MKTG 753 CH 8 HW Spring 2024
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MKTG 753
Chapter 8
Homework
Due: Thursday, February 8, beginning of class
Please submit your homework via CANVAS but have it available for you to view during class.
I will call on 3 to 4 people at the beginning of class to provide their answers, and we will discuss as a class.
Questions: THEORY OF REASONED ACTION (THE EXPECTANCY-VALUE MODEL)
You are the marketing manager of “Corner Wahoo Pizzeria,” or CWP, that produces deep-dish Chicago Style
Pizza. You have recently noticed a significant drop in the number of people eating at CWP. You want to find out if this drop in clientele is related to current consumer attitudes and use this information to draw up a marketing plan to combat it. The Expectancy-Value model (Fishbein and Ajzen 1975) suggests consumers’ attitude towards an object (or action), o
, can be represented as:
Attitude
o
=
b
i
e
i
where b
i
is the strength of the belief that object o
possesses attribute i
, and e
i
is the evaluation of this belief.
After a lot of thought you come up with four attributes that are important to your consumers: taste, calories, fat content, and price. You commission a study to build an expectancy-value model of consumers’ attitudes. The study questions, and the typical response for each question, are listed below:
1.
How likely is it that a CWP pizza tastes good?
Very Unlikely
-3
-2
-1
0
1
2
3
Very Likely
2.
How likely is it that a CWP pizza has low calories?
Very Unlikely
-3
-2
-1
0
1
2
3
Very Likely
3.
How likely is it that a CWP pizza has high fat content?
Very Unlikely
-3
-2
-1
0
1
2
3
Very Likely
4.
How likely is it that a CWP pizza is low priced?
Very Unlikely
-3
-2
-1
0
1
2
3
Very Likely
5.
If a pizza tastes good, that is…
Very Bad
-3
-2
-1
0
1
2
3
Very Good
1
6.
If a pizza has low calories, that is …
Very Bad
-3
-2
-1
0
1
2
3
Very Good
7.
If a pizza has high fat content, that is …
Very Bad
-3
-2
-1
0
1
2
3
Very Good
8.
If a pizza is low priced, that is … Very Bad
-3
-2
-1
0
1
2
3
Very Good
Question 1 Use the typical responses above to calculate consumers’ current attitude towards CWP Pizza.
Attitude
o
=
b
i
e
i
Attribute
Strength (bi)
Evaluation (ei)
Bi * ei
Taste
3
1
3
Calories
-2
3
-6
Fat
2
-2
-4
Price
3
3
9
Attitude = 2
Further study of the Theory of Reasoned Action (TORA) reveals that attitude toward the product is only one of two components that affect behavior, the other one being subjective norms (SN
o
). Subjective Norm
o
=
NB
k
MC
k
where NB
k
is the normative belief of person k
, and MC
k
is the motivation to comply with person k
.
You then study a group of target consumers, who are split into three categories: opinion leaders (OLs), group
members (GMs), and trend followers (TFs). The questions posed, and the typical response for each question, are listed below:
9.
What do the [opinion leaders] think about eating at CWP?
Not eat at CWP
-3
-2
-1
0
1
2
3
Eat at CWP
10.
What do the [group members] think about eating at CWP?
Not eat at CWP
-3
-2
-1
0
1
2
3
Eat at CWP
11.
What do the [trend followers] think about eating at CWP?
Not eat at CWP
-3
-2
-1
0
1
2
3
Eat at CWP
12.
How much do you care about what the [opinion leaders] think?
2
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Related Questions
In 2 pages Please write a Executive Summary on this topic:
Topic: Sustainable Solutions Co. is a start-up that aims to provide environmentally friendly and sustainable products to consumers. Our mission is to promote eco-consciousness and responsible consumption while offering high-quality and innovative products. Through our dedication to sustainability, we aim to contribute positively to the environment and inspire a green lifestyle among our customers.
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Scenario:
Successful business owners understand the value of repeat customers and how it affects their bottom lines. In fact, studies reveal that returning customers spend close to twice as much money as new customers.
For this assignment, assume that you are a committed, small business owner with the goal to further the success of your business. You also know that your customers are the bread and butter of your business. Therefore, you understand the need to incorporate customer retention strategies using effective marketing strategies and good customer loyalty programs to attract new and keep existing customers.
Choose any product or service you would like to market. Expand on some customer retention strategies to attract new and retain existing customers for your product or service.
You will need to:
research current marketing strategies for your product
research customer retention strategies
research strategies on gaining customer loyalty
make recommendations on how to…
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This discussion is associated with the Navigate 2 Scenario - Episode 4: How are we doing?
