Marketing Exam Questions Assignment Example | Topics and Well Written Essays - 2000 words

Marketing Exam Questions - Assignment Example Web marketing entails use of web sites and search engines to provide information about the prices and other aspects of firm’s brands to the consumers. Email marketing on the other hand involves marketing of brands through the use of messages sent to the existing and potential consumers. Social marketing, one of the most used marketing channels in the contemporary business world, entails use of social sites that includes Face book, You Tube, Digg and Twitter. The concept of perceived benefits and perceived sacrifices indicates that for a customer to experience his or her value, the perceived value or the gain of acquiring the product must be higher than the cost of acquiring the product. An organization can adopt three major value parameters. First, a firm must provide a marketing strategy that meets and exceeds customer needs. Secondly, in a service industry, a firm should ensure that its customers feel comfortable and valued, based on the services provided by the company. Thi rdly, in a manufacturing industry, customers must be provided with a service that is of higher value as compared to that of the competitors. Internet marketing that is aimed at matching customer value and reflecting on extensive marketing effectively applies the concept of perceived benefit and perceived sacrifice. ... Similarly, Virgin Company has a culture of placing its customers at the centre of its operations. For example, the company has embarked on market research and innovation in order to come up with products that meet the needs of its customers. The Consumers are satisfied when they perceive that psychological costs as well the cost of conversion of sacrifices to benefits are lower that the value they will receive. Thus there is need for companies that aim at creating strong positive customer product relationship emulate internet marketing that provides valuable information to the consumers. By upholding customer value, McDonald’s and Virgin Atlantic have created strong customer base resulting to high sales and sustainable profit for the firms. Similarly, the customers have become loyal towards the firms brands an aspect that has resulted to repeated purchases and strong relationship between the firms and the consumers. Question B Marketing myopia is a marketing term that indicate s that any firm or business will do well at the end if the firm concentrates on consumers and its aim is to meet the customer needs rather that the products the firm sells to the customers. Many financial organizations thought that Virgin would be a threat when it entered United Kingdom market in the middle 1990s since it allowed postal strike of the workers and introduction of products that caused a lot of competition in the market. Virgin aim was to do away with monopoly of firms and products thus many thought that virgin was a threat to the existing business. The introduction of virgin in United Kingdom led to transformation of many companies for example a firm like