MKT 421 Marketing Week 1 DQ 2 Select an organization with which you are familiar. How does your selected organization use the different components of the marketing mix? How does the marketing mix affect the development of your selected organization’s marketing strategy and tactics? How can your selected
Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis. 4. Apply marketing principles through the oral and written analysis of cases. 5. Examine issues that impact a company’s choice of marketing strategies, such as different market positions or stages of the product life cycle.
• Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. Week Two: Marketing Research • Justify the importance of marketing research in the development of marketing strategy and tactics. • Analyze the importance of competitive intelligence and analysis in marketing. • Identify various segmentation criteria that impact target market selection. • Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
I will describe each factor and how it relates to Cablevision. In the industry environment, I will discuss different competitors that have similar products and services as Cablevision, develop a strategy that covers everything from threat of entry, economies of scale, to product differentiation. “The operating environment, also called the competitive or task environment, comprises factors in the competitive situation that affect a firm’s success in acquiring needed resources or in profitably marketing, its goods and services. Among the most important of these factors are the firm’s competitive position, the composition of its customers, its reputation among
1. Who do you think is the audience for this reading? What is the reading’s purpose? I think that the audience for this reading is people who own businesses, or plan to start a business. The readings purpose is to explain the different ways in which the middle class purchases goods, and also classifies the different levels of the middle class. Based on what level of middle class that the consumer is on, will greatly influence the amount of money he or she will spend on a product.
This has resulted in more services being needed to support the continually ageing population. This is a problem due to the amount of finance needed to support them on this scale, meaning there is less money for other sectors such as education. As people are living longer, this care is required for longer, which causes the dependency ratio the rise. The dependency ratio is the relationship between the proportion of the population who are working and those who are dependent or not working. As the ageing population continues to grow, the dependency ratio will continue to rise and there the ratio of workers to dependents in unbalanced.
SWOTT Analysis For Scents & Things to perform a SWOTT Analysis, the company has to answer the following questions about the company’s strengths; the advantages, resources, strengths in the market, and what does the organization do better than the competition. When the organization reviews its strengths this should be done from an internal and external perspective, assessing the customer’s views and incorporating the competitions. Once the strengths are found for the
P4 Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyse the market need, market size and competition. A marketing plan may be part of an overall business plan.
Define Research Purpose The international sales research is important to the marketing and sales team that works in companies that sell products and services to overseas countries. Due to the cross cultural difference, the research interprets market behavior and helps strategize sales and marketing tactics for the company (Craig, 1999). The research also investigates cultural variation to help the company obtain a larger advantage to sell their product and service to the oversea companies. The Business Problem
Marketing also can be defined as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (Kolton & Keller, 2009). According to Business Dictionary (2010), marketing is “the management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy” (Marketing, para. 1). The need for marketing was created by the need to exchange items with others in