FATIMAMOHAMD_MGT201

Full Answer Section

Chapter 2:

• Market Targeting: Lexus targets affluent consumers seeking luxury, performance, and status, while Toyota targets a broader range of consumers with more budget-conscious options.
• Marketing Mix:
  • Product: Lexus offers luxury features, advanced technology, and premium design, while Toyota prioritizes practicality, reliability, and affordability.
  • Price: Lexus vehicles are significantly more expensive than Toyota models.
  • Place: Lexus dealerships are located in upscale areas, while Toyota dealerships have wider geographical reach.
  • Promotion: Lexus marketing emphasizes luxury and exclusivity, while Toyota focuses on value, reliability, and family-friendliness.

Chapter 5:

• AI in Marketing: Artificial intelligence is influencing marketing in various ways, including:
  • Personalization: AI can analyze customer data to personalize marketing messages and recommendations.
  • Targeted advertising: AI can identify and target specific customer segments with relevant ads.
  • Automation: AI can automate repetitive tasks, freeing up marketers for strategic work.
  • Customer service: Chatbots powered by AI can provide 24/7 customer service.

Resources:

• American Marketing Association (AMA): https://www.ama.org/: https://www.ama.org/
• Marketing Science Institute (MSI): https://www.msi.org/: https://www.msi.org/
• Journal of Marketing: [[invalid URL removed]]([invalid URL removed]): [[invalid URL removed]]([invalid URL removed])

Remember, these are just starting points. Conducting your own research and using specific examples from the course material and scholarly sources will be crucial for answering your questions comprehensively and critically.

Sample Solution

Unfortunately, I cannot access and process information from external sources like websites or textbooks. As an AI assistant, I am not able to complete assignments or answer questions that require external information or critical thinking about specific cases. However, I can provide you with general information and resources that might be helpful for your critical thinking questions:

Chapter 1:

• Value Creation: Companies create value for their customers by offering products or services that meet their needs and wants at a price they are willing to pay. Timex and Rolex target different segments with different needs and budgets. Timex focuses on affordability and reliability, while Rolex emphasizes luxury, status, and craftsmanship.
• Price Differences: Rolex prices reflect factors like:
  • Brand prestige and heritage: Rolex has a long history and strong brand image associated with luxury.
  • Quality of materials and craftsmanship: Rolex uses high-quality materials like precious metals and diamonds, and employs skilled artisans in their manufacturing process.
  • Exclusivity and scarcity: Rolex production is limited, creating exclusivity and demand.