Unit 2 Assignment
1. What is the purpose of environmental scanning? Give an example.
It is important to perform the process of environmental scanning in order for the firm to intelligently plan for the future. The goal is to gather the environmental data in order to identify future market opportunities and threats. An example of the importance of environmental scanning would be if you were looking to open a coffee shop in a certain area, it is good to determine whether or not there may be a decline in coffee consumption in the area—this is something that environmental scanning would reveal.
2. How should Ford Motor Company market differently to ...view middle of the document...
Most baby boomers are also enjoying traveling, prolonging retirement, and focused on trying to stay young and active. They would be a good group to market sports cars and new-age cars to since they have an interest in being youthful and living life to the fullest.
3. Suppose a recent economic forecast expects inflation to be almost 10 percent during the next eighteen months. Your company manufactures hand tools for the home gardener. Write a memo to the company president explaining how the firm may have to alter its marketing mix.
Home Gardening Company |
To: | Company President |
From: | Ashley Bailey |
Date: | 10/17/2013 |
Re: | Marketing Mix Alterations For Upcoming Inflation |
Comments: | Dear Company President, Due to the recent economical-forecast expecting the inflation to be almost 10 percent during the next eighteen months, I feel it would be in the company’s best interest to alter its marketing mix. It is of high importance for us to be aware that buyers will not pay more for a product than the subjective value they place on it. We should try to hold the current price levels for as long as possible, but it is very important for us to keep track of our profits over the next eighteen months in order to lower prices and make adjustments when necessary to avoid the company being impacted astronomically by the inflation. |
4. Rubbermaid, the U.S. manufacturer of kitchen products and other household items, is considering moving to global marketing standardization. What are the pros and cons of this strategy?