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What is meant by marketing math in pricing?

by | Nov 8, 2022 | Social Science homework help | 0 comments

 

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I need the following discussion questions answered in 150 words each. Please provide each response with individual references at the end of each question. 
MODULE 1
DQ1
Assessment Description
Good companies adopt the marketing concept and focus on serving and satisfying their customers. Great companies take additional steps to ensure ethical behaviors that serve all stakeholders. Watch the video “Social Responsibility and Conscious Capitalism.” How does Dr. Gibb define conscious capitalism? Identify a company that you think displays behaviors that fit Dr. Gibb’s definition. What are those behaviors, and how do stakeholders benefit from the company’s conscious capitalism initiatives? In replies to peers, offer additional examples of behaviors and benefits, and discuss commonalities you see among the various examples provided.
DQ2
Assessment Description
Marketing plans describe the current situation for the product, service, or brand, and the plan for the future. What are the objectives of the marketing plan? In other words, why is one needed? What are the possible outcomes if marketers do not have a marketing plan? Provide specific examples to support your ideas. In replies to peers, discuss whether you agree or disagree with their position and justify your reply with specific reasons, facts, and examples.
RESOURCES
View “Welcome to Introduction to Marketing,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8megl34WNtSgJdSm9PVDubYvv
Read “7 Examples of Awesome Social Responsibility Marketing,” by Vranicar, located on the Oberlo website (2017). https://www.oberlo.com/blog/social-responsibility-marketing-examples
View “Developing Target Markets,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mejFVh4ZkG_6-L4F0ktnD-jL
View “Marketing and Organizational Success,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mejoQ9bH8M92ScpXeBv9aMH3
View “Reimagining Capitalism With Higher Consciousness: Raj Sisodia at TEDxNewEngland,” from TEDx Talks (2012), Reimagining Capitalism with Higher Consciousness: Raj Sisodia at TEDxNewEngland – YouTube
Read “The Rise of Conscious Capitalism,” located on the Forbes website (2019). https://www.forbes.com/sites/gretchenfox/2019/03/26/the-rise-of-conscious-capitalism/?sh=219225a7139d
View “Social Responsibility and Conscious Capitalism,” from the GCU Academics – Business, https://www.youtube.com/playlist?list=PLg_v7K-G8mehU_cGOa9HFTzPV5cyS09ef
MODULE 2
DQ1
Assessment Description
Watch the video “Forms of Marketing Research.” Company A is thinking about bringing to market a new product in a category where it knows very little about the consumers or their needs and wants. Describe which forms of marketing research would be appropriate and explain why. By contrast, Company B has an established product and knows a lot about its customers. The company wants to measure customer satisfaction. Describe which forms of marketing research would be appropriate and explain why. In replies to peers, provide additional ideas for the types of research that could be used.
DQ2
Assessment Description
Watch the video “The Marketing Research Process.” What are the responsibilities of the client during the process? What are the responsibilities of the research team? Why are the interactions of the client and the team important during the marketing research process? In replies to peers, support or refute their positions using specific reasons, facts, and examples.
RESOURCES
View “Forms of Marketing Research,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8meh4Qm4ua1YRekjN6xQfiABc
Read “How to Better Integrate Analytics Into Your Marketing Strategy, by Abbamonte, located on the Neil Patel website (2017). https://neilpatel.com/blog/integrate-analytics-into-marketing/
Read “How to Conduct a SWOT Analysis: Examples, Strategies, and Templates,” by Campbell (2018) https://www.shopify.com/blog/swot-analysis
Read “Is Your Marketing Working? The Importance of Marketing Analytics,” located on the PixelMark website (2018). https://pixelmark.net/the-importance-of-marketing-analytics/
View “The Marketing Research Process,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8meg3rIl3dTORj_pFOWvW4HBZ
Read “Quantitative vs. Qualitative Research: What’s the Difference?” by Market Research Guy, https://www.mymarketresearchmethods.com/quantitative-vs-qualitative-research-whats-the-difference/
MODULE 3
DQ1
Assessment Description
In the first paragraph of this chapter, the quote from Harold Coffin (1905-1981) stated: “A consumer is a shopper who is sore about something.” In essence, Mr. Coffin suggests that a marketer’s job is to tap into a problem, or create a “problem,” that can only be “solved” by the consumer’s purchase of a particular product. Based on this concept, describe how consumer purchase decisions actually serve to resolve an unmet want or need? In replies to peers, provide real-world examples from your own life to illustrate the point.
