2. Use a diagram and accompanying narrative to explain what differentiation is, thedifferent forms it can take, and how a firm utilising the policy is looking to alter itsmarket environment in order to enhance its profit potential.

The two most used and most common strategies to create competitive advantage are the cost leadership…

Answered: Use a diagram and accompanying…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Three (3) practical reasons why the company should segment their market
1 Use the marketing process to examine and evaluate each of these factors about the products. Consider what Formula Botanica says about hair trends, and highlight the environmental factors that affect your function in the marketing of this product. • Understanding customer needs and wants; • Market offerings: bundle of benefits; • Being aware of market myopia; • Marketing, customer value and satisfaction; and • Exchanges, transactions and relationships and how it leads to market.
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 firms
We all realize that the marketing mix has at its center the customer and the four Ps: product, price, place of distribution, and promotion. However there are also external forces that management must consider. The acronym here for these external, less controllable forces is Briefly identify and describe these external forces that must be considered.
3. Describe the marketing mix decisions (product, distribution, promotional, pricing) that marketers face. Choose a real-world product or service and apply the marketing mix decisions to it, explaining your choices.
Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large1.” If you read the definition closely, you see that there are four activities, or components, of marketing: 1. Creating. The process of collaborating with suppliers and customers to create offerings that have value. 2. Communicating. Broadly, describing those offerings, as well as learning from customers. 3. Delivering. Getting those offerings to the consumer in a way that optimizes value. 4. Exchanging. Trading value for those offerings. When a company uses exchanging and communicating as their marketing activities. What are they trying to do? What do you think are their objectives? Who are the activities or messages targeted to?
Being first to market can be an advantage and a disadvantage. Provide at least one reason for each.
The marketing mix refers to the set of tactical tools or elements that a company uses to promote its products or services to its target market. Explain FOUR (4) components of the marketing mix.
6. Stage of marketing that establishes lasting relationships through multidirectional channels so that information flows and facilitates access to products. Select one: a.Marketing 1.0 b.Marketing 2.0 c.Marketing 3.0 d.Marketing 4.0
Use the marketing process to examine and evaluate each of these factors about the products. Consider what Formula Botanica says about hair trends, and highlight the environmental factors that affect your function in the marketing of this product.• Understanding customer needs and wants;• Market offerings: bundle of benefits;• Being aware of market myopia;• Marketing, customer value and satisfaction; and• Exchanges, transactions and relationships and how it leads to market,
Which objective might be suitable if target customers already have positive attitudes about firm's marketing mix.
If a Business is compared to a car, state which apart of the car you consider Marketing to be andexplain your choice. Your explanation must be based on research on the nature and importanceof Marketing. Conduct research on the importance and nature of marketing. Link the research to the part of the car you selected.

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Use a diagram and accompanying narrative to explain what differentiation is, the different forms it can take, and how a firm utilising the policy is looking to alter its market environment in order to enhance its profit potential.