All required documents are uploaded.
Purpose of Assignment
The purpose of this assignment is to help students think through the importance of social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the learners understand ethical and legal issues related to marketing practices. This knowledge helps to prevent such issues when developing the marketing strategies in their marketing plan. The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address.
Producing and marketing a product without regard to ethical, legal, and social considerations is detrimental to the overall success of any company.
of 700 words the ethical, legal, and social issues affecting your product or service in two markets: the United States and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S., then your other market is required to be the U.S. marketplace. The general information on your two markets should be added to the Target Market section of your Marketing Plan.
- Develop a process to monitor and control marketing performance. This process could be a flowchart but a flowchart is not required (flowcharts do not count towards your word count requirement). Any included flowchart must be a supplement to your verbiage, not a substitute. Explain your process.
350-word executive summary including at a minimum the following elements:
Required executive summary elements:
- Strategic Objectives
- Products or Services
Optional executive summary elements:
- Resources Needed
- Projected Outcomes
the previous weeks’ sections, and incorporate corrections and suggestions from the instructor’s weekly feedback into one comprehensive paper. Do not just put the individual papers together in one document. You are submitting one marketing plan.
Headings correctly formatted are crucial in this assignment.
The marketing plan should be a minimum of 3,850 words and include the elements you have already explored from the following:
- Incorporate Understanding Target Markets (Week 2)
- Incorporate Promotion and the Product Life Cycle (Week 3)
- Incorporate Price and Channel Strategy (Week 4)
- Incorporate Marketing Communication and Brand Strategy (Week 5)
- Incorporate Executive Summary, Legal, Social and Ethical Considerations (Week 6)
a minimum of three peer-reviewed references.
all peer-reviewed references (12) from the previous weeks’ individual assignments in your marketing plan. This is a total of at least 15 academic references.
your assignment consistent with APA guidelines.
Social Ethical and Legal Implemantation
Marketing Plan Outline and Timeline Marketing Plan You are expected to develop a marketing plan, according to the outline below, for a product or service of your choosing. The product or service must be identified by the end of Week 1. The product or service you select is used to develop the assignments for Weeks 2 through Week 6. References must be included for each section. There are no defined standards for the length of the marketing plan; however, your plan must disclose complete marketing strategies and provide reliable and valid references and data supporting the strategies to convince the target audience. The plan must be written in plain language that would be easily understood by stakeholders. You do not need to define common marketing terms in your marketing plan. Marketing Plan Outline Your final marketing plan must consist of the following sections that you will choose during the next 6 weeks. Refer to the timeline for due dates for each section and subsection. Assignments will be modifications to these lists, in other words, you will not complete every section. Your final plan during Week 6, will be based on these modifications and should only include what your have written during the previous weeks. Please use lists provided in assignments only. Executive Summary: Strategic Objectives Products or Services Resources Needed Projected Outcomes Situational Analysis: Vision, Mission, Strategic objectives, Values Internal Analysis Strengths/Weaknesses Capability/Capacity Competitor’s Strengths/Weaknesses Technological Competency Product or Service Analysis Market Segments Research Primary Research Secondary Research Consumer Analysis Customer Profile Continuous Consumer Monitoring & Research Environmental Scanning Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces Current Opportunities Potential Future Opportunities Current Threats Potential Future Threat Target Market(s): Demographics Psychographics Ethical Issues Legal Issues Social Issues Product, Place/Distribution, Promotion, and Price Strategies: Product Descriptions and Product/Service Mix Strategies Product/Service Determinants Creating a Brand Image Maintaining Brand Image Branding Concerns Distribution Strategies Channels, Mass, Selective, Exclusive Promotion/Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution Sales Promotion Direct Marketing Public Relations/Strategies Positioning Dynamic/Static Pricing Strategies Marketing Plan Timeline Week 1: Marketing Plan Topic Consider your company and product or service selection in Week 1. You may select an existing type of