DQ2
Assessment Description
View “Consumer Purchasing Decisions” and “Technology and Consumer Behavior.” Based on your review of this chapter, you know that consumers demonstrate specific behaviors as they work toward purchasing a specific product. In addition, the text points out that consumers can arrive at a specific buying decision based on previous experiences with a specific product, a newfound awareness of the usefulness of a particular new product, positive reviews form customers who have previously purchased the same product, etc. Based on your understanding of the consumer buying process, compare and contrast how the consumer buying process and the organizational buying processes differ. Illustrate your ideas with specific real-world examples. In replies to peers, discuss whether you agree or disagree with the way your peers have differentiated between the two buying processes.
RESOURCES
Read “5 Stages of the Consumer Decision-Making Process and How It’s Changed [VIDEO],” by Mehrguth, https://directiveconsulting.com/blog/5-stages-of-the-consumer-decision-making-process-and-how-its-different/
Read “5 Steps in Consumer Buying Behavior,” by Bhasin, from the Marketing91 website (2018). https://www.marketing91.com/5-steps-consumer-buying-behavior/
Read “The Consumer Buying Behavior in the Digital Age [Infographic],” by Patterson, located on the Business2Community website https://www.business2community.com/infographics/the-consumer-buying-behavior-in-the-digital-age-infographic-02122377
MODULE 4
DQ1
Assessment Description
In their personal lives, people routinely purchase goods or services. At times, they “need” or “want” something new; or it is time to replace/replenish an existing product. Whether they need to purchase groceries, buy gas for the car, or stretch a bit to get that exciting new toy, their investment in “goods” is ongoing. Similarly, they utilize the services that companies provide to enrich, replenish, fulfill, maintain, or enhance their lives. Describe how a marketer could develop differing marketing strategies to target your personal use of goods or services. Provide a real-world example of a marketer who does this. Include links to relevant marketing pieces to illustrate your example. In replies to peers, discuss the effectiveness of marketers in targeting to personal use in the examples provided.
DQ2
Assessment Description
Sometimes a new product or service endeavor fizzles in the marketplace. Looking back, it seemed like a “good idea” at the time; however, it is evident that the promising new product or service is now headed toward obsolescence. Assume the role of the lead marketer of a struggling (or failed) product. Provide a detailed analysis of the product or service failure; and present a step-by-step description of how these (and future) product failures could be avoided. Include links to relevant marketing materials to illustrate your ideas. In replies to peers, discuss whether you agree or disagree with the analysis provided by your peers and explain why.
MODULE 5
DQ1
Assessment Description
What is meant by marketing math in pricing? Discuss the significance of marketing math in overall marketing success. Provide an example that supports your ideas. In replies to peers, provide additional examples that support those posted by your peers.
DQ2
Assessment Description
View “Pricing and Breakeven Analysis.” A break-even analysis can be used to determine the amount of sales volume a business needs to start making a profit. List the formula used to conduct a break-even analysis and explain each component. Provide a real-world example of how the break-even analysis and formula could be applied. In replies to peers, discuss other marketing math methods that could be employed by the business as it tracks profitability.
RESOURCES
Read “How to Price a Product: A Scientific 3-Step Guide (With Calculator),” by Peters, located on the Sumo website (2019). https://sumo.com/stories/how-to-price-a-product
Read “How to Price Your Products,” by Wasserman. https://www.inc.com/guides/price-your-products.html
View “Pricing and Breakeven Analysis,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8meg7R4yWPQvBQd-51wioq5Bq
View “Pricing in BTB Channels,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8meiwMwIFu5ackSj6ON7B6NoY
Read “The Ultimate Guide to Pricing Strategies,” by Decker, located on the Hubspot website (2019). https://blog.hubspot.com/sales/pricing-strategy
Read “What Is Break Even Analysis?” located on the Corporate Finance Institute website. https://corporatefinanceinstitute.com/resources/accounting/break-even-analysis/
MODULE 6
DQ1
Assessment Description
View “Types of Distribution Channels.” In your own words, describe types of distribution channels and provide an example of each. Discuss the advantages and disadvantages of each using real-world examples. In replies to peers, discuss whether you agree or disagree with the pros and cons they have identified and explain why.
DQ2
Assessment Description
Provide a real-world example of a wholesaler, a distributor, and a retailer. Discuss the differences among them. In replies to peers, discuss whether you agree or disagree with their discussion of what differentiates wholesalers, distributors and retailers and justify your ideas with specific reasons, facts, and examples.
