MKT 421 (Marketing Plan) Complete Class Week 1 -5 A+ Work
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If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com WEEK 1 Assignment: MKT421 Wk 1 Defining Marketing Paper Defining Marketing How is marketing defined? What is its importance in a companyâ€™s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster. Personal Definition of Marketing The author believes that marketing consists of all the steps taken by a company to create interest of public in a product and attracting them into purchasing. Advertisements and sales promotion techniques are a part of this process. Briefly, every activity undertaken in order to ensure sales can be counted under marketing. WEEK 1 DQS MKT421 Wk 1 DQ 1( Markeing Defination) What is the definition of marketing? What are the benefits and drawbacks of incorporating marketing into the sales function of an organization? Do you think that marketing should be included as part of the sales organization within a company? Explain why or why not. MKT421 Wk 1 DQ 2(Why is planning important in marketing) Assume you are the newly hired marketing manager of a company. As y ou spend time with other peer marketing managers, you realize that the company does not place an emphasis on planning within the marketing organization. Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans? MKT421 Wk 1 DQ 3(organization use the different components of the marketing mix) 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 organizationâ€™s marketing strategy and tactics? How can your selected organization use quantifiable elements to evaluate, monitor, and control marketing effectiveness? How does your selected organization use the different components of the marketing mix?
WEEK 2 Assignments: MKT421 Wk 2 Marketing Mix Marketing Mix Marketing mix consists of Product, Place, Promotion and Price, commonly known as 4P’s. Every company should understand how to use these 4P’s to create a product and then attract customers into buying it repeatedly so that they turn into loyal customers. Basic strategy should be to provide customers with what they want in a pleasant way and at competitive prices. Excellent customer service is also necessary to compliment other functions. If a customer is made to feel that he is special and company treats him like family, then he will definitely become a loyal customer. A good and balanced marketing mix will create a first-class environment that will enhance the effectiveness of each function individually as well as collectively. It will also have a constructive affect on customers and they will respond positively. MKT421 Wk 2 Marketing Plan Phase I Marketing Plan: Phase I – Pet Palace Marketing is essential for every business, be it a small household business or a large multinational group. All businesses depend on marketing in one way or the other. Setting of goals according to entrepreneur’s visions marks the starting o f the plan. It is better to do proper research and documentation before launching a product in the market or else the results will not be according to one’s thinking. Raymond Morose is the owner of Pet Palace and has been running this business for the last 44 years (Manta, 2010). Raymond Morose is running the business with a small staff but is very clear about his goals, as he has set his goals according to SMART approach. SMART stands for specific, measurable, achievable, relevant, and time-based and every goal should be SMART. By using this as baseline, one can easily monitor the performance of his team and decide how much they have achieved. If they have not achieved enough, strategies can be altered to get the desired results. Pet Palace is a private business that has years of experience in providing pet supplies. Now they want to expand their business by introducing a new product called Allergy Be-Gone. Pet Palace has been working for almost 36 months on the planning of its marketing strategy and is very keen to take it up. WEEK 2 DQS MKT421 Wk 2 DQ 1(What is marketing research) What is marketing research? Market research consists of information collection regarding the prevalent market situation, and its analysis. “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” (Kotler & Keller, 2009, p. 90). Most of the big players in the market have separate market research departments and certain percentage of profit is specified for it. MKT421 Wk 2 DQ 2(What is competitive intelligence ) What is competitive intelligence? Intelligence gathering is a widely used tool to collect information that will ultimately, improve the products or services being offered by a company. Competitive intelligence, on the other hand, is the collection of information specifically from competitors. This information may or may not be against them. Firms use competitive intelligence to gain early warnings of competitor moves and strategies, new-product launches, new or changing markets, and potential competitive strengths and weaknesses.” (Kerin, Hartley, Berowitz & Rudelis, 2009, p. 100) MKT421 Wk 2 DQ 3(What are the different types of buyers and consumers )
What are the different types of buyers and consumers? Buyers and consumers are of many types. They can be individuals, children, teenagers, or middle-aged. Similarly, they can be males, females and even complete families. Companies can also be buyers or consumers. WEEK 3 Assignments: MKT421 Wk 3 Marketing Plan Phase II Abstract Pet Palace is going to introduce a new product in the market, called Allergy Be-Gone. It will dramatically reduce the chances of having allergies from pets. This product will allow people to have pets that have given up hope because of the allergy problem. Now they can have the pet of their choice without any health concern. This is a unique product
and has shown great results in the testing phases. Regardless of that, a comprehensive marketing campaign will ensure its success in the market. MKT421 Wk 3 Marketing Research Marketing Research: Kudler Fine Foods Kathy Kudler’s passion about gourmet cooking forced her to start Kudler Fine Foods in 1998. Kudler Fine Foods is on the growing path since then and now has presence in La Jolla, Del Mar, and Encinitas. These outlets offer a wide variety ranging from seafood to bakery products and from meat to alcoholic drinks. Offered items are both domestic and imported. Currently, Kudler is trying to increase the sales by expanding offered services and increasing operational efficiency. Mission of Kudler Fine Foods is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment” (Kudler Fine Foods, 2008, ¶2). Marketing strategies will be used to promote the newly offered services. In this paper, we will discuss marketing techniques that can be used, explore areas that need further research and significance of competitive intelligence. WEEK 3 DQS MKT421 Wk 3 DQ 1(the product life cycle) Select a product with which you are familiar. What stage is your selected product at in the product life cycle? Provide rationale for your answer. