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"Preparing for Tomorrow's Workplace Skills 1. Can the marketing concept be applied effectively by a sole proprietorship, or is it more appropriate for larger businesses with more managers? Explain. (Information) 2. Before starting your own business, you should develop a marketing strategy to guide your efforts. Choose one of the business ideas listed below, and develop a marketing strategy for the business. Include the type of market research you will perform and how you will define your target market. (Information, Systems) ◦ Crafts store to capitalize on the renewed interest in knitting and other crafts ◦ Online corporate-training company ◦ Ethnic restaurant near your campus ◦ Another business opportunity that interests you 3. “Market segmentation is the most important concept in marketing.” Why do you think some marketing professionals make this statement? Give an example of each form of segmentation. (Systems) 4. Pick a specific product that you use frequently, such as a cosmetic or toiletry item, snack food, article of clothing, book, computer program, or video game. What is the target market for this product, and does the company’s marketing strategy reflect this? Now consider the broader category of your product. How can this product be changed and/or the marketing strategy adjusted to appeal to other market segments? (Systems) 5. Under what circumstances would a jeans maker market the product as a convenience product? A shopping product? A specialty product? (Information) 6. Go to the library, and look through magazines and newspapers to find examples of price skimming, Chapter 11 Creating Products and Pricing Strategies to Meet Customers' Needs 455"