RESOURCES
View “Improving Distribution Efficiency,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehmYsRBBVqXfvf9CvOKVDZN
View “Types of Distribution Channels,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mejSbfHsYZhdkxMsNjW5T844
Read “Understanding the Pros and Cons of Multichannel Marketing,” located on the CallRail website (2019). https://www.callrail.com/blog/multichannel-marketing-pros-cons
Read “Omnichannel or Multichannel? Which One and Why,” by Sandstrom, located on the Street Fight website (2019). https://streetfightmag.com/2019/05/23/omnichannel-or-multichannel-which-one-and-why/#.XcHg_FVKjIU
MODULE 7
DQ1
Assessment Description
The communications process describes the interactions between a sender and a receiver of a message. Watch the video “The Communications Process and IMC.” Visit YouTube and find and watch a TV commercial for McDonald’s. Post the link to the commercial in your discussion. Analyze the commercial using the communications model. Who are the sender and receiver of the commercial? Why are marketers at McDonald’s concerned about the encoding and decoding of the commercial? What is the central message of the commercial? How do receivers provide feedback to the sender? In replies to peers, discuss whether you agree or disagree with their analysis of the commercial and explain why.
DQ2
Assessment Description
Watch the video “Advertising, Sales Promotion, and Public Relations.” Discuss the strengths and weaknesses of each form of communication. Explain why marketers would choose to use each form within a consumer products promotion. Illustrate your ideas with specific examples. In replies to peers, provide additional illustrative examples to support the ideas presented and explain how your examples apply.
RESOURCES
View “Advertising, Sales Promotion, and Public Relations,” from the GCU Academics – Business, located on the YouTube website https://www.youtube.com/playlist?list=PLg_v7K-G8megH77NldaD65didePpghOvd
View “The Communications Process and IMC,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehgKxubavZe96tso6yPFhL1
View “Digital Marketing,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8megcB0XGeGHDKxs4YarNBfMV
View “The Importance of IMC,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8megOx98oJaW8HjUGz_ue33w6
MODULE 8
DQ1
Assessment Description
Watch the video “Sales Management.” Summarize the strengths and weaknesses of personal selling when compared to other forms of marketing communications. Discuss the role a sales manager plays in improving the overall performance of sales people. In replies to peers, discuss whether you prefer personal selling or other forms of marketing communications and explain why.
DQ2
Assessment Description
View “The Global Environment for Marketing.” As the marketer for Create Cookbooks, you have been tasked to expand the target market from a local to global presence. Currently, the company cookbooks have sold well at local bookstores, kitchen stores, and community college campuses. Describe a strategy that would enable your company to successfully market the product to an international audience. In replies to peers, discuss additional components that could be applied to make the strategy more effective.
RESOURCES
Read “3 Examples of How – And Why – Social Responsibility Marketing Works,” by Naylor, located on the Business2Co https://www.business2community.com/social-business/3-examples-social-responsibility-marketing-works-02014721
Read “16 Brands Doing Corporate Social Responsibility Successfully,” by O’Brien, located on the Digital Marketing Insti https://digitalmarketinginstitute.com/en-us/blog/corporate-16-brands-doing-corporate-social-responsibility-successfully
Read “Codes of Conduct / AMA Statement of Ethics,” located on the American Marketing Association website. https://www.ama.org/codes-of-conduct/
Read “Cultural Sensitivity: How to Market Your Brand in Other Cultures,” by Wiliams, located on the Translate Media website https://www.translatemedia.com/us/blog-usa/cultural-sensitivity-market-brand-cultures/
View “A Day in the Life of a Sales Representative,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehW64-MmzJCLxAdaOzmsufm
View “The Global Environment for Marketings,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehPoFgPBPY9CijHTwoI8MD5
View “International and Global Marketing,” from the GCU Academics – Business, located on the YouTube website.  https://www.youtube.com/playlist?list=PLg_v7K-G8mehXtiE9kUSfOA4Rsc7KUyay
View “Legal and Ethical Behavior in Marketing,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehO08cJrGFrjmK0ms-6HUAn
Read “The Murky Ethics of Data Gathering in a Post-Cambridge Analytica World,” by Steimer, located on the American Marketing  https://www.ama.org/marketing-news/the-murky-ethics-of-data-gathering-in-a-post-cambridge-analytica-world/
Review “Reimagining Capitalism With Higher Consciousness: Raj Sisodia at TEDxNewEngland,” from TEDx Talks (2012), https://www.youtube.com/watch?v=O8faXr6WhCM&feature=youtu.be
View “Sales Management,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8megBmWBM9XbIWJQ0-oi62azu
View “Social Responsibility and Conscious Capitalism,” from the GCU Academics – Business, located on the YouTube website. https://www.youtube.com/playlist?list=PLg_v7K-G8mehU_cGOa9HFTzPV5cyS09ef
Explore “The World Factbook,” located on the Central Intelligence Agency website. You will need to use this website and information. https://www.cia.gov/the-world-factbook/

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