you will select an organization, analyze the market for the organization’s product/service, analyze the organization’s current marketing strategy, and justify recommendations for the ma
you will select an organization, analyze the market for the organization’s product/service, analyze the organization’s current marketing strategy, and justify recommendations for the marketing strategy to make the organization more effective.
To assist you in planning for the course project, the following table provides a high-level overview of the project deliverables during the course.
*********please see attachment*********
Choosing an Organization
In this first week of your course project, select an organization to study in depth over the next five weeks. Each week, your assignment will require you to evaluate this organization. You may use an organization you currently belong to, a past organization, or an organization that you identify through research. Be sure to review the types of information you will need for the project (all five weeks) before choosing your organization. You might need to create some hypothetical details to fill gaps in researched information. However, the project should use as much real information as possible.
You should have your organization approved by your instructor before moving forward with the assignment. Contact your instructor early in the week to gain approval.
For the Week 1 paper, complete the following tasks:
- Summarize key details about your organization. What does it do? Who are its customers, clients, prospects, or constituents? For convenience in this class, we will call them customers.
- Perform a SWOTT analysis, placing particular emphasis on long-term trends affecting your organization and what your competitors are doing.
- Analyze the organization’s mission statement. Does it address the following core components?
- Customers—who do we serve?
- Product/service—what do we provide?
- Market—who/where are our customers?
- Core competencies—how do we provide or deliver our product/service? What gives us a competitive advantage?
- Measurability—how do we know when we are successful?
- Defend a new/revised mission statement. It should be a succinct statement of what the organization is, what it does, and who its customers are. Be sure to support why your revisions are an improvement to the current mission statement.
Submission Details:
- Submit your plan in a 3- to 4-page Microsoft Word document, using APA style.
Marketing Opportunities and Objectives.html
Marketing Opportunities and Objectives
Once a SWOTT analysis is completed, an organization is ready to identify and define the areas having marketing potential. Evaluation of the marketing potential involves determining the feasibility of pursuing various marketing opportunities that will provide the organization with profitability and its stakeholders with concrete benefits. But there are those who believe that the only measure of an organization's success is making money.
Regardless of an organization's philosophy, generally speaking, market growth strategies fall into the following four categories:
- Market penetration: An organization markets its existing product to its existing customers by increasing the market share of the product. No new products are developed, and no new customers are targeted. For example, an organization introduces competitive pricing and loyalty schemes to attract more customers from existing markets.
- Market development: An organization markets its existing product to new markets. For example, a soft-drink manufacturer targets overseas markets to sell its existing products.
- Product development: An organization develops a new product for existing customers. The target market segment remains the same, but the product range changes. For example, an automobile manufacturer introduces a new car model for its existing customers.
- Diversification: An organization markets a new product to new customers and markets in which the organization might have little or no experience. For example, a well-known cosmetics brand diversifies into detergents, soft drinks, and children's apparel.
These strategies are used to measure the feasibility of a marketing opportunity using Ansoff's product-market matrix. The matrix is a tool used by an organization to decide which market growth strategy is best suited to its business growth.
Marketing is essential for any organization that wants to raise awareness about itself, its products or its services. As the famous saying goes, "He who has a thing to sell and goes and whispers in a well is not as apt to get the dollars as he who climbs a tree and hollers." Regardless of whether its dollars you're after, having clear, established goals in getting the word out will help you successfully implement a marketing plan.
Additional Materials
View the PDF transcript for The Best Market Growth Strategy for EuroCar
View the PDF transcript for A SMART Objective
media/week1/SU_MBA6011_W1_L6_S1_G1.pdf
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MBA6011_Strategic Marketing
© 2011 South University
The Best Market Growth Strategy for EuroCar
On the basis of the SWOTT analysis you completed for EuroCar, you need to select the best market growth strategy for EuroCar in the United States using Ansoff’s product-market matrix. SWOTT Analysis Results:
• The company showed average profitability over the past five years. (Strength)
• The company has limited service offerings. (Weakness)
• A luxury tax hike is being considered by the US Congress to help pay for the national debt. (Threat)
• There is high awareness of company brands. (Strength)
• There is increased demand for customized cars in the industry. (Opportunity)
• The company is one of the few market leaders in the United States. (Strength)
• Conservationism and environmentalism are permeating the culture. (Trend)
• The company co-owns dealerships all over the United States and Europe. (Strength)
• Car dealers are expanding their collaboration options. (Opportunity)
• Overall, company prices are perceived as too high. (Weakness)
• The company has a limited promotional budget for the next few years. (Weakness)
• New, fuel-efficient engine technology has been discovered. (Opportunity)
• Experts predict changes to more frugal lifestyles in the United States. (Threat)
• There is dissatisfaction among the company’s unionized workers. (Weakness)
• The unemployment rate in the United States is high. (Threat)
• There is growth in the US sports car collectors’ market. (Opportunity)
• The number of cheaper automobiles has increased. (Threat)
• The company’s brand has no appeal among younger customers. (Weakness)
• Wealthy immigrants are relocating in US suburbia. (Threat)
• Globalization of the car-manufacturing industry is happening at a rapid pace. (Trend)
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Let’s see the ranking of four market growth strategies by their chances of success in the US market and what the expert thinks.
