Marketing Discussion Questions

**For Question #1 – 4, each answer needs to be one (1) page long, single spaced **For each written discussion answer, you must significantly relate the text and source material that is listed below (all this information is provided in the provided attachments or web link) to your discussion answer. First discuss the material and then apply it in answering the questions and discussion. -------------------------------------------------------------------------------------------------------------- Question #1 (answer in one page, single spaced): Read the attachment labeled pg 172–179, then watch the two Youtube video links below. After you have done this, utilize the information to: In a written discussion answer, discuss the five stages of the Buying Decision Process by applying them to an example of a recent or important purchase that you have made as a consumer. Make sure to discuss the textbook material (pg 172 – 173) first in your answer, then apply that material to the discussion if the five stages to an important purchase. READ: Attachment labeled pp. 172-179, read “The Buying Decision Process: The Five- Stage Model”. This is also referred to in the literature as the Consumer Decision Making Process. WATCH: The following two videos that the Buying Decision Process. Note: You need to watch both videos as you will need to apply what you saw in your written discussion. Video 1: This is a WoltersWorld video that discusses the Decision Making Process. This video provides a nice overview of the topic. This video is about 15 minutes long. https://www.youtube.com/watch?v=65Vt9nmVYDM Video 2: This is a Ted Talk video from Malcom Gladwell that talks about choice. While the video is a little long (18 minutes), it does an interesting job of addressing the criteria that impact choice. There is also a transcript of this video available on this website. https://www.youtube.com/watch?v=iIiAAhUeR6Y --------------------------------------------------------------------------------------------------------------------- Question #2 (answer in one page, single spaced): REVIEW the VALS Survey Results on the attachment labeled “VALS Survey Results” (Note: the results of the VALS survey states that the survey taker was a “Thinker” and a “Believer”) READ the attachment labeled, pg 258-259 on VALS Psychographic Segmentation. In written form, discuss the VALS survey results on the attachment in relation to the VALS approach to Psychographic segmentation (see attachment labeled pg 258-259). Be sure to relate it both to the textbook discussion (pg 258-259 attachment) as well as the VALS types on the survey results attachment (the “types” results for the survey are: Thinker and Believer). Do you agree with your survey results (Yes, you do agree with the survey results) and why? -----------------------------------------------------------------------------------------------------------------------------------------

Question #3 (answer in one page, single spaced): In Chapter 15, Kotler and Keller (see attachment labeled, pg 437-454), discuss the New Product Development Process. Additionally, there is an attached PowerPoint Presentation (see attachment labeled, New Product Development Process) that focuses on the eight stages of the New Product Development process. Utilizing the attached information (the attached text pages and PowerPoint) discuss the eight steps of the New Product Development Process by illustrating how your employer or company (please use a college or university as the company/employer, you can pick any department within a college/university, like the Admissions Department, or the Registrar Department, or the Financial Aid Department, etc.) would utilize these eight steps and what improvements would you recommend to them. -------------------------------------------------------------------------------------------------------------------- Question #4 (answer in one page, single spaced): In Chapter 13, Kotler and Keller (see attachment labeled, pg 376-378) discuss some of the unique issues surrounding luxury products. Then in Chapter 16, Kotler and Keller (see attachment labeled, pg 465-466) discuss how consumer psychology influence how consumers’ perceive price. Finally, in the following Ted Talk video (see link below) from 2008, Benjamin Wallace details his experiences with trying some of the world’s most expensive luxury products and if they were worth the price: https://www.ted.com/talks/benjamin_wallace_on_the_price_of_happiness Utilizing the information above, please discuss what represents luxury to you (focusing on two (2) examples), why it represents luxury to you, and how does price impact that perception?