Marketing Questions, Essay Example

What is the primary concern when choosing media selection criteria?  How would you overcome that concern?

When choosing media selection criteria it is important to consider several factors, but the most pressing concern is ensuring that access to the media is optimized for the target market. For example, it would be unwise to focus on internet based media when the most profitable population does not have regular, unrestricted access to online resources. Other concerns include quality and cost of media, but each is irrelevant if the message cannot reach the intended target broadly and consistently. This issue can be addressed using preventative measures. Reviewing and conducting high-quality statistical research prior to choosing media selection criteria is essential to ensure that the most logical and profitable selections are made. Experimental investigations can also aid in optimizing other selection criteria.

Identify a product and the creative techniques (Chapter 20; slides 6-7, see attached) which could be used to reduce costs, improve quality, and/or increase availability of the product.

Paul Reed Smith Guitars is a successful company that sells high-end professional guitars to a market that consists mainly of economically advantaged music enthusiasts. The approach is based on the general assumption that the identified population will pay a significantly higher price for guitars of advanced quality and reputation. A reverse assumption analysis of this strategy may reveal opportunities for improvements in costs, quality, and product availability. Approaching this problem morphologically shows that there are several underlying assumptions, including the motivation of wealthy guitarists to spend largely on instruments, that they are more likely to do so than guitarists with lower incomes, and that their guitars are actually considered to be of high quality. Mind mapping techniques can be used to further expose the characteristics of potential problems arising from these beliefs. The results could be used as a guide to reduce costs where demand for high quality is lower, improve quality as is it desired by the target market, and make the product available in the most profitable locations.