Module Two Essay Example | Topics and Well Written Essays - 500 words

Module Two - Essay Example Here is a generic form of function: 4. Economic Order Quantity (EOQ) formula is also represented as a function. EOQ is the number of units in an order that minimizes the total costs. EOQ is a function of setup costs and the cost of holding inventories. 7. Make or Buy decisions are the most important decisions made by the managers. Managers define the models as functions and then make decision for whether to produce the materials themselves or outsource them. 9. Forecasting of various variables can be represented using functions. For instance if we want to predict the next year profit then we will first find out the linear equation from the past data using regression tools and then we can simply put the value of the year for which we want to predict the profits. Sets are fundamental concept of mathematics. A set is a well-defined collection of objects. For instance, a set of people who have defaulted on loans amounting $500,000. The set theory involves operation related to sets (union, intersection and complement etc.). These sets are also vital for business applications. For example, let’s say that, The set theory has a limited usage in business world but set theory concepts provide a useful vehicle for presenting and discussing probability concepts. These probability mechanisms are applied thoroughly in business world. Fuzzy set theory is also an emerging concept that is being applied now days for business

The Diary Of Anne Frank

The Diary Of Anne Frank Anne Frank: The Diary of a Young Girl takes place between June 12, 1942 and August 1, 1944 in Amsterdam, Holland. Specifically, it takes place in their Secret Annex which is hidden behind a bookcase in Mr. Van Daan and Mr. Franks office. The place is cramped with many people, and they must be very quiet so they do not blow their cover. There are workers working in the building where they are so any noise they make is a risk. The book is written in two moods. Anne writes in a depressing and scary mood but also in an optimistic mood. At any point, the Secret Annex could be discovered and those in hiding could be found. They have to be very quiet and cannot go outside. Therefore, she writes in a dark, depressing mood. She also writes in an optimistic mood. She is happy she is still alive and has faith in humankind. She believes she will be set free someday and is hopeful of this event. Characters Anne Frank is the narrator of the book. She is a young, teenage girl of the Jewish faith. The story takes place during the holocaust, so Anne and her family are hiding in a Secret Annex. Anne was a very popular girl in school with both boys and girls. Wanting to be a writer when she grows up, Anne loves to read and write. Margot Frank is Annes sister and three years older. She is quieter and more serious than Anne. Margot gets along better with their parents and becomes closer with Anne throughout the book. Otto Frank is Anne and Margots dad. He is the one who arranges their hiding spot in the Secret Annex. Mr. Frank is modest and quiet with a very close relationship with Anne. He teaches her most of her subjects including Algebra and English. Edith Frank, Anne and Margots mother, has a horrible relationship with Anne. She does not fit the image of what a mother should be according to Anne. It seems as though she always takes Margots side which really ticks Anne off. Peter Van Daan is the son of another family hiding with the Franks. He appears to be boring at first to Anne, but soon enough they fall in love. Peter is a bit older than Anne, but that doesnt stop them from having a relationship. He starts to cling to her and Anne finds out he does not like religion. Both of these are reasons why Anne eventually dumps him. He does not even make the smallest attempt to change his ways which disgusts Anne. Petronella Van Daan is Peters mom. She does not get along with Anne at all. In fact, she criticizes Anne constantly and flirts with Mr. Frank which really gets Anne mad. However, Anne finds her easier to talk to than her own mother. Hans Van Daan is Peters dad and Mrs. Van Daans wife. He often criticizes Anne like most of the adults. Albert Dussel shares a room with Anne and is the last one to arrive in the Secret Annex. He was a dentist before he went into hiding. Anne likes him at first, but soon she discovers his true personality and has an opposite opinion of him. Occasionally, she would do things to annoy him on purpose. A secondary character in the book is Peter Wessel, a young man who Anne crushes on. Anne often dreams of Peter and once dreamt of him touching her cheek. She hopes that they can be together when it is safe to come out of hiding. Plot Anne Frank is a normal teenage girl living a perfectly normal life until she finds out that the dictator of Germany, Adolph Hitler, is executing all Jews for no good reason. Her and her family are forced to go into hiding so the Nazis dont take them away to concentration camps. They hide in an attic behind a bookcase in Mr. Franks office. They call it the Secret Annex. The three members of the Van Daan family (Petronella, Hans, and Peter) and Mr. Dussel, a former dentist, also hide with the Franks for their own safety. The rising action is when the family is sitting around the radio listening to the news about the ongoing war. They hear that things are getting better and the war is on the verge of ending. However, unknown to the Franks, Van Daans, and Mr. Dussel, things really arent getting better. The climax of the story is when Hitler was informed that there are Jews hiding in an annex. Hitler sends Nazis to go and find them. The eight of them are discovered and they are no longer safe. The falling action is when the characters were taken off to concentration camp. They knew they were probably going to die, but tried to look on the bright side. They all were separated except for Margot and Anne who stayed together. The resolution is when Miep finds Annes diary left in the annex. She was looking around in the room after they had been taken away. Miep saw a plaid cloth and went to pick it up. The diary, she soon learned, was under the cloth and an inspirational diary at that. Theme(s) I believe the main theme is isolation in two different ways. The first is physical because the Franks, Van Daans, and Mr. Dussel are physically cut-off from the rest of the world. It is just the eight of them cramped inside a small annex. They cannot go outside, they can barely even make noise, and they lived on the same foods for a while. They are isolated from the outside world. The isolation theme of this book is also mental because Anne feels isolated from her family and friends hiding in the secret annex. Even while all eight of them are in the same room, Anne feels cut-off from most of the people there, especially her mother. Inside Anne, she is as far away from her mother as she can be, even if theyre sharing a chair. Anne feels the same way about Mrs. Van Daan and others hiding with her: isolated. Conflicts The conflict of Anne Frank: The Diary of a Young Girl involves the Germans and the Jews. The story takes place in the middle of World War II and the Holocaust. The Germans, or Nazis, are executing all Jews under Adolph Hitlers command. Jews were sent to concentration camps, which is the same as saying death row. A lot of Jews were sent into hiding, but most were discovered by the German army. The Franks, Van Daans, and Mr. Dussel are hiding from the Nazis in this book. Those hiding in the Secret Annex were avoiding concentration camp, extreme torture, and death. They did not have a choice to hide unless they wanted to die, and would not have a choice to go to the camp if they were found. The Franks, Van Daans, and Mr. Dussel must keep their cover, stay quiet, and wait in hiding until the war is over and it is safe for a Jew to walk the streets in Holland. Important Passages Anne says, I keep my ideals, because in spite of everything I still believe that people are really good at heart. I think this is a very inspirational quote. Anne is facing death at an unknown time, yet she is still very positive. This should instigate use to stay positive. The next time we are faced with a difficult situation and are down with pessimism, we can think of Anne Frank. This innocent girls problem was probably ten times as worse as what we are facing; nevertheless she still looks on the bright side as should we when facing an obstacle. Anne also say, Parents can only give good advice or put them on the right paths, but the final forming of a persons character lies in their own hands. I think this is a good passage from the book because it explains that you should be your own person and you are in the drivers seat of your life. You can be whatever you want to be no matter what others tell you. I think this is good advice for a lot of kids. Even though others can guide you through life, ultimately you make your own decisions about your life. You control your life, use it wisely, do what you love, and have fun doing it! Vocabulary Florin: a cupronickel coin of Great Britain, formerly equal to two shillings or the tenth part of a pound and retained in circulation equal to 10 new pence after decimalization in 1971 Palpitation: an unusually or abnormally rapid or violent beating of the heart Gibe: to utter mocking or scoffing words Opklap: Dutch type of bed, which folds against the wall to look like a bookcase with curtains before it Wangle: to bring about, accomplish, or obtain by scheming or underhand methods Faze: to cause to be disturbed or disconcerted Calligraphy: highly decorative handwriting Finicky: excessively particular or fastidious Saboteur: a person who commits or practices sabotage Paragon: a model or pattern of excellence or of a particular excellence Universal Connection Anne Frank: The Diary of a Young Girl is about an entire race of Jews being executed just because they are Jewish. Racism in the world today is comparable to the Holocaust because they were both discrimination against a race for no good reason. Now in most cases racism today is not as extreme, but it is still racial discrimination. It was wrong back then and it is wrong now. This is a connection between the book and the world today. I can make a personal connection to this book because I sometimes feel as if adults are out to get me when they criticize me. All kids hate being criticized by adults and find at least one adult annoying, including me. Anne had bad relationships with the adults there and I know how she feels because Ive been there before. Sometimes, you just want to talk back to a teacher or scream at a coach, but what makes it worse is you know you cant. Anne felt this way in the book and Ive felt this way before in life. This is how I connect to this book personally. Reflective Questioning I would ask Anne Frank so many questions if I had the chance when she was alive. I would ask things like what was it like hiding for years, did you ever think you would be found, and what went through your mind when you were found. However, I think the first questions I would ask are, Did you ever think your diary would be published and have millions of copies sold? If you knew you did, would you have added anything or taken anything out before its publishing? I would ask that because a lot of what she wrote was personal and I would hate to share all of my personal feelings and thoughts with millions of strangers all around the world. I would like to know if she felt the same. I would rate this book a five of ten. It wasnt one of the worst books I have ever read, but it was clearly not one of the best. I do not like stories that date that far back; I like books that are more modern. Also, I found it boring that it was the same thing every day: they ate the same foods, she writes her adoration for Peter, she complains about the adults, and she writes that she will one day be free. Another reason I did not like it is that it was too slow and took too long to read. I understand it is a classic, and the fact it is a true story is unbelievable. However, it is just not my kind of book. I prefer a book easier to relate to, or a book about a subject I am interested in.

