Fundamentals of Marketing

Requirements for Fundamentals of Marketing Research Paper:

Create a product or service (do not choose an existing brand) OR select a product or service from the following list: cell phone, video game, motorcycle, perfume, hair salon, toothpaste, website design consulting business, online dating service, auto body shop.

1. Using the course resources, develop an environmental analysis, marketing strategy, and marketing mix for this product.
2. Consider if your selected product is affected by environmental factors (Political, Economic, Socio-cultural, Technological, Competitive). If so, how?
3. Include a description of the target market and positioning (how customers perceive your product or service).
4. Include a detailed overview of each element of the marketing mix (product, price, distribution, and marketing communications).
   Please submit your assignment in a word document using APA format.

Comments to look at when writing Fundamentals of Marketing Research Paper:

You may select any product/service but not an existing brand. Focus on the following areas for your report.

Current Marketing Situation – Describe the market in which the firm will be operating. – Definition A market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.

Environmental Factors (threats & opportunity analysis)

• What “marketing” environmental factors might affect the firm’s strategy and provide opportunities or threats? – A company’s marketing environment consists of the actors and forces outside marketing that effect marketing management’s ability to build and maintain successful relationships with target customers. Example – suppliers, competitors, etcIs your product/service affected by any business environment factors? (Political, Economic, Socio-cultural, Technological, Competitive) Explain how?

Target Market

• Describe the target group in which you plan to market the product/service, and your positioning statement.
• Remember, “everyone” cannot be your target audience.

Objective (goal)

• Identify a specific marketing objective the company plans to achieve.
• The marketing objectives for a business should be directed toward expanding the market, building market share or customer satisfaction.

Marketing Strategy

• Ideas designed and used to accomplish your stated objectives for the product.
• Two or more strategies should be designed for the objective with a plan that should include a plan of action.
• The plan of action should include the marketing mix or 4 P’s.

Action Programs/Plan

• The actual actions undertaken to accomplish the strategies using the marketing mix elements (Product, Price, Promotion and Place [Distribution]).

REPORT FORMAT:

• Your report should be divided into separate sections.
• Include logical headings to indicate topics being discussed.
• All sources of information should be listed to support your research.