Exercise - Scanning the Marketing Environment (12)
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Exercise - Scanning the Marketing Environment
Case Brief
Since the 1940’s, this toy manufacturer (Quantum Toys) had built a reputation for high quality toys. Mainly they produced train sets, chemistry sets, and construction sets. Their customers saw their brand as providing great long-term value. While they were very expensive toys, consumers knew that they would last a long time. The toy manufacturer was a family owned business, with the son of the founder taking over in the early 1960’s.
This was a difficult time for the toy business, as society was going through significant changes – in particular, there was a shift in lifestyle (from the ‘conservative 50’s’ to the ‘swinging 60’s’). This lifestyle change was reflected in the preference for toys. For instance, Barbie and Action Man were launched, as well as racing car sets becoming available for the first time.
Advertising for toys also became more aggressive and more directly targeted at children (with TV viewing dramatically increasing over the previous decade). And there was also a shift in the retailing of toys – away from small independent toy stores and towards large (and lower-priced) discount stores. (Note: These stores were primarily interested in toys with a fast turnover.)
As a consequence, at Christmas, instead of parents buying their children ONE special present, they started buying them lots of lower-priced presents. Therefore, it should have been no surprise when Quantum Toy’s sales revenue started to fall during this time (as their toys were primarily higher-priced toys). Questions
1.
What were Quantum Toys’ competitive advantages (initially) in the marketplace (that is, what were they good at)?
1.
They built high quality toys.
2.
Speciality in products 3.
Longlasting and durable products 4.
Brand image and reputation(goodwill)
Chapter 3
Scanning the Marketing Environment
Page 1 of 2
2.
Complete an environmental scan for Quantum Toys using the table below. Identify three Environmental forces you believe are most relevant based on the case.
Environmental Force
Explanation or Supporting Facts from Case
Opportunity or Threat & Why?
Changing in Lifestyle
As society was going through significant changes – in particular, there was a shift in lifestyle (from the ‘conservative 50’s’ to the ‘swinging 60’s’). This lifestyle change was reflected in the preference for toys. For instance, Barbie and Action Man were launched, as well as racing car sets becoming available for the first time.
Threat : The shift in lifestyle and also towards toys like
Barbie and Action Man , racing cars poses a risk to Quantum Toys, which focuses on traditional specialty toys.
Aggressive advertising and retailing of toys
Advertising for toys also became more aggressive and more directly targeted at children . And there was also a shift in the retailing of toys – away from small independent toy stores and towards large (and lower-priced) discount stores.
Threat: Aggressive advertising and the shift to lowered
priced stores create challenges for Quantum Toys. Changes in consumer buyings
Parents started buying lots of lower-priced presents, , instead of buying their children ONE special present
Threat: The changes in consumer buyings, with parents opting for several low-priced toys, poses danger to Quantum Toys. Their premium pricing strategy might not fit in the low priced presents market.
Chapter 3
Scanning the Marketing Environment
Page 2 of 2
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Related Questions
A member of an enterprise is participating in the execution of a service of Marketing advisory, in which he was responsible for being a Costumer Analyst Success, that is, responsible for receiving customer feedback and bringing solutionsi n case of any problems. Recently, Dr. Antonio gave a feedback saying that the team did not participate much and that bothered him, evaluating the team with a grade 3/10. What solution would you bring to this situation?
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Activity:
1. Identify the claims made by the brand about their products.
2. Determine whether these claims are claims of fact, value or policy.
3. Create a DETAILED LOG enumerating and explaining the claims presented in the advertisement, its types and your reaction or impression to those claims made.
Here’s the link:
http://isamunangpatalastas.blogspot.com/2018/07/
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Q5)
What is "business mean? What is the difference between business and selling? give an example!
Explanation it correctly and details
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part 1
Explain why a product or service’s contribution (selling price minus variable cost) is an important element in developing a marketing strategy, giving examples to illustrate your answer. You can use any example including those covered in the module such as the Strategist Simulation or any of the other case studies examined.
part 2.
Imogen, the brand manager for ‘Skinsoft’, was reviewing price and promotion alternatives for her brand. She wanted to increase market share, but was unsure whether she should ask for an increase in advertising budget or consider a price promotion.