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Embryonic Stem Cell Research What if there was a way to cure previously in-curable diseases with the help of something in the very first stages of human life, but thousands upon thousands of lives had to be taken to perfect the use of this material? That is exactly what is happening with embryonic stem cells around the world. Pro-life activists, who originally organized to stop the abortions of unborn fetuses, were most angered with the process of actually destroying an embryo solely for research purposes. However, scientists, such as Dr. Andrew Yeager of the University of Pittsburgh, argue that embryonic stem cells are the future of medicine. â€Å"This is really where, I think, so much of biomedicine is going to be going in the twenty first century†, states Yeager. Embryonic stem cells are a new and exciting medical advance that should be researched, but the biomedical technology of the future is not worth the loss of hundreds of thousands of lives now. Although the actual procedure of retrieving stem cells from embryos is highly complicated and scientific, the ideology is quite simple. The study of stem cells that were taken from human embryos has been around since the early nineties, but until the summer of 1998, a majority of the country had been none the wiser. The country’s â€Å"non-knowledge† of this very promising medical technology may have been a blessing in disguise. With the story rapidly hitting newsstands and telecasts around the country, pro and anti-research rallies were the top headlines. Literally defined, embryonic stem cells are â€Å"undifferentiated, or unspecified cells that are unlike any other adult cell†(Stem Cells: A primer). They are unique because they are totipotent, or have the ability to form into almost any of the 220 cell types in the human body. Embryonic stem cells are taken from the blastocyst, the name given to the stage of the embryo when it is four to six days old. The bla stocyst consists of two cell masses; the first is an outer â€Å"wall† of cells that are already specified and will grow to become placental tissue and membrane. The inner mass, however, is a large group of unspecified stem cells that can be manipulated and eventually used for the treatment of diseases such as Parkinson’s, Alzheimer’s, and Diabetes. Not only do stem cells show promise for cures to these diseases, but also they also offer hope for the sufferers and ... ...for their own rights now or people fighting for the future rights of those who have no voice now. Embryonic stem cells are an important part of science today, shedding new light on the dark secrets of the human body, but the research alone is not worth scientists playing God or thousands of innocent lives being lost. Embryonic Stem Cell Research: Medical Advance or Moral Surrender? Heather Zinser Communications 12 December 5th, 2001 Senior Research Paper Hour 4 Ms. Boll Bibliography â€Å"Stem Cell Research†. Online. Available at www.uspoitics.about.com/cs/stemcellresearch Reaves, Jessica. â€Å"Stem Cell Research: Both sides of the debate†. Online. Available at http://www.time.com/time/health/article/0,8599,167254,00.html â€Å"Holy Grail†. Online. Available at http://www.cbsnews.com/now/story/0,1597,319351-412,00.shtml â€Å"Stem Cells: The Basics†. Online. Available at http://www.cbsnews.com â€Å"Stem Cells: A Primer†. National Institute of Health. Online. Available at http://www.nih.gov/news/stemcell/primer.htm Lee, Patrick and George, Robert P. â€Å"Why Killing Embryonic Human Beings is Wrong†. Online. Available at http://www.prolifeinfo.org/stemcell028.html

B2B – Product Marketing Plan.rev1

The vison of the wool manufacturing sector of Australia is to expand its export sales to emerging markets in the ASEAN region. Emerging markets are those of the developing countries with high demand on basic raw materials for clothing manufacturing and other industries related to uses of fiber, plus the corollary products from the same category of industry. Emerging markets maybe from developing countries, rather than highly developed ones. The mission would be to penetrate these emerging markets, create a foothold with the right liaison procedures and obtain long term contracts for wool, wool products and its ancillaries.The main objective is to increase the export revenues of the wool manufacturing sector, thereby contributing to the GNP and GDP of Australia to improve per capita income and to generate more employment. The specific objectives are: a. To find out the trade channels of emerging markets in the ASEAN Region and penetrate these markets. b. To develop the right strategy how to penetrate these emerging markets and establish long-term trading activities with the same. c. To research more uses of the wool fiber as raw material, whether in bulk raw wool or thread wool or fabric wool.d. To involve foreign investors as allies in the development of wool fiber for new uses of wool and its corollary products mentioned herein. e. To secure a captured market in exchange for foreign investments. 1. 1 Sales Objectives The general sales objective is to establish a continuing and growing demand for export sales of wool, wollen products, probably new developed products out of wool, and corollary wool products, e. g. sheep meat or lambchops and sheep leather. The increase in sales may not actually mean increase in profitablity in the short term.It is the long term objective that is the main focus in order for sales projections to be drawn with ease and followed. Long term projections can only be done if investment-marketing contracts can also be drawn with the prob able buyer of the manufactured products. It would be an investment laden project, such that the need for investment can be specifically pinpointed in terms of machinery, labor, working capital and project costs or, in order to find out the specific uses of the capital investment.From there, the Return on Investment (ROI) or the Return to Equity (ROE) can be calculated and deemed to be viable or feasible to Autralian preferences. Thus, the sales objective considers the long term viability of the project and determines what level of equity the Australians should allow any foreign investor to come in and intervene in the wool industry. 1. 2 Product Positioning There is no substitute for a high quality, optimum priced product and consistent supply and these factors must be the position of the products.In order to elaborate further the market position, it is best to enumerate the products that may come from the wool industry, expound the charecteristics of the products and analyze where it uses would be. Thereon, there could be research and development (R&D) to improve the product so that there is value added when it is sold. a. Bulk Raw Wool Fibers Bulk raw wool fibers maybe classified. The usual process starts with sheering, washing, bleaching, drying and bailing. Then there can be classifying, perhaps, into which batch comes from a more mature or younger herd of sheeps or known sheep varieties.Another way, which would need R&D, is to find out how to separate the long fibers from the short fibers. Then the method of classification can be into long and short fibers. Machineries can be designed to seggregate which fibers are long or short. Both kind of fibers can be wooven into fabric with different characterics and long fibers can be an additive in matress production for car seats. In Europe car seats have organic fibers as substitute for foam cushions, and is already a regulation. Foam cushions produce toxic fumes when it burns in case of accidents.b. Wool Thread If and when wool can be seggregated into long and short fibers, there can also be two kinds of threads produced. Short fibers will produce thread with short elasticity because the spinning process produces a more fine textured thread. Long fibers will produce thread that is more elastic, which is wool’s characteristic and has been accepted by users of this thread. Fine thread from wool can become a new product which can be compared to cotton thread. c. Wool Fabric When wooven into cloth, long fibers make the cloth stretchable.The stretchable fabric is usually used for insulation such as sweaters and blankets, the main finished products of wool. Although standard woolen fabric is good insulation, it has a charcteristic very distinct from cotton cloth. The wool fibers are a bit abbrasive and may induce allergy or itchiness to human skin and is generally heavier than cotton fabric. Should there be fine thread from short fibers wooven into wool fabric, then the outcome would