Question 1
Understanding the motivations of a firm's noncustomers is often just as important as understanding its customers. Look again at the reasons why an individual would not purchase a firm's products. How can a firm reach out to noncustomers and successfully convert them to customers?
Question 2:
Explain Market Segmentation and Target Marketing and provide actual examples based on the Belize environment.
Question 3:
In many organizations, marketing does not have a place of importance in the organizational hierarchy. Why do you think this happens? What are the consequences for a firm that gives little importance to marketing relative to other business functions?
Question 4:
Choose a specific product that you use on a daily basis (such as food items, toiletries, or your car) and apply the 5W model in Exhibit 4.4 to yourself:
a. Who are you (demographics, psychographics, etc.)?
b. What do you do with the product (consumption, storage, disposal, etc.)?
c. Where do you purchase the product? Why?
d. When do you purchase the product? Why?
e. Why and how do you select the product?
f. Why do you not purchase competing products?
Question 5:
Choose two companies from the same industry: one that is quite successful and one that is struggling. For each company, list every strength and weakness you believe it possesses (both the company and its products).
Question 6:
Using the same companies from question 5 above, draw a strategy canvas that depicts the value curve of both firms, as well as the "average" firm in the industry (i.e., draw three value curves). What does the successful firm offer that the struggling firm does not offer?
What might a firm do to break away from the industry's traditional competitive factors?
Question 7:
Explain and provide examples in Differentiating and Positioning the Product Offering.
Question 8:
Discuss the Key Issues in Pricing Strategy. Provide examples.