product or service or a new product or service but it must be global or multi-regional. Once you have selected your product or service, you must define the size and type of company that provides the product or service (available from annual reports). This need not be elaborate but must include total number of employees, production volume, distribution methods, and so forth. Company and product or service selection is a critical part of this project. You must ensure your proposed company can implement the marketing methods discussed in the text. Key to creating an effective marketing plan is the ability to analyze the environment in which the product or service will be offered. The Week 1 assignment allows you to begin to understand various reports and how they can be used in your marketing plan. Week 2: Understanding Target Markets 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. In addition, create the first two parts of the Target Market section, which includes performing the demographics and psychographics analysis. Week 3: Promotion and the product life cycle All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a promotion strategy that addresses at least three areas of the product life cycle. Week 4: Price and Channel Strategy How one goes to market and the influences of the channel (channel power, strength of channel, speed of channel, etc.) affects the pricing strategy of the product or service. In Week 4 your pricing and distribution strategy will be incorporated into the marketing plan. Week 5: Marketing Communication and Brand Strategy Brand strategy and the communication of the brand is essential to understanding the various phases of a product or service (viz a viz the life cycle). Brand recognition is based in the marketing communication efforts of the firm. When you hear or see the word Coke, you immediately know it is Coca Cola. When you see five interlocking rings of different colors you know that is the symbol for the Olympics. In Week 5, you will develop a brand and communication strategy for your product. Week 6: Executive Summary, Legal, Social and Ethical Issues, Final Plan Review your final plan. Does the plan effectively analyze market strategies? Are the social, ethical, and legal considerations valid and accounted for? What is the relationship among quality, price, satisfaction, and perceived value within the plan?
Social Ethical and Legal Implemantation
Marketing Data Research Marketing Data Research Marketing is a form of customer education making them aware of the company’s name, goods and services, image; it is exposing their name brand to the public and market. Marketing Research is intended to capture data for endorsing specific goods or services, production, customer service, and even advertisements. The consumer market is a very aggressive market consist of electronic goods, medical, cosmetics, jewelry, furniture, etc. This paper will explore the market research data as revenue, trends, marketing strategies, and a capital market efficiency, behavior challenges, three forms of market efficiency, implications to corporate finance, and Procter and Gamble basic goods and services. Revenues Week One Business Growth Overview dataset’s revenues are calculated for three times separately via yearly, quarterly and monthly to understand which month face the high season so that strategies can be applied accordingly. Domestically firm earned $85181.456 and internationally $11794.672 years in 2015 whereas in 2016 have improved up to 89% domestically and 11% internationally. The total amount of revenues that was distributed which received from customers Acquired, Expanded, Retained, and Served and Non-Coded from past years were 10%, 56%, 22%, 12% and 0% respectively gave a positive result because there has been the improvement (University of Phoenix, 2017). The customer class that frequently visited the firm and gave business was commercial which increased up to the 53% of whole profit and least profit was earned from education customer class. Top customers, namely ABC Corporation and Fish Limited were leading this time in terms of providing year’s best revenues and giving more business as compared to last years. Hence, 2016 was having to experience the growth but still, needs speed in a few areas (University of Phoenix, 2017). Trends The trends of earning revenues have remained the same even though when profit was calculated monthly. The same consumer class has given the higher profit and same enhancement has been noticed in the range of customer whether acquired or expanded. If the rate of acquired customers has been increased, then with the same pace ABC Corporation and Fish Limited have given higher business as compare to the other customers. Therefore, a trend has remained the same throughout the seasonal year (University of Phoenix, 2017). Marketing strategies The business is doing quite well, as there are no any losses, which it has faced in terms of yearly, neither quarterly nor monthly. Firms are anyhow doing well in domestic business but have not reached its desirable place internationally