Imagine yourself an entrepreneur (in the industry of your choice) planning to introduce a new product
Imagine yourself an entrepreneur (in the industry of your choice) planning to introduce a new product (of your choice) to the marketplace in today’s environment. Provide an Environmental Scan of how you view those “uncontrollable” elements affecting the potential success of your new product. Provide at least one point for each of the five environmental forces in your scan (technological, economic, political/regulatory, social/cultural, competitive).
Be sure that you show you have conducted research for each of those points by citing your source using APA format (after each point) and listing your source at the end of your post.
1. Post your Environmental Scan (not as a Word document; type the Scan into the discussion board).
2. Describe your product/service and the industry it represents.
3. Discuss the two main challenges you see from your Scan.
4. Discuss what strategies you could put in place to overcome each of those challenges.
5. For this week critique ONE of your colleague’s scans using the following criteria:
· Detail of the scan.
· Logic of the analysis of the scan.
· Salient points that stand out as challenges for that product/service and whether your colleague might have missed an important point.
Page 16-19 of the textbook: Required Reading
Page 16
They are a single business or collection of related businesses. They can be planned independently of the other businesses of the total organization. Thus, depending on the type of organization, an SBU could be a single product, product line, or division; a college of business administration; or a state mental health agency. Once the organization has identified and classified all of its SBUs, some method must be established to determine how resources should be allocated among the various SBUs. These methods are known as portfolio models. For those readers interested, the appendix of this chapter presents two of the most popular portfolio models, the Boston Consulting Group model and the General Electic model.
The Complete Strategic Plan
Figure 1.2 indicates that at this point the strategic planning process is complete, and the organization has a time-phased blueprint that outlines its mission, objectives, and strategies. Completion of the strategic plan facilitates the development of marketing plans for each product, product line, or division of the organization. The marketing plan serves as a subset of the strategic plan in that it allows for detailed planning at a target market level. This important relationship between strategic planning and marketing planning is the subject of the final section of this chapter.
THE MARKETING MANAGEMENT PROCESS
Marketing management can be defined as “the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives.”10 It should be noted that this definition is entirely consistent with the marketing concept, since it emphasizes serving target market needs as the key to achieving organizational objectives. The remainder of this section will be devoted to a discussion of the marketing management process according to the model in Figure 1.5.
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FIGURE 1.5 Strategic Planning and Marketing Planning
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