Assignment
Project Part I-
Imagine you are the new chief marketing officer of your company-or one you have worked for in the past or one you would like to work for in the future.
Identify a new service concept that you will bring to market.
For the purposes of this exercise, the concept could be something the firm just introduced, is preparing to introduce, has in the planning stages, or may even be one of your own ideas for something new.
To begin the marketing-planning process for this service concept, you are starting a situation analysis, beginning with an evaluation of your company, competitors, and collaborators.
Note: You will focus on customers (the final micro force) in Part Three of this project.
The Service Concept
Briefly describe the service concept.
Your Company
How will your company create value in the context of this service concept?
How does this service concept create a unique competitive advantage for your company?
Your Competitors
Who are direct competitors of this service?
What is their offer?
Who are indirect competitors of this service?
What is their offer?
How can this concept erode any competitive advantage your direct and/or indirect competitors might have?
Your Collaborators
Who are the collaborators (key stakeholders external to your company) that will provide inputs to this service offering?
What are their inputs?
How will your collaborators contribute to value creation?
Project Part II- Performing a Situation Analysis: The Macro Environment
Return to your role (from Part One) as the chief marketing officer with a new service concept to shepherd to market. In this part of the course project, you will use your organization-or one you have worked for in the past or one you would like to work for in the future-as the context.
Your task is to scan the macro-marketing environment (context) with the main goal of identifying opportunities and threats that might affect the success of your marketing effort.
Instructions:Complete the following grid.
The Macro Forces
Select any three of the following macro forces to focus on for the remainder of this activity:
• Economic
• Demographic
• Sociocultural
• Technological
• Natural
• Political/Legal
Research each macro force you select and be prepared to provide the source for your answers to questions, below.
For example, if you believe economic forces will affect your organization, find an economic forecast online and apply it to your organization.
Questions
What is the first macro force you have selected?
How will Macro Force #1 affect marketing for your service concept?
What is the source of your answer to the previous question?
Provide a hyperlink, title, and very brief description of the source and how it impacted your answer.
How will you proactively monitor and adapt your marketing efforts to deal with Macro Force #1?
What is the second macro force you have selected?
How will Macro Force #2 affect marketing for your service concept?
What is the source of your answer to the previous question?
Provide a hyperlink, title, and very brief description of the source and how it impacted your answer.
How will you proactively monitor and adapt your marketing efforts to deal with Macro Force #2?
What is the third macro force you have selected?
How will Macro Force #3 affect marketing for your service concept?
What is the source of your answer to the previous question?
Provide a hyperlink, title, and very brief description of the source and how it impacted your answer.
How will you proactively monitor and adapt your marketing efforts to deal with Macro Force #3?
Project Part III- Analyzing Consumer Behavior
Now it's time to turn your attention back to one of the micro forces: your customers.
Continue in your role (from Parts One and Two) as the chief marketing officer with a new service concept to shepherd to market. In this part of the course project, you will use your organization-or one you have worked for in the past or one you would like to work for in the future-as the context.
Your task is to analyze your target customers.
Instructions:Complete the following grid.
Questions
Describe the target customer(s) for your proposed service concept.
What group factors might affect the buying behavior of your target customers for your proposed service?
What individual factors might affect the buying behavior of your target customers?
How will your marketing efforts foster a positive mood/experience for your customers?
What expectations will you set with the customers and how will you manage those expectations?
How will you manage customer complaints?
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.