because international revenues are diminutive as compared with domestic revenue. At recent point, business carries the strength to grow even further through following strategies: Market penetration: As it is multinational, firm but still undersized therefore it can go for market penetration means focusing on same product and same market. In doing so firm here have to expand its market share internationally because it is already doing well in the domestic market but not in the international market (Kotler, & Armstrong, 2016). Market expansion: the firm can go for this because it is weak in its selected countries so it can even expand by introducing the same product in the market of some other countries. As in that country, demographic characteristics will be changed as a contrast to the present market (Kotler, & Armstrong, 2016). Product expansion: this strategy focuses on improving the product or introducing the new product for the same market. In the recent situation, a firm is quite well in its product because there is no any negative response from customers (Kotler, & Armstrong, 2016). Diversification or acquisition: these strategies are also meant for the growth of the business but these both do not suit to the present situation of the business as the diversification change in market and product whereas acquisition asks for the purchase of a business (Kotler, & Armstrong, 2016). Strategy as Senior Vice President As the Senior Vice President (SVP) of the business then I would have selected two strategies for the company one is penetration and the other is market expansion. The product remains the same in both strategies but will enter into new countries along with some communication channels. Procter and Gamble The selected company name is Procter and Gamble and it is the multinational company working in sectors like grooming, health care, cloth and home care, infant and family care, and beauty. The company is having headquarters in Cincinnati, Ohio, United States. There is a huge range of product segments on which company enjoys positive returns. The total number of employees at the end of 2016 was 105,000, which have been decreased from 2015, which were 110,000. The company has successfully saved 7 billion this year and had saved 6 billion in last year, which means company focused not only on earnings but is also making savings for future investment (Annual Reports | P&G, 2017). Company’s last year revenues were $38 billion worldwide whereas in 2015 a number of sales were $43 billion, which determines that sales have been reduced as compared to the last year (Annual Reports | P&G, 2017). Its outstanding share are 2,556,477,220, 32,442,561 as a short interest shares, float 99%, mutual fund ownership is 28%, institutional 61%, insider ownership 0.19% and 26% as the top ten Instant holders (Institutional Ownership | P&G, 2017). References Annual Reports, P&G. (2017). Pginvestor.com. Retrieved from http://www.pginvestor.com/CustomPage/Index?KeyGenPage=1073748359 Institutional Ownership, P&G. (2017). Pginvestor.com. Retrieved from http://www.pginvestor.com/Institutional-Ownership Kotler, P., and Armstron, G. (2016). Principle of Marketing (1sted., p.41). Harlow: Pearson University of Phoenix (2017). Week 1 Business Growth Overview. Retrieved from https://newclassroom3.phoenix.edu/Classroom/#/contextid/OSIRIS:50950961/context/ co/view/activityDetails/activity/cac45c23-0c5d-46d4-9721- 89bb67c2715a/expanded/False/tab/Instructions Content Available Score Earned Score Comments: Student analyzes the dataset and provides insight and commentary in the form of a memorandum. 15 12 Student’s analysis includes major areas of increase and decrease in revenue or type and/or category of business. Student’s analysis includes trends that are evident in terms of revenue or type and/or category of business. 10 Student’s analysis includes insights that would help formulate marketing strategies to either continue growth or reverse decline. 10 Student’s analysis includes additional analysis you (as SVP) would like (and why) to build a marketing goal and strategy or strategies. 10 The memorandum is a minimum of 525 words in length. Student selects a global or multi-regional (does business in more than one country) company and one of its products or services that will serve as the basis for your marketing plan. Students prepares a summary document and sends it to the instructor that includes but is not limited to: Name of Company Location of Company Headquarters Name of Product or Service selected General description of company (number of employees, revenue, type of ownership, web page, etc.) General description of product or service. 10 The summary document is a minimum 175 words in length. Total Available Total Earned 75% 61 Writing Guidelines Available Score Earned Score Comments: The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Total Available Total Earned 25% 23 Assignment Total 63 X .06 = 3.78 Final Grade Additional comments: You need to provide your specific product for the assignments. Your original grade is 84. This is one day late.
