Please answer the following questions about marketing BE ORIGINAL 1. Hot Topic,
ID: 398540 • Letter: P
Question
Please answer the following questions about marketing
BE ORIGINAL
1. Hot Topic, a chain that sells rock-band-inspired clothes for teens, recently launched Torrid to give plus-size teens the same fashion options. Identify the three parts of the value delivery process and their function for Hot Topic. As a marketer, how would use create value for Torrid? Propose three marketing value plans.
2. In the central role of strategic planning, only a handful of companies stand out as master marketers—Procter & Gamble, Southwest Airlines, Nike, Disney, Nordstrom, Wal-Mart, and McDonald’s to name a few. From a consumer’s perspective, why do you think they stand out? Explain in detail.
3. Identify and define the elements of a tactical marketing plan for a new kind of cola.
4. How are household patterns anticipated to change over the next few years? What will be the impact of such changes on the demand for different goods? Use your final project company, and discuss your marketing plan as a result of these shifts in household patterns.
5. The United States has one of the world’s highest percentages of college-educated citizens. What can be the possible implications of this observation to the marketing environment of a U.S. firm? Discuss how this statistic will impact marketing for your final project.
Explanation / Answer
Answer:Marketing is the process of creating and delivering Value in order to get value in return.so Value delivery is the way of designing the Products or services to provide the maximum value to the customer.Here Value means tangible or intangible goods, benefits, services or solutions to problem, ideas, time that buyers and sellers exchange with each with each other. so, we can say that delivering value to the customers is the main concept in marketing.
Main coefficient in value delivering process is Building and maintaining strong relationship with customers.
In this case,Hot topic has launched the fashion clothes for the plus-size teens to deliver the same value to them that Hot Topic offers the other teens. As we know things that deliver value to our customer must be included in our value delivery process.so here we are going to explain the three parts or phase of value delivering process and its function for Hot Topic.
A) Choosing the most important value -In this phase, before entering in market, Marketing managers analyse the market and perform marketing functions like market segmentation, targeting and positioning.
Hot topic is also going to enter in new market such as Plus size teen product market.Under this phase of value delivering process Hot Topic has to go for market segmentations and should identify its target markets and then go for the positioning strategies before launching the fashion clothes.
B) Creating and delivering the value: In this phase Marketing Management make decision for the marketing mix criteria and In this phase Hot topic has to decide its marketing mix that will help in gaining a strong competitive and differential advantage.
C) Communication of the value In the third phase, Marketing Management develop strategies for the implementation of the process. In this phase Hot Topic has to focus on the strategies to use Sales Force and on developing the strategies for Sales Promotion , Advertising strategies and other communication tools.
As marketer,By using these three marketing value plans we can create value for Torrid
1)Find the best value proposition:
Being a marketer, we should understand the concept of WIIFM. with this concept we will get an idea about the customers need and the way of addressing our customers.Once we convey the WIIFM concept to our customers.They will get to know all the features and benefits that they are going to get from our clothing range.
2)Perceived benefits> perceived costs:
Under this plan we have to make sure that perceived value of benefits from our new range of clothes is greater than the perceived value of cost that our customer going to pay it will lead to increase their motivation level to buy our products.
3)Develop a Success Plan to achieve customer objectives:
Being a marketer, We should develop a success plan in which we will target the customer’s main pain points as our objectives in the Success Plan to deliver a better service to them. Then should explain the best-practices as a solution to each pain point.