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Final Notes Essay

2361 words - 10 pages

Week 1
TCOs A, B, C Marketing, Strategies, and Research
Chapter 1: Defining Marketing for the 21st Century
Chapter 2: Developing Marketing Strategies and Plans
Chapter 4: Conducting Marketing Research and Forecasting Demand, pp. 88-105
A. Given information gathered through applied business research, develop a Marketing Plan for a product or service of your choice consistent with its position in the market. Understand how this Marketing Plan would fit into a complete Business Plan for the product or service.
Key Concepts:
Define marketing and how it evolved and why marketing is important to our society. Marketing is the process of planning and executing the conception, pricing, ...view middle of the document...

The marketing plan is the central instrument for directing and coordinating the marketing effort. The marketing plan operates at two levels: strategic and tactical. The strategic marketing plan lays out the target markets and the value proposition the firm will offer, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service. Chapter 2 in book.
Create a Marketing Plan that communicates the "what, where, to whom, when, how, and why" and that minimizes risk to the company that you have created.
Determine product or service specifics and, at the same time, create a SWOT analysis specific to your proposed company.
Identify and describe the key components found in a marketing plan that include: executive summary, product or service description, situation analysis, SWOT analysis, target market, competition, and marketing mix--pricing, channels of distribution, and promotion.

B Given a marketing decision facing a firm, determine what type of market research would be relevant to the decision. Make recommendations about how to gather that research; determine how much money should be spent; understand how to analyze the results, and be able to present your findings to senior management.
Key Concepts:
Explain how marketing research is used and why it is critical to the success of a company. We define marketing research as the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. The marketing research process consists of defining the problem, decision alternatives, and research objectives, developing the research plan, collecting the information, analyzing the information, presenting the findings to management, and making the decision. Chapter 4 in book and in notes with 7 types of issues facing marketing research.
Define the steps for doing good market research, with a focus on a clear definition of the information problem that market research is intended to solve. The marketing research process consists of 1. defining the problem, decision alternatives, and research objectives, 2. developing the research plan, 3. collecting the information, 4. analyzing the information, 5. presenting the findings to management, and 6. making the decision.
1.. Marketing managers must be careful not to define the problem too broadly or too narrowly for the marketing researcher. Do not presume answer, low sales is not an objective.
2.. using data sources and collection methods. Secondary or primary.
3.. The data collection phase of marketing research is generally the most expensive and the most prone to error.
4.. The next-to-last step in the process is to extract findings by tabulating the data and developing frequency distributions.
5.. the researcher presents findings relevant to the major marketing decisions facing...

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