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Introduction to Business 2e

Preparing for Tomorrow's Workplace Skills

Introduction to Business 2ePreparing for Tomorrow's Workplace Skills

Preparing for Tomorrow's Workplace Skills

  1. Can the marketing concept be applied effectively by a sole proprietorship, or is it more appropriate for larger businesses with more managers? Explain. (Information)
  2. Before starting your own business, you should develop a marketing strategy to guide your efforts. Choose one of the business ideas listed below, and develop a marketing strategy for the business. Include the type of market research you will perform and how you will define your target market. (Information, Systems)
    • Crafts retailer to capitalize on the renewed interest in knitting and other crafts
    • Online corporate-training company
    • Ethnic restaurant near your campus
    • Another business opportunity that interests you
  3. “Market segmentation is the most important concept in marketing.” Why do you think some marketing professionals make this statement? Give an example of each form of segmentation. (Systems)
  4. Pick a specific product that you use frequently, such as a skin or personal care item, snack food, article of clothing, app, or game. What is the target market for this product, and does the company’s marketing strategy reflect this? Now consider the broader category of your product. How can this product be changed and/or the marketing strategy adjusted to appeal to other market segments? (Systems)
  5. Under what circumstances would a company that designs and sells jeans market the product as a convenience product? A shopping product? A specialty product? (Information)
  6. Conduct research to find examples of price skimming, penetration pricing, and value pricing. Write a summary report outlining the examples and how they represent the pricing strategies. (Information)
  7. Explain how something as obvious as a retail price can have a psychological dimension. (Information)
  8. Team Activity Divide the class into teams. Create a single market list of products. Each team should visit a different retailer's website and collect pricing information about the goods selected. Report your findings to the class. (Interpersonal)
  9. How does the stage of a product’s life cycle affect price? Give some examples. (Informational)
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