Purpose of Assignment To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’s assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business. Assignment Steps To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan. Create the research section of your marketing plan in minimum of 700 words.Include at least 3 elements of the Research List of Topics (see list below):Research List of Topics:Primary ResearchSecondary ResearchConsumer AnalysisCustomer ProfileContinuous Consumer Monitoring & ResearchEnvironmental ScanningIdentify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological ForcesCurrent OpportunitiesPotential Future OpportunitiesCurrent ThreatsPotential Future ThreatDiagrams are not required but can be used to provide clarity and conciseness. Diagrams (and subsequent discussion) can include SWOT (emphasizes internal market–Strengths, Weakness, Opportunities, Threats) TOWS (emphasizes the external market–Threats, Opportunities, Weakness, Strength), PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.Develop the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (basic trends and insights from the data that is presented in annual reports and other SEC type filings).Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found. This assignment will be incorporated into your overall marketing plan for Week 6.
marketing_homework.doc
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Marketing Plan
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Marketing Plan
Part 1
A memorandum
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MARKETING PLAN
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To: SVP (Senior Vice President of Marketing)
From:
CC: MKT/571
Date:
Re: Marketing Analysis
Summary
In the summary analysis review completed by a marketing analyst, I have combined some
insights from the excel reports which will assist to further explain the comprehensive report. The
information offered comprises details on the key areas of decrease and increase in the revenue.
Besides, it will include trends in terms of insight and revenue for further growth and additional
analysis needed.
Details of revenue
In reviewing the YTD from January to June 2015 versus January to June 2016, the
company has faced some transformations in revenue generation from 2015 and 2016; this is due
to the strategic objectives adopted. The company experienced general enhancement in financial
performance, as there are areas indicating a decline in revenues. This may be due to the
management not disbursing funds on time intended for strategic plan implementation.
The revenue generated during that period is said to increase annually. Besides, the
domestic (Global Breakout area), expand (customer rank area), and commercial (customer class
area) showed an increase in revenues. Moreover, in all the three periods of the overall report,
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revenue has improved with most of it emanating from domestic revenues. The sales are said to
increase in the corporation with an average for the entire period ranging close to 87% of the
business. However, this does not result in a negative trend in the international revenues that will
be explained in the memo later. Generally, there is no substantial decrease in revenues by any
particular customer class, but there exists a small decrease in revenue from particular customers
like the Delta Appliance. The corporation has indicated the general average gains although it can
strive more and improve profits through the recommendations provided. An improvement in the
revenue was due to the growth developed by advertisement and marketing groups having
incredible marketing strategy plan enhancement.
Trends
Gross profit attainment has been a problem experienced with top consumers as the values
has dropped making them to record a negative percentage of gross profit. Although the gross
profit percentage at the bottom line seems constant, its negative percentages may lead to a
depressing effect on the gross profit percentage at the end. Besides, international revenues across
the board have declined compared to the domestic revenues. Since the domestic and international
revenues for the last months had an average split close to 50-50%, it is currently heading to the
domestic markets with close to 89-10 split. The logic behind the transformation is not explained
by the report; however, using the report does provide insight in which one can create future
adjustments.
Additional Evaluation
I would propose that the marketing focus should base on performing the research,
concentrating on the trends under the international, and contemplate on influencing the markets.
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Having the gross profit percentage relatively to either market, or drive revenues internationally
may increase revenues to the corporation as a whole. Goals must be set with an effort of
maximizing the company’s reach and increasing the customer base in connecting with the
businesses that yields more revenue for the company.
Sincerely
XM
Part 2
Company Choice Summary
Facebook is the LLC with its company headquarters situated in Menlo Park, California.
In Feb. 2004, Mark Zuckerberg together with his four partners established the firm. The
company operates in the sector of social networking and is the fastest growing business. The
corporation is the largest in the networking field (Arora, 2014). Facebook is regarded as
important because it promotes social connections, social events, online communication, and
consumer-based marketing. The target market for facebook is customers with Smartphone
gadget, tablet, or a laptop and which can access internet connectivity (Macrynikola & Miranda,
2019).
Facebook has diversified its offers and services to other client-centered with
characteristics such as flexibility, affordability, and reliability in the market. The corporation
applies acquisitions as the strategy in neutralizing competition and growing its market share. For
example, Facebook has acquired different enterprises in the sector of social networking like
WhatsApp Inc, PrivateCore, Instagram, and Oculus VR. Facebook is involved in selling
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placements of advertising to marketers. Facebook’s advertisement allows marketers to reach
individuals based on a range of aspects comprising gender, age, interests, location, and
behaviors. The company allows marketers to pay for advertisements, which may appear in
different places comprising Instagram, Facebook, and third-party websites, and applications
(Arora, 2014). There are different ways in which individuals engage with Facebook, like the
News Feed that displays the algorithmically arranged sequence of advertisements and stories
personalized for each individual. Instagram permits people to take videos or photos, personalize
them through filter effects, and share these with their followers and friends sending them directly
to them or in the photo feed. Messenger permits communicating with businesses and people
across different devices and platforms. WhatsApp messenger is the messaging application, which
is applied by individuals across the world and is accessible on a wide range of Smartphone
platforms. In 2007, Facebook had 450 full-time workers but the number increased up to 12,700
employees in the year 2015 (Marichal, 2016). Facebook, for the past years, has surpassed
MySpace, a social networking corporation.
References
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Arora, T. (2014). Title: Experimental game design with the Oculus Rift. 2014 IEEE Virtual
Reality (VR). doi:10.1109/vr.2014.6802119
Macrynikola, N., & Miranda, R. (2019). Active Facebook Use and Mood: When Digital
Interaction
Turns
Maladaptive.
Computers
in
Human
Behavior.
doi:10.1016/j.chb.2019.02.012
Marichal, J. (2016). Facebook and Mobilization: Beyond the Facebook Revolution. Facebook
Democracy, 109-126. doi:10.4324/9781315581798-8
…
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