How perceived justice is related to a firm recovery effort- Marketing Management
1. With regard to developing a service recovery program, (1) discuss failure attributions and recovery strategy selection, (2) provide an example of how the two are interrelated, and (3) describe how perceived justice is related to a firm’s recovery effort.
2. All products, whether they be goods or services, possess a bundle of benefits that are offered to the consumer. Discuss the managerial implications of how the bundle of benefits is delivered for goods as compared to services.
3. When conducting customer satisfaction surveys, most companies end up with a response distribution that is negatively skewed. (1) What does a response distribution that is negatively skewed mean? (2) Based on the class lecture, provide 4 explanations for why this distribution may exist.
Part B: Product Strategy
1. Taking into account the way a product moves through the Product Life Cycle, please discuss the following:
A) During the introduction stage, marketing managers must decide between two primary pricing strategies. Define each of these strategies and describe the conditions when a marketing manager would use one strategy over the other.
B) During the growth stage, new versions of the products are typically introduced that require new brand names. Define the two major branding strategies and the pros and cons of each.
C) Also during the growth stage, new versions of the product can be introduced using an upward stretch or a downward stretch. Define each approach and the pros and cons of each strategy.
2. Provide the rationale for why the following Product Life Cycle characteristics occur:
A) Time Period Zero: Sales start at zero, yet profits are negative.
B) Mid-way through the Growth Stage: Sales increase at a decreasing rate and profits begin to flatten.
C) Mid-way through the Maturity Stage: Sales peak and profits begin to decline. How can a company attempt to stop the decline?
3. Your company has decided to launch a new product this year.
A) Briefly describe 3 possible types of new products.
B) Discuss the three approaches to shepherding new products through the stage gate process discussed in class.
C) How will you know if your new product is a success?
Part C: Pricing & Distribution Strategy
1. After decades of having a football stadium located off campus, CSU has decided to build a new football stadium located on campus, discuss the strategic importance of understanding price elasticity, income elasticity, and cross price elasticity when formulating an effective ticket pricing strategy.
2. Much can be learned about channel power and channel conflict from reading The Devolution of Marketing. (1) Define channel power and channel conflict and discuss how these two ideas relate to the article. (2) Provide three examples of each (note: your examples do not have to pertain to this specific article).
3. Two of the dimensions that make up channel structure are (a) length of the channel and (b) intensity at various channel levels. From a managerial standpoint, (1) please explain the rationale for utilizing channels of different lengths and intensities with respect to control; (2) please explain the rationale for utilizing a 2-way vs. a 3-way channel length with respect to transaction efficiency; and (3) discuss what would be appropriate length and intensity levels as they relate to traditional consumer product classifications of convenience and specialty goods.
Part D: Promotional Strategy
1. (1) Based on the article, Respect Your Elders, what are the advantages of conventional marketing techniques over digital marketing approaches? (2) Identify four of the five MarCom tools that marketers have available to them and briefly describe a situation which would lend itself to using that promotional tool. When answering this question, provide examples that would be consistent with an IMC perspective using the Ford Mustang automobile as a point of reference. (Please note that no specific knowledge about a Ford Mustang is necessary to answer this question).
2. (1) What has been the biggest change in IMC strategy over the last decade or so? (2) Why did this change occur? (3) As a marketing manager, discuss the pros and cons of utilizing percentage of sales and objective and task budget-setting methods.
3. (1) With regard to a push vs. pull strategy, discuss why sales promotions and sponsorships have become increasingly popular within a firm’s marketing communication mix. (2) As a marketing manager, explain your major concerns associated with the use of sales promotions.
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