Social Ethical and Legal Implemantation
Promotion and the Product Life Cycle Promotion and the Product Life Cycle Procter and Gamble (P&G) Co. is a multinational American company listed among the 500 fortune companies their headquartered is located in downtown Cincinnati, Ohio. P&G is manufacturing a wide range of consumer products and serving the needs of diverse segments of the markets. The company has successfully introduced an extensive number of innovations and one of the renowned innovations is brand management and “connect and develop” innovations. P&G Company is counted as one of the highest paid company for the range of advertisements it makes for creating the different identity for dissimilar products (Annual Reports P&G, 2017). This paper will explore the life cycle of P&G. Product Life Cycle For the past three decades, every single company who would not like to lose the worth of their products in the market has discussed the term product life cycle. The American Motors Corporation introduced such concept in 1985 that ramp up their production in the midst of huge competitors. Among the various products of the P&G the product life cycle of Vicks VapoRub’s and different types of strategies that would have been implemented are mentioned below: Development Stage At this stage, the objective was to create the awareness among the potential users, so the type of the product remains basic, a price is declared in the market so that customers can choose your new product. Few locations are selected as per the market research, this stage is very expensive due to marketing, promotion fees, and free samples are provided to induce the standard of quality new product carrying. Growth Stage At this stage of the product sales rises and cost per customer is averagely resulting in the rise in profit. This stage main objective is to maximize the market share. Here with product extension is used like how Vicks introduced their inhaler. The price of the product is designed to penetrate the market, distribution channels are also increased, and the number of promotions is reduced as compared to the development stage for taking the advantage of the demand. Maturity stage Vicks is now at the maturity stage and profits is higher than the comparative ointments available in the market. The first product choice of every customer in the world for common flu and cold today is Vicks VapoRub. At this stage the marketing objective remains to maximize the profits through defending the market share as cost per customer is low and profits are higher. The marketing strategies are diversity in the product like now ointments can be introduced without smell. Prices here are kept comparatively reasonable and distribution channels are built up. Promotions are utilized in a way that customers remain in touch with the same product even for a longer period (Pride and Ferrell, 1980). Measuring Metrics Measuring metrics are ways of calculating the return on an investment made by the company in order to determine the success of marketing activities. Marketing metric is defined as the numerical collection of data that signifies the impact of a campaign on desired public. Web content: Website content will promote and increase the number of visitors and customers. Lead conversion: This includes the period and conversion, started from the potential customer become a loyal customer. Individual Visitors: In some cases, it is not accurate, but it defines how many times the same visitors saw the website of the company. Click through rate: It provides the result of how many times visitors press the buttons on web pages for further information. Bounce rate: This rate calculates the result of visitors of web pages who saw the page but do not apply any further actions. Social media: Is the number of followers and likes. E-mail Opening: How many emails were actually opened by the recipients (Seggie, Cavusgil, & Phelan, 2007). Print Media The advertisement type, which includes the promotion of products or services through the paper, is said to be the print media marketing methods. Among many prints, media type’s newspaper is the pull strategy of promotion through which customers are given information through the newspaper (Ojajarvi, & Valtonen, 2012). Non-print Media The advertisement of the product or services in videos, slides, or voice through television, radio, or internet is said to be nonprint media method of marketing. The best way to convince the potential consumer nowadays is through a website by providing the direct answers to the queries asked by the potential consumers (Mazaheri, Richard, & Laroche, 2011). References Annual Reports P&G (2017). Pginvestor.com. Retrieved from http://www.pginvestor.com/CustomPage/Index?KeyGenPage=1073748359 