Week Three Assignment 5. Explain when and why it is important for a company to globalize. When an organization wants to go global‚ they look at the opportunities in all countries that will permit that organization to enhance the effectiveness of business functions everywhere the organization has operations and then devise a strategy to achieve that goal. The two main reason an organization looks to globalization is for standardization and customization. Standardization uses a
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PERCEPTUAL MAPPING Perceptual mapping From Wikipedia‚ the free encyclopedia This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (February 2008) This article may need to be rewritten entirely to comply with Wikipedia ’s quality standards. You can help. The discussion page may contain suggestions. (March 2012) Perceptual mapping is a diagrammatic technique used by
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Using Perceptual Maps in Marketing Student 06/08/2011 MKT/421 Eric Herrick Using Perceptual Maps in Marketing - Simulation This assignment is written in fulfillment of the MKT/421 class at the University of Phoenix. The assignment calls for covering each of the three major phases in the simulation and to describe: * The situation * Recommended solutions and why * Results * Show what is the relationship between differentiation and positioning of the product for Thorr Cruiser
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Understanding Perceptual Maps What is a perceptual map? A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace. In other words‚ it is a tool that attempts to map the consumer’s perceptions and understandings in a diagram. The word ‘perceptual’ comes from the word ‘perception’‚ which basically refers to the consumers’ understanding of the competing products and their associated attributes
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Marketing Defined University of Phoenix MKT/421 – Marketing Marketing Defined Marketing is often thought of as advertising and selling‚ but marketing encompasses more than just selling a product or service and advertising it to entice customers to make a purchase. Perrault‚ Cannon‚ and McCarthy (2009) defined marketing as "the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods
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fall under which variable of the marketing mix? A. Product B. Place C. Promotion D. Price 2) Hewlett-Packard sells personal computers through specialty computer stores‚ electronics superstores‚ and its own Internet site. What is the marketing mix variable that is being considered here? A. Price B. Promotion C. Product D. Place 3) Marketing strategy planners should recognize that: A. target markets should not be large and spread out B. mass marketing is often very effective and desirable
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American Marketing Association in 1953‚ coined the term “marketing mix”. The marketing mix refers to Jerome McCarthy’s “4 P” method used to create an effective marketing strategy. The 4 p’s of the marketing mix are product‚ place‚ price‚ and promotion. (Investopedia‚ 2013) “Neil Borden” Product refers to the creation or design of a good or service. It is here that the process begins in the life of a product. In this part of the marketing mix the
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Defining Marketing MKT/421 The Concept of Marketing Marketing is a concept most familiar as a consumer. However‚ marketing in the eyes of a business person can be seen as advancement or promotion. To a consumer marketing can be explained as a commercial‚ a magazine ad‚ billboards‚ etc. To a sales person marketing is a source of networking and self-promotion through branching out via social media outlets such as Facebook or Twitter. Marketing to most is simply the idea of selling on a large scale
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Marketing Mix MKT 421 April 4‚ 2011 Marketing Mix A marketing strategy is the combination of the target market‚ or the customers the marketing is intended to reach‚ and the marketing mix. Product‚ price‚ place‚ and promotion are components of the marketing mix‚ or the four p’s‚ which create a value for the customer (Perreault‚ Cannon‚ & McCarthy‚ 2009). For this reason‚ the customer‚ who is not part of the marketing mix‚ is the center of the target‚ surrounded by the elements of the marketing
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case. It is naturally the best thing to compare similar products before purchasing. Introducing a product that is of the latest trend can be difficult‚ marketing managers need to be innovative‚ captivating‚ and original! Marketing is a means of introducing a brand new product‚ and effectively communicating its advantages to consumers. Marketing introduces a product‚ and allows consumers to see the latest trend. The more creative you are the better chance an organization has to sell their product
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