Marketing
julipatel
MKTG716Test2-ShoeStore-W22.docxMKTG 716 Test #2 (20%)
Wednesday, April 20th, 2022
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Student Name: |
Student # |
Instructions
· Read the case carefully below and take some time to plan out how you are going to format and write out your answers, which must be in your own words.
· This is an open book test, and you will have until 11:59 pm to complete and submit it.
· Enter your answers on the same word document below in the boxes.
· Put your name in the above box and when completed must be posted into the Assessment tab under Assignment folder “Test #2”
· Tests will be put through Turn-it In to Check for Plagiarism .
· You have been given more than enough time to complete this test and I will not mark tests that are late, so make sure your technology works and submit before the deadline.
Please remember that you are bound by the College Examination & Academic policies. Cheating and plagiarism are serious academic offences that will not be tolerated. Signing your name above means a full understanding and acceptance of the school’s policy.
Business Case:
Olivia worked in a shoe store part-time while going to school and studying general business for the past few years. Unfortunately, she was laid off from her job during the pandemic, but she has recently gone back to work and now that she has finished school, she is picking up extra shifts to save money.
While Olivia enjoys working in a clothing store, her real passion is shoes. So, she is planning to open her own shoe store where she lives, in Kitchener, Ontario, about an hour west of Toronto. Olivia’s dream is to sell all kinds of shoes, particularly those of high quality and made of natural or recycled materials. While Olivia did learn some general business concepts while at school, she realizes she needs help with the details of her store and what and how she should offer her customers and prospects for her business to be successful.
So, Olivia has just hired you as her marketing consultant and she wants your help in answering the following questions:
TOTAL MARKS /100
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1. Segmentation To help grow her business, Olivia is trying to determine what segment of the shoe store market she should go after with her new store and brand.
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Explain the four key ways she could segment the shoe market to determine what segments offers the best opportunity?
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/4 |
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To be successful, Olivia should have more than one customer segment. Identify and explain at least two valid customer segments Olivia should consider targeting.
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/4 |
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What is a “value proposition” and why is it important?
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/3 |
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Total Section Marks |
11 |
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2. Products, Services, and Branding In developing the new brand, Olivia is asking some basic brand questions that she would like you to answer.
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Identify and explain two key differences in selling and branding products vs. services. How do these differences affect marketing efforts?
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/4 |
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What would be a good name for Olivia’s new shoe store and why? Write an effective tag line she could use.
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/3 |
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Define “cross-promotion” and provide two reasons why a marketer would choose this tactic.
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/4 |
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Total Section Marks |
11 |
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3. New Products and Product Lifecycles Olivia won’t be selling brand new products, but her business is new and she’s not sure how the balance the two, so she needs some help understanding how to promote existing products in a new business.
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As this brand is in the Introduction stage of the product lifecycle, name and explain four marketing strategies she should focus on. Be specific and provide an example of a marketing activity for each one.
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/6 |
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For any business, what are the two main sources of new ideas? Provide an example from each source which is relevant and realistic to Olivia’s business plan.
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/4 |
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Total Section Marks |
10 |
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4. Pricing In trying to think about what prices Olivia should set for the many products in her shoe store she needs to better understand the options and strategies she should consider.
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Identify and explain the three major pricing strategies Olivia should consider.
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/6 |
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What research should Olivia conduct to determine what prices she should set for her products? How will she find this information?
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/4 |
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We watched a Dollar Shave Club Video. What type of pricing is being used in this ad and why?
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/4 |
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Total Section Marks |
14 |
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5. Promotional Mix In determining where she should place her money to support her shoe store launch, Olivia wants to understand her marketing choices.
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Explain what “IMC” is and why it’s so important. Give Olivia a real-life example we studied in class, or that you know of, to help her understand.
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/4 |
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Why is it important to create and define marketing objectives? Write out an example of a SMART Advertising Objective. (hint – it should only be one sentence)
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/4 |
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Olivia only has $10,000 to invest behind this brand. Identify/list the five promotional tools we discussed in this course. Which ones would work best for Olivia? Choose the best two and explain the pros and cons for each.
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/6 |
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What three types of media do you think Olivia should use to promote her new shoes store? Explain and support your choices.
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/6 |
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Total Section Marks |
20 |
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6. Selling and Sales Promotion Since Olivia is opening a physical shoe store, selling and sales promotion will be a big part of her planning and success.
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What are the seven steps in the selling process? Which one is most important?
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/5 |
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How could Olivia offer in-store and online sales promotions without using any of her available marketing budget?
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/4 |
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Total Section Marks |
9 |
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7. Direct, Online, and Social Media The new marketing model involves all types of media. There are so many choices so Olivia needs your help in understanding how online marketing can support her business.
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Identify and explain three benefits of digital marketing.
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/6 |
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In the context of social media marketing, we discussed influencers. What are social influencers and why do they work? Provide two examples from your life to help Olivia understand.
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/5 |
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Total Section Marks |
11 |
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8. Marketing Channels For Olivia’s business to be successful, she knows she needs to better understand marketing channels, so she has some specific questions for you.
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What is omni-channel marketing? Explain how Olivia could incorporate this into her business and marketing plan.
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/4 |
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Explain why Supply Chain Management is of importance to Olivia’s shoe store. Suggest two things she can to do make sure this process runs smoothly.
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/4 |
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Total Section Marks |
8 |
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Final Summative Question: Now that you have taken this course in marketing, share what you feel are the two most important marketing concepts or skills you have learned this semester? How do you see yourself applying this new knowledge and skills in your future career, whether marketing focused, or not? (6 marks)
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