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Value based marketing implies that the organisation that provides the greatest value to the customer will achieve a sustainable competitive advantage; “customers naturally seek options that provide the benefit at the lowest cost”.
Explain the concept of value-based marketing. Discuss whether you believe this to be true. Use examples to illustrate the difference between brands you believe offer better value than their competitors. Explain which components of marketing are used to create the better value in the example you have used. Understanding customers in order to create, capture, communicate and deliver value to the customer, as they perceive value, can be regarded as a philosophy that underpins an organisations approach to marketing.
Using an example to illustrate, explain whether marketing can create the perception of different value for different customers from the same product. Discuss the advantages and disadvantages of this approach to marketing. Use examples to support your discussion. Consumers determine value by assessing the difference between benefits versus costs. The challenge for the marketer is determining what benefits the consumer will seek next and what price (cost to the consumer) they are willing to pay for the product.
Explain the concept of value based marketing. Discuss why a marketer should attempt to understand the benefits and costs (price) a consumer uses to judge the value of product. Would it not be simpler for marketer to create products that suit the organisation to offer? Your discussion should list and explain the advantages and disadvantages of each approach. Organisations need to grow over time otherwise their competitors will erode their revenue. Explain each of the four growth strategies. (Draw diagram of the growth matrix to assist your explanation).
Discuss which strategy is the riskiest in growing a business. Use an example to illustrate. Explain the concept of sustainable competitive advantage. Discuss how the four macro-strategies suggested by Grewal and Levy that can help the firm develop a sustainable competitive advantage. Use an example to illustrate noting the organisation competitors and stating why your selected firm. List each of the steps in the marketing planning process.
Explain why it is necessary to undertake a situation analysis (analysing the current market) in order to develop a marketing mix strategy (a future set of activities). In your explanation you might discuss the possible implication on developing a marketing mix strategy without undertaking a situation analysis. The Marketing Plan in Grewal and Levy (2103) makes reference to Three Phases and Five Steps—describe in detail each phase and step. Use a diagram to help illustrate your understanding. Using an example of a company in a turbulent industry, e.g., airlines or newspapers, discuss the advantages and disadvantages of developing a strategic marketing plan in a turbulent environment. A range of external (or macro) forces impact on an organisation’s ability to operate the marketplace.
Discuss these forces and the way they may limit the success of an organisation, or change the way in which competition is defined. Use two distinct and different examples to illustrate. Explain which external market forces and trends in Australia or your own country that is encouraging companies to market internationally? Use two distinct and different examples to illustrate. Marketers need to understand the macro-environmental factors that operate in their external environment. Use the PESTEL model to fully describe the environment that MacDonald’s is facing in Australia. Greater intervention by Australian Governments (Federal and State) is a strong possibility and this intervention could target products and Marketing practices.
Discuss what actions McDonald’s could implement to ensure its future revenues are not limited by Government intervention. Wants (needs impacted by culture) appear to shift some products from want to need. For example most people would claim that they “need” their mobile telephone and couldn’t live without it. Discuss what component/s of the overall model of buyer behaviour, would have an impact on shifting a want to a need. Explain what characteristics differentiate low and high involvement. Using examples to illustrate discuss how the level of involvement will influence each step of the consumer decision-making process. Drawing a table to illustrate the differences may assist in your explanation.
The amount of time allocated to the decision making process is referred to as involvement and can be categorised as high or low. Using examples to illustrate, select a high involvement service and a low involvement good and compare and contrast the length of time it takes to make a purchase decision. That is, what stages of the decision making process will require more effort?
Explain what factors or issues will impact the amount of time taken in the decision making process. It is difficult to determine exactly what influenced a consumer to purchase a specific product. Selecting an item that you currently have with you now (e.g. a watch, a mobile telephone, an item of clothing, a piece of jewellery, etc), explain which internal and external factors may have influenced your decision making process.
Explain to a marketing manager, who is marketing the type of product you have nominated, how they might use the insight on factors that influence decision making. The amount of time consumer’s devote to the decision making process is dependent of a range of internal and external influences. Select a high involvement and a low involvement product and compare and contrast the influences on the decision making process.
Explain why there is a difference between the number of influences and the importance of these influences on the consumer’s decision making process There is a range of factors that influence the consumer’s decision-making process. Draw the table below in your exam booklet. Select two different products in the same category e.g. family car and small two-door car, or shampoo from supermarket and shampoo purchased at hairdresser, and provide examples for each influencing factor that would influence purchase. Explain why the factors that influence the consumer purchasing decision might be different. Selecting one product discuss the implications of these influences on the marketing mix. Influencing factor Product 1 – Product 2 – Psychological factors e.g. Motivation, learning, etc Marketing mix e.g product, price, etc Situational factors e.g. purchase situation Social factors e.g. reference groups The segmentation of a market is an important process for many organisations.
