Contemporary Marketing (MindTap Course List)
17th Edition
ISBN: 9781305075368
Author: Louis E. Boone, David L. Kurtz
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 3EE
Summary Introduction
To Discuss: Whether Person X would influence the purchase decision in either direction.
Customer service is a process of guaranteeing the satisfaction with a goods and services of the customer.
Purchase decision is a process that allows the customer to identify their needs, creating opportunity, and selecting a particular brand and product.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
You are a salesperson in an electronics company. At a recent trade exhibition, you met a supplier that was willing to supply your company with a product on an exclusive basis(i.e. available to your company only) that you could offer in your marketplace.The product in question has already been successfully developed and tested and – as yet – is not being sold on the market.You know from speaking to your customers, that there is demand for such a product and it would clearly plug a gap in your company’s product portfolio and give your company a significant competitive advantage.You approach the product management division with your idea and to your surprise, they are very unenthusiastic and reject your idea, stating “We always develop our own products in-house in this department – it would cost the company far too much to set up the processes to buy in a product from outside.”…
You are a salesperson in an electronics company. At a recent trade exhibition, you met a supplier that was willing to supply your company with a product on an exclusive basis(i.e. available to your company only) that you could offer in your marketplace.The product in question has already been successfully developed and tested and – as yet – is not being sold on the market.You know from speaking to your customers, that there is demand for such a product and it would clearly plug a gap in your company’s product portfolio and give your company a significant competitive advantage.You approach the product management division with your idea and to your surprise, they are very unenthusiastic and reject your idea, stating “We always develop our own products in-house in this department – it would cost the company far too much to set up the processes to buy in a product from outside.”
a) Outline the possible range of reasons for the product management division’s rejection of your idea.
As a Relationship Manager of your Bank, you have been tasked by the General Manager of Business Banking to improve the existing market share of the company by selling the bank’s product. You intend to negotiate with your customer at your previous bank where you worked to patronize the services of your current bank where interest rates on loans are relatively higher. Practically demonstrate the strategies you seek to employ to ensure a win-win negotiation for the sale of the bank’s product?
Chapter 7 Solutions
Contemporary Marketing (MindTap Course List)
Knowledge Booster
Similar questions
- Some high-fashion retailers, notably H&M and Zara, sell what some call“disposable fashion”—apparel priced so reasonably low that it can bedisposed of after just a few wearings. Here is your dilemma: You havean important job interview and need a new suit. You can buy the suit atone of these stores for $129 or at Brooks Brothers for $500. Of course,the Brooks Brothers suit is of higher quality and will therefore lastlonger. How would you use the two value-based approaches describedin this chapter to determine which suit to buy?arrow_forwardExplain a banking account offering to a young adult who has just started their first job? Explain a banking account offering to a married couple in their mid-thirties investigating different options:arrow_forwardA heavy truck parts maker is able to tender on a pre-production study contract of a new type of truck ventilator unit worth $25,000 net profit if it wins the contract. Tendering costs would be about $2,000. The chances of winning the contract are 50 percent. If the company wins the contract, it must decide on the level of marketing it should make to increase its chances of getting further production contract worth $55,000 net profit. Promotion at a high level costs $18,000 with a resulting probability of winning the contract of 0.8. At medium level promotion, it costs $12,000 with a probability of 75 percent and at a low level, it costs $8,000 with a probability of 60 percent. Should the initial study contract be lost, the company can still bid on the production contract at an additional tender cost of $6,000. The probability of winning the production contract from this stage is 30 percent. a) Draw a decision tree to show the relationship between the various options which arise as the…arrow_forward
- You are the Supply Manager for a major distributor of electric products. You are approached by the CEO of your company who strongly encourages you to purchase lighting products for installation at the new municipal stadium that you r company has the contract for from a supplier that belongs to the same country club as your CEO.How would you handle this attempt to influence you? Keep in mind the purchasing and ethics law.arrow_forwardA household appliances manufacturer needs a new parts supplier for its washers and dryers. The manufacturer advertises for competitive bids, and four potential suppliers submit their proposals. The manufacturer walks through each of the proposals and discovers two potential suppliers who offers substantial discounts while a third supplier offers less of a discount but better support services. After considering all the proposals, the appliances manufacturer decides on a supplier and begins negotiating the terms of its contract with the supplier. This entire procurement process is known as a O supplier selection processes O product specification processes competitive bid processesarrow_forwardSuppose you sign a contract with a supplier for $50,000 worth of tablet computers. You tell the supplier that you are only authorized to sign contracts for $40,000 without approval from the supply manager of your company, but the supplier agrees anyway. A few days later, because of budget cutbacks you find out that you only need $30,000 worth of tablet computers. How many dollars of tablet computers are you legally bound to purchase from the supplier?arrow_forward
- Be prepared to discuss the following, supporting your arguments with biblical principles that apply: How to set prices that are just and fair that allow firms to pay employees well, but still make a profit. How to advertise and promote one’s product/service in a way that truly represents the value/performance of the product/service.arrow_forwardYou're working with a buyer who wants to make an offer on a house. You check the Flood Insurance Rate Maps and see that the property is located in a V Zone. What should you tell the buyer? This coastal property is not considered a high- risk category on the FIRM maps, so insurance is not required. The property is in a special flood hazard area, and flood insurance will be required if the buyer intends to use a federally insured or regulated lender. The property is in a 100-year flood plain, so flood insurance is encouraged but not required by lenders. The property is considered to be very valuable and is likely to increase in value in the near future.arrow_forwardConsidering what you purchased and how/where you purchased, how the firm could provide even greater value for you? For example, when buying a car, a sales person might ask just the right questions to quickly understand what you are looking for, which makes the buying situation pleasant and easy. Or, if you buy an electric car and the car seller also offers you an easy set up of a home-based charging station, it makes the purchasing decision and actual use of your electric car easier. Also, the possibility to customize the car might create additional value for you.arrow_forward
- You are the senior buyer for a growing technology company and an avid golfer You have just opened an invitation to attend the masters Golf Tournament in Georgia this coming spring. The invitation is from a supplier company that has been trying to sell you its new line of products for the past year. They will pay for everything, travel, room, meals and you'll even get an opportunity to play in the pro- am event on Wednesday before the match starts. You have read the newly released Employee Manual and there is no reference or rule that specifically states that an employee cannot accept a fully paid trip from a vendor, although there are some vague restrictions on lunches and dinners paid for by suppliers 1. Just because it is not specifically mentioned in the Employee Manual would you be acting ethically if you accepted?arrow_forwardYou are the senior buyer for a growing technology company and an avid golfer You have just opened an invitation to attend the masters Golf Tournament in Georgia this coming spring. The invitation is from a supplier company that has been trying to sell you its new line of products for the past year. They will pay for everything, travel, room, meals and you'll even get an opportunity to play in the pro- am event on Wednesday before the match starts. You have read the newly released Employee Manual and there is no reference or rule that specifically states that an employee cannot accept a fully paid trip from a vendor, although there are some vague restrictions on lunches and dinners paid for by suppliers 1. Do you accept or decline the invitation? Why?arrow_forwardIf you had the down payment for purchasing a condo in Toronto, would you make the purchase this summer? Explain why you made this choicearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning