unit II essay and DQ question

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Unit II Essay


Marketing Plan: Part I

Throughout this course, you will compile a comprehensive marketing plan using one of the product/service scenarios listed

below. (Note: You will use the same scenario throughout the course.) This scenario will be the basis of your start-up

company and will be the catalyst for the three parts of the marketing plan that you will compose in Units II (Part I), IV (Part II),

and VII (Part III). The company that you choose to submit a marketing plan for is a fictional start-up company (not an existing

company).

Scenarios for your start-up company are explained below. (Note that these descriptions are basic, and you will need to be

creative and develop the business idea/model for your selected scenario.)

Scenario #1

Travel Supreme is a start-up travel organization with the mission of assisting customers with travel planning. While today’s

customers enjoy developing their vacations themselves, Travel Supreme believes there are travel services that are still in

demand. Initial research needs to develop what types of travel services are in demand by this target market.

Scenario #2

IT to Seniors is a start-up company interested in ensuring a positive experience for seniors (65 and older) with respect to

the use of technological gadgets, software, the Internet, and/or any additional aspects of technology. Initial research will

provide an idea of the business model that would be in most demand for this target market.

Scenario #3

Galaxy Restaurant is a start-up restaurant developed with the idea of providing the customer with a unique dining

experience. This could extend from the product offering, service offering, atmosphere, or a host of other unique

experiences. Initial research will provide an idea of what this unique dining experience would look like.

Scenario #4

Women on the Go is a startup company targeted at women who need assistance with the selection and purchasing of their

clothing/accessories. This service is aimed at the more affluent customer who simply does not have the time and/or

knowledge to dress to the business or social setting that they are expected to fulfill. Initial research will provide insight into

the types of services that this particular target market would be interested in.

Remember to choose one of the aforementioned scenarios to use for the entire course. Submissions will be completed in

Units II, IV, VI, and VII and, together, will comprise a full marketing plan. While this is a cumulative marketing plan, submit

only the designated unit’s work.

This unit’s submission should consist of the items listed below.

Include an introduction/overview of the company.

This section of the marketing plan should introduce the company and business model along with a brief description of

the products/services.

Discuss market research strategies.

This section of the marketing plan should discuss the research strategies that will be used by your company to

understand the target market(s), industry, competition, and/or any other aspects of the company that will provide

valuable insight into profitable operations.

Describe the macro environment through a political, economic, social, and technological (PEST) analysis.

In this section, you will compile a PEST analysis of your company. You will analyze how the changes in the macro

environment as described in the PEST will impact the company and, specifically, the marketing decisions.

The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to

include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years

old. The submission should be a minimum of three pages in length (not counting the title and reference pages).


DQ Question

Select an existing company, and think about applying the political, economic, social, and technological (PEST) analysis to this company. Discuss with your fellow students how using the PEST tool best assists marketers in analyzing the external environment in which they are operating. Review the Unit II Lesson in order to better understand the PEST analysis tool. Please bring forward a company that fellow students have not previously discussed.