It’s time for a marketing audit! The Health Care System wants to see how responsive they are to market needs and preferences, and if their marketing strategies are showing a good return on investment. You have been brought in as an objective party to perform this audit. During this episode, you need to identify the right people to be in the interviews and choose the best questions to ask from the following categories. Identify who the stakeholders are in the interview and who are the best people to ask questions regarding the following categories (choose 3 categories). What are the questions you will ask?
Market and market segments
The organization
Competitors
Products and services
Price
Promotion
Channels of distribution
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This week we will return one last time to the sharing economy. Your assignment is to develop the concept for a new business for this market space. For example, you may decide that there ought to be a business coordinating the sharing of lawn mowers. (You don’t have to pull a Fred Smith on this assignment.)
1) There are two main deliverables. First, you’re to work out the value proposition including target market, problem addressed, your solution, and the points of difference between your solution and what’s currently available.
2) Second, you’re to specify how your business might attempt to capture some portion of the value generated and answer whether that value would be sufficient to build a viable business.
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
arrow_forward
Instructions
There are two steps to this assignment:
1) Develop a SWOT analysis for a company. (See detailed instructions below)
2) Based on your SWOT, make three recommendations to your company regarding new product or service ideas. One of these ideas will be the focus of your marketing plan.
Part 1: Develop a SWOT
Select a company that already exists and that you would like to develop a new product or service for. Then research that company to create a SWOT analysis.
It is critical that a company understands its internal strengths and weaknesses and the external environment in terms of opportunities and threats. Develop at least three items for each area:
Strengths (3),
Weaknesses (3),
Opportunities (3), and
Threats (3).
Under the SWOT table/chart, you will elaborate on the information in your SWOT. Make sure each categories (strengths, weaknesses, opportunities and threats) is clearly labeled. Put enough information into each description so I can tell what you mean.…
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Critical Thinking In recent years, for packaged products
the FDA has proposed that companies include the per-
centage daily value for added sugar on the nutrition la-
bel. The primary reasoning behind this proposal is that it
would provide information on added sugars comparable
to what consumers have been exposed to for nutrients
such as saturated fat and sodium that the FDA advises
should be limited in consumption.46 Do you think that this
update to include added sugar is necessary? Do you be-
lieve that this update will alter how people consume and
make consumption decisions on products containing add-
ed sugars? Explain the reasoning behind your answers.
arrow_forward
We have decided to start a new business called ABC headphones. We will be selling a variety of diff head phones.
1- Select a positioning strategy most suitable for your product idea. Explain your choice.
2- There are 3 types of customer decision making processes, real, impulse and habitual. Select the most applicable to your product. Explain your answer.
3- A product has distinct layers,namely core, tangible, augmented, potential and the product image. Explain each layer and how it applies to ABC head ohones
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After operating for some time and having evaluated the finances to project the sales of the business, it is necessary to think that, as a business owner, you must establish a strategic marketing plan which gives you a better idea about the market and business opportunities. growth in the industry.
For this reason, in this task you will develop a strategic marketing plan for your coffee shop business. The plan must contain the following elements:
a) Executive Summary
i) Summarize all the most important aspects of your strategic marketing plan.
b) Our client (buyer person)
i) Describe the different types of customers the business appeals to.
c) Product or service
i) Evaluate the product or service according to the market need.
ii) Defines the branding elements of the business.
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Topic:
Market and Market Segmentation
Remember to check the following when done writing your answers:
TENSE: Use the correct tense.
INSTRUCTION:
1. What is meant by the term market?
2. What is meant by the term market segmentation?
3. What are the different ways to segment a market?
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State four (4) researchable specific questions based on the general problem presented
below. Note that your answers will be graded according to the rubric provided. Write
your answers on your notebook.
This study aims to describe the academic challenges faced by senior high school
working students in the second district of Bataan. The result of the study will
serve as a basis for proposing and designing effective learning intervention
program.
Specific question no. 1:
Specific question no. 2:
Specific question no. 3:
Specific question no. 4:
Scoring system
5 points
Description
All the questions are in parallel with the general problem.
4 points
Three questions are in parallel with the general problem.
3 points
Only two questions are in parallel with the general
problem.
Only one question is in parallel with the general problem.
2 points
1 point
No question is in parallel with the general problem.
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ou are the CEO of a medium-size company that makes
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for the next 8 to 12 months.
You approved each of the managers' action plans, and
a year later most of the managers were reporting that their
initiatives had been successful in addressing the prob-
lems and opportunities they had identified a year ago.
However, overall company performance continues to be
lackluster and shows no signs of improvement. You are
confused and starting to question your leadership capa-
bilities and approach to change. What are you going to
do to improve the performance and effectiveness of your
company?
company has a cost advantage in terms of being able to
make custom window coverings at costs that are relatively
low in the industry. However, the performance of your com-
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