Fsu Mktg 476 Take Home 1
June 6th
MKTG 476
Chapter 1
1. How are the basic business philosophies or orientations of major consumer products firm such as General Mills or Nestlé and a small entrepreneurial start-up in a fast-growing, hi-tech industry likely to differ? What are the implications of such philosophical differences for the role of marketers in the strategic planning processes of the two firms?
Answer:
A) The major consumer products firms like General Mills and Nestlé have to be market oriented in. In Exhibit 1.6 its show the Marketing Orientated firms have a broad product line, pricing based on perceived benefits, and packaging focused on customer convince. Also It says that “many of America’s most market-oriented firms are well-established competitors in relatively mature industries. This is because they are in an established market that if you don’t have what the customers want they will be able to find it someplace else. But in a fast-growing, hi-tech industry a small entrepreneurial start-up should be product oriented trying to create new better products and not to focus on specifics that the customer wants. As it says in the book pg. 14 “ Early entrants into newly emerging industries, particularly industries based on new technologies, are especially likely to be internally focused and not very market-oriented. This is because there are likely to be relatively few strong competitors during the formative years of a new industry, costumer demand for the new product is likely to grow rapidly and outstrip available supply, and production problems and resource.”
B) The role of the marketers for a firm like General Mills is to market the product with what benefits that product provides for the consumer. There is going to be more market research focus on identifying new opportunity and applying new technology to satisfy customer needs. This price for their product will be based on the perceived benefits for the product. But for a small start-up in the high-tech industry would be
MKTG 476
Chapter 1
1. How are the basic business philosophies or orientations of major consumer products firm such as General Mills or Nestlé and a small entrepreneurial start-up in a fast-growing, hi-tech industry likely to differ? What are the implications of such philosophical differences for the role of marketers in the strategic planning processes of the two firms?
Answer:
A) The major consumer products firms like General Mills and Nestlé have to be market oriented in. In Exhibit 1.6 its show the Marketing Orientated firms have a broad product line, pricing based on perceived benefits, and packaging focused on customer convince. Also It says that “many of America’s most market-oriented firms are well-established competitors in relatively mature industries. This is because they are in an established market that if you don’t have what the customers want they will be able to find it someplace else. But in a fast-growing, hi-tech industry a small entrepreneurial start-up should be product oriented trying to create new better products and not to focus on specifics that the customer wants. As it says in the book pg. 14 “ Early entrants into newly emerging industries, particularly industries based on new technologies, are especially likely to be internally focused and not very market-oriented. This is because there are likely to be relatively few strong competitors during the formative years of a new industry, costumer demand for the new product is likely to grow rapidly and outstrip available supply, and production problems and resource.”
B) The role of the marketers for a firm like General Mills is to market the product with what benefits that product provides for the consumer. There is going to be more market research focus on identifying new opportunity and applying new technology to satisfy customer needs. This price for their product will be based on the perceived benefits for the product. But for a small start-up in the high-tech industry would be