Question

1. Marketers should be skilled in stimulating demand for a company's products. Just as production and logistics professionals are responsiblefor supply management, marketers are responsible for demand management. Marketing managers seek to influence the level, timing, and composition of demand to meet the organization's objectives. List and briefly describe the eight different demand states.

2. Consumers often have many needs that are not readily obvious. Just observing their behavior inside a retail store is not enough to get a true understanding of their "needs." List and briefly describe the five types of needs that most consumers have.

3. Identify three specific ways globalization has affected the marketing environment.

4. Identify and define the traditional four Ps. Also identify the new four Ps.

5. The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes.

6. Indicate the following terms: marketing plan, strategic marketing plan, and tactical marketing plan.

7. Explain what happens in a SWOT analysis during the strategic planning process.

8. What are three components in an MIS?

9. What does total market potential mean? How can it be estimated?

10. What major environmental forces marketers must monitor within the rapidly changing global picture?

Answer 1

Answer 1 :

The eight different demand states marketer faces in the demand management are :

a. Negative demand : In this demand state consumers dislike the product which makes it get less demand in the market, there isn't any specific reason why the product is disliked by the consumers like for example to avoid going to the hospital or dentist consumers use the preventive measures. Here, marketer needs to understand why is the product is disliked and find the strategies to market the product effectively.

b. No demand : These are the rare cases where the marketer faces no demand from the market, it can be due to negative influence or product does not meet the needs of the consumers which can create a no demand in market, like for example certain educational courses faces no demand.

c. Unwholesome demand : As in case of negative demand even though product is beneficial for the consumers they do not desire to buy if, while in case of unwholesome demand product might not be beneficial for them but they want it badly, like for example alcohol or cigarettes.

d. Declining demand : In declining demand product that used to be in higher demand faces sudden decline due to another product replacing them, like for example computer which were in demand suddenly faced decline in demand when the laptops were introduced in the market.

e. Irregular demand : These are the seasonal demand, where the product receives demand during the peak season and faces low demand during no season. For example Umbrella. In this case market can run a promotion or discount on product during the low season to increase the sales.

f. Latent demand : These demand occurs post sale of the product as while buying the product consumer might not understand their desire or need but post purchase they might realize about the features of the product. Like for example consumer might buy a normal phone while later on understanding they need a smart phone which includes latest technology and features.

g. Full demand : This is the ideal situation where the product meets the supply and demand of the market. Consumers want to buy the product, here marketer must maintain the interest in product and increase the sales.

h. Overfull demand : The demand received from the market cannot be fulfilled by the company due to limited manufacturing capacity. If the company solely focuses upon marketing activities rather than producing products which meets the market demand it can negatively influence the brand equity.

Note : Solved the first question as per Chegg's question and answering guidelines.