Mazaheri, E., Richard, M., & Laroche, M. (2011). Online consumer behavior: Comparing Canadian and Chinese website visitors. Journal Of Business Research, 64(9), 958-965. http://dx.doi.org/10.1016/j.jbusres.2010.11.018 Ojajarvi, S., & Valtonen, S. (2012). Newspaper and Television as Local and Community Media Assessments By Industry Experts. Journal Of Media Business Studies, 9(2), 129-145. http://dx.doi.org/10.1080/16522354.2012.11073548 Pride, W., & Ferrell, O. (1980). Marketing (1st ed., pp. 290-294). Boston, Mass.: Mifflin. Seggie, S., Cavusgil, E., & Phelan, S. (2007). Measurement of return on marketing investment: A conceptual framework and the future of marketing metrics. Industrial Marketing Management, 36(6), 834-841. http://dx.doi.org/10.1016/j.indmarman.2006.11.001 Content Available Score Earned Score Comments: Student’s product strategy addresses at least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). Work on providing specifics. Student’s product strategy addresses how he/she will measure (what metrics will be used to determine success or failure) the marketing activities. 10 10 Student’s product strategy includes the creation of at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights his/her product. Student has 2-3 sentences about each media method (i.e. one paragraph of what you would do, not how to do it) 15 13 Student’s product strategy addresses three elements of the Product and Promotion List following – Product and Promotion: Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution Direct Marketing Public Relations/Strategies Positioning 30 You did not complete this part of the paper. The assignment includes at least 3 scholarly peer-reviewed references. The product strategy is a minimum of 700 words in length. Note: Charts/graphs/tables do not count toward the word count and are not a substitute for verbiage. Total Earned 75% 41% Writing Guidelines Available Score Earned Score Comments: The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Total Earned 25% 22% Assignment Total 63 X .05 = 3.15 Final Grade Additional comments: This is a great start, but you left off a major part of the assignment.
Social Ethical and Legal Implemantation
Price and Channel Strategy Price and Channel Strategy The pricing decision is considered the most important decision that can affect any kind of the firm profitability because the company not only has to cover its cost also has to look after the profit upon each product or service they sell. The price of the product should not either be designed that competitors win the market game. Pricing decision has to look after the quality of a product, cost it includes, a psychology of the customer, competition, and economy of the people where it will be placed for selling. This paper will explore the relationship between price setting, market, profitability, and growth of business. Dynamic Pricing strategy The Dynamic Pricing Strategy price of the product or services remains dynamic as per the changing circumstance product or service faces. The change in price is settled because the customers are willing to pay higher prices due social status, when there is shortage of product, surplus amount is added to the price when a firm is able to provide faster service according their goods or services provided. Static Pricing In this strategy, business maintains the same range of price annually. The price is not affected if the demand goes high or low, even if there is a shortage or any other financial crisis. In essence, the firm will not change the price. Procter & Gamble Co. uses dynamic pricing strategy when either it launches the product for the first time, or in a new location, the main goal is to maintain its prices comparatively low. After it is well, establish it will increase their prices by adding some more benefits with products (Johnston, & Beaton, 1998). Channel Based Pricing Pricing of the product is defined by keeping the taxes, overhead, conditions, and local geographical dissimilarities in mind. When the product is sold out via the internet carries a less price as compared to the regular brick-and-mortar store. Mass Coverage This level is also known as the intensive coverage. At this level, saturation of the market is covered through using all available outlets. This strategy is used when consumers have many choices between the many brands and can easily switch to another. Any outlet where the consumer is expected to visit becomes company’s selection for making their product available there. Procter & Gamble Co. takes advantage of mass coverage by distributing their products worldwide and its brand name is well known. Selective Coverage Procter & Gamble Co. apply this strategy by distribution or making