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My Marketing Lab Simulations Chapters 1, 2, 3, 5, 6, 8, 9, 10, 11, 12, 13, 14,17, 18, 19
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My Marketing Lab Simulations Chapters 1, 2, 3, 5, 6, 8, 9, 10, 11, 12, 13, 14,17, 18, 19...
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My Marketing Lab Simulations Chapters 1, 2, 3, 5, 6,8, 9, 10, 11, 12, 13, 14,17, 18, 19
ANSWER *edit* [Ignore chapter numbers. Instead search for the simulation title.]
- ANSWER Unformatted text preview: Principles of Marketing Simulations: Chapters 1,
2, 3, 5, 6, 8, 9, 10, 11, 12, 13, 14,17, 18, 19 Mymarketinglab pearson PLEASE NOTE :
EACH SIMULATION IS NOT PERFECT AND WILL HAVE THE SCORE I ACHIEVED ON IT
ABOVE THE SIMULATION. YOU CAN USE THIS INFORMATION AND DEDUCTIVE
REASONING TO TRY TO IMPROVE YOUR SCORE. ALL MY GRADES ARE PASSING SO IF
YOU DON'T CARE ABOUT A PERFECT SCORE JUST FOLLOW ALONG. IF YOU DO
CHANGE YOUR ANSWERS FROM MINE YOU MIGHT GET A DIFFERENT SCENARIO TO
FOLLOW THAT MAY NOT BE LISTED IN MY SIMULATIONS. Hope this helps you get an A
though
- ANSWER Chapter 1 Simulation: What is Marketing?
- ANSWER - You earned 75 percent
- ANSWER SIMULATION DESCRIPTION: Holden Evan, Inc., has long been the premium
dog food market leader with its flagship Grand Champion brand. The brand targets
breeders, trainers, and owners of purebred dogs willing to pay higher prices for
superior nutritional and health benefits. During an economic downturn, the Grand
Champion brand suffered a sharp and prolonged decline in sales. The Marketing
Manager must re-evaluate the brands marketing strategy and marketing management
orientation to determine if they need revision. Background Holden Evan, Inc., has long
been the premium dog food market leader with its flagship Grand Champion brand. The
brand targets breeders, trainers, and owners of purebred dogs willing to pay higher
prices for superior nutritional and health benefits. During an economic downturn, the
Grand Champion brand has suffered a sharp and prolonged decline in sales. The brand
has become unprofitable. The marketing team is concerned that customer needs and
wants may have shifted. Your objective as Marketing Manager is to re-evaluate the
brands marketing strategy and marketing management orientation to determine if they
need revision. Background Your supervisor, the Vice President of Marketing, describes
your assignment. "We have traditionally been the market leader in the premium dog
,food market with our Grand Champion brand. However, during the recent economic
downtown, the brand suffered a sharp drop in sales. We conducted consumer research
about this; here are three representative customer reports for you to review." Customer
Report: One Jaime, a breeder of champion German Shepherds, has used Grand
Champion for 15 years. He told researchers he loves the quality of Grand Champion.
However, in the last few years, demand for his expensive dogs has gone down. He has
reduced his breeding from twelve litters a year t
- ANSWER YOU CHOSE OPTION 2
- ANSWER The customers want to feed their dogs a superior food conflicts with a need
to save money. You indicated that the customers want to feed their dogs a superior food
conflicts with a need to save money. This was the best choice. Brand Experience The
Vice President of Marketing continues: "Weve become concerned that our brand is
suffering from marketing myopia. Weve focused in the past on making Grand Champion
more and more elaborate. But in response to current trends, weve now eliminated some
organic grade A beef and some antioxidants from the food to make it less expensive. Its
still excellent nutrition for dogs. We need to decide what brand experience we should
promote for our customers now." You return to your office to consider. Choose the best
brand experience.
- ANSWER YOU CHOSE OPTION 3
- ANSWER The sense of feeding ones dog an affordable quality food. You chose the
sense of feeding ones dogs an affordable quality food. This was the best choice, and
was consistent with the product design. Targeting Customers Your next task is to
decide on the appropriate target market for Grand Champion.
