Market Environment and Research

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Fundamentals of Sales and Marketing

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Please type the paper in 12 font, Times new roman and a minimum of 2 full pages. Please be as detailed as possible. Please include at least 2 creditable references and please list in APA format free of errors and extra word fillers. Please include page numbers at the bottoms of each page ONLY not the top.

Please center headings and for each indent use 6 spaces instead of a tab.

Please let me know if you have any questions.

Please see below for more detailed instructions on requirements etc.

The assessment instructions is a guide for the paper and please answer each bullet in the paper from the assessment portion of the instructions.

Overview

Develop an organizational profile for a company's marketing environment and a short analysis of the value of secondary sources. There is no page limit for this assessment.

Understanding and tracking the marketing environment is a critical marketing function, focusing on the customer as the center of the organization's attention. The organization can, and usually does, adjust its products, pricing, promotion, and place (distribution) to meet customer needs and to react to external forces.

Before you begin analyzing and applying principles of marketing, consider that there are two important perspectives on the marketing field:

  1. That of a professional marketer working on reaching a targeted market.
  2. That of interested consumers, each a part of a different target markets; each inundated with marketing messages.

You make this distinction so that you can more closely analyze what marketing means and how to tell good plans and ideas from the bad ones.

The Assessment 1 Context document contains important information related to the following topics:

  • Defining Markets.
  • Conducting Market Research.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Explain how characteristics of the U.S. economy affect a company's retail operations.
    • Explain how characteristics of the global economy affect a company's retail operations.
    • Explain how characteristics of the legal and regulatory environment that affect a company's retail operations.
    • Explain how characteristics of the technological forces affect a company's retail operations.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Explain how secondary sources of information can be used in developing an integrated marketing plan.
    • Analyze the value of secondary sources of information to business economic success

    Questions to Consider

    To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
    • Based on your research of an organization:
      • How does the organization's positioning in the marketplace compare to its competitors?
      • How are its product lines similar or different?
      • If you consider a particular product category, such as outdoor apparel, how do the marketing strategies compare?
      • How does this relate to the target market segments for these companies?
    Increasingly, social media sites are utilizing and sharing consumer information that many people consider private, such as their geographic location and their purchasing preferences. This has resulted in some controversy for organizations like Apple and Google.
    • How can marketing departments utilize consumer information from social media to benefit their companies and their customers, while also taking into account privacy concerns?

    Assessment Instructions

    Preparation

    For this assessment, refer to the REI Case Study – Research Guide, linked in the Resources under the Required Resources heading. In addition, conduct independent research to develop a case study based on REI.Your research resources should include the REI organization's Web site, but you are also expected to use information about REI that has been gathered by organizations that are devoted to marketing research. These organizations are referred to as secondary sources. A short list of secondary sources is provided for you in the REI Case Study – Research Guide. Use these sites to get your research started. You are encouraged to explore further secondary sources.Conduct your research on REI, focusing on the following topics:
    • How does the current U.S. economy affect REI retail operations?
    • How does the current global economy affect REI retail operations?
    • What types of legal and regulatory forces affect REI in the U.S.?
    • What types of social and culture trends affect REI?
    • What types of technology changes affect REI?

    Organizational Profile Development

    Based on your research, develop an organizational profile for REI's marketing environment, analyzing the key environmental factors of the U.S. economy, global economy, legal and regulatory environment, socio-cultural forces, and technological forces.
    • Identify three or more of the secondary sources of information available for conducting market research on REI.
    • Develop a short analysis of the value of these secondary sources, specifically in gathering information on REI.
      • How might these secondary sources be used to develop an integrated marketing plan?
      • How valuable would their information be in developing a marketing plan that would contribute to the company's economic success?

    Additional Requirements

    • Written communication: Written communication is free of errors that detract from the overall message.
    • APA formatting: Resources and citations are formatted according to current APA style and formatting.
    • Font and font size: Times New Roman, 12 point.

    Resources

    Capella Resources
    Click the links provided to view the following resources:
    • REI Case Study – Research Guide.
      • In this course, you will complete two assessments based on a case study of REI. This guide is intended to provide you with a starting point for your research.
    Internet Resources
    Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.
    • REI. (2013). Retrieved from http://www.rei.com.