their products available at selected locations where targeted consumers are expected to visit the most. Here also producer has to conduct the research whether the outlet is famous in the locality or not. Such strategy is also used by the producers because when consumers do not find their product, they may not switch the brand but here they will switch their buying habits. Exclusive Coverage This coverage is the radical form of the selected distribution. Here at the specific geographical location one wholesaler or retailer is selected for the placements of the products. This is done when wholesaler or retailer exclusively deals in only one brand of that company (Jo Black, Lockett, Ennew, Winklhofer, & McKechnie, 2002; Chu, Chintagunta, & Vilcassim, 2007). Daily Pricing This is the strategy usually used in stock exchange, or petroleum, or even for the oil seller they can change the price when government or company allows doing so. Promotional Pricing A price of the product is promoted for selling the product as discounts and buy one get one free is offered. Line Pricing This is done by the retailer through keeping the different prices for the same kind of product for the different quality it offers (Ba, & Pavlou, 2002). Distribution Strategies Making product available to the relevant consumers requires extensive company research. Any company may not like to launch its product in places where it has to pay the cost despite earning. Selecting the following types of distribution strategy is the key element in our global market. Indirect distribution: the product is sold through the intermediary party to the ultimate consumer. Procter & Gamble Co. do business through intermediary channels due to the various dissimilar products it distributes. Direct distribution: when a company is opening its own retail shop to distribute with its customer is said to be the direct distribution strategy. This saves overhead costs and consumer perception can be understood directly. Positioning Within Channels There mainly four step through which every producer has to go through: 1. First, amongst all producer have to determine the performance expectations of the reseller. 2. Value of the reseller is assessed through offering elements. 3. Value proposition and channel offering of reseller is crafted. 4. When all above three steps are done the value proposition of reseller is communicated (McNamara, Deephouse, & Luce, 2002). Conclusion? References Ba, S., & Pavlou, P. (2002). Evidence of the Effect of Trust Building Technology in Electronic Markets: Price Premiums and Buyer Behavior. MIS Quarterly, 26(3), 243. Retrieved from http://www.jstor.org/stable/4132332? origin=crossref&seq=1#page_scan_tab_contents Chu, J., Chintagunta, P., & Vilcassim, N. (2007). Assessing the Economic Value of Distribution Channels: An Application to the Personal Computer Industry. Journal Of Marketing Research, 44(1), 29-41. Retrieved from http://dx.doi.org/10.1509/jmkr.44.1.29 Jo Black, N., Lockett, A., Ennew, C., Winklhofer, H., & McKechnie, S. (2002). Modeling consumer choice of distribution channels: an illustration from financial services. International Journal Of Bank Marketing, 20(4), 161-173. Retrieved from http://dx.doi.org/10.1108/02652320210432945 Johnston, S., & Beaton, H. (1998). Foundations of international marketing (1st ed., pp. 154-159). London [etc.]: International Thomson Business Press. McNamara, G., Deephouse, D., & Luce, R. (2002). Competitive positioning within and across a strategic group structure: the performance of core, secondary, and solitary firms. Strategic Management Journal, 24(2), 161-181. Retrieved from http://dx.doi.org/10.1002/smj.289 Content Available Score Earned Score Comments: Student’s plan for setting price and a distribution model (place/distribution) addresses at least three elements from the Price and Place/Distribution list provided here: Price and Place/Distribution: Distribution Strategies Channels, Mass, Selective, Exclusive Positioning within channels Dynamic/Static Pricing Strategies Channel tactics (Pricing) Daily pricing, promotion pricing, List pricing 60 58 You did poorly on the last element, but as only three were required, I did not count it. The assignment includes at least 3 scholarly peer-reviewed references. The product strategy is a minimum of 700 words in length. Note: Charts/graphs/tables do not count toward the word count and are not a substitute for verbiage. Total Available Total Earned 75% 73% Writing Guidelines Available Score Earned Score Comments: The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Conclusion? Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Total Earned 25% 21% Assignment Total 94 X .10 = 9.4 Final Grade Additional comments: Good job.
