Expert answer:Business Environment and Marketing Research
Solved by verified expert:Please read the requirements carefully before want to help me thanks I did upload the paper for the first reserecah so you can look at it. Business Environment and Marketing ResearchUsing the Waters Bottling Company in Module 1, continue to build the Marketing Plan Sections for the product you have selected/ invented/ created. Complete the following in MS Word: Be concise but complete in your analysis of each plan element. Your employer wants to know you have left nothing out in your analysis.This assignment represents Section 2 of the Marketing Plan. Use the Marketing Plan guide to identify the sections of the Marketing Plan and the marketing elements contained therein. This assignment will focus on Section 2 – Marketing Research & Target marketing (Module 2).Section 2 – Market Research & Targeting (Module 2)Market ResearchResearch Methods & Data MiningMarket Research ProcessConsumer BehaviorB2C vs. B2BConsumer Decision Making ProcessFactors Affecting B2C and B2B consumer behaviorMarket SegmentationMarket Segmentation ConceptsSegmentation ProcessSegmentation StrategiesTarget MarketingRelate all responses using the WBC scenario and the product you have selected to market in Module 1. Create a 4- to 6-page Word document for your Marketing Plan sections. Apply a standard business writing style using the Market Planning Guide sections as your (headers/ sub heads/ bullets) to your work. Be sure to cite your work in the APA format.Assignment 2 Grading CriteriaMaximum PointsDetermine the type of research method you will employ. Discuss the relevance of Data Mining in this research.10Identify the steps in the Marketing Research Process you will execute.10Discuss the Buyer Behaviors driving the B2C and B2B markets.nment.15Outline the Consumer Decision Making Process for the WBC product you have identified in Module 1.10Discuss the factors that are affecting the B2C and B2B consumer behaviors.20Compare the various Market Segmentation Concepts, which could be used to identify a potential market niche.10Explain the Segmentation process and potential Segmentation Strategies for the WBC product.10Make a logical selection of the best target segment after careful consideration.5Writing components: Demonstrated understanding of readings, interpreting concepts, making connections, and distinguishing between fact and opinion. Presented a structured report free of spelling and grammatical errors, and applied current writing standards for editorial style, expression of ideas, and format of text, citations, and references.10Total:100
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Running head: MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC).
Market Plan for Waters Bottling Company (WBC)
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MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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Introduction to Marketing
Marketing can be defined as the activity of providing valuable information to customers
regarding a particular product/service. The primary intention is to woe target customers to buy a
specific product because it will satisfy their needs (Armstrong et al., 2015). In this particular case
study, Waters Bottling Company (WBC) will appoint a committee to foresee the entire marketing
plan, its viability, and practicality.
o
The Marketing Mix
The philosophy of marketing is made up of four crucial and controllable elements of a
marketing plan. The 4 set of actions are commonly referred to as the 4P’s of marketing, and they
include; product, price, place, and promotion (Pavlou & Stewart, 2015). WBC will use these four
elements cohesively to reach out to their potential customers efficiently. The product, in this
case, is the bottled crystal clear and granite filtered mountain water that WBC intends to sell.
Various factors govern pricing, but the price should be reasonable to ensure that the client’s
needs are satisfied and the company manages to achieve its target. Water is a universal resource
that no single human being can survive without. The place/location of marketing is not a factor in
this case, but it would be advisable to target large retail stores all over the country where the
majority of the people shop. Promotion through advertisements and other communication
strategies aimed at reaching out to potential customers is a necessity considering that the product
is new in the market. Dr. Muddy Waters blues would come in handy at this point where they can
be played alongside adverts and other promotional campaigns.
o
The Marketing Environment
Marketing environment denotes internal and external forces that may impact how a firm
relates to its customers. WBC should always be in a position to maintain a satisfactory
MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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relationship with its customers. The environment should create a conducive atmosphere which
facilitates better serving of target customers. Some of the factors that dictate the marketing
environment are controllable while some are not and may require the business operations to
change. WBC needs to undertake a feasibility study that will give them oversight on the nature of
the environment they are operating to avoid forces that may affect their operations negatively.
o
Marketing and its relationship with other functional areas of business
The success of every business is dependent on collaborative efforts of all the departments
(Armstrong et al., 2015). Other than coming up with an effective marketing plan, WBC needs to
involve all the other functional areas of business. The marketing department ought to work
closely with the operations department to ensure that adequate research is carried out to identify
the specific needs of the customers. Additionally, the operations department must guarantee that
packaged water is pure and crystal clear to ease marketing. The finance budget will set a budget
for all the expenses that will be incurred during marketing. The Human Resource department will
come in handy when hiring competent individuals who are proficient with the marketing plan
and means of implementing it.
