Reverse auctions Multiple Choice O put downward pressure on prices. have an increasing number of buyers as the auction progresses. benefit the sellers significantly more than the buyers. have many buyers. are seller-initiated.
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- what are the costs and risk for buyers at an auction and how have auction sites sought to reduce the risks?A straight rebuy purchase for a business is similar to a habit purchasefor a consumer. Given that this is virtually an automatic repurchase, how could a competitive firm structure their marketing activities to win market share from customers who have established business relationships with other firmsChoose a product, develop a marketing mix, competitve advantage, pricing, media strategy You will need to choose a product that you would like to market: Using the Internet, you will need to develop all of the following: 1: A marketing mix and a competitive advantage for the product 2: A consumer survey designed to help determine the marketing mix and competitive advantage 3: A product line with at least two additional products in your line 4: A pricing strategy, a price, and a rationale explaining the price of each of your products Remember to consider turnover, competition, and elasticity of demand in your strategy 5: A contingency plan in case your product does not sell at the initial price along with a rationale for your plan 6: A media strategy for marketing the product including an image and position to be developed, types of promotion to be used, and media to be used Remember to specify the advantages of the chosen media, frequency, and continuity to be used
- When the National Association of Realtors’ national awareness campaign emphasizes that Realtors know how to more efficiently market a client’s property than an owner can by himself, it is highlighting which value of personal selling? a. Matching supply with demand b. Saving time and simplifying buying c. Building relationships d. Reducing marketing costs e. Leveraging contacts(1) Why is price sometimes referred to as capturedvalue? (2) Why do companies that embracerelationship marketing focus on “customercommunication” rather than “promotion”?Explain the five (5) stages of the consumer buying decision process. Provide an example for each stage by reflecting on a past purchase decisions of a high involvement product i. Stage 1 Provide an example of Stage 1 ii. Stage 2 Provide an example of Stage 2 ): iii. Stage 3 Provide an example of Stage 3: iv. Stage 4 Provide an example of Stage 4 : v. Stage 5 :…
- Critkal Thinking You work as a marketer for a largechain of upscale skin care boutiques that offer allnatural skin and beauty products. The price of youringredients has been rising steadily for over twoyears, cutting into your profits. To continue makingthe products, you must either increase your prices oruse less expensive ingredients. Your research tells youthat the market won't tolerate a price increase, soyou have decided 10 use the less expensive ingredients from new suppliers. What, if anything, do youtell your customers? What are some of the possibleramifications of this decision for your business, yourcustomers, and your suppliers?Assume you are selling cars to a company for use asfleet of cars by the company’s sales force. Thesalespeople would like bigger, more comfortable cars,which would be more profitable for you. However, thecompany fleet buyer prefers smaller, more economicalcars. Who might be in the buying center for thispurchase? How could you meet the varying needs ofthese participants?Rivalry among competing sellers grows in intensity when A) rivals have similar strategies and buyer demand is growing rapidly. B) rivals' products/services are sold at widely varying prices and the number of rivals is fewer than 5. C) buyer demand is growing slowly and the industry is composed of several competitors that are fairly equal in size and competitive capability. D) the products/services of rivals are strongly differentiated and buyers have high switching costs. E) there are so many industry rivals that it is very hard to anticipate any one competitor's actions.
- Every consumer goes through what we call “The Buying Decision Process” when considering satisfying a need or want. Required: Referencing the five-stage model, outline the buying decision process consumers go through when making purchasing decision and discuss how the marketer can successfully position its offering in each stage to ensure the consumer purchase. Why should Marketers be concerned about what happens beyond the purchase stage of the buyer decision making process?Knowing the culture of the organizational buying center can help salespeople identify what type of approach to use. For example, if you know that a firm has a central decision maker who seeks input from others, then that firm has which type of corporate buying centerculture?Assume you have written this textbook and are going to attempt to sellit to your school. Identify the six members of the buying center. Whatrole would each play in the decision process? Rank them in terms ofhow much influence they would have on the decision, with 1 beingmost influential and 6 being least influential. Will this ranking bedifferent in other situations?