Chapter 5 - Lesson 2 - WCS



Chapter 5 – Lesson 5.1Understand the Need for Marketing InformationWhat type of information do marketers need to make intelligent decisions? What questions should they ask representatives of their target market? Read Coca-Cola’s version of events surrounding the 1985 release of “New Coke” and answer the following questions.Suggested keywords: Coca-Cola, real story, New Coke Website: 1: What does the Coca-Cola company perceive as the issue with the blind taste tests that showed consumers preferred the revised formula? Answer:Question 2:In Coca-Cola’s view, was the decision to change the formula ultimately regrettable? Answer:Question 3:In view of this, do you think legacy companies such as Coca-Cola must seek out different marketing information than newer, smaller businesses? Explain why or why not. Answer: Chapter 5 – Lesson 5.2Find and Manage Marketing InformationNielsen is one of the world's leading providers of market research, information, and analysis to the consumer products and services industries. Widely known for its rating services that collect and analyze information about television viewing habits, the company serves clients in more than 100 countries. Visit the Nielsen website to answer the following questions.Suggested keywords: Nielsen, consumer researchWebsite: 1:According to Nielsen, what does “consumerization” entail?Answer:Question 2:According to Nielsen, how does the company help its customers innovate?Answer:Question 3:The website states that the three R’s of marketing effectiveness are reach, resonance, and reaction. It does not explain this statement further. Explain your interpretation of the statement, and discuss whether you think it is accurate and why.Answer:Chapter 5 – Lesson 5.3Use Marketing ResearchThe Pew Internet & American Life Project conducts and reports research on the impact of the Internet on American life. The project offers a variety of data and research reports. You can participate in online surveys and compare your results to those of other participants. Visit the project website and answer the following questions.Suggested key words: Pew Internet Project, use of the InternetWebsite: Question 1:Find a recent report on demographics related to Internet use. Briefly describe it. Did any of the findings surprise you? If yes, please elaborate. If no, explain how the data validates an understanding you already had. Answer: Question 2:Why would businesses be interested in the type of research the Pew Project conducts?Answer:Question 3:Navigate to the Interactives tab and find a quiz to take. Did you learn anything about yourself? Do you think you were characterized accurately? Why or why not? Answer:Chapter 5 – Lesson 5.4Collect Primary DataLoyalty programs are an effective way for retailers to gather observations about consumer habits. You probably have several loyalty cards in your wallet. Stores often entice consumers to sign up for loyalty programs by offering participants better prices on selected merchandise. They then use the programs to gather data about everything a consumer purchases in the store. Read the article and answer the following question.Suggested keywords: Toledo Blade, loyalty programsWebsite: 1:According to the retailers and analysts quoted in the article, what is the aim of gathering information about customers’ purchases?Answer:Question 2:According to the article, what are some concerns associated with loyalty programs?Answer: Question 3:How do you feel about your purchases being aggregated and analyzed? No big deal, or cause for concern? Explain. Answer: ................
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