be fine and lighter cloth, which can become a versatile material in sewing clothes.Definitely, this range of product development needs R&D. d. Sheep Leather Sheep skin can be processed into leather to manufacture rubber shoes. China and Korea are becoming top producers of rubber shoes. Those countries could be the target market of sheep leather if it were tanned in Autralia. Thus, tanning sheep leather can become a side manufacturing concern of the wool industry. Cow and kangaroo leather from Australia is already known in the world market. It would not hurt if the sheep leather market can be developed.Rather than disposing sheep skin as fertilizer, it may be manufactured into leather. e. Sheep Meat or Lamb Chops It is only logical that there is consistency in the supply of raw materials for wool. Thus, backward integration to produce wool becomes an inevitable factor when there are plans to expand the wool market. Therefore, sheep production, which Australia is also known for, becomes an integrated portion of the wool export industry. Sheep are proliferous and multiply like goats and there will be surplus of sheep in terms of number of heads if the wool industry were to expand.Lamb meat can become one of the ancillary products of the wool industry and capacity of processing plants for fresh or even canned sheep meat must be ready when the market is developed. 1. 3 Product Objectives It is best to enumerate again what are the probable export products derived from the wool industry: short fiber raw wool, long fiber raw wool, fine wool thread, ordinary wool thread, lamb chops/sheepmeat, and sheep leather. The overall product objective is to enhance the development of products manufactured from the wool sector. This sector starts from the livestock production of sheep, an integral part of agriculture.Wool must not be the only product that can derived from this industry. In terms of short and long fibers that need R&D, new machineries may have to be brought in. This c ould be done by asking foreign investors to conduct the research, design and fabricate the machinery themselves. The machines needed would pertain to milling machines, weaving, and knitting machines. If China were the choice of partnership, it has already developed its machineries for weaving and knitting. It may be the milling machine that should be designed in order to segregate the short and long fibers before milling into threads.The threads may be further processed so that the texture could be close to or the same as silk, a well known Chinese fabric. In any case, innovation should come in so that the end products becomes a new one and will probably have its place in the fashion world, which is very big business. Should this happen, there will be curiousity from European buyers, thereby creating a damand, as the capital of fashion is in Paris, France. This would expand the manufacturing sector thereby generating more employment for the locales.In terms of sheep meat, blast free zing and cold storage facilities upgrade may be needed for the expansion of the industry. Foreign investors may also be invited. The same protocol may be applied to sheep leather manufacturing. The machineries acquisition can be negotiated such that it may come in the form of a loan, whereby, part of the payments would be in the form of manufactured products the machineries would churn out. In general, the direction of this concern is towards expanding the manufacturing sector in processing, increase employment, generate export revenues and foreign investments.1. 4 Pricing Objectives General market re-entry, just like pricing, is an art. The general pricing objective is to retain optimum profits that would benefit the industry in the long term. The volume of business may compensate the optimum profit margins when the demand for the manufactured products increase. The pricing should be generally lower than competition. This would attract foreign manufacturers to buy the wool and wool en products. When it comes to leather, the pricing should be comparable to hog leather (e.. g. Hush Puppies use hog leather).Only when if it becomes a fad and is highly sought for, should sheep leather prices be increased to a maximum level. Shoes are a basic necessity too. Leather bags and luggage may not be a necessity and fashion trends may dictate the demand for these leather products. When it comes to sheep meat, prices should go lower than that of pork or chicken prices as cheap food is a sign of progress. Generally, product innovation should be one of the largest factors in product objectives. It is a fact that wool has been a fabric since the medieval ages and is outdated.Sheep meat has been a staple food to some countries but has not been promoted as a low cholesterol meat. Sheep skin could have been used only as insulation or rough clothing during the medieval ages also, and not as leather for shoes and bags. Innovation is altering the product so that when it is used or co nsumed, it is new and attractive. Thereon, consistency in supply and quality again should be sustained. Lastly, when innovation is implemeted, the product or products has to pass the taste and preferences of the target market. Test marketing can be done through the trade envoys in the various embassies.That wold be part of promotion and advertising already. 1. 5 Retail Objectives As previously mentioned, one of the objectives is to sell the products to wholesalers and not go into direct retailing. The fibers of bulk wool, and wool thread may be sold to textile mills suppliers. The woven fabric may be sold to textile wholesalers whose down the line customers are tailors, haberdashers and manufacturers of apparel. The leather can be sold to large leather wholesalers. Lastly, the meat can be sold to a main office of a chain of grocery stores. 2. 0 SWOT Analysis of the Products a.Short and Long Wool Fibers in Bulk, Fine and Ordinary Wool Thread, and Fine and Ordinary Wool Textile Wool f ibers and products are unique in a sense that it provides better protection against cold weather. It is organic in nature and does not come from synthetic resins. It has been known to be the source of textile since production in Europe started. Clothing sewn from wool generally cater to residents of temperate and artic countries. Australia, because of its vast grazing lands can produce sheep in voluminous quantities assuring the consistency of supply. These are the strengths of these products.The weaknesses of wool products is that Australia’s geographic position is far from temperate and artic zones that are most populated, no market. On the side of the globe where Australia is located, the most developed market is Japan. Europian markets are not that accessible due to the distance which would increase freight costs. Another weakness is the acceptability of wool sewn clothing. Though fabric from wool make good blankets, its acceptability seem to be outdated because of the em ergence of felt and other cotton like materials that are also thick and provides good insulation from the cold.Blankets and sweaters are the most sewn apparel from wool, with the introduction of thicker textile substitutes, the demand for wool decreased. Another weakness is in terms of the acceptability of the fabric when in contact with human skin which may induce allergies. Lastly, the fabric produced is heavier in terms of weight, than other fabrics. Opportunities lie in the current and biggest emerging market, China. China is about 2 billion in population. China is an aggressive market because it has positioned itself in the ASEAN Region with trading agents and its strategy has become an open trade policy if proper liaison can be done.With very cheap machineries fabricated from the mainland, it may be possible to negotiate the R&D portion for the bulk wool fiber. The biggest threat comes from its largest competitor, cotton. Cotton is light and is very variable in terms of sewing clothing. Countries producing cotton are located near the tropical zone and are positioned nearer the emerging markets than Australia, meaning the freight costs are cheaper. b. Sheep Leather The strength of this product also lie in Australia’s capacity to produce it in bulk and it may come out cheaper than cow leather.The opportunity lie in the huge market in China and Korea for leather and it may mean the introduction of the product at the right quality, quantity and price to garner this market. As earlier mentioned, China and Korea have been manufacturing rubber shoes. The threat is again is in its competitor, cow leather, and Australia’s own leather production