Economics Homework Help. Morgan State University Product Decisions Marketing Finance Discussion
Discussion 6 – Marketing Information
Background
The video Collecting Quality Information for Marketing Decisions (see link below) explains the process of gathering information to reduce the inherent risk in marketing decision-making. Marketers gain an understanding of the problems and opportunities facing an organization through a SWOT analysis—an analysis that integrates information from many sources to identify an organization’s strengths, weaknesses, opportunities, and threats. Information for marketing decision-making comes from two basic sources: the organization’s marketing information system and marketing research. Both sources utilize data that are collected from either secondary or primary sources. The video focuses on primary data collection and uses examples from several research companies to show both qualitative and quantitative primary data collection methods
Assignment:
Watch the video Collecting Quality Information for Marketing Decisions. Then post an initial reply responding to the following questions:
- What are the major points of comparison between observation and questioning as data collection strategies?
- What does qualitative research allow that quantitative does not?
- Discuss the concept of a marketing information system and why it is important for marketing managers to be involved in planning the system
- https://www.viddler.com/embed/302ab182/?f=1&autopl…
Discussion 7 – Product Decisions
Background
This video Fiesta®: Homer Laughlin’s “Comeback” Brand (see link below) tells the story of Fiesta®, which was first manufactured and marketed to U.S. consumers in 1936 by The Homer Laughlin China Company. Fiesta appealed to depression-era buyers. It’s brightly colored art-deco style was cheerful and affordable. Fiesta sold over 1 million pieces in its second year and peaked in 1948 at around 30 million pieces. Sales of Fiesta declined throughout the 50s and 60s as low-cost imports invaded the U.S. market. In addition, consumer dinnerware tastes changed as buyers turned to more neutral colors and patterns. Fiesta was withdrawn from the market at the end of 1972 after 37 years of production. Almost immediately, Fiesta became popular with collectors, commanding premium prices.Fiesta recently has its 75th anniversary and sales are still strong. It is a consistent leader in bridal registries and is the leading brand in the casual tabletop category. The old Fiesta is still highly collectible.
Assignment:
Watch the video Fiesta®: Homer Laughlin’s “Comeback” Brand Then post an initial reply responding to the following questions:
- Identify some of the product management decisions illustrated in the video.
- The reintroduction of Fiesta dinnerware after more than a 10-year hiatus is unusual, but not something that is unique in the annals of marketing. Can you think of some other products/brands that were removed from the market and then reintroduced at some later date?
- Using the list of good brand name characteristics, how good do you think “Fiesta” is as a brand name?
