HR (MANA APRCH/MRKT U_5_RPLx3)
Please read and respond to the attachment.
Note: Only up to 20% of the content in the written response can be quotes from third parties.
Assignment Details:
This assignment has 4 parts.
1. What competencies were you able to develop in researching and writing the course Comprehensive Project? How did you leverage knowledge gained in the intellipath assignments (Units 1- 4) in completing the Comprehensive Project? How will these competencies and knowledge support your career advancement in management?
2. Marketers must consider the strategic implications of buyer behavior, market segmentation, product positioning, pricing, distribution, advertising management, and customer relationship management. Analyze how your strategic marketing plan fits with your mission statement and goals and what type of target audience would your pricing objectives likely to positively affect.
3. Detail how you will use customer relationship management to ensure loyalty to your product and the brand.
4. What role does technology play in supporting your customer relationship management plan?
Please reply to the presented statement(s).
Deliverable Length: 250 words (minimum) per reply
ONE_LIS:
Question 1
The competencies I was able to develop in researching and writing the comprehensive assignment for Unit 5, is to understand not only the how, to marketing but also the why. Looking into the market that my product, GECKOware COOKware disposable cookware with the GECKOmitt would enter, has been increasing steadily in the past 2 years. The kitchenware market is primarily driven by economic growth in emerging countries and by rapid urbanization (Grandview Research, 2020). A trend of using different types of kitchenware for cooking different cuisines is impacting the market growth. Boosting the online segment has been the consumers who prefer to have the convenience of having needed items shipped to their doorstep.
Researching the current housewares and kitchenware trends and forecasts gave me a better understanding of what elements are driving the market and the areas where the highest growth has been recorded. With many trends changing in the way people are cooking, It is going to take a lot of chutzpah and faith that my product can compete with all the other products and break through the barriers and obstacles of a new product entering into the marketplace.
When writing my comprehensive assignment, one of the most important items I found is to plan is a marketing strategy involving market segmentation and planning a strategy through the identification of a target market. With an efficient marketing mix, and now knowing about the 4 Ps, product, promotion, placement, and pricing, its importance, and how it works. Learning about the differentiation quadrant matrix that is used to understand production costs, identifying competitive advantage, and identifying the specifics in setting products at a price that consumers will be willing to pay. There are also decisions in which channels will be used, in which the product can be readily available for the consumer to purchase. All these concepts I can put into action when I open my own business.
The importance of a marketing plan is an essential part of marketing management. Using the learned approaches in pin-pointing the market I want to reach is knowing what type of audience I am trying to reach (American InterContinental University, 2020). With such a vast number of consumers, I will need to narrow down the market into finding my target market. In our Intellipath lessons it states that without segmentation, the market is just a population (AIU, 2020). Segmenting a market gives a better view of the target market and audience that has a need, that my product can fill.
With the pandemic threatening many brick and mortar businesses today, building a clientele and business can be successful through the internet. The way to do so is through social marketing on a social media platform. Building a relationship with the customer can help to increase sales and repurchases as well as allowing word of mouth to engage others with a product and possible future sales.
Value is placed on tools that can collect pertinent microeconomic data on customers, and streamline the segment, to zero in on the wants of the current and future customers. Exemplifying the offerings of a product that connects to a specific target, is the bloodline of a brand. This turns into growing customer loyalty and can keep a product in the green.
Question 2
As I mentioned before, from the Intellipath lessons, the market is just a population without segmentation. Narrowing the market to target those who fit into the parameters of consumers that want and need my product, my product would be able to fill that need.
The strategy for a marketing mix of a target market goes hand-in-hand with the mission statement. Not only must I identify the consumer that has a need, along with the ability for my product to fill a need, it must also deliver. A mission statement sends a strong message to the consumer as to the objectives of an organization and its commitment to the consumer. This also involves every employee and manager to uphold these promises, maintaining adherence to this ethical code.
Being successful in the market is based on three sources of competitive advantage, cost, differentiation, and marketing. Cost advantage reaches higher profitability by going directly to its bottom line. The differentiation advantage is based on the consumers’ perception of a product, if it has been a benefit to them and has a good reputation (AIU, 2020). Along with this, there is direct marketing techniques that support the advantage. These combined, separate an organization and products success from its competition.
