>> Marketing Research
Question: Minor - Principle Application
Minor Project 1 addresses program goal/objectives:
MBA Program Goal 2:
Design marketing strategies and plans specific to customer/consumer and market needs in global markets.
A. Explain and demonstrate an understanding of core marketing principles.
B. Select a product or service from which specific potential customer demographics can be determined from a market analysis.
C. Evaluate the feasibility of a product's/service's marketplace success based on market research, trends, and competitive/customer analysis.
D. Prepare a well-developed marketing strategy for a product/service whose feasibility has been deemed possible in the marketplace, or prepare a well-developed marketing plan for a new business product/service, or the introduction of a new product/service in an existing company.
E. Recall knowledge and facts about marketing strategy.
This project is estimated at 15 hours. You may need to spend up to 10 hours reading/studying/researching. This leaves 5 hours to think and write.
The project is expected to be 12 pages minimum (it can be longer) single spaced, and this does not include references. It needs to follow the project criteria as explained in the Blackboard Announcement.
Content: Write a business brief. Use bullet points and short statements, but provide context and explanations where necessary. No need for long prose or narrative for this project other than for background context and explanations. It is expected to be detailed and in-depth. That means you need to research well-beyond the textbook and include database research from Regent''s library resources, or other popular press resources. Your resource bibliography should be at least one page long. It can be longer.
Use your own business, a friend''s business, a client''s business, or the business/organization for which you work.
Format: The brief should have the following sections:
1.a one paragraph description of the firm along with the mission and vision of the firm
2.an analysis of the market opportunity
3.one to three market segments, with each segment''s needs, wants, and desires. Show how the firm meets those needs, wants, and desires.
4.one or more overarching goals (related to marketing)
5.three to five marketing objectives with each objective having one to three strategies
6.defend why the selected firm has a competitive advantage in the marketplace
Preview Container content
Marketing principles are of huge significance if a company wants to be successful in the highly competitive environment, while building a strong base of loyal customers. There are three key concepts of marketing that are demands, wants and needs. Needs have been identified as the basic requirement that an individual perceives and needs, including shelter, clothing, water, air and food for survival.
Needs turn out to become wants being directed to particular objects that might help in the satisfaction of basic needs (Pendergrast, 2013). Individuals have strong needs and wants for specific activities or components, and these needs turn as demands. These demands are to be considered by business organizations for being successful.