awareness and to educate potential consumers about the product 4 b) Growth phase In this phase the company seeks to build brand preference and increase market share Product quality is maintained and additional features and support services may be added Pricing is maintained because the company enjoys increasing demand with little competition Distribution channels are expanded are demand increases and customers accepting the product Promotion is aimed at large number of customers c) Maturity phase: The primary objective at this point is to defend market share while maximizing profit * Product features may be enhanced to differentiate the product from that of competitors * Pricing may be lower because of the new competition * Distribution becomes more intensive and incentives may be offered encourage preference over competing products *Promotion focuses on product differentiation d) Decline phase 5 When sales declines, the company has several options * Maintain the product, possibly renewing it by additional new features and finding new uses * Harvest the product – reduce cost and continue to go offer it, possibly to a loyal niche segment * Discontinue the product, liquidating remaining inventory or selling it to another company which is available to continue the product 5 Answer No.5: Explain process of selecting the final price Kotler’s concept n marketing was expressed “sell value, not price”, so the process of selecting the final price is very important for the marketers in the business organization This process includes the following steps Step 1: Selecting the pricing objective, Survival Maximize current profits Maximize the market share Market – penetration pricing Best when: Market is highly price – sensitive, and low price stimulates market growth Production Setting the Price • Step 1: Selecting the pricing objective • Survival 6 • Maximize current profits • Maximize their market share – Market-penetration pricing – Best when: – Market is highly price-sensitive, and a low price stimulates market growth, – Production and distribution costs fall within accumulated production experience, and – Low price discourages actual and potential competition • Step 2: Determining Demand – Price sensitivity – Total Cost of Ownership (TCO) – Tom Nagle offers this list of factors associated with lower price sensitivity • The product is more distinctive • Buyers are less aware of substitutes • Buyers cannot easily compare the quality of substitutes • The expenditure is a smaller part of the buyer’s total income • The expenditure is small compared to the total cost of the end product • Part of the cost is borne by another party 7 • The product is used in conjunction with assets previously bought • The product is assumed to have more quality, prestige, or exclusiveness • Buyers cannot store the product – Estimating Demand Curves – Price Elasticity of Demand • Inelastic • Elastic • Price indifference band • Step 3: Estimating Cost – Types of Cost and Levels of Production • Fixed costs (overhead) • Variable cost • Total cost • Average cost – Accumulated Production • Experience curve (Learning curve) – Differentiated Marketing Offers • Activity-based cost (ABC) accounting 8 – Target costing • Step 4: Analyzing Competitors’ Cost, Prices, and Offers • Step 5: Selecting a Pricing Method – Markup Pricing Unit Cost = variable cost + (fixed cost/unit sales) – Markup price Markup price= unit cost/ (1 – desired return on sales) – Target-Return Pricing Target-return price = unit cost + (desired return X investment capital)/unit sales – Break-even volume Break-even volume = fixed cost / (price – variable cost) – Perceived-Value Pricing • Perceived value • Price buyers • Value buyers • Loyal buyers Value-in-use price – Value Pricing • Everyday low pricing (EDLP) 9 • High-low pricing – Going-Rate Pricing – Auction-Type Pricing • English auctions (ascending bids) • Dutch auctions (descending bids) • Sealed-bid auctions – Group Pricing • Step 6: Selecting the Final Price – Psychological Pricing • Reference price – Gain-and-Risk-Sharing Pricing – Influence of the Other Marketing Elements • Brands with average relative quality but high relative advertising budgets charged premium prices • Brands with high relative quality and high relative advertising budgets obtained the highest prices • The positive relationship between high advertising budgets and high prices held most strongly in the later stages of the product life cycle for market leaders • Brands with average relative quality but high relative advertising budgets charged premium prices 10 • Brands with high relative quality and high relative advertising budgets obtained the highest prices • The positive relationship between high advertising budgets and high prices held most strongly in the later stages of the product life cycle for market leaders – Company Pricing Policies – Impact of Price on Other Parties 11