Why? Explain the impact on the success of the organisations marketing activity in using segmentation; would there be any possible negative outcomes for the organisation if they did not undertake segmentation? Use examples to illustrate your answer. List and explain the segmentation methods a marketer might use to segment a market. Explain the advantages and disadvantages of using only one method for segmenting the market versus using multiple methods. There are a number of criteria a marketer may consider when evaluating a segment’s attractiveness.
Explain each criterion. Discuss the potential implications on the marketing mix strategy if oneor more of the criteria were not used. Use an example to illustrate. Explain the concept of positioning. Discuss whether it is necessary to position a product or can a product succeed in the market without a formal positioning strategy? Use examples to illustrate. A positioning strategy can help communicate the firm’s or the product’s value proposition. Explain the concept of value proposition and explain why it is important for positioning the firm or the product. “Without sophisticated and relatively expensive consumer research, it is difficult to ascertain exactly which element of marketing drove the consumer to purchase the product.”
Explain what type of research the organisation may undertake if it did not do primary research and what the advantages and disadvantages of this research might be. ‘Market research is more than just consumer surveys.’ Using a diagram to illustrate, draw a map of the different types and forms of market research. Describe how the various types of research add value to a company. Use examples to illustrate. The key to successful marketing is based on viewing products on the basis of their core value. Select two distinctly different products from the same category and list their core value, actual product and associated services (use a table to illustrate). Based on your example explain how the marketing mix will be different for each product. Organisations generally offer a range of products but often find it a challenge to determine the most effective product mix and the number of product lines. Explain what factors might influence the change in product mix breadth (how many lines the organisation offers).
Explain what factors might influence the change in product mix depth (how many products offered in a specific product line. Use a luxury car brand or fashion brand to illustrate your answer. Draw and explain each of the components of the diffusion of innovation concept. Using the introduction of a new product as an example, explain why it is important for a marketer to understand this concept. “Products such as toothpaste are purchased out of habit and routine; they are low involvement products. There is no point in trying to switch consumers over to our new brand of toothpaste.” Assume you were a competitor to the market leader in the toothpaste category. Discuss how you would use the adoption model which are the characteristics a product needs to posses in order for consumers to switch e.g. relative advantage, compatability, observability, complexity and trialability to shift consumers to your new toothpaste. Draw the model of the communication process.
Discuss whether this process is necessary to understand in the development of a communication strategy. Explain what would be the impact on communication strategy development if you did not use this model. There is a range of communication components in an integrated communication strategy. Using two distinct and different examples to compare and contrast, explain why different communication components would be used for the two examples. Note, you may choose to draw a table to demonstrate which components you would use for each product. Companies must consider a range of factors when developing their promotional mix. Select two of these factors and describe in detail how they may influence the use of different promotional mix tools. Use examples to illustrate Grewal and Levy suggest that brands offer value for both the customer and the marketer/organisation.
Explain at least two elements of value the brand delivers for the customer and two elements of value the brand delivers for the marketer/organisation. Discuss whether it is necessary for an organisation to develop a brand; that is, will the organisation be at a competitive disadvantage if it did not develop a brand? Use examples to illustrate. Brands are considered a key differentiator for consumers. A brands worth is based on consumer’s perceived value of the brand, the associations they build with the brand and the personality they believe it reflects.
Briefly explain each of these concepts. Discuss why it is necessary for the marketing manager to create associations and perceived value relative to competitor brands. Use examples to illustrate. Grewal and Levy suggest that there are five critical factors in developing a pricing strategy.
Explain each of the 5Cs used in the development of a pricing pricing strategy. Discuss why it is necessary to consider each of the 5Cs, i.e. what would be the impact on pricing strategy if one or more of the Cs was not included? Use an example to illustrate.
Describe why marketing intermediaries are used (use a diagram to help illustrate your understanding) ensuring that you describe at least four the functions that channel members perform. A manufacturer intends to go directly to retailers, ignoring long term relationships. It believes that by eliminating wholesalers and other intermediaries it can save costs.
Discuss at the least three issues a marketer may face using this proposed strategy. Channel members need to be managed strategically. It is not simply a matter of selecting a channel partner and forgetting about them; the organisation needs to build relationships with their partners. Explain the five relationship attributes that will lead to the development of successful channel relationships.
Discuss how successful channel relationships can create value for a customer and create a competitive advantage for the organisation. Use an example to illustrate.
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