unit II essay and DQ question
MBA 5501 , Advanced Marketing 1 Cou rse Learning Outcomes for Unit II Upon completion of this unit, students should be able to: 1. Explore the management of marketing implementation and control processes for organizations to predict business outcomes. 1.1 Relate the political, economic, social, and technological (PEST) analysis to the implementation of marketing strategies. 2. Synthesize the use of marketing researc h and demand forecasting to predict business outcomes , and contrast the influence of micro and macro environment al factors on marketing strategies. 2.1 Recommend marketing research tools for an organization. 2.2 Compile a PEST analysis. 2.3 Evaluate the external environment of an organization using the PEST analysis tool. Reading Assignment Chapter 3: Collecting Information and Forecasting Demand Chapter 4: Conducting Marketing Research Additional Reading Assignments : In order to access the following resources, click on the links below: On a related topic, the article below reveals that 76% of millennials shop at discount stores , and they spend 4 out of 10 dollars in discount retailers. Take a look , and think about how this will impact brick -and -morta r retailers. Bucher, L. (2016). 25 ways millennials will change the grocery industry forever. Canadian Grocer, 130 (8), 21 – 24. Retrieved from http://search.proquest.com.libraryresources.columbiasouthern.edu/docview/1833129421?accountid= 33337 The following article discusses how a typical grocery store can util ize market research to make the in-store experience more engaging. In today’s online purchasing world, this is extremely relevant. Powell, C. (2016). Common sense. Canadian Grocer, 130 (8), 16 –17. Retrieved from http://search .proquest.com.libraryresources.columbiasouthern.edu/docview/1833129379?accountid= 33337 Unit Lesson If you were going to put together a start -up company, think about the external factors that would impact your company. Both from a domestic as well as an international perspective, these external factors have a significant impact on your company. The underlying impact is substantial as the business owner does not have control of these external factors. Devel oping an understanding of how these factors impact the overall organization will enable the manager to effectively manage these changing factors. A tool used by marketing managers, as well as other management disciplines, is the political, economic, social , and technological UNIT II STUDY GUIDE Analysis of Marketing Trends MBA 5501, Advanced Marketing 2 (PEST) analysis. This tool analyzes how changes in the political and legal environment impact the organization. It also analyzes how changes in the economic environment impact the organization. Additionally, it analyzes how changes in t he sociocultural environment impact the organization. Finally, it analyzes how changes in the technological environment impact the organization. Click the link below to access a video, which demonstrates how the use of advanced technology solved a problem in Rwanda. The solution discussed in the following video impacts inventory cost, cost of lost sales, and transportation costs for companies attempting to deliver medical products in Rwanda. Zipline. (2016, May 13). Zipline in Rwanda [Video file]. Retriev ed from https://youtu.be/OnDpE8uSb7M Click here to view a transcript of this video. Within this unit’s marketing plan submission, you will be compiling a PEST analysis as well as examining the impact of these environmental changes on your start -up organization. The PEST analysis enables the researche r and the stakeholders within an organization to understand external factors that will impact the organization. While these factors are absolutely not controllable, the goal is to develop an understanding and to make changes within the organization to mini mize the negative impact of these external changes. Click here to access a PEST analysis, which provides an example of components tha t might be included in a PEST analysis. Beyond the external factors associated with the PEST analysis, there are several other considerations when analyzing the external environment. Industry health as well as competitive pressures will also impact the overall operation of the business. These will be discussed in greater detail in subsequent units. In developing an understanding of the external as well as the internal environment of an organization, the execution of a strategic marketing research plan i s key. The world changes at an incredibly fast pace, which supports the need for a continuous research plan. Kotler and Keller (2016) refer to this as a marketing information system. A marketing information system allows a company to track changes and modi fy product/service offerings, distribution plans, pricing strategies, or even the methods used to communicate the benefits of the product/service to the target market (promotion). Please click here to le arn more about market research. Click here to access the transcript for the market research present ation. Market research is the application of the scientific method in identifying patterns or other areas of impact. This includes the identification of how to solve problems as discussed earlier but also the identification of new and innovative product/s ervice ideas (Babin & Zikmund, 2016). Marketing research can be conducted using a variety of methods. Click the link below to view a video that demonstrates how the National Basketball Association (NBA) uses marketing analytics and marketing research to gr ow their brand. SAS Software. (2014, November 18). Analytics proves perfect assist for NBA team [Video file]. Retrieved from https://youtu.be/G3DiLefLBbs Click here to view a transcript of this video. At its very basic form, the marketing research process can be viewed through a series of steps as described below. 1. Define the problem : The researcher identifies the objectives of the research. 2. Analyze the situation : The researcher identifies the information that has already been assembled. 3. Gather the data : The research identifies the methods by which the data will be gathered through observation or surveying. 4. Interpret the data : Once the data has been gathered, the researcher needs to understand how the data interrelates and exactly what it means. 5. Solve the problem : This is when the a pplication of the data results are used to affect change within the organization and/or to solv e the identified problem. MBA 5501, Advanced Marketing 3 As the researcher moves through these steps, the methods to gather the research must be determined. The first decision is whether to conduct a focus group, a survey, or behavioral research. Focus group research suggests that the researcher gathers 8 –10 carefully selected individuals with the designated purpose of acquiring their opinions on a topic through a di scussion forum. Survey research offers the respondents a series of questions either in paper form or electronically. These responses are then tabulated, and conclusions are drawn. Behavioral research draws conclusions based upon the buying behaviors of con sumers. This research is typically gathered based upon observations or the accumulation of buying records such as cash register records. A survey is one of the most widely used research methods today as this is one of the most cost -effective methods of gat hering large amounts of data. Survey types include telephone interviews, U.S. mail surveys, e -mail surveys, or the use of popular online survey methods such as Survey Monkey. Researchers need to understand that consumers today are “time poor,” and they rea lly have little time to respond to questionnaires. W ith that in mind, the survey needs to be organized and allow respondents to finish the survey quickly. As one might imagine, gathering data from consumers is not always an easy feat. Click the link below to view a video that shows how American Airlines conducted research using a hack -a-thon to gather ideas on how to improve the flying experience. McCartney, S. (2014, July 16). This cross -country flight is the future of flying: American Airlines invites te chies to a ‘hack -a-thon’ at 36,000 feet [Video file]. Retrieved from http://www.wsj.com/articles/this -cross – country -flight -is-the -future -of-flying -1405 552471 Click here to view a transcript of this video. Through these steps, the market researc her attempts to gather research, perform the statistical analysis, and solve the problem within the organization. The data is stored in a database, which has expanded to including significant quantities of data. W ith today’s technology, we can not only sto re these vast amounts of data but also can review them cumulatively, which allows marketers to understand the relevance between different areas of the data. This collection of big data is considered to be incredibly valuable by market researchers. The fina l step in the process is for the researcher to be able to communicate the research results. This must be done at the appropriate levels within the organization and, in many cases, to multiple stakeholders. A recent challenge for marketers is the use of a d blockers by consumers to avoid advertisers. Take a look at how companies are using embedded messages, viral events, and games, which all utilize data and analytics in order to create content that is more appealing to the consumer by clicking the link bel ow. Wall Street Journal. (2016, June 21). Advertisers use new tactics to grab consumers [Video file]. Retrieved from https://youtu.be/GG1bWdxnQYw Click here to view a transcript of this video. The aforementioned video is an excellent example of how proactive use of market research can impact change and increase overall effectiveness of a company’s marketing and advertising campaigns. Marketing Plan: Part I Throughout this course , you will be compiling a marketing plan for a fictional company . This will be a comprehensive marketing plan that yo u will compile in Units II, IV, and VII. While this is a cumulative plan, each part should be submitted separately as described in the assignment instruc tions. Reference s Babin, B., & Zikmund, W. (2016). Essentials of marketing research (6th ed.). Boston, MA: Cengage. Kotler, P . T ., & Keller, K. L. (2016) . Marketing management (15th ed. ). Upper Saddle River , NJ: Pearson.

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