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Choose a product manufacturer that interests you. Use the Internet to conduct research (list your references in APA format) to determine and describe potential opportunities and threats in that manufacturer’s external environment by studying any THREE of the following six factors:
- Social trends (such as changes in buying behaviors and the demand for time-saving goods and services)
- Demographic shifts (such as changes in age groups and ethnic groups)
- Economic factors (such as a recession)
- Technological factors (such as the use of social media marketing)
- Political and legal factors (such as laws that protect consumers)
- Competitors (both larger and smaller)
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- The characters and factors outside of marketing that have an impact on a company's capacity to develop and sustain successful relationships with target customers are referred to as the marketing environment. Since they are in charge of making the relationship between the company and its customers a reality, marketers in this case more than any other group in the organization must be environmental trend analysts and opportunity seekers. Therefore, go into detail about the many macro and micro actors in the marketing environment. Justify your arguments regarding each of the variables under each category by describing how they will affect the firm's marketing decisions related to the satisfaction of target audiences' needs. You should also elaborate on your arguments by describing a solution to mitigate the impact that these actors (from the marketing environment) will have on the firm's overall marketing activities. And give Ethiopian based examplesDefine the nature and scope of the questions you must answer with regard to your market. Identify the types of information you will need about the market to answer those questions. For example, do you need to know about the buying habits, household income levels, or attitudes of potential customers?Watch the following TVC add and explain in details as which market segmentation bases this business is using to identify and serve its target market customers? https://www.youtube.com/watch?v=OP0uJRq4Rc8
- If you have a food and beverage company then in the case of market targeting, what are the market coverage strategies available for your company? Clarify.In order for a market to exisit, there must be a need for a product, ability to pay, willing to buy, authority to buy, and be a group large enough to result in a profit. Without these, you do not have a viable market. What are some things a person can do to prevent not having a viable market?Think of a specific product or service and then formulate a concrete marketing strategies that can gain valuable feedback and how to improve your product or service that will meet the needs of your target market. Discuss.
- Woolworth a cloth producing company needs your help in getting a market in your home, Advise on the possible segmentation bases which they can use, support your illustrations with examples and further Describe the market segmentation process which will lead to the success in this business.Select three companies competing in the same product or service category and explain how does each differentiate and position itself in the market place. Assume you have a company and you need to do market research about your products or services, suggest how the marketing research process needs to be framed. discuss whether the business would be best advised to have someone do the research for you or should it have done by yourself. Describe the environmental forces that affect a company's ability to serve its customers? Discuss the recent change in the technological environment that impacts marketing. How it has affected behavior and how has it changed marketing. Define the marketing information system and discuss its parts? Outline the steps in the marketing research process and explain what is the most important and difficult process for the researcher?Think of a specific product or service then formulate a concrete marketing strategies that can gain valuable feedback and how to imimprove your product or service that will meet the needs of your target market
- To conduct a consumer analysis for the product—the good, service, or idea—in your marketing plan: 1 Identify the consumers who are most likely to buy your product—the primary target market—in terms of (a) their demographic characteristics and (b) any other kind of characteristics you believe are important. 2 Describe (a) the main points of difference of your product for this group and (b) what problem they help solve for the consumer in terms of the first stage in the consumer purchase decision process in Figure 4–1. 3 For each of the four outside boxes in Figure 4–4 (marketing mix, psychological, sociocultural, and situational influences), identify the one or two key influences with respect to your product. This consumer analysis will provide the foundation for the marketing mix actions you develop later in your plan.Take a product or service organization you are familiar with: List the key external environmental opportunities or threats that face the organization. What do you think are the organization’s main strengths and weaknesses? Suggest ways in which the organization might respond to external forces. Recommend a possible marketing strategy that will ensure that the organization Matches its internal capabilities with external opportunitiesWhy does a company need to consider its currentmarketing situation, including competitive trends, whensetting objectives for market share?