BUSN 635 Forum 6

300 WORDS 

1. What is the Operations section of a business plan and what’s it purpose?

2. What needs to happen before you have a product designed, tested, manufactured, and ready to sell to customers?

3. Once you have brought your product to market, what activities does your company need to engage in to ensure that your product remains competitive in the marketplace?

4. What is the Financials section of a business plan and what’s its purpose?

5. What are the first steps in creating the Financials section of a business plan?

6. What are some common mistakes to look out for when putting together the Financials section?

7. What are “Plug Numbers” and why are they significant?

NOTE:

Please elaborate and provide substantive support for your findings by citing credible sources (i.e. course text, articles, journals, etc.)


 

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Understanding your customer profile is essential to the overall marketing plan. Customer profiles also help with selecting the correct media for the target markets, positioning, and segmentation.

WEEK 1 DISCUSSION POST

Provide a brief description of the product/service with which you will work.

Visit US Framework and VALS™ Types and complete the following:

• Choose three possible profiles for your product’s audiences. NOTE: You can take the VALS survey if you wish.
• Explain why you are targeting these segments. Provide three possible places to advertise to these audiences.

This post should be 2 paragraphs in length (150-200 words). Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format.

WEEK 1 INTERACTIVE RESPONSES TO CLASSMATES

1st Interactive Response:

• Analyze one student’s analysis of and rationale for product target market profile. Critique the selections.

2nd Interactive Response:

• Analyze another student’s discussion of customer profiling. Share ideas or techniques that can be used in communicating the product message with the target.

Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say “I agree” or “That is great.” Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.

 

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You are invited to attend the (TSI), a meeting for entrepreneurs and marketing execs (also known as MKT501). Use this forum to discuss a product or service you wish to launch. Click the list of recommended products/service areas. It is acceptable to create a small service-oriented business that is unique to your geographic area.

During class, you will develop a comprehensive strategic marketing plan; TSI provides a unique opportunity to share with peers and evolve your ideas. While the business you will work with may not be real, the research, application, and competitive analysis used in the class will be.

The list is divided into categories that reflect career paths followed by many students. It allows you to pick a product that can work for your future or current profession. If you would like to choose a product or service not listed above, you must receive faculty approval early in week 1. If you did not get approval prior to posting, you may need to redo the work.

During this class, you will be working progressively with a product/service of your creation. Prior to selecting a topic and starting on the assignments, you should review the other units. This will help you to select an appropriate product/service with which to work.

Be sure to pick a product or service that is ready to market. If you are developing a new product (or service), assume that it is beyond the development phase ready for the marketplace.

 

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Assignment Overview

A Customer Focus

After you determine what you are selling, the next critical part of the marketing plan is to understand to whom you are selling. Knowing your customer is essential to ensure that the company is delivering an appropriate message to the target market. Marketing success is about turning sales leads into profits.
Not only should a company focus on servicing its current customer base, it must also seek out new customers.

This module’s case will focus on defining your product’s customer demographic and psychographic profile, along with customer relationship management (CRM) and customer satisfaction metrics. CRM is about managing current and prospective customers for strong and long customer relationships.

Case Assignment

Check out Nielsen Insights to find out more about today’s customer. Visit Experian and Mosaic® to find out more about using marketing research to develop customer profiles.

Using information from the websites and articles from the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central), create a customer profile brief:

Customer Demographics and Psychographics—A review of current customer demographics—explain why this demographic profile is your primary target market.

• Develop a demographic profile of the potential customer segment.
• List at least two demographic tools you can use to help develop the demographic profile.
• Potential customer market demographics. Define the psychographic profile of your customer.

Customer Relationship Management—Find two CRM tools that help companies identify pertinent information about their customer segments.

• How will you use these tools to manage the customer relationship?

Since you are engaging in research, be sure to cite and reference the sources in APA format. The paper should be written in third person; this means words like “I”, “we”, and “you” are not appropriate. For more information see Differences Between First and Third Person.

Use the attached APA-formatted template (MKT501 Case1) to create your submission.

Assignment Expectations

Your submission will include:

• cover page
• A 4- to 5-page paper with APA citations (2- to 3-sentence introduction, body, 2- to 3-sentence conclusion)
• The reference list page in APA format

 

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Target Audience and Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.

Research

• Research and discuss Maslow’s theory of needs and how it is applied to marketing. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central).
• Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central).

Application to Product/Service

• Provide a quick overview of the product or service you created.
• Even though you have “created” a product or service, the applications and research in this section will be real.
  • Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau’s American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
  • Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? IBISWorld in the Library is a good tool for this section; it may be accessed under “ADDITIONAL LIBRARY RESOURCES” and then scroll down to the database.

The assignment requires the use of ARTICLES from the library’s full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: Academic Search Complete, Business Source Complete, and/or ProQuest Central.

Effective academic and research writing requires a 3rd person voice. This SLP will be written in 3rd person. Do not use any quotations. For more information see Differences Between First and Third Person. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: the Analysis in the Appendix may be written in 1st person.

Use the attached APA-formatted template (MKT501 SLP1) to create your submission.

SLP Assignment Expectations

Your submission will include:

• cover page
• A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2-to 3-sentence conclusion)
• The reference list in APA format

 

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