Strategic Marketing
There are very many firms that engage in the business of packaging water in the world. WCB
needs to create a distinction between the quality of services they deliver and the manner they
conduct business to emerge triumphant over rival business entities. Strategic marketing instigates
the need to have a practical business plan that dictates how the company should deploy its
resources, conduct production and market to its customers (West, Ford & Ibrahim, 2015). The
marketing department needs the assistance of other departments such as the HR and the
MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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operations department to devise and implement a concrete marketing strategy that will guarantee
the smooth running of the business.
o
Planning Process
The planning process is dictated by the type of business environment that firm aims at
investing. An efficient planning process is dependent on the geographical and demographic
suitability of the business environment. An operational business plan should consider the current
position of WBC regarding financial stability, set goals and objectives, available marketing
opportunities, target market, and the set marketing budget. The marketing process should engage
all stakeholders within an organization and assign tasks accordingly. The primary motive is to
lessen the production costs and instead maximize the profits accrued. In a nutshell, market
planning acts as the bridge between production and the sale of the produced goods.
Strategy
According to D & B Hoovers (2017), WBC needs to strategize on the best approaches to
reaching out to the target customers and satisfying their needs. This comes in handy with
improving the performance and productivity of the firm. The best strategy has a definite timeline
when it should be rolled out and the precise methods for implementation. Strategizing instigates
an innovative mindset that proposes better ways of entering the target market. WBC should also
start a program that is meant to collect and gather meaning information regarding the reaction of
the target market towards their product.
o
Organizational Levels
Most organizations follow the three-level hierarchy model that splits management into
top-level, middle-level and low-level. Each hierarchy has set responsibilities that they are
supposed to accomplish. Their participation and collaboration in marketing are also crucial. In
MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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the olden days, orders were passed from the top-level to the low-level management, but this has
changed over time. This form of governance promoted a dictatorial style of administration that
barred individuals at the low-level from participating in any constructive progress that may help
progress the company. WBC ought to engage all the three levels of management while making
crucial decisions regarding where improvements ought to be made. Workers at the low-level
management are actively deployed in the field and therefore have a better understanding of
possible setbacks and how to address them.
o
Goals and Objectives
The primary objective of WBC is to be a competitive water vendor in Munsonville through
the sale of pure and crystal clear packaged water. The company must be ready to handle any
hurdles that may come their way in the quest to attain their goals. This calls for strategic
planning to decide where to allocate resources, when and the expected outcome. The primary
motive is to convert the possible chances into viable opportunities that are worth exploiting.
Once an issue is raised, all stakeholders converge to select the best approach to handle the
problem at hand.
Planning Gap
There may exist a rift between the intended and the actual outcome of the marketing process.
However, there are various approaches which can be deployed to bridge the gap. WBC should
identify potential areas within the business for business growth and improvement. Diversity is
also a critical factor in this issue where different marketing approaches can be used and their
outcomes compared against each other. Besides intensive, integrative and diversified growth,
WBC should revisit their marketing strategies to ensure that they are up to date.
o
Ethics in Marketing
MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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The ethical principles of marketing dictate the manner and ground under which marketing
is conducted. All forms of advertisements and marketing communication should be honest, fair
and responsible in their undertakings (Alshurideh et al., 2016). This means that WBC will be
stretched to abide by the laid professional ethics of marketing that applies to all parties.
Marketers and advertisers should be transparent and should follow the prescribed code of
personal ethics. This is all aimed at protecting consumers from exploitation by marketers.
MARKET PLAN FOR WATERS BOTTLING COMPANY (WBC)
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References
Alshurideh, M., Al Kurdi, B. H., Vij, A., Obiedat, Z., & Naser, A. (2016). Marketing Ethics and
Relationship Marketing-An Empirical Study that Measures the Effect of Ethics Practices
Application on Maintaining Relationships with Customers. International Business
Research, 9(9), 78.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education.
D & B Hoovers. A Faster Path from Prospect to Customer. (2017)
Pavlou, P. A., & Stewart, D. W. (2015). Interactive advertising: A new conceptual framework
towards integrating elements of the marketing mix. In New Meanings for Marketing in a
New Millennium (pp. 218-222). Springer, Cham.
West, D. C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage.
Oxford University Press, USA.
…
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