Saint Leo University MKT301 Midterm

MKT301 Midterm

 

Instructions:

Read the scenario below carefully. Your answers to the five (5) short essay questions below must apply specifically to the firm and situation described in the scenario. Answer each of the questions fully, yet concisely, being sure to avoid fluff and irrelevant information. You may use charts, graphs, and other display elements if you wish. Grammar and spelling will count – there will be a one (1) point deduction for each error. You may use outside sources if you wish–however, you must cite them and no more than approximately 15 percent of your answer may be from a third party – use your OWN words for most of your answer. Be sure to use examples when asked to do so.

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1. Scenario BThe marketing consulting firm which you manage has been contacted by Prepared Students of America to help them develop their marketing plan. The firm has explained to you that the major reason for freshman college students to drop out is not academics but rather social and personal issues, such as poor time management skills and homesickness. The firm has developed a series of Web-based courses to help new college students make the adjustment to college life. Some of the courses include time management, test taking skills, coping with roommates, money management and social skills.The courses are developed with 17-19 years old students in mind; however, the major audiences for sales are parents and grandparents. The firm also hopes to form relationships with organizations such as the PTA.About the firm:·  Privately owned·  Very progressive and innovative·  Small staff of about 12 people·  Very casual and creative environment·  Well-funded but frugal·  Manic about quality·  Believes they are “on a mission”·  This is their only product·  Only about 1 year in business·  Have yet to release a product About their marketing:·  Little to no market plan·  No brand or positioning yet·  The firm likes grassroots type marketing·  Very Internet savvy·  This is a blank slate – the firm is open to new and innovative ideasIn your report, list each of the 4P’s and provide a brief definition of each of the four. (10 points) Give a specific example of each of the 4Ps that you believe appropriate for the company’s marketing plan based on the scenario above. (10 points)  Remember that your clients may know nothing about the 4P’s, so be very precise in your report. They need you to be very specific so that they understand the principles of marketing you are describing.(Points : 20)              2. Part of your report is a SWOT analysis. List each of the four parts of a SWOT and define or describe each of the four elements, including if they are internal or external to the firm. (10 points) List two factors for your client’s firm or product for EACH of the four categories (eight total items). Be sure to clearly label your answer so that your clients understand which factors go with which category. (10 points) (Points : 20)              3. Define the terms FEATURE and BENEFIT. Be sure to include the distinction between the two and why they are important to marketing and/or sales. (10 points)  List five features of your client’s product and ONE benefit for each of the features that would cause consumers to be excited about the product. (2 points each for a total of 10 points)  Some things you should consider include the needs of the typical customer for a product such as yours and what attributes it has that the competition might lack. Points will be awarded for making a clear distinction between the FEATURE and the BENEFIT that the consumer derives from that feature, thus you should describe the BENEFIT thoroughly. (Points : 20)              4.Since you have studied Integrated Marketing Communications (think of the introductory material in Week 1), also known as the Promotional Mix, you know that you and your clients have several components to choose from when developing your promotional plan.  However, your clients are not familiar with them and probably are only aware of the conventional methods such as advertising in traditional media. Select TWO (2) of the major types of Integrated marketing Communications.  Write a 2 – 3 sentence definition for each of the two you have selected. (10 points) For each of the two provide a specific and precise example for the firm in the scenario above. (10 points) Be sure to explain them clearly and in detail. After reading your report, your client should understand exactly how you propose to spend the firm’s IMC dollars.(Points : 20)              5. Based on what you have learned about your client’s culture, you believe that social policy of corporate responsibility and marketing ethics is more appropriate for the firm. Write a one paragraph memo to the CEO explaining why you are making this recommendation, including a 2 -3 sentence definition of corporate social responsibility. (6 points) Be sure to include a bulleted list of at least four (4) types of stakeholders you believe to be important to the firm. (4 points) You may wish to consider what you know about mission statements.  Finally, recommend a specific activity that would support both the social policy of ethics for the firm and at least two of the stakeholders. Be very specific in your suggestion so the CEO can plan accordingly. HINT – consider things that firms in your area do to serve the community. (10 points) (Points : 20)