SAINT LEO MKT301 FINAL EXAM

| June 2, 2016

Question
1.

Question :

Pricing

The restaurant clients have asked your consulting firm to help them establish a pricing strategy.

Describe three pricing strategy options that the restaurant owners might consider. Describe each and under what circumstances they would use them.

Select the strategy that you would recommend and justify your selection. Support your answer with critical reasoning, and describe what outcome you might expect from the selection.

Question 2.

Question :

Market Research

Part of the marketing plan for the restaurant is to conduct a market research project.

Explain why a firm would conduct market research. What are some typical benefits you would expect to gain from a research project?

Define primary and secondary research, and describe the difference between the two, giving examples of typical types of each.

List and briefly describe two sources of secondary research data and two types of primary research that would be relevant to the restaurant project. Be specific regarding WHY these fit the scenario.

Question 3.

Question :

Marketing Communications

The restaurant clients want you to develop an IMC plan for their launch. You know there are several types of Integrated Marketing Communications; however, your clients are not familiar with them.

List and describe or define FOUR major types of IMC. Be specific and include enough detail that your clients understand each type.

Select two types of IMC, and provide a specific example of an action item that applies to the launch of the restaurant, including why you selected this action item over the many other options available to the clients. Provide enough DETAIL so that the clients understand what they need to do.

Question 4.

Question :

Branding

Describe the concept of a brand image, being sure to include the relationship between what the consumer sees or hears and consumer behavior.

Provide your restaurant clients with TWO traits you believe should be part of their brand image, and explain WHY you think the traits are important.

Question 5.

Question :

Feature and Benefit

Part of the marketing plan for the themed restaurant is a feature and benefit analysis.

Describe the concepts of feature and benefit, and define each of the two.

Explain why these concepts are important to a marketing plan with emphasis on why these matter to a consumer.

Provide your client with three features you believe will be important to the restaurant with a benefit for each feature. Be specific.

Question 6.

Question :

Marketing Mix

You and your staff are using the marketing mix to outline the project.

Begin by listing the 7Ps in the mix, and provide a brief (bullets are acceptable) definition of each.

Select any three you believe are relevant to the project, and give a specific example of how they apply to the restaurant.

Question 7.

Question :

Segmentation

The client is trying to decide how to segment his target marketing and needs your consulting firm’s help.

Describe the concept of segmentation and what benefit(s) he might get from having a segmentation plan.

Provide your client with a list of the types of segmentation factors, and provide three (3) examples of factors you might include in each type.

Question 8.

Question :

Breakeven Analysis

The restaurant wants to know how many dinners they must sell to breakeven.

Briefly describe the concept of breakeven analysis (based on unit volume) and why it matters to the restaurant managers.

If you were the restaurant’s marketing manager, how would you use the breakeven information?

Using the following information, how many dinners do they need to sell to breakeven?
Fixed costs = $350,000
Price = $45
Unit variable cost = $18

Question 9.

Question :

Environmental Forces

List the five environmental forces discussed, and briefly describe each of them

Select two that you believe apply to the restaurant scenario. Explain why you believe they apply, and provide an illustrative example.

1.

Question :

Product Lifecycle

Describe the concept of the product lifecycle.

Include in your discussion the typical shape of the cycle, the name for each phase, and what marketing activities or objectives you would have in each phase of the cycle if were you a marketing manager.

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