Expert answer:Principles of Marketing, Homework
Answer & Explanation:Need assistance on principles of marketing work;Unit III Research Project Marketing Plan This week you will continue your comprehensive marketing plan, researching the SAME company that you researched in previous units. Again, utilizing the CSU Online Library, you will research the various elements of the marketing plan as it relates to this company. In Unit III you will conduct an Industry Analysis and a Competitive Analysis. Industry Analysis Perform an industry analysis detailing how the overall industry is performing. Research trends in the industry as well as projections for the future. Remember to cite your research. Competitive Analysis Perform a competitive analysis reviewing multiple competitors that offer similar products/services. How is your company different from its competitors? Think about the products/services offered or their pricing strategy or even their distribution strategy. What is the overall brand perception in the mind of the consumer? How does each rank based upon a pertinent parameter? Your submission should be a minimum of two pages in length, double-spaced with a reference page and title page. References should include at least one additional, credible reference beyond the textbook. All sources used must be referenced; paraphrased and quoted material must have accompanying citations and cited per APA guidelines. Include the use of subheadings (this week consider using Industry Analysis and Competitive Analysis). Information about accessing the Blackboard Grading Rubric for this assignment is provided below. unit_iii_study_guide.pdf
unit_iii_study_guide.pdf
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UNIT III STUDY GUIDE
Marketing Research
Reading
Assignment
Chapter 6:
Business and
Organizational Customers
and Their Buying
Behavior
Chapter 7:
Improving Decisions with
Marketing Information
Suggested Reading
See information below.
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Describe the impact that changes in the external business environment have
on an organization.
3.1 Evaluate the overall industry health of which an organization is a
member.
3.2 Compare the similarities and differences of multiple competitors of an
organization.
4. Explain how the marketing mix is used to reach the target market.
4.1 Assess the competitive environment of an organization with respect to
its ability to effectively reach its target market.
6. Explain the importance of positioning as it relates to brand strategy leading to
brand equity.
6.1 Appraise a company’s overall brand perception relative to its
competition.
Unit Lesson
Business–to-business (B2B) contrasted with business-to-consumer (B2C) basically
examines who the customer is. As expected in the case of the B2B, the customer is
another business, while in the case of the B2C, the customer is the end customer or
consumer. B2B customers might include intermediaries such as wholesalers and
retailers, government units such as federal and state agencies, and nonprofit
organizations (Perreault, Cannon, & McCarthy, 2015). Much has been written in the
literature about the differences in effective marketing approaches for each. At the very
least, the B2C might be directed more at the product or service with a focus on the
value of the transaction. While there is an immense target market, the sales cycle
tends to be short. Brand equity is achieved through repetition and there is a significant
amount of emotional buying. B2B on the other hand, is much more focused on
building relationships and maximizing the value of that relationship. There is a much
smaller target market and a significantly longer sales cycle. Brand identity and equity
is a result of a nurtured relationship and the decision-making process is much less
emotional and more rational. The chart below provides a good summary of these
differences.
Size of target
market
Who is target
market
Relationship
with customer
Buying
process
BBA 3201, Principles of Marketing
B2C
Large
B2B
Small
consumer
business
high
low
emotional
rational
1
Sales cycle
length
Development
of brand
equity
short
long
through repetition
through relationshipbuilding
In the case of B2C, there is almost an attachment to the product whereas in the B2B
sector, the process seems to be more methodical in nature. One of the largest
differences is within the sheer number of decision makers that tend to be involved in
the B2B buying decision process. This could include the actual user, engineering or R
& D (research and development) personnel, purchasing managers, top management
personnel, or possibly research assistants or other administrative personnel. Perreault
et al. (2015) identify each of these individuals as taking on a variety of roles including
gatekeeper, decider, buyer, influencer, or user. Another significant difference is that of
the buying process. As stated earlier, the process tends to be much longer in length,
even compared to the high-ticket purchases in which a consumer might be involved.
The B2B buying process is categorized by three different categories including the new
task buy, straight rebuy, and modified rebuy. These are differentiated below:
New task buy—there is a new need within the organization requiring a large
amount of information and time before the order is placed.
Straight re-buy—this is a routine purchase that requires little additional
information and little time. Many times this purchase is completed by an
administrative person within the organization.
Modified re-buy—this is a middle of the road purchase where the product
being ordered is the same but something in the specifications has changed.
This could be something as simple as size or color or something a bit more
complicated. Some additional information is required and the purchase time
falls between that of the new task buy and straight re-buy.
Market research is one of the most important tasks within an organization. It provides
the company with valuable information allowing for a process of better decision
making within the organization. Perreault et al. (2015) identify a five-step approach to
the market research process as detailed below:
1. Define the problem—this identifies the objectives of the research.
2. Analyze the situation—research what is currently happening in the internal
and external environment of the business.
3. Getting problem-specific data—conduct the research.
4. Interpret the data—once the data is collected, analyze it in order to make the
efforts useful.
5. Solve the problem—use the research results in making decisions that will
solve the problem.
Market research has taken on many forms through the years. From secondary
research where the marketer is analyzing existing data to primary research where the
marketer is putting together survey instruments specifically to solve their problem, the
overall use of market research has increased significantly. The increased use of the
internet has not only increased the amount of information but also has increased the
accessibility of this information. According to McDaniel and Gates (2015), the world’s
internet population totals almost 3 billion users with roughly one-third of the world
having internet access. The United States leads in the number of people who have
internet access. Internet research continues to grow as the most popular means of
collecting data. This might have something to do with the fact that online survey taking
is faster and, with the sophisticated search functions, access is easier and faster than
traditional methods.
BBA 3201, Principles of Marketing
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Another area of marketing research that is quickly expanding is that of the marketing
research online community (MROC). This consists of a selected group of consumers
who agree to fill out surveys and/or participate in an ongoing dialogue. This provides
researchers with a larger population of data as well as a more comprehensive review
because the survey-takers have previously agreed to participate in this MROC.
Mobile internet research provides another interesting research tool. McDaniel points
out that over 56% of American adults own a smartphone and 57% use their phone to
go online (2015). Clearly, our phones have become an important element in our lives;
thus, market researchers can find value in using it as a tool to gather information.
Mobile research enjoys advantages such as an increased response rate, added
convenience for the responder, broader reach, and ultimately a more comprehensive
content. This all adds up to decreased costs for the market researcher.
References
McDaniel, C., & Gates, R. (2015). Marketing research (10th ed.). Hoboken, NJ: Wiley.
Perreault, W., Jr., Cannon, J., & McCarthy, J. (2015). Essentials of marketing: A
marketing strategy planning approach (14th ed.). New York, NY: McGraw-Hill.
Suggested Reading
Click here to access a PowerPoint presentation of the Chapter 6 material.
Click here to access a PDF version of this presentation.
Click here to access a PowerPoint presentation of the Chapter 7 material.
Click here to access a PDF version of this presentation.
Click here to access the video, Collecting Quality Information For Marketing Decisions
(copied with permission from McGraw-Hill).
BBA 3201, Principles of Marketing
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