1. Relate how advertising impacts the price of a product. Select one “good” and one “service” product, for each of these products analyze how price impacts their sales. Describe if the price of each is elastic or inelastic and discuss the impact of supply and demand.

  2. Identify the steps of the product development life cycle. Think of a common pet product (or create a new one) and in a brief scenario, walk it through the product development lifecycle. Explain each step and describe in a few sentences what happens to the product in that particular step.

  3. What are the three phases of the purchase process? What is a business focused on for each phase? What is the customer focused on for each phase?

  4. Define the Four “P”s of marketing and write a 5 to 7 sentence paragraph defining each “P”. Elaborate on the marketing managers knowledge of the impact of each “P”. Identify how that “P” impacts breakfast cereal.

  5. What are the three main components of a positioning statement? Create a brief positioning statement.

  6. Create a competitive analysis of an ice cream shop using a 4 square chart. The horizontal axis is Price and the vertical axis is Flavors. Identify each of the squares as to the price and number of flavors the ice cream shop would sell if this was their target segment of the market. Elaborate on the customer’s purchasing characteristics for each square.

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