may be the same culprit. Balancing the export of the leather products, whether it comes from cow, kangaroos or sheep might be hard to implement if there is over production. c. Sheep Meat/Lambchops The strength of this product lie in the consistency of production.With the vast grazing lands in Australia and it s agriculture technology, sheep production has become comparable with cow production. Australia has gone into export of lamb meat during the mid 90’s, but has not fully developed the market potential. Australia is also known for its beef supply, though sheep meat has already been marketed (e. g. Philippines), the market forces somewhat gave the impression that supply is inconsistent. The weakness of this product is its acceptability because of its semi-pungent odor and knowledge has to be transferred to those who would cook it.Sheep meat, the same with goat meet, has to be processed or seared with heat first before it is cooked and the process is just simple frying of the exposed surfaces. There is a very large market opportunity for this due to two (2) given and existing circumstances: (1) there is growing consciousness about the carrying capacity of bad cholesterol of pork, chicken and beef, and (2) Muslims do not eat beef and they tend to shy away from pork as customary pr actice, instead, goat’s or sheep’s meat is preferred. The Muslim people and Chinese (because of the large population) in the ASEAN would also be in need of food.The opportunity to develop the demand for lambchops or sheep meat exists. This is a very large opportunity because there are large Muslim populations also in the same region. Mindanao in the Philippines, Indonesia, Malaysia and Singapore have a significant number of Muslims in their populace. Sheep meat has threats from cheap pork and chicken meat (beef prices are very high). Producers of pork and chicken in the ASEAN have been in the doldrums too because of the high cost of feed ingredients but once in a while there is glut in these particular markets when the U. S. and Canada dumps its excess production into the ASEAN region.The nations where excess are dumped generally protect their producers by imposing high tariffs for these products and this may also pose a threat if sheep meat becomes a lot cheaper than prices of pork or chicken. 3. 0 Strategies The brand positioning of wool, woolen products, sheep meat and leather may take the low key, low profile stance at first. Raw material from Australia, final product made in China or Korea. Australians may, might as well take advantage of the cheap labor from these manufacturing countries, and should allow the same to manufacture the end or final products such as shoes and apparel.When it comes to sheep meat, it could carry an Australian brand since there is no other large sheep production in the region. The market entry or re-entry strategy can be to invite Chinese investors to conduct the R&D portion for the short and long fiber segregation. Let them develop and fabricate the machinery then buy the machinery from them with the intent to supply the manufactured fibers to them also. With fiber segregation, comes thread production, then textile milling or fabric production. The Chinese have already machinery for these and it could be included in the package.It may revolutionize Australia’s textile industry. The practice of machinery acquisition in exchange of manufactured end product or raw materials have already been done by the Chinese in Thailand and the Philippines. To exemplify, vapor heat treatment plants for mangoes were put up in Thailand in corroboration with a private company and the Thailand government, provided the Chinese will buy the entire mango produced. In the Philippines, decorticating machines for coconut fibers were loaned to a government agency in charge of the coconut industry, provided all the fibers (whether short or long fibers) were bought back.Thus market entry or re-entry is possible with the Chinese, to supply the R&D, needed machinery, and provided all the produce would be bought back. The general strategy for market expansion is to let foreign investors come in and put up their own plants to manufacture the mentioned products herein, provided they market the products themselves. Sal es strategy advertising is easy with the global upgrade in information technology. But, for the general public to be aware of emerging new policies of trading in Australia could require direct advertising in television and newspapers.This could be done through the trade consuls of the embassies of Australia in the countries within the ASEAN Region. The strategy for product positioning can be generalized to be generic sold products at first, and then acquire a brand name later on. This could probably mean that the goods are traded are in bulk status. 3. 1 Sales Strategies For market segmentation, the particulars could be Japan, China, and Muslims from the ASEAN Region. It would be better to cut off the supply with Japan first, let China enter.Market forces should be monitored for control and market research. China has several retail outlets in key cities in Japan (Tokyo, Kyoto, Nagasaki, etc.. ). For Muslims, which would pertain to sheep meat marketing, trade consuls can offer counte r trade measures to promote the product. Counter trade means there is no change hands of currency but plain barter. This is usually done on a government to government (G-to-G) basis. Stratety in distribution would be in terms of volume. The best would be to allow China to buy all, as this has been their practice with other countries.Slowly remove the Japanese market and let the Chinese do the trading and networking, make the Chinese Australia’s allies in trading. Definitely there will be some unpleasant reactions with the U. S. and the U. K. with these move, thus the Australian government should be ready for this. 3. 2 Product Strategies The product strategies can come in terms of service and support. When the Chinese have decided to enter into Australian territories, they might as well have some incentives like free trade zones, less tariffs for machineries, dedicated warehouses and maritime discounts in berthing their ships.This can justify adjusted lower FOB pricing rates and the high costs of freight.. 3. 3 Pricing Strategies Now that the general strategy is to tap China as an emerging market, at first FOB prices of the manufactured goods must be 5 to 10 per cent lower compared to its competitors. This should be done provided a yearly marketing contract can be inked with the Chinese. Chinese traders practice forard buying; which means that they might opt to buy the whole production for one year of a manufacturing plant, securing a low price and selling the manufactured goods when prices of the goods go up.This semi-monopolistic in nature but works very well if a company is into trading and has very huge capital base. Forward buying is very capital intensive. 3. 4 Retail Strategies The trends for market position of wool and its corollary products should start from the very basic step of the product chain that it can access abroad, the wholesalers. China is a wholesaler and bulk trader. The manufacturing sector of wool and other products must at first , take a stand that their final export product must give a privilege for better profit for the wholesalers as their allies.In the short run, this may mean that in order for the products to penetrate the retail market, other people outside the wholesalers network must be deplored and employed by the wholesalers themselves. It also may mean that the wholesalers that are buying the final export products could independently establish their own retail chains. Thus, the first position of the wool and other corollary wool products should be that of the wholesalers dominion. The next, and without violation of the terms and conditions with the current wholesalers, would be the retailing sector. 5.0 Budget The product marketing plan must come in phases; therefore, it would be hard to arrive at a fix budget for the total project cost of implementing the plan. Only in the first phase can a budget be appropriated for approval. The first phase would be to approve the concept and policies in the m agistrates of the Australian government and conduct advertising and marketing campaigns for the re-aligned trade and marketing policies through the embassies. TV and newspaper promotions would be the bulk of the cost of the campaign. Let us estimate the allocation at A$ 200,000.00 per country, targeting seven (7) countries; total estimated budget is A$ 1. 