I believe, the key to the success of my product, is to be all-inclusive, especially in my pricing strategy. The lower to middle classes are the ones who want products, have a need for products, but are sometimes unable to benefit from them because of high prices. My goal is to keep the prices of my products affordable for everyone to enjoy and benefit from.
References:
American InterContinental University, (2020), Unit 1Market Segmentation, Research for Competitor Analysis, BCG Matrix and Market Share Theories,[Intellipath], Retrieved from American InterContinental University Virtual Campus, MKT 640-2003C-02,http://mycampus.aiuonline.com
Grandview Research, (2020),Kitchenware Market, Size, Share and Trends Analysis, Retrieved fromhttps://wwwgrandviewanalysis.com
TWO_JOA:
I really enjoyed working on the comprehensive project despite all the research and head breaks made was worth the skills and important information learned. From all class assignments discussion boards, intellipath they were all very informative and helpful to learn material that would assist in writing the final assignment. I will in the future utilize the knowledge learned and apply it to the world one day through my unique projects and experiences. I will utilize the marketing philosophy and strategy techniques learned, along with analysis for marking decisions from the intellipath lessons in units one and two. I will also imply the criteria learned in units 3 and 4 lessons of Marketing Decision Making and Strategic Marketing Plan. Using the course material learned in the future to enhance my management skills and decisions, etc. From the notes, I have saved throughout the readings of the intellipath lessons as one of my sources.
I believe that my marketing plan aligns with my mission statement goals and values committing to its targeting audience at a cost-efficient price and beneficial use. The marketing plan created was based on the values and goals the mission statement commits to in pursuing to bring medical care to the palm of ones hand. The creation of the medical probe ultrasound IQ Glove is intended to bring innovations within the medical health care departments, clinics, and individuals health awareness. Bring medical care to the palm of ones hand as individuals can perform an ultrasound examination anytime anywhere for personal purposes or routine medical checks. Not to mention its easy accessibility and innovation of traditional ultrasound heavy machinery for medical professionals. Overall the targeting market, pricing, audience, strategic implications, etc., all tie in together with the mission statements purpose, objectives, goals, and values in its unique ways. Influencing the health care department and medical care of individuals for ultrasonic examinations and diagnosis etc. to bring professionally reliable medical care to the palm of ones hand anytime anywhere.
I will use the customer relationship management skills and knowledge learned throughout the course to enhance my marketing plans for my future projects and experiences. In doing so I will imply loyalty to the product, brand, and customers to assure commitment to my project, product, and consumer satisfaction. As it is an essential key factor for firms to commit to satisfying their customers likings, comfort, to gain customer loyalty and success. For example, Starbuck is an excellent example of the route I intend to use my customer relationship management skills. I will make sure the IQ Glove promotes and operates to loyal as the probes mission statement states to bring medical care to ones palm anytime anywhere. By doing so the IQ Glove will meet customers expectations mentioned throughout the marketing plan. Looking at Starbucks mission to inspire and nurture a person and communities by serving one cup, one person, and a neighborhood at a time. Since the beginning selling high ended Arabic coffee beverages as its most known for, the IQ Glove will be a high ended medical assistant prob that will innovate the performances and accessibility of medical care ultrasonic examinations, diagnosis, and consultations. Medical analysis and more unique features and functions are offered throughout the operations of the IQ Glove and its IQ app.
Technology plays a huge role within the IQ Glove functions, features, and operations that all require the use of technology. Meaning that in order to use the IQ Glove it needs to be connected to a smart device, download its IQ app, and the use of internet or wifi are required to operate the unique functions and operation the probe offers. As each source depends on one main sector technology use. Through the reliability, the probe offers meeting customer relationship expectations in providing medical care at the palm of ones hand anytime anywhere. Technology is a very well depended source needed to operate the IQ Glove without the use of technology there would not be a chance for the IQ Glove to function, operate and innovate the medical health care industry as it was designed for.