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product? MKT421 Wk 3 DQ 2(What is the rationale for this difference) Select a product or service. Then select three different organizations that provide your selected product or service and compare the prices associated with your selected product or service. What is the difference between the prices among the different organizations? What is the rationale for this difference? WEEK 4 Assignments: MKT421 Wk 4 Marketing Plan Phase III Abstract Pet Palace is going to introduce a new product in the market. It will be called Allergy Be-Gone. It will dramatically reduce the chances of having allergies from pets. This product will allow people to have pets that have given up hope because of the allergy problem. Now they can have the pet of their choice without any health concern and enjoy their life. This is a unique product and has shown great results in the testing phases. Regardless of that, a comprehensive marketing campaign will ensure its success in the market. MKT421 Wk 4 Using Perceptual Maps in Marketing Simulation Summary Using Perceptual Maps in Marketing: Thorr Motorcycles Thorr Motorcycles, Inc. is manufacturing over 200,000 units annually and has current worth in excess of a billion dollars. Thorr is a leading name and holds around 40% of the total market. It not only sells motorcycles but also offers dealer training, dealer software support and mechanical training. For customers, it offers motorcycle rentals and biker training. Projected image of CruiserThorr is of “masculinity, mobility, and freedom”. Currently Thorr is experiencing decline in sales and wants to know the reason. Thorr can inquire from customers what they want to have in the motorcycle and then change it accordingly. Another way is to change the customer perception about the motorcycle. WEEK 4 DQS MKT421 Wk 4 DQ 1(What is a distribution channel) What is a distribution channel? A distribution channel is way to deliver, display and sell the products. “The marketer uses distribution channels to display, sell, or deliver the physical product or service(s) to the buyer or user. They include distributors, wholesalers, retailers, and agents” (Kotler & Keller, 2009, p. 14) Toys R Us is a big example of distribution channel; they distribute different types of toys and baby products to their own stores, they are displayed there and then sold to customers. MKT421 Wk 4 DQ 2(differences between promotional push strategies and promotional pull strategies) What are the similarities and differences between promotional push strategies and promotional pull strategies? MKT421 Wk 4 DQ 3(What does the term noise mean in marketing) What does the term noise mean in marketing?
In the field of marketing, the term noise can be described as “…random and competing messages that may interfere with the intended communication” (Kotler & Keller, 2009, p. 475). Advertisements competing with each other or campaigns that give out mixed signals and hinder sales are counted as noise. With so much advertising noise in the marketplace, how can a company ensure its message is heard? WEEK 5 Assignments: MKT421 Wk 5 Environmental Factors Environmental Factors: IKEA Ingvar Kamprad founded IKEA in 1943 and now it is the world’s biggest retail furniture provider. Its prices are very competitive and it was the first company to provide products in flat packages. IKEA has 226 stores around the globe, and earned over $17.7 Billion of revenue as of august 2005. Its famous catalogue that is released on annual basis, accounts for 70% of total marketing communication. IKEA’s marketing, both global and domestic, is affected by a number of environmental factors. We will be discussing all those factors, affect of global economic interdependency, affect of trade agreements and other business practices, and material road and communication networks. Topics like social responsibility, ethics and actual law, cultural differences, and foreign corrupt practices act of 1997 will be discussed. Finally, we will go through effect of political systems, pressure of international relations and effect of technology on overall business. MKT421 Wk 5 Marketing Plan Final Paper Marketing Plan: Final Paper Marketing is essential for every business, be it a small household business or a large multinational group. All businesses depend on marketing in one way or the other. Setting of goals according to entrepreneur’s visions marks the starting o f the plan. It is better to do proper research and documentation before launching a product in the market or else the results will not be according to one’s thinking. Raymond Morose is the owner of Pet Palace and has been running this business for the last 44 years (Manta, 2010). Raymond Morose is running the business with a small staff but is very clear about his goals, as he has set his goals according to SMART approach. SMART stands for specific, measurable, achievable, relevant, and time-based and every goal should be SMART. By using this as baseline, one can easily monitor the performance of his team and decide how much they have achieved. If they have not achieved enough, strategies can be altered to get the desired results. MKT421 Wk 5 Marketing Plan Final Presentation WEEK 5 DQS MKT421 Wk 5 DQ 1(deceptive marketing) Florida's Department of Citrus and a coalition of consumer groups have launched an attack on your company for "deceptive marketing" because your company markets its "SunShine" drink as fruit juice even though the drink contains less than five percent fruit juice. Marketing "SunShine" drink as a fruit juice leads parents to believe that they are purchasing a healthy juice for their children. What ethical and moral issues are involved in this situation? Should these issues impact the marketing of "SunShine" drink? Why or why not? MKT421 Wk 5 DQ 2(the marketing manager for a leading coffee chain. ) You are the marketing manager for a leading coffee chain. Your company has made the decision to expand internationally, specifically into China. What are some of the environmental factors that you will need to consider in marketing your coffee in China? Which of one of these factors would have the largest impact on the company's marketing strategy? Why? MKT421 Wk 5 DQ 3(Role of Technology in Marketing ) Role of Technology in Marketing Technological developments have altered the whole world in today’s modern times. It has also affected the marketing techniques in numerous ways (Haegele, 2001). One can get required info about any company or its products round the clock and in just a few clicks from official or unofficial websites. It has knit global buyers and global seller together. Communication techniques have also changed with the changes in technology. It has also brought a lot of ease in the process. Customers can now share the information they gather, with their friends and other people. Another advantage that now companies can design custom-made products in the light of direct mails of customers (Roberts, Bly & Feit, 2000). Types of New Technologies