COB 300 Presentation Studying Questions and Correct Answers

COB 300 Presentation Studying Questions and Correct Answers Marketing: total market and target market numbers Ans 57 million and 2.5 million Marketing: Targeted Demographics, etc Ans middle class, 20-50 y/o, hygiene conscious Marketing: Why are we selling to CVS, RiteAid and Home Goods instead of Walmart and Target? Ans We would have to sell to them at a lower price, meaning we would not make a profit. Our target market shops more at shops like CVS and Rite aid. More difficult to get into a Walmart and Target as a start up company. Marketing: what are we selling for? Ans retail price of $14.99, and wholesale price of 10.99 Marketing: Why are we different from our competitors? Ans we offer a low cost multifunctional sponge wringer and holder. Our competitors sell a single function holder wringer at either a low or high price. Sponge bath is only real competitor because they are multifunctional but sold at a high price. Marketing: W hat is our marketing objective? Ans market share because our market is mature with a multitude of other competitors, so growing our market share will be vital Marketing: What is our basis of pricing? Ans competitive based pricing because our prices are based on what our competitors are charging for their products. Our fixed and variable costs are a factor too. Price determined by comparing our products to other sponge holders like OXO, SunnyPoint, etc Marketing: What is our marketing strategy? Ans New product pricing to enter the market at a lower price to try to steal market share from competitors Marketing: What is our market maturity? Ans The Kitchen and Sponge Accessories market is currently mature with many competitors holding a stake but not many entering the market. Although size of market has increased since Covid -19 Marketing - Type of market Ans operating in an almost purely competitive market , means that there's not many differentiation of products and therefore no one has a sig nificant influence on the price. Mostly average sized companies, not one big giant company. Marketing - What is a mature market?? Ans many competitors so the growth is neither going up or down, stays at a equilibrium Management: Top Level Manager Ans General Manager Management: 5 main departments Ans 1. Sales and marketing Manager Oversees Sales rep, Marketing research analyst, customer service rep Total of 6 employees 2. Operations manager Oversees Production line associates, warehouse clerk, warehouse associates Total of 12 employees 3. Accounting