Ansoff’s Product-Market Matrix
Present Products New Products
Market Penetration Product Development
Present Markets
This is the best option.
Expert’s Opinion: EuroCar needs to stick with what it knows best, which means market penetration of the present market, with its current product. The company is well known in Europe and is a leader in the industry. The company also enjoys average profitability, even though the economy is not doing well. While the new car may be something the international market expects from the company, it is a risky move at this time.
This is not such a good option.
Expert’s Opinion: Bringing a new product into the present market under these conditions is not such a good option. While there is growth in the collectors’ market and customized-car industries, this is not enough to maintain the new car afloat in the United States. Experts are predicting more frugal lifestyles in the United States. Even if the premium sports car is marketed to existing loyal customers, EuroCar has a limited promotional budget to communicate its value.
Market Development Diversification
New Markets This is the second-best option.
Expert’s Opinion: While it is a good idea to stick with existing products, it may be difficult to penetrate new markets at this time. The US economy is not growing, and experts predict continued unemployment for the future. EuroCar needs to find ways to increase the purchase of its existing product line. The money planned for the development of the new car can be used to increase the promotional budget and financing options for existing customers.
This is the worst option.
Expert’s Opinion: Trying to penetrate new markets with a new product is not a good move under present conditions. While the marketing director has a hunch based on many years of experience, the facts from the analysis do not support the idea of building a new car for a new market. The company does not have experience in building a sports car, and the economy is not doing well. Moreover, there is a possibility the government may levy a new tax on luxury cars.
media/week1/SU_MBA6011_W1_L7_S1_G1.pdf
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A SMART Objective
Complete the following marketing objective of EuroCar using the options provided below the objective:
“Our marketing objective is to increase the __________________ ____________ from ________________ among our ___________ ____________ in __________ during the _____________________.”
Options:
• next two years
• the United States
• 40 percent to 80 percent
• young customer base
• brand recall value for all leading products
Correct answer:
“Our marketing objective is to increase the brand recall value for all leading products from 40 percent to 80 percent among our young customer base in the United States during the next two years.”
brand recall value for all leading products
Arguably, the phrase is quite simple and easy enough to be understood by all the parties concerned with the execution of the activities aimed at achieving the marketing objective.
40 percent to 80 percent
The objective is measurable in the sense that it uses brand recall value (a widely used measure indicating the extent to which a brand is recognized within its product category) with specific base and benchmark percentage values—40 and 80, respectively.
young customer base
We can assume the objective to be attainable since the company already has some standing and name in the US market. Further strengthening of promotional strategies, which will increase brand awareness among younger customers, can be accommodated in the limited promotional budget.
the United States
The objective is relevant because the company is looking to extend its product range into US markets in the future. Improving brand recognition and popularity will serve EuroCar well later, when it has the resources to venture into product development and diversification.
next two years
Finally, the statement is time bound because it includes a time element. In other words, there is a projected end to the process of building brand awareness in the market for measurable results.
,
Purpose of SMP and SWOTT.html
Purpose of SMP and SWOTT
What is the purpose of a strategic marketing plan (SMP)?
The purpose of SMP is to match organizational resources—expertise, core competencies, and staff—with the marketing opportunities existing in the external environment. SMP identifies and defines the marketing activities needed to be performed to achieve marketing objectives.
The generic SMP activities include the following steps:
- Analysis of the situation: SWOTT analysis
- Formulation of marketing objectives: SMART statements
- Identification of the target market: Segmentation
- Development of marketing mix strategies: The 4 Ps—product, price, place, and promotion
- Implementation: Management
- Control: Benchmarking
A SWOTT analysis is used by a marketing manager to analyze the internal and external situations around an organization. The analysis helps an organization identify its weaknesses and strengths in relation to its competitors within the same product category. A SWOTT analysis takes into consideration developments and trends related to environmental factors, such as population, economy, industry, government, and technological advances. Additionally, it identifies and assesses factors that might threaten the progress or survival of the organization and factors that might offer opportunities for growth and a competitive advantage. A SWOTT analysis also helps the organization keep track of enduring trends that have long-term consequences for the industry as a whole and for the organization in particular.