- ANSWER YOU CHOSE OPTION 1
- ANSWER Retain the original target market: breeders, trainers, and owners of
purebred dogs. You chose to retain the current market of trainers, breeders, and
owners of purebreds. This was a poor choice, because the product had been
reformulated in a way that would appeal to a larger market. Choosing a Value
Proposition Now that the target market has been chosen, it is time to choose the value
proposition to suit those target customers. Choose the best value proposition for your
target market.
,- ANSWER YOU CHOSE OPTION 2
- ANSWER "Grand Championgood food for the right price." You selected Grand
Championthe good food for the right price. This was the best value proposition given
your target market. Marketing Management Orientation The Vice President of Marketing
says: So far we have chosen a target market and an appropriate value proposition. Now
you must decide which marketing management orientation is best for our situation.
Check with our three marketing analysts for advice before you choose. Marketing
Management Orientation Marketing Analyst One says: "We need to continue making
improvements to Grand Champion in order to recruit more customers. If we offer the
best dog food for the money, customers will buy. All other aspects of marketing will
follow from our focus on product quality and innovation." Marketing Management
Orientation Marketing Analyst Two says: "We need to really get to know our targeted
customers and adapt Grand Champion to suit their needs. This is the starting point for
all other marketing efforts." Marketing Management Orientation Marketing Analyst
Three says: "Our customers may want cheap dog food now, but whats best for society
as a whole and our customers in the future? We have to think bigger than our customers
do. We need to keep in mind the long-term welfare of our customers and their dogs."
Choosing a Marketing Management Orientation Now that you have heard the advice of
your marketing analysts, you must choose a marketing management orientation for
Grand Champion brand. Review the information youve received and choose from the
options at right.
- ANSWER YOU CHOSE OPTION 3
- ANSWER Make marketing decisions that maximize the welfare of customers and of
society as a whole. You selected the societal marketing concept. This was a good
choice because it considers our customers needs and wants, as well as what is best for
society. Customer Relationship Management In order to increase Grand Champion
sales, Holden Evan must create strong customer relationships. Your team has come up
with three ideas, and you must choose the best one for your target market.
- ANSWER YOU CHOSE OPTION 1
- ANSWER Create a frequent-buyer program that gives greater discounts the more the
customer buys. You decided to create a frequent-buyer program. This was a good
choice, but may not have been the best to reach your target market. Partner
, Relationship Management You decide to work with your partners to improve Grand
Champion sales. Based on your marketing management orientation and your target
market, what actions would you ask your partners to perform?
- ANSWER YOU CHOSE OPTION 3
- ANSWER You ask the production department at Holden Evan to package Grand
Champion in jars that can be returned for a refund and reused. You decided to ask the
production department at Holden Evan to package Grand Champion in jars that could be
returned for a rebate. This was a good choice for the marketing management
orientation you chose, since it would benefit society as a whole, not just Grand
Champion customers. Capturing Value from Customers Your final task for Grand
Champion is to recommend a strategy for capturing value from customers.
- ANSWER YOU CHOSE OPTION 1
- ANSWER Encourage random noncustomers, who dont fit the target market for Grand
Champion, to try it through free samples at grocery stores across the country. You
recommended that Holden Evan encourage random noncustomers to try Grand
Champion. This was a poor choice. These noncustomers may have needs that have little
correlation to your product.
- ANSWER Chapter 2 (11) Simulation: New Product Development
- ANSWER SIMULATION TITLE: New Product Development
- ANSWER SIMULATION DESCRIPTION: Swazzi, Inc. is a large national specialty
retailer of high-end clothing, with a target market of sophisticated, high-income
consumers. Your objective, as Vice President for Marketing, is to narrow, through
screening, the ideas that have been generated to one. You must then supervise
development of the concept image, concept testing and market strategy for this line of
the Swazzi Spring clothing.
- ANSWER ________________________________________
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