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- Definethe term Market penetration?Briefly outline and explain what is your understanding of marketing? Suggest three (3) reason why companies engage in marketing? Briefly outline four (4) benefits of marketing to a company?USE SCHOLARY SOURCES2. What is marketing to a business rather than a consumer?
- Ethics Some marketers attempt to disguise themselves as market researchers who want to ask you questions when their real intent is to sell something to the con- sumer. What is the impact of this practice on legitimate researchers? What do you think might be done about this practice?18 What is undifferentiated or Mass marketing? Give example?Imagine that you want to start your own business. For your business (e) Develop a brief marketing strategy for your new business, and state your marketing strategy, including short-term and long-term strategies (f) Will vour business hire employees or independent contractors (ICs)? Why? What reasons do you have for choosing employees or ICs? Does your classification conform to the law? (g) What are some of the major legal risks your business may face in employment, marketing, sales, purchasing and/or development (vou may wish to consider tort risk, criminal law risk, agency and employment risks, contract risks, or any other legal risks). Be sure to respond to all parts of all questions by 11:59pm EST Sunday.
- Elaborate on the three highlighted differences of consumer and business markets below. Provide your justification why that is the case for each of the markets. Characteristic Business Marketing Consumer Marketing Market Competition Oligopolistic Monopolistic Structure Demand Derived Direct Demand levels More volatile Less volatile Reverse elasticity Frequent Infrequent Total market size Larger Smaller Size of buying unit Group Individual Market geography Concentrated Diffuse Marketing Market segmentation Emporographics Demographics Philosophy Investment requirements Strategic Tactical Market perspective Global Regional/national Tactical marketing emphasis Profit performance Market share Innovation Technology-push Demand-pull Buyer/seller interaction Relationship Transactional Reciprocity Frequent Rare…How an accurate measure of a market segment can help afirm?The 80/20 rule is most closely related to which basis of segmentation?
- using examples, discuss the changing marketing landscape challenging current markets..Some critics of marketing have suggested that market segmentation and target marketing lead to an unnecessary proliferation of product choices that wastes valuable resources. These critics suggest that if marketers didn’t create so many different product choices, there would be more resources to feed the hungry and house the homeless and provide for the needs of people around the globe. Are the results of segmentation and target marketing harmful or beneficial to society as a whole? Should firms be concerned about these criticisms? Why or why not?2) Name and explain the five important decisions that marketers must make in developing and marketing individual products and services?