    Suggested Resources

    The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
    Capella Resources
    Click the links provided to view the following resources:

Unformatted Attachment Preview

Assessment 1 Context Market Environment and Research Defining Marketing Marketing is generally described as "the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment" (Pride & Ferrell, 2000). Examine the Consumer Position diagram. This is a classic diagram of the positioning of the consumer, elements of the marketing mix, and the marketing environment. The marketing mix lies at the core of a marketing strategy. Understanding and tracking the marketing environment is a critical marketing function, focusing on the customer as the center of the organization's attention. The organization can, and usually does, adjust its products, pricing, promotion, and place (distribution) to meet consumer needs and to react to external forces. Product, pricing, promotion, and place are commonly referred to as "the four Ps." 1. Product: The product variable deals with the development of products and services that address consumer needs and wants. This includes product names, brand decisions, warranties, and other services associated with the product. 2. Place: Products and services must be made available to consumers when and where they need them. Marketing decisions in this area include inventory levels, distribution methods, retail outlet decisions, and wholesaler agreements. 3. Price: Marketing decisions regarding the pricing of products and services include an evaluation of the value the consumer receives in exchange for money, discount promotions, and overall pricing objectives and positioning. 4. Promotion: Promotion includes sales activity, advertising, public relations, training materials, and other communication tools for the marketer. BUS-FP3030 Assessment 1 Context 1 Assessment 1 Context Panache: Some consider panache to be the fifth "P." Panache is that creative element derived from a truly integrated marketing plan that really sets an idea apart. For example, the introduction of Legg's Panty Hose a number of years ago had such successful panache that it forever changed the way products of this kind are marketed. Legg's introduced new packaging (the egg container), new place (in grocery stores where women shopped every week, as opposed to department stores), new low pricing, and terrific promotion. Another innovative example is the Dell Computers direct-to-consumer model. The introduction of this distribution model also set a new standard that others have had to follow. Given the competitive nature of virtually every market these days, the successful marketing plan must truly be an integrated one; one in which each element supports the message being communicated by the other. For example, it is difficult to charge a high price for a product and then channel it through non-exclusive distribution that will ultimately diminish its value in the customer's mind. For this reason, Mont Blanc pens, priced at about $100, are sold in few retail outlets. Coca-Cola, on the other hand, attempts to make its product available in practically every corner of the Earth, in some form or another (vending, grocery, convenience, restaurants, and so forth.). The Coca-Cola company is not as concerned about price as Mont Blanc is. Conducting Market Research Market research is defined as the process of systematically and objectively gathering information to aid in making marketing (and other) decisions. The process includes specifying which information is required, designing the method of collection, managing collection, analyzing the data, and effectively communicating the findings and their implications. Numerous tools are available for each business to make the marketing research process simple and easy. For example, registration cards, customer mailing lists, Web sites, and email newsletters can all help an organization stay connected to its customer base. All organizations practice the market research process; some are just more formal about it than others. The owner of a small sole proprietorship may pay close attention to what his or her customers are saying every day and use that to make adjustments in how business is done. A consumer-products giant like Proctor and Gamble may spend millions to identify new products or new markets that will allow it to maintain sales growth and, in some instances, market dominance. Proctor and Gamble has a number of entries in the clothing detergent market and is always looking for ways to improve that position. There are two types of market research: secondary data research and primary data research. Secondary data are data that you can locate in previous studies or other published sources, while primary data include interviews, mail surveys, phone surveys, and focus groups (discussion groups of between 10 and 12 participants, each led by a moderator). Marketers typically prefer having the opportunity to communicate directly with customers through primary research. Each of these two methodologies has its advantages and disadvantages. Telephone interviews, focus groups, mall interviews, mail surveys, and Internet surveys can all provide the necessary information for research. The key to any successful research effort will be to choose the method that best and most cost-effectively meets the research objectives. Telephone interviews are fast and inexpensive. The biggest problem researchers face is customer willingness to answer calls and participate in the survey for a few minutes. Most consumers have become very skeptical about this process, suspecting that we are trying to be BUS-FP3030 Assessment 1 Context 2 Assessment 1 Context sold something over the telephone. This kind of survey works well with simple questions and answers that provide the customers' perspective in a clear and concise manner. Focus groups, on the other hand, provide a lot of leeway in probing into customers' mindsets and attitudes. In this setting, customers will interact with each other as well as the moderator, uncovering thoughts and beliefs in the discussions. Focus groups are expensive to set up, and it can be difficult to get the right consumer mix, but they provide very valuable insights. In-depth interviews also provide excellent insight into the issues being addressed. These are also difficult to set up. Mall-intercept interviews generate a lot of data that can, in turn, be comprehensive, yet tough to interpret. For certain market segments, the target market may be impossible to reach with this kind of method. Trade shows are often used to reach specific populations (such as physicians) and will even entice them with a gift of some kind. With the right kind of survey, the information provided might well be worth the cost of a small gift. Mail and Internet surveys are fast and easy. The marketer, however, loses control over who responds. For homogeneous groups, such as a student population or members of an association, these are excellent tools that provide timely information. For large groups, the expectation lies in the response rate of the group being polled; only a small percentage will take the time to complete the survey. If the number meets what is needed for statistical validity, the sample can be of enormous value. Internet surveys have the advantage of being very fast and easy for the consumer to execute. This format is expected to represent the future of market research, with the marketers' primary effort focused on getting the respondent to the survey site. The data provided then becomes instantly accessible and easy to collate. Reference Pride, W., & Ferrell, O. (2000). Marketing: Concepts and strategies. New York, NY: Houghton/Mifflin. BUS-FP3030 Assessment 1 Context 3 PRINT BUSINESS PLANS VERSUS MARKETING PLANS Some of the Web sites and other research resources you might visit in this course refer to a business plan, rather than a marketing plan. Although those two types of plans are related, and both are very important to growing a business, they are not one in the same. It is important for you to understand the function of each type of plan, so you can focus on the proper aspects for your assessments in this course. The Business Plan A business plan outlines and defines a business, and identifies the goals and objectives for the organization. Think of it as providing the big picture, or the overall scope of the company. It includes all aspects of the organization, including the objectives and strategies set for use in a specific timeframe. An overall business plan includes several sections, such as the: • Executive Summary. • Business Description. • Market Strategies. • Competitive Analysis. • Design and Development Plan. • Operations and Management Plans. • Financial Components. The Marketing Plan By contrast, a marketing plan is a subset of the overall business plan. It focuses specifically on how the organization will seek new customers. It outlines the detailed marketing activities for the organization. Marketing plans include explanations of how the company will get customers to buy its products and services. Marketing plans also present methods for getting the message out to the organization’s target market. Some sections commonly appearing in a marketing plan include: • Products and Services, and Your Unique Selling Proposition. • Pricing Strategy Sales or Distribution Plan. • Advertising and Promotions Plan. In this course, we will look specifically at the marketing plan portion of the overall business plan. Please keep this in mind and look specifically for the marketing sections of the plans you study throughout this course, including the plans provided to you as examples, the plans from the recommended Web site resources, and plans you research on your own. Be careful to limit your focus in order to address the proper content for this course. PRINT REI CASE STUDY – RESEARCH GUIDE This research guide can be used as a starting point for investigating REI's marketing practices. Explore the Recreational Equipment Incorporated (REI) Web site for an overview of the company philosophy, products, and services. Check out the content of the About REI section of the Web site. Note: The following company background information was formerly presented on the Web site. REI's thriving spirit was born in the 1930s when Pacific Northwest mountaineer Lloyd Anderson began his search for an ice axe. Lloyd wanted a reliable tool at a reasonable price but had no success in finding one locally. He eventually found a high-quality model in an Austrian alpine gear catalog for a mere $3.50, shipping included. Word about his find quickly spread among Seattle's climbing community, which led Lloyd and his wife, Mary, to convene with 21 fellow climbers to establish an outdoor gear co-op in 1938 (REI, 2007). You might find it interesting to compare this historical outline with the content currently featured on the About REI page. In this course, you will also be required to use secondary research resources. Explore and review the marketing research resources of the organizations below: • National Sporting Goods Association. • Sports and Fitness Industry Association. Use the Internet Archive tool, the WayBack Machine, to search for REI.com and you will find historical versions of REI Web site pages. Select a few pages and compare REI’s former prices and product offerings with the current online catalog. Secondary research resources can also be found through organizations affiliated with REI. Entre Prises USA, Inc., the organization that built the first climbing wall in the REI flagship store, provided the following secondary research information about REI: • “REI opened the doors to its flagship store in Seattle, in 1996. • This large retail store is located adjacent to Interstate 5 in downtown Seattle. • Up to 250,000 people drive by the store every day. It was important to REI to capture their attention. • REI looked to Entre Prises to build a 65 ft. freestanding structure that would be the central focus of the store. • After ten months of construction, 4 miles of rebar, and 120 tons of concrete, the ICON for REI was sculpted. REI has received unparalleled media response from the climbing wall. People wait hours to climb the Entre Prises Pinnacle and in the first year over 10,000 people climbed it, and the interest continues to grow!" (Entre Prises USA, Inc., 2007). References Entre Prises USA, Inc. (n.d.). REI flagship store: Entre prises creates a masterpiece! Retrieved from http://www.epusa.com/featured_project.php?otype=i&id=13 Entre Prises USA, Inc. (2013). Entre Prises: Climbing walls. Retrieved from http://www.epusa.com Internet Archive. (2013). Wayback machine. Retrieved from http://archive.org/web/web.php National Sporting Goods Association. (2013). NSGA. Retrieved from http://www.nsga.org/i4a/pages/index.cfm?pageid=1 REI, Inc. (2007). The REI story. Retrieved from http://www.rei.com/jobs/story.jsp REI. (2013). Retrieved from http://www.rei.com Sports and Fitness Industry Association. (2013). SFIA. Retrieved from http://www.sfia.org
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