The current volume, price, and cost summary for ‘Skinsoft’ follows:
Skinsoft
Unit Price
£2.00
Unit Variable Cost
£1.40
Unit Volume
1,000,000
Imogen thought she might be able to negotiate with her boss and secure either a temporary 10 percent price reduction, or an investment of an incremental £150,000 in advertising.
a. What absolute increase in unit sales and revenue would be necessary to…
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Which is identified as the foundation for the marketing plan?
a. Target market segmentation
b. Value proposition development
c. Market research
d. Market plan development
Why are failure rates for new products debatable?
a. Failure rates are high
b. Failure rate has a defined inclusive definition
c. The market is always changing
d. Failure rate is not clearly defined
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Select one or more options:
A) The product life cycle is used as a segmentation variable to segment a market
B) The stages of the product life cycle can be a guide for companies in what an appropriate marketing strategy can be
C) The product life cycle looks exactly the same for all offers
D) You can see the product life cycle at different levels, such as product class or brand
E) The time it takes for different offers to go through the stages of the product life cycle varies
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What is the name of the product/service?
Why did the contestant (s) say that America needs their product/service?
What was the best part of their pitch?
Did they make a deal? If no deal was made, what reasons were given by the sharks for not investing?
If you were a shark, would you have made a deal? Why/why not?
Analyze an episode of ABC’s Shark Tank
Consider a design for your product or service for your course project product.
What will it look like? What will it feel like?
Is your design congruent with your solution and customer? How?
How will you test your design?
How will you pitch it to someone?
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15- Which of the following best describes “Industrial Goods”?
a.
Goods sold directly to final consumers
b.
Goods sold to other manufacturing businesses
c.
Goods produced for end-users
d.
None of the options are correct
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Multiple choice
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A) Integrated SC, B) Planning Collaboration, c) Access to supply source, d) All of the above
2. Which of the following defines information power?
a) power holder has the legitimate right, b) power holder is well informed, c) power holder is in possession of new and/ or updated information, d)None of the above
3. Procurement's historical focus in many organizations was to?
a) incure minimal supply disruptions, b) achieve the lowest possible cost, c) use limited number of suppliers, d) minimize loss and damage
4. Is the measure of how successful the supply of a product is experienced by users.
a)demand identification, b) effectiveness, c) efficiency, d)value of money
5) what materials refer to stock that exceeds the reasonable requirements of an organization.
a) waste, b) scrap, c) excess, d) obsolete
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See options, thank you!
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Only typing answer
Please explain step by step
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A. features
B. Quality
C. Depth
D. Variants
E. Service
2. For what is a family brand name used?
A. Individual products
B. Products aimed at young parents
C. All Products
D. Products produced by traditional companies that are identified by the founder's family name
3. What is brand equity is:
A. Profit remaining after deducting production costs
B. Brands which do not harm the environment
C. Good value products
D. Financial value of a brand based on associated goodwill
E. Fair trading
4. Which one of the following is NOT a reason for a company to decide to rebrand a product or service?
A. Merger or acquisition
B. Market awareness
C. Brand familiarity
D. Corporate strategy changes
E. Legal problems
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Look at all the brands that are available.
Talk to others about product features.
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In order to assist in developing the marketing plan, the report should cover the following sections
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2. Business mission statement (Source either from the company or your decision)
3. Marketing environmental analysis
External environmental analysis
Macro-environment: PESTLE analysis
Micro-environment: Porter’s Five Forces
Internal environmental analysis: SWOT and TOWS analysis (both in a table format listing a few key points – the SWOT and TOWS tables are not included in the word count)
Optional: BCG Matrix (not included in the word count)
4. Marketing objectives ( develop SMART objectives based on marketing environment analysis)
Based on UK marketing. Please use your own words.
Many thanks
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b.
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c.
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d.
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a.
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b.
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c.
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d.
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c.Marketing
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a. Brand equity
b. Satisfaction
c.Marketing
d. Consumer goods
3 These are products whose physical characteristics are so identical, that it would be difficult,
it not impossible, to distinguish one purchased from one vendor or another
a. Brand equity
b. Consumer goods
c. Marketing
d. Primary Demand
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consumers.
a Durable
b. Primary demand
c. Marketing
d. Consumer goods
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A member of an enterprise is participating in the execution of a service of Marketing advisory, in which he was responsible for being a Costumer Analyst Success, that is, responsible for receiving customer feedback and bringing solutionsi n case of any problems. Recently, Dr. Antonio gave a feedback saying that the team did not participate much and that bothered him, evaluating the team with a grade 3/10. What solution would you bring to this situation?
How would you overcome this problem, what would you do as a member of the team?
arrow_forward
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A Radant Beauty for a New Generation When Sam Rainer launched Radant Beauty in the USA in spring 2021, it was with a clearly articulated marketing strategy – a hefty first-year sales goal of $1.7 Million. Nine months after rollout, Rainer’s plan seemed to have worked quite well. His skincare company and product line had already topped the $1 Million mark and showed no signs of slowing.