When it comes to running your company, are you like other entrepreneurs who keep their head down and their nose to the grindstone working hour after hour, day after day "in" their business but not spending any time focusing "on" their business? It's very likely that you are. And even if you understand that spending time working on your business is a smart business practice, you may also be wondering just how you're going to find the time and where to begin.
One tried-and-true diagnostic tool, better known as "SWOTT," has helped many entrepreneurs work on their business. SWOTT is a tool that can be used before you launch a venture as well as throughout the life of your company.
Additional Materials
View the PDF transcript for Purpose of SMP and SWOTT
media/transcripts/SUO_MBA6011 W1 L2.pdf
Purpose of SMP and SWOTT
© 2016 South University
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Strategic Marketing
©2016 South University
2 Purpose of SMP and SWOTT
MBA6011 Week 1 Lecture 2
Purpose of SMP
The trainee marketing executives at EuroCar are aware of what an effective exchange is and what its benefits are. But they need guidance in their efforts toward the creation of effective exchanges. This guidance is provided by SMP.
What is the purpose of SMP?
The purpose of SMP is to match organizational resources— expertise, core competencies, and staff—with the marketing opportunities existing in the external environment. SMP identifies and defines the marketing activities needed to be performed to achieve marketing objectives.
The generic SMP activities include the following steps:
1. Analysis of the situation: SWOTT analysis
2. Formulation of marketing objectives: SMART statements
3. Identification of the target market: Segmentation
4. Development of marketing mix strategies: The 4 Ps—product, price, place, and promotion
5. Implementation: Management
6. Control: Benchmarking
SWOTT Analysis for EuroCar
Stout wants to explore the possibility of extending the premium sports car to the US market. On the basis of the optimistic report from the European market and her twenty-year experience, she thinks it’s time to break into that segment of the US market. She also believes the new car will place EuroCar at the same level of recognition as the major Japanese and US car manufacturers. The
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Strategic Marketing
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3 Purpose of SMP and SWOTT
MBA6011 Week 1 Lecture 2
company has already conducted a thorough situation analysis in the US market, and the results are as follows.
SWOTT Analysis Results:
• The company showed average profitability over the past five years. (Strength)
• The company has limited service offerings. (Weakness)
• A luxury tax hike is being considered by the US Congress to help pay for the national debt. (Threat)
• There is high awareness of company brands. (Strength)
• There is increased demand for customized cars in the industry. (Opportunity)
• The company is one of the few market leaders in the United States. (Strength)
• Conservationism and environmentalism are permeating the culture. (Trend)
• The company co-owns dealerships all over the United States and Europe. (Strength)
• Car dealers are expanding their collaboration options. (Opportunity)
• Overall, company prices are perceived as too high. (Weakness)
• The company has a limited promotional budget for the next few years. (Weakness)
• New, fuel-efficient engine technology has been discovered. (Opportunity)
• Experts predict changes to more frugal lifestyles in the United States. (Threat)
• There is dissatisfaction among the company’s unionized workers. (Weakness)
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©2016 South University
4 Purpose of SMP and SWOTT
MBA6011 Week 1 Lecture 2
• The unemployment rate in the United States is high. (Threat)
• There is growth in the US sports car collectors’ market. (Opportunity)
• The number of cheaper automobiles has increased. (Threat)
• The company’s brand has no appeal among younger customers. (Weakness)
• Wealthy immigrants are relocating in US suburbia. (Threat)
• Globalization of the car-manufacturing industry is happening at a rapid pace. (Trend)
,
Role of Marketing in Creating Value.html
Role of Marketing in Creating Value
The main role of marketing in an organization is to create effective exchanges between the organization and its target market—the market segment the organization has chosen to do business with. An effective exchange is where the organization and the customer stand to mutually benefit from the transaction. From an organization’s perspective, an effective exchange has two fundamental marketing goals:
- Create value for the customer.
- Maintain a strong, long-term relationship with the customer.
An organization can grow and prosper only if it creates and nurtures a long-term relationship with its customers. A number of customer relationship management (CRM) software applications have been developed over the past decade to help maintain such relationships.
It’s a common assumption that marketing is used to sell products to customers. However, marketing has a wider role to play. The main role of marketing in an organization is to create effective exchanges between the organization and its target market—the market segment the organization has chosen to do business with.
