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4) Prices are often set to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of items such as $2 bottles of water, $150 running shoes, and $500 concert tickets. Take a position: “Prices should reflect the value that consumers are willing to pay” versus “Prices should primarily just reflect the cost involved in making a product or service.” Discuss products that you got a good deal on and times when you felt ripped off. What can a company do to make profits and provide value honestly? Use examples.
5) Describe how companies such as Nike and Gatorade target most consumers. Is it a method that is —emotionally and/or intellectually driven. What is it that makes the consumer feel that way? How is it different from other competitive products? Does the company use this point of differentiation in marketing communications?
6) Pick an industry. Classify firms according to the four different roles they might play: leader, challenger, follower, and nicher. How would you characterize the nature of competition?
7) The cell phone market is constantly changing. Investigate the new Apple Iphone 5. How do you think its success will be affected by the five characteristics of an innovation: relative advantage, compatibility, complexity, divisibility, and communicability?
8) Marketing is a skill in which everyone should have a basic understanding. It can be used to market products, services, people, companies, charities, and ideas. Discuss how this information can be applied to an individual’s life and work.
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