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Which factors account for dramatic difference in watch price

Assignment Help Marketing Management
Reference no: EM133792823

Discussion Post: Marketing

Learning Outcomes:

1) Recognize an understanding of the overall marketing concepts, goals and strategies within the context of organizations goals and strategies.

2) Demonstrate the ability to formulate marketing strategies that incorporate psychological and sociological factors which influence consumer's decision.

3) Use effective and collaborative interpersonal skills to carry out scientific analysis of consumers' needs and wants to formulate a marketing Plan.

Task

Reading required: - Read Chapter 1, 2, and 5 carefully and then answer the following questions based on your understanding.

1) Based on the discussion made in Chapter-1 regarding the value creation concept, explain how a SR100 Timex watch and a SR20000 Rolex watch deliver value to their respective target markets? Which factors account for this dramatic difference in watch prices? Critically examine and provide your answer.

2) Lexus brand is owned by the Toyota Motor Corporation. In many ways Lexus the luxury vehicle brand, operates independently from the Toyota Motor Corporation. Visit their websites (Lexus, Toyota) and identify what markets each brand targets and how the two companies use the marketing mix (4P's) differently to target their unique target markets?

3) Being a student of marketing management, critically examine how the technological advances such as artificial intelligence is influencing marketers in the current scenario? Critically examine and provide your answer with suitable examples.

Reference no: EM133792823

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