4MM. This can suffice buying airtime and newspaper publishing for one year. Additional single-liaison staff maybe hired in the embassies but the representation allowance should be flexible, as Chinese representatives are hungry for wine and dine related negotiations. 5. 0 Future Trends and Issues of Marketing Concern The future trends in the global market: more use of organic fibers and leather rather than synthetic substitutes because of the characteristic that synthetics churn toxic fumes when it burns.In the last few decades when there was little awareness on accidents concerning toxic fumes, the trend was to use non-organic fib ers. But when research resulted to synthetic fibers as the source of toxicity, the manufacturing sector using synthetics has slowly reverted to organic sources. This is the same trend with foods and sheep meat as health food will become a fad. The future issues that may arise are that of capital flight to Australia from China, exchange rate fluctuations, currency retention in the partner countries. This can be addressed by lowering or totally eliminating the trade deficits between partner countries.Whereas, Australia may buy Chinese machinery and equipment in return for a captured export market, at both profitable levels of operation, ROI’s and ROE’s can be internally kept a secret within and between both trading partners. 6. 0 Conclusion The product marketing plan designed herein to increase the export revenues of the wool manufacturing sector in Australia is to garner a corresponding increase in the gross trade revenues of the country as a whole. It must consider the balance of trade with the ally it will do the trading with.In terms of foreign investments, the trading partner, in this particular case it is China, Australia must be very cautious in the pricing of the machineries and the technology that China will bring in. Machineries and technology prices are hard to determine especially if the entity who would buy such were not involved in the actual design of the latter. Australia could only specify the technical data and the percieved or target outputs of the machineries. At any rate, technology is a fast maturing factor. New technologies emerge as the old ones are still being used.It may be that the cost at the start would be very high, but as the machineries depreciate, the technology depreciates and so with the cost. Further, the after sales service agreement with the Chinese for the machineries could be designed in a such a way that the acquisition of spare parts and other necessary materials to run the machineries can be less costly. T hese would all depend on the transparency of the trading partner. The logic behind it is that both partners should make enough profits from a sustainable industry and the profits should be declared as transparent as possible.This is the very reason why the long-term goals are the focus of the product marketing plan. The rest of the strategies can be adjusted along the way if the plan implementation should follow another path and not as intended. The planners can think of 1,001 strategies and can implement some of them after the planning stage. When implementation diverts from what has been as planned, alternative strategies could be applied. The best thing that could happen is to be right the first time, during implementation. References: Agdayemawer, M. L. (1992). International marketing strategy.Jaipur, India: Printwell. Alexander, P. , Earland, C. , & Hudson, R. F. Wool : its chemistry and physics. Argy, F. , & Committee for Economic Development of Australia. (1992). A long term economic strategy for Australia : key policy themes : an Australia that works, a vision for the future. Melbourne, Vic. : Committee for Economic Development of Australia. Argy, F. , & Committee for Economic Development of Australia. (1993). A long term economic strategy for Australia a discussion paper. Canberra: CEDA. Australia. Bureau of Agricultural Economics. Wool. Situation and outlook. Canberra: A.G. P. S. Australia. Wool Textile Industry Study Group. , & Australia. Dept. of Industry and Commerce. (1980). The Australian wool textile industry : a report. Canberra: Australian Government Publishing Service. Australian Bureau of Statistics. Wool, Australia. Canberra: ABS. Australian Wool Corporation. , & Running Stitch (Textile group). (1985). Wool quilts old and new : catalogue to an exhibition June 16th to 30th 1985, Wool House. Parkville, Vic: Australian Wool Corporation. Baker, M. J. (2000). Marketing strategy and management (3rd ed. ). Basingstoke: Macmillan. Bell, M. L., & V incze, J. W. (1988). Managerial marketing : strategy and cases. New York: Elsevier. Bosanquet, N. (1977). Economic strategy : a new social contract. London: Fabian Society. English, W. The textile industry: an account of the early inventions of spinning, weaving, and knitting machines. Findlay, C. C. , Itao, M. , & Australia-Japan Research Centre. (1994). Wool in Japan : structural change in the textile and clothing market. Pymble, N. S. W. : Harper Educational Publishers in association with Australia-Japan Research Centre Australian National University. Harvard business review.Marketing strategy series, pts. Hughes, J. (1967). An economic strategy for Labour. London: Fabian Society. Indian Statistical Institute. Economic strategy and the Third Plan. International Wool Secretariat. Interior Textiles Group. (1986). Wool upholstery handbook. Ilkley: Development Centre International Wool Secretariat. Jenkins, J. G. The wool textile industry in Great Britain. LEADACHINA INTERNATIONAL IN VESTMENTS PTE LTD. (2006). Investments & Trade. 2006, from http://leadachina. en. ec21. com/company_info. jsp LeCouteur, G. S. Wool! Modern myths, new horizons, with an introd.Longworth, J. W. , & Australian Centre for International Agricultural Research. (1990). The Wool industry in China : some Chinese perspectives. Mount Waverley, Vic. : Inkata Press in association with the Australian Centre for International Agricultural Research. Maclaren, J. A. (1981). Wool science : the chemical reactivity of the wool fibre. Sydney: Science Press. Munro, J. H. A. Wool, cloth, and gold : the struggle for bullion in Anglo-Burgundian trade, 1340-1478. Neal, C. M. , Quester, P. G. , & Hawkins, D. I. (2004). Consumer behaviour : implications for marketing strategy (4th ed.). Boston, Mass. ; North Ryde, N. S. W. : McGraw-Hill/Irwin. Onions, W. J. (1962). Wool : an introduction to its properties, varieties, uses and production. London: E. Benn. Organisation for Economic Co-operation and Development. (1981). Emission control costs in the textile industry. Paris: Oecd. Organisation for Economic Co-operation and Development. Group of Experts on the Social Aspects of New Technologies. (1988). New technologies in the 1990s : a socio-economic strategy. Paris: Organisation for Economic Co-operation and Development. Ponting, K. G. (1961).The wool trade : past and present. Manchester: Columbine Press. Ronald, H. B. (1987). Wool before the wind : a history of the Ronald family and the Australian Mercantile Land and Finance Company. South Yarra, Vic: Landvale Enterprises. Ryder, M. L. , & Stephenson, S. K. (1968). Wool growth. London: Academic Press. Stifel, L. D. The textile industry – a case study of industrial development in the Philippines. Textile Council Of Australia. Statistical handbook of the textile industry in Australia. Toyne, B. (1984). The Global textile industry. London ; Boston: Allen & Unwin.United Nations Industrial Development Organization. The Textile industry : perspectives for industrial development in the second United Nations development decade. New York: United Nations. University of New England. Dept. of Adult Education. Wool and wool marketing. White, L. (1981). Wool in wartime : a study in colonialism. Sydney: Alternative Publishing Co-operative. Winyard, S. (1980). Trouble looming : low pay in the wool textile industry. London: Low Pay Unit. Woldendorp, R. , McDonald, R. , & Burdon, A. (2003). Wool : the Australian story. Fremantle, W. A.: Fremantle Arts Centre Press in association with Richard Woldendorp. Wool Research and Development Fund (Australia), Australian Wool Board. Wool Production Resarch Division. , Australian Wool Corporation. Production Research Dept. , Wool Research Trust Fund (Australia), Australian Wool Corporation. Research and Development Dept. , & Australian Wool Corporation. Research projects (Wool Research and Development Fund (Australia)). Sydney: Australian Wool Corporation Research and Development Dept. W ool, R. P. (1994). Polymer interfaces : structure and strength. Munich: Hanser Publishers.