The line was formerly owned Zirh Skin Nutrition, a male skincare line that was acquired by Shisheido in 2000. Rainer immediately recognized an underserved market segment among young people ages fifteen to twenty-nine, a group he called “Generation Me”. A combination of Generation X and Generation Y, Generation Me had long been ignored by the more recognized skincare companies, which tended to make products to help older consumers fight such skin ailments as wrinkles and recondition ageing skin. No serious conservatively priced high-end skin care solutions existed for young skin problems, such…
arrow_forward
Activity:
1. Identify the claims made by the brand about their products.
2. Determine whether these claims are claims of fact, value or policy.
3. Create a DETAILED LOG enumerating and explaining the claims presented in the advertisement, its types and your reaction or impression to those claims made.
Here’s the link:
http://isamunangpatalastas.blogspot.com/2018/07/
arrow_forward
Q5)
What is "business mean? What is the difference between business and selling? give an example!
Explanation it correctly and details
arrow_forward
part 1
Explain why a product or service’s contribution (selling price minus variable cost) is an important element in developing a marketing strategy, giving examples to illustrate your answer. You can use any example including those covered in the module such as the Strategist Simulation or any of the other case studies examined.
part 2.
Imogen, the brand manager for ‘Skinsoft’, was reviewing price and promotion alternatives for her brand. She wanted to increase market share, but was unsure whether she should ask for an increase in advertising budget or consider a price promotion.
The current volume, price, and cost summary for ‘Skinsoft’ follows:
Skinsoft
Unit Price
£2.00
Unit Variable Cost
£1.40
Unit Volume
1,000,000
Imogen thought she might be able to negotiate with her boss and secure either a temporary 10 percent price reduction, or an investment of an incremental £150,000 in advertising.
a. What absolute increase in unit sales and revenue would be necessary to…
arrow_forward
QUESTION 37
Which is identified as the foundation for the marketing plan?
a. Target market segmentation
b. Value proposition development
c. Market research
d. Market plan development
Why are failure rates for new products debatable?
a. Failure rates are high
b. Failure rate has a defined inclusive definition
c. The market is always changing
d. Failure rate is not clearly defined
arrow_forward
Task 5 The product cycleYou tell about the product life cycle for an entrepreneur in the process of developing a new product. Which of the following statement (s) do you say to the entrepreneur (which statement (s) are correct (a) statements):
Select one or more options:
A) The product life cycle is used as a segmentation variable to segment a market
B) The stages of the product life cycle can be a guide for companies in what an appropriate marketing strategy can be
C) The product life cycle looks exactly the same for all offers
D) You can see the product life cycle at different levels, such as product class or brand
E) The time it takes for different offers to go through the stages of the product life cycle varies
arrow_forward
Select a product/service that was pitched on Shark Tank to analyze.
What is the name of the product/service?
Why did the contestant (s) say that America needs their product/service?
What was the best part of their pitch?
Did they make a deal? If no deal was made, what reasons were given by the sharks for not investing?
If you were a shark, would you have made a deal? Why/why not?
Analyze an episode of ABC’s Shark Tank
Consider a design for your product or service for your course project product.
What will it look like? What will it feel like?
Is your design congruent with your solution and customer? How?
How will you test your design?
How will you pitch it to someone?
arrow_forward
15- Which of the following best describes “Industrial Goods”?
a.
Goods sold directly to final consumers
b.
Goods sold to other manufacturing businesses
c.
Goods produced for end-users
d.
None of the options are correct
arrow_forward
Multiple choice
1. Consumers are empowered by?
A) Integrated SC, B) Planning Collaboration, c) Access to supply source, d) All of the above
2. Which of the following defines information power?
a) power holder has the legitimate right, b) power holder is well informed, c) power holder is in possession of new and/ or updated information, d)None of the above
3. Procurement's historical focus in many organizations was to?
a) incure minimal supply disruptions, b) achieve the lowest possible cost, c) use limited number of suppliers, d) minimize loss and damage
4. Is the measure of how successful the supply of a product is experienced by users.
a)demand identification, b) effectiveness, c) efficiency, d)value of money
5) what materials refer to stock that exceeds the reasonable requirements of an organization.
a) waste, b) scrap, c) excess, d) obsolete
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What is the nature of telecommunications industry? How do the market players compete? How did they compete? Loyalty scheme or price war? How was the price war? How as the loyalty scheme? Did they ever collude? Was it tacit/open? What was government’s decision/action? Max 750 words. Include minimum 5 independent and verifiable citation. Make solid introduction and conclusion
arrow_forward
#11. An insurance company emails your agency, Customer Interactive, for help with redefining its brand personality and increasing brand awareness. Last year, the company redesigned its logo based on feedback from a focus group but saw no increase in brand awareness. The company has never had a mascot and has been using the same slogan for the past 15 years. What do you recommend to the insurance company?
See options, thank you!
arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
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