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MKT421 Phoenix My Drink Inc Entrepreneurial Business Planning Paper

MKT421

University of Phoenix

Question Description

Help me study for my Marketing class. I’m stuck and don’t understand.

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Purpose of Assignment

The purpose of this assignment is to assess marketing concepts and situations from an entrepreneurial manager's point of view. Concepts and relationships are discussed with a special focus on aligning one's ethics and values with their business actions and understanding the unique differences in marketing strategy planning for domestic business versus business abroad.

Assignment Steps

Resources: Marketing: Ch. 7: pg. 177-191; Ch. 16: pg. 438-440; Week 5 video

Scenario: Imagine you are an entrepreneur launching a business planning to operate both domestically and abroad. You are currently developing your marketing plan and strategies.

Develop a 1,050-word analysis addressing the following:

  • Describe your organization's mission, vision, and values.
  • Explain how these values will be aligned to your own personal brand identity, ethics, and values when doing business, planning strategies, and solving problems.
  • Discuss at least two concepts from class that are elements of a marketing plan and are important tools to your entrepreneurial business' success. Discuss how the concepts help align the organization's values with your values. Explain the reasoning leading to these conclusions.
  • Select two of the following departments and explain marketing's role in coordinating their distinct functions:
    • Distribution
    • Customer Service
    • Advertising and Public Relations
    • Research and Design
    • Sales
    • Operations or Manufacturing
  • Compare and contrast how culture is likely to impact domestic marketing strategies versus what the company may encounter when doing business abroad such as cultural norms, economics, politics, and legal systems.
  • Explain the actions the company can take to ensure that it evolves with the target at home and the countries it does business in.
  • Discuss any emerging marketing trends that may affect your business.

Cite a minimum of two peer-reviewed sources with one being from either the text, video material, or the University Library.

Format your assignment consistent with APA guidelines.

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Final Answer

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Running Head: ENTREPRENEURIAL BUSINESS PLANNING

Entrepreneurial Business Planning
Author’s Name
Institutional Affiliation
Date

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ENTREPRENEURIAL BUSINESS PLANNING

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Entrepreneurial Business Planning for My Drink (Imagined) Company
Mission, vision, and values of an organization guide it to success. When the mission,
values, and vision are followed to the letter, an organization would significantly achieve its
goals. Thus, the role of mission, values and vision play in a business determines the success of
any organization. Therefore, as an entrepreneur, I am determined to open a successful
organization similar to Starbucks. The organization would be called “My Drink,” and its
operation would be within the United States and beyond. Entrepreneurially, after getting a
business name, it is equally important to develop a marketing strategy that can propel the
business to success. However, “My Drink” organization is analyzed as follows:
Mission Statement
My Drink. Inc. has a mission statement that aims at ensuring that its customers get value
for their money (Cady et al., 2012). Therefore, the mission statement is: Building the product,
which causes no harm but brings satisfaction to customers for the realization of the value of their
money.
Analysis of the Mission Statement
Building the product- This means that My Drink would focus on selling the best coffee
that would be the center of any attention to beverage consumers. Starbucks has taken the
beverage market by storm, and here “My drink” comes to challenge it, by offering the best coffee
drink. To build this product (coffee), the company would be importing some high-grade coffee,
from America and from oversees. Some African countries are known for producing high-grade
coffee, therefore when a business expands to the continent, I would use the locally produced

ENTREPRENEURIAL BUSINESS PLANNING

3

coffee. In brief, My Drink would do whatever is within its means to offer the customers cheap
coffee to rival Starbucks.
That causes no harm- This is a simple statement in the mission statement of My Drink,
but it carries some weight. In this, the organization is committed to ensuring tha...

Mrchristma (1577)
Rice University

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