No Money, No Honey

Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff: 2Page Ref: 2 and 4 2) According to the opening scenario, the Tide marketing team is MOST concerned about which of the following? A) maintaining its brand share B) fostering customers' emotional connections with their product C) advertising their product's benefits D) comparing the effectiveness of their product to other brands E) incorporating consumer-generated marketing in the marketing mix Answer: B Diff: 2Page Ref: 2 3) According to management guru Peter Drucker, â€Å"The aim of marketing is to ________. † A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products Answer: C Diff: 2Page Ref: 5 ) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating Answer: D Diff: 2Page Ref: 5 5) Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only B) the first three only C) the first four only D) the last three only E) the last four only Answer: C Diff: 2Page Ref: 5 ) According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy. A) determine how to deliver superior value B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants E) construct key components of a marketing program Answer: D Diff: 2Page Ref: 5 7) ________ are human needs as shaped by individual personality and culture. A) Needs B) Wants C) Demands D) Values E) Exchanges Answer: B Diff: 2Page Ref: 6 8) When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges Answer: B Diff: 1Page Ref: 6 9) What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set Answer: A Diff: 1Page Ref: 6 10) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia B) marketing management C) value proposition D) marketing myopia E) the product concept Answer: D Diff: 1Page Ref: 6 11) When marketers set low expectations for a market offering, the biggest risk they run is ________. A) disappointing loyal customers B) decreasing customer satisfaction C) failing to attract enough customers D) failing to understand their customers' needs E) incorrectly identifying a target market Answer: C Diff: 1Page Ref: 7 12) ________ is the act of obtaining a desired object from someone by offering something in return. A) A value proposition B) Exchange C) Bribery D) Value creation E) Donation Answer: B Diff: 1Page Ref: 7 3) A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) group D) segment E) exchange Answer: A Diff: 1Page Ref: 7 14) Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities. A) exchange B) marketing C) management D) production E) customer relationship management Answer: B Diff: 1Page Ref: 7 Objective: 1-2 15) In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently. A) marketing B) demarketing C) value marketing D) surplusing E) negotiating Answer: B Diff: 1Page Ref: 9 16) The art and science of choosing target markets and building profitable relationships with them is called ________. A) marketing management B) positioning C) segmentation D) selling E) differentiation Answer: A Diff: 1Page Ref: 8 17) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort Answer: D Diff: 1Page Ref: 8 18) Which of the following is the set of benefits a company promises to deliver the customer to satisfy their needs? A) a money-back guarantee B) low pricing C) good customer service D) a value proposition E) an attribute Answer: D Diff: 1Page Ref: 9 19) Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? A) production concept B) product concept C) selling concept D) marketing concept E) social marketing concept Answer: A Diff: 2Page Ref: 9 20) The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. A) product B) production C) customer D) marketing E) promotion Answer: A Diff: 1Page Ref: 10 21) The product concept says that a company should do which of the following? A) improve marketing of its best products B) market only those products with high customer appeal C) focus on the target market and make products that meet those customers' demands D) focus on making continuous product improvements E) make promoting products the top priority Answer: D Diff: 2Page Ref: 10 22) â€Å"Build a better mousetrap and the world will beat a path to your door† reflects the ________ concept. A) production B) marketing C) selling D) product E) target marketing Answer: D Diff: 2Page Ref: 10 23) Which concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales? A) marketing B) production C) product D) selling E) societal marketing Answer: D Diff: 1Page Ref: 10 24) Which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? A) product B) production C) selling D) marketing E) equity Answer: D Diff: 1Page Ref: 10 25) A firm that uses the selling concept takes a(n) ________ approach. A) outside-in B) myopic C) inside-out D) societal E) customer service Answer: C Diff: 2Page Ref: 10 26) Though often criticized, the selling concept is particularly appropriate and effective with which of the following types of products? A) convenience B) shopping C) specialty D) unsought E) demarketed Answer: D Diff: 2Page Ref: 10 27) Customer-driven marketing usually works well when ________ and when customers ________. A) a clear need exists; are difficult to identify B) customers know what they want; are loyal to the brand C) a firm can deliver the goods desired; are thoroughly researched D) a clear need exists; know what they want E) a need exists; don't know what they want Answer: D Diff: 2Page Ref: 11 28) Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing. A) customer-driven B) customer-driving C) relationship D) donor E) social Answer: B Diff: 2Page Ref: 11 29) When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. A) customer-driven B) customer-driving C) societal D) production E) product Answer: B Diff: 2Page Ref: 11 30) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. A) short-run costs and profits B) short-run ethics C) long-run welfare D) immediate health E) value propositions Answer: C Diff: 2Page Ref: 11 31) Which concept holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being? A) marketing B) selling C) product D) societal marketing E) equity Answer: D Diff: 1Page Ref: 11 2) The three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interests, and ________. A) human welfare B) want satisfaction C) company profits D) short-run wants E) long-term needs Answer: C Diff: 2Page Ref: 11 33) The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) promotion mix B) product mix C) marketing mix D) TQM E) marketing effort Answer: C Diff: 2Page Ref: 12 34) Of the following, which is the most important concept of modern marketing? A) customer relationship management B) societal marketing C) consumer-generated marketing D) properly trained salespeople E) low prices Answer: A Diff: 2Page Ref: 13 35) Building, keeping, and growing profitable relationships by delivering customer value and satisfaction is called ________. A) customer lifetime value B) customer perceived value C) customer relationship management D) database marketing E) societal marketing Answer: C Diff: 1Page Ref: 13 36) Customer-perceived value is determined by a customer's ________ of the benefits and costs of a market offering relative to those of competing offers. A) personal assessment B) rational expectations C) accurate assessment D) objective evaluation E) emotional understanding Answer: A Diff: 2Page Ref: 13 37) ________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers. A) Customer equity B) Customer satisfaction C) Customer evangelism D) Customer-perceived value E) Marketing myopia Answer: D Diff: 1Page Ref: 13 38) Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service? A) satisfied customers B) customer evangelists C) butterflies D) full partners E) social customers Answer: B Diff: 2Page Ref: 13 39) A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________. A) frequency marketing program B) basic customer relationship C) club marketing program D) partner relationship management technique E) structural benefit Answer: A Diff: 2Page Ref: 16 40) In which of the following situations has a company most actively turned its consumers into marketing partners? A) American Airlines awards frequent flyer points to returning customers. B) Paige Premium Denim jeans provide a superior quality and a perfect fit. C) iRobot invites enthusiastic Roomba owners to develop and share their own programs and uses for the company's robotic vacuum. D) Best Buy distinguishes between its best customers, called angels, and its less profitable customers, called demons, stocking merchandise to appeal to separate groups of its angels. E) Toyota develops a marketing presence on social networks and other online communities. Answer: C Diff: 2Page Ref: 14 41) Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is referred to as ________. A) customer relationship management B) positioning C) database marketing D) selective relationship management E) marketing myopia Answer: D Diff: 2Page Ref: 17 42) Pete Sanchez, a recent graduate of business school, has a different approach than his marketing manager, who believes in keeping customers at arm's length and using mass media advertising. Pete knows that today few successful firms still practice true ________ and are instead turning to selective relationship management. A) club marketing B) frequency marketing C) mass marketing D) customer satisfaction E) market segmentation Answer: C Diff: 2Page Ref: 16 3) The Niketown running club that organizes twice weekly evening runs and follow-up meetings in the Nike Store is an example of which of the following? A) a frequency marketing program B) a basic customer relationship C) a club marketing program D) a partner relationship E) a structural benefit provided for top customers Answer: C Diff: 2Page Ref: 18 44) Which of the following has NOT contributed to the deeper, more interactive nature of today's customer relationships? A) e-mail B) Web sites C) online social networks D) traditional advertising E) video sharing Answer: D Diff: 2Page Ref: 18 AACSB: Use of IT 45) Greater consumer control means that companies must rely more on marketing by ________ than by ________. A) interruption; involvement B) interaction; intrusion C) socialization; information D) producing; selling E) inspiration; competition Answer: B Diff: 2Page Ref: 18 46) To create customer value and build strong customer relationships, marketers know they cannot go it alone; therefore, they practice ________. A) partner relationship management B) database marketing C) attractive Web site design D) customer equity E) consumer-generated marketing Answer: A Diff: 1Page Ref: 19 7) In today's world, marketing should be done by ________ employees in an organization. A) only marketing B) only marketing, sales, and customer-support C) only sales and technology D) only management and marketing E) all Answer: E Diff: 1Page Ref: 19 48) Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials to components to final products that are delivered to final buyers. A) supply chain management B) direct marketing C) partnership relationship marketing D) customized marketing E) equity marketing Answer: A Diff: 2Page Ref: 21 9) Suzie Chan strengthens her company's