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Read the statements below and follow the instructions carefully.
A car cannot function without an engine. It will not start, and it will not move.
Considering this, read the statement below and state if you agree or disagree and explain your answer.
If a business is compared to a car, marketing is said to be the engine of the business.
You must incorporate any ONE of the following into your response:
•The 4P’s .
•The exchange between customers and businesses.
•Customer satisfaction.
•Profitability.
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Solved in 2 steps
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- Keurig in the maker of single-serve coffee machines. The product uses pods andmakes a cup of coffee in multiple sizes and levels of strength. It is simple tooperate, and the market is filled with many varieties of coffee pods (and tea) fromdifferent vendors. Employ the value proposition canvas to explain why Keurigproducts have been so successful in the market. If you do not know Keurig, it isfine to read about it online to understand the product and what they offer tocustomers. Do not research a value proposition canvas for Keurig; I will know ifyou use online sources for that. You do not have to build the framework, but youmust describe elements and the relationship between them.The product ice 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: The product life cycle is used as a segmentation variable to segment a market - The stages of the product life cycle can be a guide for companies in what an appropriate marketing strategy can be - The product life cycle looks exactly the same for all offers - You can see the product life cycle at different levels, such as product class or brand - The time it takes for different offers to go through the stages of the product life cycle variesProduct Life Cycle: One of the following statements is NOT true. Select one: a. Total industry advertising is Lowest in DECLINE stage b. The industry advertising/Sales ratio is low in the PLC DECLINE stage c. The industry advertising/Sales ratio is moderate in the PLC MATURITY stage d. Total industry advertising is highest in MATURITY stage e. The industry advertising/Sales ratio is high in the PLC INTRODUCTION stage
- TRUE OR FALSE Convenience are consumer products and services that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort. * Environmental scanning is an analysis and evaluation process that businesses use to understand their current environment. * A business opportunity is a thought, impression, or notion of a business venture that could fill the gap; that is, satisfy a perceived need or solve a perceived problem. * When carrying out your SWOT Analysis, be realistic and careless. * Designing Mind is willing to experiment, to try new ideas over and over again, and learn from mistakes. * An ’invention’ is accomplished only with the first commercial transaction involving the new product, process, system or device * Product is the need-satisfying offering of a firm * Innovation Is a key function in the entrepreneurial process. * SWOT…Mr. Abdullah recently purchased a new car. However, he is not happy with its performance, and he is sharing his dissatisfaction with his friends and colleagues. Which phase of purchasing decision Mr. Ahmed is in now? O a. Evaluation of alternatives O b. Purchase decision O c. Post purchase behavior O d. Need recognitionEmbrace the position of being a product manager and your product is a cellphone. Then, create your own product life cycle plan using the seven phases. 1. Conceive 2. Plan 3. Develop 4. Qualify 5. Launch 6. Maximize 7. Retire
- n Class, 10–25 Minutes for Teams Assume that you haverecently been hired by a firm that manufactures furniture. you feel that marketing should have an input intosupplier selection for the firm’s products, but the purchasing department says that should not be a concernfor marketing. you need to explain to the departmenthead the importance of the value chain perspective. In arole-playing exercise, explain to the purchasing agent thevalue chain concept, why it is of concern to marketing,and why the two of you should work togetherGiven the value proposition “A device for managing insects in rice farms without the use of toxic chemicals”, who are the implied customers and what are the implied benefits?You are a small grocery owner who sells goods in your physical store. To improve your sales and profit, you are thinking to add another revenue stream to your current business especially in an era where groceries are struggling from online competitors. You plan to introduce online purchase using mobile apps starting from next Based on the given current scenario: Propose the suitable EA3 cube framework for next year. You should provide FOUR (4) examples for each framework functional [20 marks] Based on your answer in part (a), identify TWO (2) suitable components for each level in the proposed [20 marks]