Because an effective exchange is one where the two parties involved—the organization and the customer—stand to benefit from the transaction, an effective transaction can be measured by the degree of satisfaction of both the parties rather than by how much financial value was created for the organization.
Over the past decade, a number of customer relationship management (CRM) software applications have been developed to help organizations maintain close relationships with their customers.
How, exactly, can marketing begin to create value, rather than just describing it? Here are three ways to begin:
Marketers as growth drivers. For marketing to become a vital growth function that takes a company to new places, marketers have to insert themselves into the overall corporate strategy. To truly transform organizations, we have to go beyond asking, “What’s the role that marketing could have?” We have to ask ourselves, “What, in our organization, is the role that marketing will have? How do we shift from describing the value that our products and services deliver, to generating value through the work that we do?”
Marketers as unifiers. As we look at marketing’s role outside the wall of “just marketing,” there’s opportunity for us to bring people together by building non-traditional teams that collaborate to solve customer problems. This means learning what motivates each group and then developing a compelling vision, and superb communication and integration skills. In order to unify, we have to help people understand the greater vision and then serve as the point-people when the work moves into execution.
Marketers as innovators. One of the newest responsibilities for marketers is that of spearheading innovation. It is our responsibility to see where our customers’ worlds are going and help our companies get there before everyone else does. We have to look for opportunities to incubate ideas in small ways and feel empowered to translate them into practical direction, inspiration and executable actions.
Marketing forward. In order to lead companies and industries, marketers must first understand how to lead our own profession. How will traditional processes hold up in these times of transition? If we aren’t willing to talk about how our roles need to change, then we’re perpetuating a hidden force that undermines our work: legacy thinking. It’s easy, when under pressure, to default to what’s familiar and comfortable. The pull of the past makes it hard to change thinking, processes and outcomes. If we’re ever to come into our own as a profession and as leaders within organizations, though, it’s time that we step out of our comfort zones.
Read the full article creating value changing marketing
Additional Materials
View the transcript For Role of Marketing in Creating Value
media/transcripts/SUO_MBA6011 W1 L1.pdf
Role of Marketing in Creating Value
© 2016 South University
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Strategic Marketing
©2016 South University
2 Role of Marketing in Creating Value
MBA6011 Week 1 Lecture 1
EuroCar: Part 1 You are the senior training and marketing manager at EuroCar, an innovative European car manufacturer. Every year, your company hires a group of trainee marketing executives. It is your team’s job to groom and develop these trainees as efficient marketing executives. As marketing professionals, you and your team members face two related challenges: • Educating prospects about the company’s products and services • Notifying current customers of new and upgraded offerings The director of marketing, Paula Stout, has remarked, “We’re constantly finding new customers and developing new products and services; however, our newsletters are not always effective in getting the message out to the customers or the new joiners.” How will you describe to the new joiners the role of marketing in an organization? a. Marketing is used to create an effective exchange between an organization and its customers. b. Marketing is used to sell products to customers. Correct answer: a Feedback for correct answer: The main role of marketing in an organization is to create effective exchanges between the organization and its target market—the market segment the organization has chosen to do business with. An effective exchange is where the organization and the customer stand to mutually benefit from the transaction. From an organization’s perspective, an effective exchange has two fundamental marketing goals: • Create value for the customer. • Maintain a strong, long-term relationship with the customer. An organization can grow and prosper only if it creates and nurtures a long-term relationship with its customers. A number of
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Strategic Marketing
©2016 South University
3 Role of Marketing in Creating Value
MBA6011 Week 1 Lecture 1
customer relationship management (CRM) software applications have been developed over the past decade to help maintain such relationships. Feedback for incorrect answer: It’s a common assumption that marketing is used to sell products to customers. However, marketing has a wider role to play. The main role of marketing in an organization is to create effective exchanges between the organization and its target market—the market segment the organization has chosen to do business with. How would you define an effective exchange? a. An effective exchange is when both the customer and the organization stand to benefit. b. An effective exchange is when financial value is created for the organization. Correct answer: a Common feedback for both options a and b: An effective exchange is one where the two parties involved—the organization and the customer—stand to benefit from the transaction. Therefore, an effective transaction can be measured by the degree of satisfaction of both the parties rather than by how much financial value was created for the organization. From an organization’s perspective, an effective exchange has two fundamental marketing goals: • Create value for the customer. • Maintain a strong, long-term relationship with the customer. Nurturing and developing a long-term relationship with customers is in the best interest of an organization. Over the past decade, a number of customer relationship management (CRM) software applications have been developed to help organizations maintain close relationships with their customers.
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