1. Describe how holistic marketing maximizes value exploration through understan
ID: 394948 • Letter: 1
Question
1. Describe how holistic marketing maximizes value exploration through understanding the relationships between the customer's cognitive space, the company's competence space, and the collaborator's resource space. Provide examples of how the entire company must be involved in product marketing and product delivering in order to arrange itself as a means to satisfy its customers and meet their expectations. 2. Some marketers believe brand extensions are essential to keeping their brands relevant and profitable. Are brand extensions an important brand-growth strategy or can they endanger brands? 3. Do you believe that prices should reflect the value that consumers are willing to pay or should prices primarily reflect the cost involved in making a product or service. Please be specific 4. What is the Marketing Communication Mix? Describe its 8 major modes of communications and their contribution towards maximizing a product's message to its target market. Justify your answers, ideas and reasoning by using appropriate examples and references. A typical answer should be more than 200 words but no more than 500 words. In working out your answers to the Discussion Questions, you should choose examples from our text, your own experience or other relevant sources. Credit will be given for references you make to relevantExplanation / Answer
Answer 1:
1. Holistic marketing needs all the departments of the organization to come together to project a united and positive business image in the minds of their customers.
2. Organization need to ensure that right people will market a product in a right manner, to get the right profit. It makes the brand stand a better chance in being successful rather than working without any holistic vision.
3. As there are two types of customers to any business : Internal and External. Therefore, internal customers that is, employees should not be left unnoticed as they play vital role in marketing a product. Crafting processes should be involved which makes them understand their role in the marketing process of a product.
4. Organizations stakeholders gets a positive impact if it follows Social Responsibility Marketing.
5. Involving entire company in the product marketing and deliver ensures clarification of company's overarching business goals to the employees and identify any pitfalls that may prevent from delivering the right product to the customers.
Example : Involving Finance and Human resource department in the process along with the sales and marketing team.
Example of Holistic Marketing : Excellent example of holistic marketing is Samsung, where they develop products keeping customer in mind. The showrooms of Samsung are branded in proper manner, customer service is friendly, polite, and fast.
Answer 2 :
1. The asset of the organization is the brand name they have developed. One growth strategy is to use it to penetrate the new product catagories or the other option is brand extension by acquiring a firm with brand name that can provide the future growth.
2. This strategy has its drawbacks, as it can fail to help an extension or can create subtle which can hurt the extention.
3. Even if the extension works it can damage the original brand name by weakening the associations those already exists. It can affect the key strategic assets, which can be strategically damaging for the brand.
4. Such extension may limit the market, if the customers had negative experience with the brand acquired for some reasons.
Example : Colgate Kitchen Entrees. As Colgate is brand associated with toothpaste, therefore, this brand extension did not work as it reminded the customers of eating toothpaste.
Answer 3 :
1. Business growth can be limited if the prices are set too high or too low. therefore, pricing strategy should be carefully designed.
2. Setting the price which can cover fixed and variable cost and make profit also to ensure customers get the product at a price they can't get elsewhere.
3. It is important to set a right price that can address a customers challenge while comparing with the other alternatives and also covers firm's cost.
Example : Pricing strategy used by Lakme brand to provide affordable and pocket friendly rates.
Answer 4 :
1. Marketing communication mix is the specific method used to promote the company to the targeted customers.
2. 8 major modes of communication involves :
a. Advertising : To attract the target customers, company use different forms of advertisements through print media, social media, broadcast media, or the display media.
b. Sales promotion : It is use to encourage purchase of a product by providing different promotions such as providing samples, coupons, display allowance etc.
c. Events and experiences : Activities or programs that are designed to create interactions with the potential customers.
d. Public relations : Programs designed to attract internal as well as external customers to promote brand image.
e. Direct marketing : Marketing using emails, telephones, Internet to directly communicate with target market.
f. Interactive marketing : Online activities designed to improve brand image, and sales of the product.
g. Word of Mouth marketing : People to people marketing to share their experiences related to the product.
h. Personal selling : Making presentations, answering the questions raised by the customers.
Example : Nike uses the marketing communication mix to communicate with their target customers related to their footwears, apparels. etc.
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