connections by treating suppliers of raw materials, vendors, and distributors as partners in delivering customer value. What type of management is she practicing? A) outside partnering B) inside partnering C) marketing D) supply chain E) customer development Answer: D Diff: 2Page Ref: 21 50) The final step in the marketing process is ________. A) capturing value from customers B) creating customer loyalty C) creating customer lifetime value D) understanding the marketplace E) designing a customer-driven marketing strategy Answer: A Diff: 1Page Ref: 21 1) Stew Leonard, the owner of a highly successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. Stew Leonard's concern is an illustration of which of the following? A) share of customer B) market share C) profitability D) customer lifetime value E) market share maintenance Answer: D Diff: 2Page Ref: 22 AACSB: Reflective Thinking 52) Which of the following is an example of consumer-generated marketing? A) Toyota's presence in online communities B) Nike's Nike Plus running Web site C) MasterCard's use of â€Å"Priceless† commercials shot by customers D) Neiman Marcus's InCircle Rewards program for its best customers E) The Lexus Covenant aimed at creating customer delight Answer: C Diff: 2Page Ref: 20 53) When an airline goes after a â€Å"share of travel† from its customers, it is attempting to increase ________. A) customer lifetime value B) share of customer C) total customer spending D) customer satisfaction E) customer ownership Answer: B Diff: 2Page Ref: 22 54) ________ is one of the best ways to increase share of customer. A) Targeting new customers B) Using bait and switch C) Cross-selling D) Relationship selling E) Partnership marketing Answer: C Diff: 2Page Ref: 22 55) Amazon. com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other items. Based on previous purchase history, the company recommends related CDs, books, videos, or other products that might interest a customer. This most directly helps Amazon. com capture a greater ________. A) customer lifetime value B) share of customer C) profit margin D) share of market E) customer equity Answer: B Diff: 2Page Ref: 23 56) Which of the following is the total combined customer lifetime values of all a company's current and potential customers? A) share of customer B) customer lifetime value C) customer equity D) profitability E) share of market Answer: C Diff: 2Page Ref: 23 57) The ultimate aim of customer relationship management is to produce ________. A) customer equity B) market share C) sales volume D) a reliable database E) higher profit margins Answer: A Diff: 3Page Ref: 23 58) A potentially highly profitable, short-term customer is a ________. A) true friend B) butterfly C) stranger D) barnacle E) true believer Answer: B Diff: 2Page Ref: 24 59) Customers can be classified into four relationship groups, according to their profitability and projected loyalty. Which type of customers have the highest profit potential and strong loyalty? A) barnacles B) strangers C) butterflies D) true friends E) big fish Answer: D Diff: 2Page Ref: 24 60) Which of the following statements about the Internet is most accurate? A) Companies are cautiously using the Internet to build closer relationships with customers and marketing partners alike. B) After the dot-com meltdown of 2000, fewer consumers are buying products and/or services online. C) The Internet makes it easy for consumers to view, interact with, and create marketing content. D) Consumer e-commerce looks promising, but business-to-business e-commerce is declining. E) Web 2. 0 involves a less balanced approach to online marketing than the original dot-com boom did. Answer: C Diff: 2Page Ref: 26 61) Today almost every company, small and large, is affected in some way by which of the following? A) the societal marketing concept B) not-for-profit marketing C) global competition D) customer-generated marketing E) caring capitalism Answer: C Diff: 2Page Ref: 26 62) Governmental agencies are becoming more involved in marketing as the years pass. When a local government advertises keeping the area's streams and water supply cleaner, it is involved in ________. A) green marketing B) social marketing campaigns C) demarketing D) environmental marketing E) partnership marketing Answer: B Diff: 2Page Ref: 29 63) Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices. Answer: Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety; a basic social need for belonging and affection; and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate; instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food but wants a Big Mac and a soft drink. An American with ten dollars needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' wants and demands. They then attempt to fulfill customers' wants and demands through their market offerings. Diff: 2Page Ref: 6 64) In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences. Answer: Sellers are most effective when they focus more on the benefits and experiences produced by their products and services than on the specific products and services themselves. Smart marketers focus on creating a brand experience, incorporating several products and services for their customers. By doing so, marketers hope to increase customer satisfaction, creating a body of customers who will repeatedly purchase their market offerings and recommend those offerings to friends. Diff: 2Page Ref: 7 65) Compare the selling and marketing concepts, listing the key components of each philosophy. Answer: The selling concept reflects an inside-out philosophy, while the marketing concept takes an outside-in perspective. The selling concept is typically practiced when an organization is marketing products or services that buyers do not normally think of purchasing, such as insurance or blood donation. Aggressive selling focuses on creating sales transactions rather than on building long-term relationships with customers, with the aim of selling what the company makes rather than making what the customer wants. The marketing concept, on the other hand, is based upon identifying the needs and wants of target markets and then satisfying those needs and wants better than competitors do. In contrast to the selling concept, marketing focuses on the customer, not the product, as the path to profits. Diff: 2Page Ref: 10 66) Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept. Answer: According to this concept, firms will succeed if they take underlying consumer needs and society's well being into account over the long term. A pure marketing concept can damage consumers' long-run welfare by focusing exclusively on satisfying consumers' short-run wants. Over a long period of time, this too-narrow focus can be damaging to the company. In setting their marketing strategies, marketers today need to balance company profits, consumer wants, and society's interests. Johnson & Johnson is an example of a company that has successfully implemented the societal marketing concept. The organization stresses honesty, integrity, and putting people before profits, an ethic that helped Johnson & Johnson quickly address and recover from the poisonous tampering of Tylenol capsules in 1982. Diff: 2Page Ref: 11 67) Explain why the aim of customer relationship management is to create not just customer satisfaction, but also customer delight. Answer: Customer satisfaction cannot be taken for granted. Because brand loyalty is dependent upon strong customer satisfaction, companies strive to retain, satisfy, and even delight current customers. Firms create customer delight by promising only what they can deliver and then delivering more than what they promised. They also create emotional relationships with key customers. Delighted customers make repeated purchases and become customers for life. More importantly, they also essentially become an unpaid sales force for the firm as â€Å"customer evangelists† who tell other potential customers about their positive experiences with the product. Diff: 1Page Ref: 13 68) In a short essay, discuss the challenges and advantages that new communication technologies have created for marketers. Answer: Through the Internet and related technologies, people can now interact in direct and surprisingly personal ways with large groups of others, from neighbors within a local community to people across the world. With communication technologies such as e-mail, blogs, Web sites, online communities, and online social networks, today's marketers incorporate interactive approaches that help build targeted, two-way customer relationships. Marketers can create deeper consumer involvement and a sense of community surrounding a brand, making a brand a meaningful part of consumers' conversations and lives. However, while new communication tools create relationship-building opportunities for marketers, they also create challenges. They give consumers a greater voice, and therefore greater power and control in the marketplace. Today's consumers have more information about brands than ever before, and they have a wealth of platforms for airing and sharing their brand views with other consumers. This benefits companies when views of its products are positive, but can be damaging when customers share stories of negative experiences with a company's products. Diff: 2Page Ref: 18 69) Define customer equity and explain how a company can increase it. Answer: Customer equity is the sum of the lifetime values of all a company's current and potential customers. Customer equity is dependent upon customer loyalty from a firm's profitable customers. Because customer equity is a reflection of a company's future, companies must manage it carefully, viewing customers as assets that need to be maximized. To increase customer equity, companies should work to delight their customers and establish full relationships with their most profitable customers. Diff: 1Page Ref: 23 70) Explain how the Internet has transformed the way in which we do business today. Answer: The Internet links individuals and businesses of all types to each other. The Internet allows firms access to exciting new marketspaces. The Internet has spawned an entirely new breed of â€Å"click only† companies–the â€Å"dot-coms. † The post-Internet frenzy of the late 1990s has introduced companies that are both savvy and face promising futures. These companies use a set of new Web technologies to reach customers, including blogs (web logs), vlogs (video-based logs), and social networking sites. â€Å"Brick-and-mortar† companies of the past are now â€Å"click-and-mortar† companies, with online presences aimed at attracting new customers and strengthening bonds with current customers. Approximately 65% of American Internet users now shop online, making a Web presence a necessity for any organization. Diff: 1Page Ref: 26 71) Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) ________. A) need B) necessity C) demand D) exchange E) transaction Answer: C Diff: 1Page Ref: 6 72) To avoid traffic gridlock in large metro areas, a community might use ________ to discourage travelers from driving during peak commuting hours. A) target marketing B) market segmentation C) demarketing D) marketing E) the production concept Answer: C Diff: 1Page Ref: 9 73) Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means. This is an example of ________. A) convenience B) social marketing C) market segmentation D) target marketing E) value packing Answer: D Diff: 2Page Ref: 8 74) Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm is most likely practicing the ________. A) production concept B) marketing concept C) selling concept D) relationship concept E) societal marketing concept Answer: C Diff: 2Page Ref: 10 75) Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing Answer: B Diff: 2Page Ref: 9 76) Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of transportation. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing Answer: A Diff: 3Page Ref: 10 77) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy. A) marketing concept B) product concept C) production concept D) societal marketing concept E) selling concept Answer: D Diff: 1Page Ref: 11 78) Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using ________. A) selective relationship management B) a frequency marketing program C) a club marketing program D) demarketing E) a value proposition Answer: A Diff: 2Page Ref: 17 9) You have just taken a new position in an organization and you're learning about the job functions of your new colleagues. You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships. Your marketing manager frequently speaks about the need to deliver superior customer value and satisfaction. Your manager is concerned with which one of the following? A) database management B) Web site hits C) the societal marketing concept D) partner relationship management E) customer relationship management Answer: E Diff: 1Page Ref: 13 0) Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operator who knows that the key to this goal is to match ________ with ________. A) company performance; competition B) company performance; competitive prices C) relationship building; performance tools D) company performance; unique products E) customer expectations; company performance Answer: E Diff: 2Page Ref: 13 81) Shania works hard to foster an emotional relationship between her Internet customers and the beauty products and services that she and her staff sell. By promoting a company culture that values exceptional value and service, Shania aims to create ________ by going beyond the expected. A) customer delight B) customer satisfaction C) customer value D) customer equity E) customer involvement Answer: A Diff: 1Page Ref: 13 82) You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would it be most profitable for you to develop with these customers? A) full partnerships B) basic relationships C) basic partnerships D) club programs E) selective relationships Answer: B Diff: 2Page Ref: 16 3) Elisandra, a marketing manager at a regional chain restaurant, has decided to sponsor a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Elisandra's plan is an example of ________. A) consumer-generated marketing B) partner relationship management C) customer lifetime value D) community development aro und a brand E) selective relationship management Answer: A Diff: 2Page Ref: 19 84) Afia, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm's least rofitable but loyal customers. She is also examining methods for â€Å"firing† customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong? A) butterflies B) true friends C) strangers D) barnacles E) short-term customers Answer: D Diff: 2Page Ref: 24 85) A church targeting different demographic groups to increase attendance is an example of ________. A) for-profit marketing B) not-for-profit marketing C) societal marketing D) customer evangelism E) caring capitalism Answer: B Diff: 2Page Ref: 28 6) Ben & Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to -day decisions. Actions such as this by companies seizing the opportunity to do well by doing good reflects ________. A) environmentalism B) social responsibility C) profit marketing D) partnership management E) myopia Answer: B Diff: 1Page Ref: 27 Refer to the scenario below to answer the following questions. Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. â€Å"But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland,† Carol added, â€Å"I couldn't understand why seasonality had to hit Seagull Terrace so hard! † So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan, then, involved a seasonal promotional gimmick? o be implemented from early winter to late spring–that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers–both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals. â€Å"We still have a long way to go,† Carol admitted. â€Å"Our delicatessen offers delicious entrees, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provide our own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results. † Carol then added, â€Å"Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend get-aways throughout winter. † 87) Which of the following groups is specifically part of Seagull Terrace's target market? A) seasonal business travelers B) young families C) retirees D) summer campers E) athletes Answer: A Diff: 1Page Ref: 8 88) Carol Veldt's use of â€Å"promotional gimmicks† is an example of the ________ concept. A) selling B) marketing C) product D) production E) societal marketing Answer: A Diff: 2Page Ref: 10 89) Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the ________ concept. A) selling B) marketing C) product D) production E) societal marketing Answer: C Diff: 2Page Ref: 10 90) Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their most desired amenities and vacation experiences. By implementing the suggestions she receives from guests, Carol would be following the ________ concept. A) production B) product C) selling D) marketing E) societal Answer: D Diff: 2Page Ref: 10 91) What should sellers consider if they wish to avoid marketing myopia? Answer: Sellers should consider the particular benefits and experiences desired by their customers, and not just pay attention to the specific products they offer. Diff: 1Page Ref: 6 92) You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers? Answer: Such manufacturers should focus on the benefits enjoyed through the use of their products-access to the great outdoors, shared family experiences, and relived memories of the consumer's youth. Diff: 1Page Ref: 7 93) Think about suppliers and other marketing partners. A modern marketing system relies on profitable relationships all along the way. How might Wal-Mart rely on their marketing partners in order to offer low prices? Answer: Wal-Mart must rely on suppliers that will provide merchandise at low costs, a low-cost and efficient distribution system, an accurate and efficient customer relationship database system, and a strong partnership with each of the members of its supply chain. Diff: 1Page Ref: 8 4) The marketing team at Bead Beautiful, a line of jewelry targeted at pre-teenage girls, is meeting to formulate the products' value proposition. What should team members consider as they define a value proposition for Bead Beautiful? Answer: In considering Bead Beautiful's value proposition, the marketing team should identify the benefits and values the company promises to deliver to customers to satisfy their needs. The value proposition should differentiate Bead Beaut iful from other similar products, answering the customer's question â€Å"Why should I buy this brand rather than a competitor's? Diff: 2Page Ref: 9 95) Company X carries organizational and office supplies and follows the selling concept. Explain how Company X may lose sight of customer relationships with their marketing orientation. Answer: The company's aim is to sell its supplies rather than make what the market wants; such a strategy creates sales transactions but not long-term relationships. The company's likely faulty assumption is that customers who are persuaded to buy the product will like it or that they will buy the product again even if they weren't really initially satisfied. Company X will not foster customer loyalty with this approach. Diff: 2Page Ref: 10 96) Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. Answer: In such industries, consumers do not know exactly what new products are available; therefore, consumers rely on such firms to tell them what they need. Diff: 2Page Ref: 11 97) What determines whether sellers create basic relationships or full partnerships with customers? Answer: The type of relationship a seller seeks to create with its customers is dependent on the number of customers and their profitability. A company with many low-margin customers develops basic relationships; a company with just a few high-margin customers invests resources to create full partnerships. Diff: 1Page Ref: 16 98) How can a marketer increase â€Å"share of customer†? Answer: The marketer can offer greater variety to customers; in addition, the marketer can train employees to cross-sell and up-sell in order to market more products and services to existing customers. Diff: 2Page Ref: 22-23 99) Explain what marketers can expect from individuals in the customer relationship group classified as â€Å"butterflies. Answer: â€Å"Butterflies† are profitable but not loyal. Marketers should enjoy this type of customer â€Å"for the moment† because they soon flutter off. Marketers should create profitable and satisfying transactions with â€Å"butterflies,† then cease investing in them until the next time around. Marketers can expect transactions with butterflies when conditions are optima l for the customer, but they should not expect butterflies to become loyal customers. Diff: 2Page Ref: 24 AACSB: Analytic Skills Skill: Application Objective: 1-4 100) Able works in the marketing department of an international company. In what ways might Able use modern technologies to conduct market research in order to learn more about and better serve his company's customers? Answer: Able could use videoconferencing to monitor customer focus groups discussing the company's products and services in various locations. Able could use online data services to learn more about the needs and wants of his customers, or he could create a customer database for the company to target individual customers with tailored offers. Diff: 2Page Ref: 25 101) In what ways might even a local retailer find itself touched by global competition? Answer: A local retailer might have global suppliers and customers. The retailer's goods may come from abroad, or components of those goods may be produced or assembled abroad. In addition, a local retailer may also sell goods over the Internet to international customers. Diff: 1Page Ref: 27 102) How is marketing being applied in the not-for-profit sector? Answer: Firms in the not-for-profit sector use marketing to enhance their images, to encourage donor marketing to attract memberships and donors, and to design social marketing campaigns to encourage specific causes. Diff: 2Page Ref: 28 -THE END-