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.
- Using the course resources, develop an environmental analysis, marketing strategy, and marketing mix for this product.
- Consider if your selected product is affected by environmental factors (Political, Economic, Socio-cultural, Technological, Competitive). If so, how?
- Include a description of the target market and positioning (how customers perceive your product or service).
- 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, etc Is 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.