Define Comment/ Outline Define Identify/ Describe/ Explain Everybody Does These! Omit

a small group of people whose opinions about something (such as a politician or a new product) are studied to learn the opinions that can be expected from a larger group Source: webster.com ? Define the term focus group.

? Define the term product life cycle. Answer: The stages that a product goes through from development through decline make up the product life cycle.

? Define the term family branding. Answer: A brand name is used to identify two or more products sold by a company. Examples include General Mills or S. C. Johnson. Both companies sell a variety of products.

? Define the term e- commerce. Answer: Selling on- line such as through a website (not through brick and mortar stores).

? Define the term distribution channels. Answer: Distribution channels are the routes a product travels from the manufacturer to the consumer such as through a wholesaler or retailer.

Answer: Surveys, questionnaires, interviews, focus groups ? Comment on two appropriate methods that LadyA could have used to collect primary research data.

Answer: LadyA might be able to develop a usp by becoming a cross- over artist from Spanish to English. By appealing to music lovers in both countries, she could have an advantage over other singers who can sell music singing in only one language. ? Outline how LadyA might be able to develop a unique selling point (usp).

Answer: A product mix is all the products sold by a company but a product line is a group of related products such as LadyA’s cosmetics. ? Define the term product line.

Answer: Magazines (covers), video-hosting websites and others. ? Outline two examples of above the line promotion used by LadyA.

Answer: Discuss. ? Discuss how LadyA can differentiate herself, and her products, from other superstars.

? Define the term target market. Answer: The target market is the group or groups your business is trying to reach such as music lovers or concert- goers.

? Define the term product endorsements. Answer: When a celebrity is shown using a product and/or vouching for a product, this is product endorsement. (Ex.— Matthew McConaughey driving a Cadillac in a car commercial).

? Define the term extension strategies (as inferred in line 54). Answer: An extension strategy is a procedure used to make a product’s life cycle last longer so that the product doesn’t go into decline.

? Define the term market. Answer: A market is where goods and services are sold— buyers and sellers come together.

? Define the term rebranding. Answer: Rebranding is changing the look and/or feel of an established product.

? Identify appropriate strategies to prolong the product life cycle of LadyA. Answer: Tour dates could be arranged, merchandise could be developed, new markets could be explored, etc.

? Identify two secondary sources of market research that Kersey & Joyce could use to understand the South American markets (strategic Option 1). Answer: Magazine articles, newspaper articles, company websites, annual reports from businesses already located there, etc.

? Describe two suitable pricing strategies. Answer: Price Leadership Sellers of best-selling products set a price. Competitors set their price based on the market leader Going-rate pricing Businesses set their prices based on the average price being charged by competitors Prestige Pricing —price is always high to maintain image or status There are other pricing strategies.

? Explain why the Spanish-speaking market in the USA (line 31) is an example of market segmentation. Answer: Goods and services appeal to different groups of the population such as age, gender, socio-economic, etc. The Spanish-speaking market might be interested in buying music from a Spanish performer.

? Construct an appropriate promotional mix for LadyA’s perfume and cosmetics products sold in the USA (lines ). Answer: Include examples for the following: Product, price, promotion, place, people, process, physical evidence, packaging,

? Evaluate the opportunities and threats to LadyA posed by entry into global markets. Answer: Construct a SWOT.

? Evaluate the opportunities and threats posed by LadyA’s entry to the South American market (strategic Option 1). Answer: Prepare a SWOT.

? Explain whether the use of social networking websites (line 109) would be classified as above or below the line promotion. Answer: Discuss.

? In the context of LadyA, distinguish between a unique selling point and a competitive advantage. Answer: You know what a usp is. Research competitive advantage.

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? Explain why the product life cycle of music stars is often short if not managed carefully. Answer: If the right manager is not hired, music stars’ product life cycle will go into decline. The star will probably need to make public appearances such as on tv shows or radio shows, have a concert tour, develop products such as t-shirts, hats, etc. and come up with new music.