Questions: Learning Objectives At the end of this exercise, you should be able to: - LO 2.5: List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing marketing return on investment. Scenario Treads is a company that produces and sells flip-flops made from recycled tires. The flip-flops come in a variety of styles and colors. The target market for Treads is millennial men and women who are environmentally conscious. The retail price for a pair of Treads flip-flops is 20. Treads are currently sold in a national department store chain, but only in its brick and mortar stores. Most of the department stores are located as an anchor of a traditional shopping mall. The promotion Treads does includes television advertisements featuring a social media fashion star and sponsorships of large summer music festivals. Click Next to begin your challenge. Good luck!

Learning Objectives At the end of this exercise, you should be able to: - LO 2.5: List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing marketing return on investment. Scenario Treads is a company that produces and sells flip-flops made from recycled tires. The flip-flops come in a variety of styles and colors. The target market for Treads is millennial men and women who are environmentally conscious. The retail price for a pair of Treads flip-flops is 20. Treads are currently sold in a national department store chain, but only in its brick and mortar stores. Most of the department stores are located as an anchor of a traditional shopping mall. The promotion Treads does includes television advertisements featuring a social media fashion star and sponsorships of large summer music festivals. Click Next to begin your challenge. Good luck!
Transcript text: Learning Objectives At the end of this exercise, you should be able to: - LO 2.5: List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing marketing return on investment. Scenario Treads is a company that produces and sells flip-flops made from recycled tires. The flip-flops come in a variety of styles and colors. The target market for Treads is millenniat men and women who are environmentally conscious. The retail price for a pair of Treads flip-flops is $\$ 20$. Treads are currently sold in a national department store chain, but only in its brick and mortar stores. Most of the department stores are located as an anchor of a traditional shopping mall. The promotion Treads does includes television advertisements featuring a social media fashion star and sponsorships of large summer music festivals. Click Next to begin your challenge. Good luck!
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Solution

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Solution Steps

Step 1: Identify the Marketing Management Functions
  • Product: Treads produces flip-flops made from recycled tires, targeting environmentally conscious millennials.
  • Price: The retail price for a pair of Treads flip-flops is $20.
  • Place: Treads flip-flops are sold in a national department store chain, primarily in brick-and-mortar stores located in traditional shopping malls.
  • Promotion: Treads uses television advertisements featuring a social media fashion star and sponsors large summer music festivals.
Step 2: Discuss the Elements of a Marketing Plan
  • Market Research: Understanding the target market (millennial men and women who are environmentally conscious).
  • Target Market: Millennials who value sustainability.
  • Positioning: Treads positions itself as an eco-friendly brand.
  • Marketing Mix (4 Ps): Product (recycled flip-flops), Price ($20), Place (department stores in malls), Promotion (TV ads and festival sponsorships).
  • Budget: Allocating funds for production, promotion, and distribution.
  • Metrics: Measuring the success of marketing efforts through sales data, customer feedback, and return on investment (ROI).
Step 3: Importance of Measuring and Managing Marketing ROI
  • Measuring ROI: Tracking the effectiveness of marketing campaigns by comparing the cost of marketing efforts to the revenue generated.
  • Managing ROI: Adjusting marketing strategies based on ROI data to maximize profitability and efficiency.
  • Continuous Improvement: Using ROI metrics to refine marketing tactics, improve customer engagement, and increase sales.

Final Answer

  1. Marketing Management Functions: Product, Price, Place, Promotion.
  2. Elements of a Marketing Plan: Market Research, Target Market, Positioning, Marketing Mix, Budget, Metrics.
  3. Importance of Measuring and Managing Marketing ROI: Tracking effectiveness, adjusting strategies, and continuous improvement.
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