Social Ethical and Legal Implemantation
Understanding Target Marketing Understanding Target Marketing A marketing plan is a good and services all-inclusive document that describe the business’s marketing and advertisement goals for a precise period. Each of the elements of this document is well planned identify individual customer needs, and describes the business tactics to satisfy them while achieving the marketing goals. This paper will explore the basic functions of the following market research elements Primary Research, Environmental Scanning, and Current Opportunities. Primary Research The Primary Research is the principal activity that holds highly important and efficient for the companies to engage in an efficient market research (Birkinshaw, 2004). This element of research is required not only for seasonal companies but also for new company thriving in new global market. Primary research is more about analyzing the gap in the market, and how the company’s goods and services can fulfill the gap of the market. In a broad nutshell, the factor of primary research is highly important and progressive through which organizations can achieve their productivity in a professional manner. For example, a new pharmaceutical company analyzes the gap of a particular product in the market, and how the products of the company can comply with the management of the gap. This particular factor is highly efficient and important from the viewpoint of a company, and it is likely to use this particular tool to analyze the major gap in the market so that they can easily mold their product accordingly for a better result at the end of the day. Environmental Scanning After the fundamental primary research, the next element associated with the productivity of a company is Environmental Scanning. Theoretically, it is a type of scanning or market analysis that can be used by the companies to glance at the environment in which they are likely to flourish through different tools and models (McGee, 2014). The two main models that could be used for the same purpose are Strengths, Weaknesses, Opportunities, and Treats (SWOT) Analysis and Porter’s Five Forces Analysis. Collectively it will let the companies understand their internal and external threats that could be influential over the productivity of the company. It is likely to apply the same technique on the selected company. The below is an SWOT example diagram. The next important model that could be used for the same aspect is Porter’s Five Forces Model. This is the most important and widely used Environmental Scanning model that is utilized for the purpose of analyzing the environment of a company in a professional and effective manner (Rotharmel, 2017). This particular tool has been designed in a way that it can evaluate the intensity of different influences and forces to the company. The first element of the Porter’s five forces analysis is rivalry among the competitors. This first element allows the companies understand the rivalry, advertisement expenses, and the competitive strategy between their competitors and their peers. The treat of new entrants includes aspects such as barriers to entry, capital obligations, access to distribution, customer loyalty, and network effect. The bargain power of buyers defines customer’s sensitivity and willingness of purchase due price changes. It includes elements such as bargain advantage, product substitution, price sensitivity, and the total amount of trading. The threat of substitute product or services describe alternate product available to customers. It includes elements such as customer tendency to substitute, price of substitute goods or services, product difference, and quality reduction. The bargain power of suppliers describes their ability to maintain raw materials, labors, services, and equipment. Some of the elements are substitute inputs, labor unions, and supplier competition. Current Opportunities Analyzing the current opportunities in the market is another major factor that associated with the company’s market planning (Rotharmel, 2017). Current opportunities mean the line of opportunity through which the company can maximize their potential in the market. This particular factor of the market planning enables an organization to analyze the current level of opportunities, and the strategies underlying with the same factor. Since every company is likely to increase the financial potential, therefore analyzing the current opportunities is an important aspect that can enable an organization to maintain their effectiveness in the market. Opportunities not only analyze the income potential of the companies, but it also analyzes the amount of competition in the market with the peer so that proper strategies could have been made and implemented in the analysis to yield a positive and effective result at the end of the company’s operations in particular. References Birkinshaw, J. (2004). Strategic Management (1st ed. p. 56-90). Northampton, MA: Edward Elgar Publication McGee, J. (2014). Strategic Management (1st ed. p.12-40). Chichester:Wiley Ratharmel, F. (2017). Strategic Management (1st ed. p. 45-88). New York, NY: McGrawl-Hill Education Content Available Score Earned Score Comments: Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: Research List of Topics Primary Research Secondary Research Consumer Analysis Customer Profile Continuous Consumer Monitoring & Research Environmental Scanning Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces Current Opportunities Potential Future Opportunities Current Threats Potential Future Threat Diagrams are not required but can be used to provide clarity and conciseness. All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity. Tables and Diagrams are a supplement, not a substitute for verbiage. 30 30 Student develops 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. 20 You did not clearly complete this part of the assignment. Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found. 14 The assignment includes at least 3 scholarly peer-reviewed references. You did not include any academic sources. The Research section is a minimum of 700 words in length. Total Available Total Earned 75% 37 Writing Guidelines Available Score Earned Score Comments: The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Total Available Total Earned 25% 25 Assignment Total 62 X .05 = 3.1 Final Grade It is not clear that you understood the assignment. The second part of the assignment required you to discuss the demographic and psychographic information you researched and provide your insights. This was 34% of your grade and is outlined in both the assignment and the grading guide. You did not clearly complete this part of the assignment. You did a good job with the piece that we completed.