Recognize an understanding of the overall marketing concepts, goals and strategies within the context of organizations goals and strategies. (CLO-1)
Demonstrate the ability to formulate marketing strategies that incorporate psychological and sociological factors which influence consumer’s decision.. (CLO-3) There are many marketing strategies that incorporate psychological and sociological factors that influence consumer decision making. Some examples include:
Social proof: This marketing strategy relies on the principle that people are more likely to make a purchase if they see others doing the same. For example, a company may showcase customer reviews or testimonials in order to convince potential customers that their product is popular and well-liked by others.
Scarcity: This marketing strategy plays on people’s fear of missing out by creating a sense of scarcity or limited availability of a product. This can make people feel more urgency to make a purchase before the product runs out or becomes unavailable.
Anchoring: This marketing strategy involves presenting consumers with an initial reference price or value, which then influences their perception of subsequent prices or values. For example, a company may offer a product at a high initial price, and then offer discounts or promotions to make the final price seem more appealing to consumers.
Personalization: This marketing strategy involves tailoring marketing messages and offers to the individual needs and preferences of consumers. For example, a company may use data from a consumer’s online activity or purchase history to create targeted ads or personalized product recommendations.
Authority: This marketing strategy involves using respected or influential figures to promote a product or brand. For example, a company may use a celebrity endorsement to convey the message that their product is high-quality and trustworthy.
Use effective and collaborative interpersonal skills to carry out scientific analysis of consumers’ needs and wants to formulate a marketing Plan. (CLO-5)
Part-A:Case Study Max Marks-7.5
Read the Chapter Case Study “The Coffee Wars” from Chapter No- 2 “Developing Marketing Strategies and a Marketing Plan” Page: – 58 and 59 given in your textbook/E-book – “Marketing” (8th ed.) by Dhruv. Grewal and Michael Levy (2022) and answer the following Questions:
Perform a SWOT analysis for Starbucks and Dunkin’ Donuts. Based on your analysis, in which company would you invest? Justify your answer.(2.5 Marks)
Which growth strategies have been pursued by Starbucks and Dunkin’ Donuts in the past? Which strategies do you believe will be most successful for the two firms in the future? Why? .(2.5 Marks)
Which marketing metrics would be most helpful for an executive in charge of developing new products for a coffee chain? .(2.5 Marks)
Part-B:Critical ThinkingMax Marks-7.5
Reading required: – Read Chapter 1, 3 and 6 carefully and then answer the following questions based on your understanding.
Based on the differences discussed between needs and wants in Chapter-1, when companies that sell coffee and develop their marketing strategy, do you think they concentrate on satisfying their customers’ needs or wants? If yes how? What about a utility company, such as the Saudi Electricity company? A humanitarian agency, such as King Salman Humanitarian Aid and Relief Center? Critically examine. Chapter-1. (2.5 Marks) (Minimum 150 words)
As an intern for Starbucks, you have been asked to develop a social media campaign for a new latte. The objective of the campaign is to increase awareness and trial of this new line. Use the listen-analyze-do framework discussed in Ch-3 to outline a new campaign.
You are planning to go for a Thursday night outing at a fine restaurant with your friends. When evaluating different alternatives, how you can differentiate between the universal set, the retrieval set, and the evoked set discussed in Chapter-6. From which set of alternatives point of view, most likely you would choose the restaurant? Explain.
Chapter-3 (2.5 Marks) (Minimum 150 words)
Chapter-6 (2.5 Marks) (Minimum 150 words)
Important Notes: –
For each question, you need to answer not in less than 150 Words.
Support your answers with course material concepts, principles, and theories from the textbook and scholarly, peer-reviewed journal articles etc.
Use APA style for writing references.
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