Homework I: Why We Buy a Product
Scenario: You are sitting in your home and you pick up a package of Oreos (or some other product of your choosing). After realizing that you have purchased this product for years, you wonder, "Why do I feel so strongly about this product?" You remember your readings from Marketing class and decide to figure out why you feel strongly about this product using the 4 P's of Marketing and Marketing Strategy concepts.
Develop a 700 to 1,050 words response using the scenario above and answer the following questions:
• What is it about this product that appeals to me? Who are the people like me that are buying this product? (e.g. demographics, consumer characteristics, buyer behavior)
• How do marketers strategically plan to market these products to me?
• Why does the price of this product seem to be of equal value for the satisfaction that I receive when consuming/using this product?
• How does this product get from the manufacturer to the place I can buy it?
• What promotional activities compel me to buy this product?
• What do the answers to these questions tell you about the presumed target market and its relation to the controllable 4 P's of marketing?
• What social, environmental, and regulatory forces must this product's marketers overcome to get this product to the customer?
Homework II: Five Step Marketing Research Approach
Scenario: You are the marketing manager for a local nonprofit charity whose funding is derived from membership fees. You have noticed a severe drop in new memberships and a decline in repeat memberships, which is threatening your organization's ability to survive and grow. You have decided to implement the Five-Step Marketing Research Approach to help clarify the problem and develop strategies for implementation.
Create a 10 to 15 slides Microsoft PowerPoint, Prezi, or Microsoft Sway presentation with speaker notes on the Five-Step Marketing Research Approach in which you detail the steps you will use to address the membership issue that the local nonprofit charity is facing.
Address the following in your role as marketing manager:
• Define the Five-Step Marketing Research Approach and discuss the importance of research in marketing.
• Describe each step of the Marketing Research Approach in detail and create a plan of attack to explain how each stage should be implemented.
• Define the target market that you are striving to bring into this organization and describe the methods of research that you will use to identify these groups of people.
• Define service differentiation. Provide an example that illustrates how the local nonprofit charity in the scenario can use differentiation to help increase the target market's interest.
• Explain how differentiation will help position the charitable organization within its defined market.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.