Question

(MARKETING QUESTIONS) please give a full complete answer to each of the following questions. will rate, thank you

1) Why should a firm be aware of its competitor's distinctive competencies
2) What is a market segment? Explain how an automaker might appeal to different market segments.
3)Discuss how the principles of marketing can be applied to people.
4)PaperBackSwap.com needs to conduct a SWOT analysis. Explain the purpose and elements of a SWOT analysis. Which are internal to the company and which are external?
5)Compare and contrast strategic planning and operational planning.

Answer 1

1. Distinctive competencies are the combination of the best practices and technical skills that increase the competitiveness of an organization.The idea of core competencies is to create unique and creative product that will be impossible for competitors to copy. Due to the fact, that competitors may decide to develop new capabilities, market requirements may regularly change. So, distinctive competencies must be identified through thorough analysis and organizations must be ready to meet the new requirements that are crucial for further development.Moreover, competitive advantage may be gained by any business that can produce products with fewer expenses or by effectively performing key activities.

2. Market segmentation is an important basis of many successful marketing strategies. Carefully chosen segments allow tailoring the marketing mix to more individual customer needs. Thus, they help to invest marketing spending more effectively. Market segmentation is necessary because in most cases buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These common characteristics allow developing a standardized marketing mix for all customers in this segment. A segment-orientated marketing approach generally offers a range of advantages for both, businesses and customers.

3. The principles of marketing are based on 4P's i.e.-Product, Price, Place and Promotion. These are helpful to the marketers in estimation. Product - The product you sell can be a physical item or service intangible, such as sending food home or service cleaning. The product should meet the needs of a particular group of people, such as professionals, housewives etc. Price- You need to determine the price of the product. If the price is too high, you Keep far to potential buyers. If it is too low, you may have difficulty obtaining profits. You will also have to consider the price of the competition. Place- The concept of place refers to the distribution channels; this is where the product will sell and how to hit the market. Promotion- Promoting the product or service involves raising awareness among potential customers about its existence. It is likely that advertising is the most famous form of promotion, using media such as television, radio, newspapers and magazines.

4. In SWOT analysis, Strengths and weaknesses are internal to the organization where as Opportunities and Threats are external to the organization.

5. Planning occurring at the corporate level is termed as strategic planning, while the planning process taking place at the functional level is called operational planning. Strategic Planning is concentrated towards attaining the long-term objectives of business. On the other hand, operational planning is done to achieve short-term objectives of the company.

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