1. Pricing and price competition account for the number-one problem facing many marketing executives. What are some frequent problems that companies encounter?The most frequent problem would be lack of resources, Producing content is easy but producing quality and good content is hard and requires resources which include employees,budget and other stuff, which some small market can’t handle, Increasing competition is also one of the frequent problem because if you lose from your competitor basically your business is effected in a negative way so you have to be competitive and come up with new and better way to grab that attention back from your competitors to your business.2. Compare pure competition with monopolistic competition.In pure competition market is consist of of vast number of buyers and sellers trading in a uniform commodity. No single buyer or seller has much effect on the going market price. Under monopolistic competition, the market consists of many buyers and sellers trading over a range of prices rather than a single market price. A range of prices occurs because sellers can differentiate their offerings to buyers.3. Compare oligopolistic competition with pure monopoly?Under oligopolistic competition, the market consists of only a few large sellers. As there are few sellers, each seller is alert and responsive to competitors’ pricing strategies and marketing moves. In a pure monopoly, the market is dominated by one seller. The seller may be a government monopoly, a private regulated monopoly, or a private unregulated monopoly. Pricing is handled differently in each case.4. Describe what a demand curve is and how it helps business?The demand curve is one of the lines on a supply and demand graph. It represents different levels of consumer demand for a product at different prices. At high prices, demand is generally low. Moving from left to right, the demand curve drops downward, expressing that lower prices result in demand for a larger quantity of the product. The point at which the demand curve crosses the supply curve represents the equilibrium price. This is the point at which price, demand from consumers and supply available from producers are all in balance.A business can learn a great deal about pricing by examining and estimating demand curves. The demand curves for similar products show how much customers are willing to pay for a certain type of product.5. Thoroughly explain price elasticity of demand?Price elasticity of demand is a relationship between a change in the quantity demand of a product and its price, it measure the response of a consumer to a product, It is important to understand concept of price elasticity of demand to know how the relationship between the price of a good influences its demand if the quantity demand changes a lot and the price is same that means it is elastic which means that particular product have other alternate substitutes.6. When would price cuts and price increases be necessary?Price cuts may be necessary when there is excess capacity. Another time to cut prices is when market share is falling in the face of strong price competition. A company may also cut prices in a drive to dominate the market through lower costs. A major factor in price increases is cost inflation. Rising costs squeeze profit margins and lead companies to pass cost increases along to customers. Another factor leading to price increases is over-demand. When a company cannot supply all its customers’ needs, it can raise its prices, ration products to customers, or both.7. The terms supply chain and demand chain are limited. Explain why “value delivery network” is a more relevant expression to use?Supply chain takes a make-and-sell view of the business, using materials and other inputs as the starting point for market planning instead of the needs of target customers. Demand chain takes a sense-and-respond view, starting with the needs of target customers and planning a chain of resources and activities with the goal of creating customer value. However, a demand chain is a step-by-step, linear view of purchase-production-consumption activities. This does not allow for the flexibility made possible by the Internet and other technologies. Value delivery network is more appropriate because it is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve the performance of the entire system8. How do channel members add value to a marketing system?Intermediaries reduce the amount of work that must be done by both producers and consumers. They transform the assortment of products made by producers into the assortment wanted by consumers. They buy large quantities from many producers and break them down into the smaller quantities and broader assortments wanted by consumers. Intermediaries help to match supply and demand. Channel members add value by bridging the major time, place, and possession gaps that separate goods and services from those who would use them9. Describe the differences between discount stores and off-price retailers?A discount store sells standard merchandise at low prices by accepting lower margins and selling a higher volume. The early discount stores cut expenses by offering few services and operating in warehouse-like facilities in low-rent, heavily traveled districts. Today’s discounters have improved their store environments and increased their services, while at the same time keeping prices low through lean, efficient operations. Off-price retailers can be found in all areas, from food, clothing, and electronics to no-frills banking and discount brokerages. Off-price retailers buy at less-than-regular wholesale prices and charge consumers less than retail.10. A company’s total marketing communications mix-also called its promotion mix- consists of the specific blend of five different parts. Name and define these parts?Promotion mix: A cost-effective combination of Advertising (It is when companies pay to promote ideas, goods, or services in a variety of media outlets. It can be found everywhere. With advertising, a company engages in a one-way communication to the prospect or customer) Personal selling (one-to-one communication between seller and prospective purchaser. It generates direct contact with prospects and customers. It is one of the most expensive forms of promotion) Sales promotion (Sales promotion basically represents all marketing activities other than personal selling, advertising, and public relations. Sales promotions are used to stimulate purchasing and sales and the objectives are to increase sales, inform potential customers about new products, and create a positive business or corporate image). Direct marketing (Direct marketing is a type of advertising directed to a targeted group of prospects and customers rather than to a mass audience). Public relations strategies (Public relations activities enable an organization to influence a target audience. Most of the time, public relation campaigns try to create a favorable image for a company, its products, or its policies).11. Outline the steps in developing effective marketing communications?In preparing marketing communications, the marketer’s first task is to identify the target audience and its characteristics. Next, the marketer has to determine the communication objectives and define the response sought, whether it is awareness, knowledge, liking, preference, conviction, or purchase. Then a message should be constructed with an effective content and structure. Media must be selected, both for personal and nonpersonal communication. The marketer should find highly credible sources to deliver messages. Finally, the communicator must collect feedback by watching how much of the market becomes aware, tries the product, and is satisfied in the process.13. Describe the nature of personal selling and the role of the sales force?Today, most salespeople are well-educated and well-trained professionals who work to build and maintain long-term customer relationships by listening to their customers, assessing customer needs, and organizing the company’s efforts to solve customer problems. The best salespeople are the ones who work closely with customers for mutual gain. Personal selling is the interpersonal arm of the promotion mix. The sales force acts as a critical link between a company and its customers. Salespeople represent the company to the customer and the customer to the company to produce customer satisfaction and company profit.14. Michael Porter suggested four basic competitive positioning strategies that companies can follow-three winning strategies and one losing one. Name and thoroughly describe these four different strategies?Overall cost leadership: the companies that achieve the lowest production and distribution costs thus to offer price lower than its competitors. Differentiation: Here the companies focus on differentiated product line and marketing program so that it comes across as the class leader in the industry. Most customers would prefer to own their brands if its price is not too high. Focus: Here the companies concentrate its effort on serving a few market segments than going for the whole market. For example, The Ritz-Carlton focuses on the top 5 percent of corporate and leisure travellers. 15. What are five reasons why dot-coms failed?Poor Business planLack of financial managementNo physical storeNo customer support Lack of human resources16. Overview the promise and challenges that e-commerce presents for the future?The future e-commerce promises a easy way of succeeding from a few-click only. Social marketing and mobile marketing is going to be future but the challenges it’s going to face are the pricing, profitability. Legal and ethical issues 17. What is meant by the Creative Concept? What in your opinion would the Big Idea be for Macy’s?Creative concept is basically a creative way of marketing to consumers in a friendly and appealing way and buy getting there interest in your item through the big idea, its main purpose is to delivery your company core marketing messages. Macy’s big idea would be sponsoring their brand through models or fashion show18. Explain, in depth, the content that goes into the creation of a Competitive Advantage?A competitive advantages is a strategy that is needed to be a successful business, it is the key to be on the top of your competitor and it can be achieved by offering the best or something better than your competitor is offering it can be achieved by providing greater customer value, either through lower prices or by providing more benefits that justify higher price,19. Discuss five Global Product and Communications Strategies?Straight product extensionmarketing a product in a foreign market without making any changes to the productex: Apple iPadsProduct adaptationadapting a product to meet local conditions or wants in a foreign marketex: special Oreo flavors for specific countriesProduct inventioncreating new products or services for foreign marketsex: Ford developing the cheap car Figo for Indiacommunication adaptationa global communication strategy of fully adapting advertising messages to local marketsex: Unilever shampoo ads in Malaysian market differ from in American marketDual adaptationadapting both the product and communications20. What are your thoughts of how ethically and socially responsible marketing in general behaves today?I feel like the future of marketing will get better but as for right now the marketing is just lies its mostly done to earn money and profit buy using unethical advertising and promotion and in order to achieve this some companies even harm the consumer by keeping the reality under dark by promoting false claims. On other side on social network it has made marketing so easy but there are some negative effect to this as well like increase number of scammers. Ethical marketing is all about Fairness promoting honesty and to be transparent in their advertisement.