Pearson Global Edition

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Pearson Global Edition

This is a special edition of an established title widely used by colleges and universities throughout the world. Pearson published this exclusive edition for the benefit of students outside the United States and Canada. If you purchased this book within the United States or Canada, you should be aware that it has been imported without the approval of the Publisher or Author.

Pearson Global Edition

GLOBAL EDITION

For these Global Editions, the editorial team at Pearson has collaborated with educators across the world to address a wide range of subjects and requirements, equipping students with the best possible learning tools. This Global Edition preserves the cutting-edge approach and pedagogy of the original, but also features alterations, customization, and adaptation from the North American version.

GLOBAL EDITION

M arketing Research

Marketing Research EIGHTH EDITION

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1. Features to make reading more interesting

FEATURE DESCRIPTION BENEFIT

Opening vignettes Each chapter begins with a short description of a marketing research company’s features or an organization’s services such how firms deal with survey data quality.

Previews the material in the textbook by showing you how it is used in marketing research

Current insights from indus- try professionals

“War stories” and recommendations from seasoned practitioners of marketing research

Illustrates how the technique or theory should be applied or gives some hints on ways to use it effectively

Global Applications Examples of global marketing research in action Fosters awareness that over one-half of marketing research is per- formed in international markets

Ethical Considerations Situations that show how ethical marketing researchers behave using the actual code of marketing research standards adopted by the Marketing Research Association

Reveals that marketing researchers are aware of ethical dilemmas and seek to act honorably

Practical Applications “Nuts and bolts” examples of how marketing research is performed and features new techniques such as neuromarketing

Gives a “learning by seeing” perspective on real-world marketing research practice

Digital Marketing Research Applications

Information is provided on how technology is impacting marketing research both as a source of information and the creation of new products designed to cultivate the information

You will see how new innovations create opportunities for mar- keting research firms to add new services designed to provide information created by the new information sources

2. Features to help you study for exams

FEATURE DESCRIPTION BENEFIT

Chapter objectives Bulleted items listing the major topics and issues addressed in the chapter

Alerts you to the major topics that you should recall after reading the chapter

Marginal notes One-sentence summaries of key concepts Reminds you of the central point of the material in that section

Chapter summaries Summaries of the key points in the chapter Reminds you of the chapter highlights

Key terms Important terms defined within the chapter and listed at the end of the chapter.

Helps you assess your knowledge of the chapter material and review key topics

Review questions Assessment questions to challenge your understanding of the theories and topics covered within the chapter

Assists you in learning whether you know what you need to know about the major topics presented in the chapter

Companion website The student resources on this website include chapter outlines, case study hints, online tests, and PowerPoint slides

Offers online pre- and post-tests, PowerPoint files, case study hints, and SPSS tutorials and datasets

3. Elements that help you apply the knowledge you’ve gained

FEATURE DESCRIPTION BENEFIT

End-of-chapter cases Case studies that ask you to apply the material you’ve learned in the chapter

Helps you learn how to use the material that sometimes must be customized for a particular marketing research case

Synthesize Your Learning Exercises that ask you to apply and integrate material from across three to four chapters

related across chapters

Integrated Case A case study running throughout the book which you study through end-of-chapter exercises across most of the steps in the marketing research process

Integration of IBM SPSS Statistics Version 23

The most widely adopted statistical analysis program in the world, with annotated screenshots and output, plus step-by-step “how to do it” instructions

Teaches you the statistical analysis program that is the standard of the marketing research industry.

Online SPSS datasets SPSS data sets for cases in the textbook, including the integrated case at www.pearsonglobaleditions.com/Burns worrying about set-up or clean-up

SPSS student assistant Stand-alone modules with animation and annotated screen shots to show you how to use many SPSS features at www.pearsonglobaleditions.com/Burns

Handy reference for many SPSS functions and features, including statistical analyses

A BRIEF GUIDE TO GETTING THE MOST FROM THIS BOOK

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E I G H T H E D I T I O N G L O B A L E D I T I O N

MARKETING RESEARCH

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Alvin C. Burns Louisiana State University

Ann Veeck Western Michigan University

Ronald F. Bush University of West Florida

MARKETING RESEARCH

E I G H T H E D I T I O N G L O B A L E D I T I O N

Harlow, England • London • New York • Boston • San Francisco • Toronto • Sydney • Dubai • Singapore • Hong Kong

Tokyo • Seoul • Taipei • New Delhi • Cape Town • Sao Paulo • Mexico City • Madrid • Amsterdam • Munich • Paris • Milan

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Vice President, Business Publishing: Donna Battista Editor-in-Chief: Stephanie Wall Editor-in-Chief: Ashley Dodge Senior Sponsoring Editor: Neeraj Bhalla Editorial Assistant: Eric Santucci Managing Editor, Global Edition: Steven Jackson Associate Acquisitions Editor, Global Edition:

Ishita Sinha Vice President, Product Marketing: Maggie

Moylan Director of Marketing, Digital Services and

Products: Jeanette Koskinas Field Marketing Manager: Lenny Ann Raper Product Marketing Assistant: Jessica Quazza Team Lead, Program Management: Ashley Santora Team Lead, Project Management: Jeff Holcomb

Project Manager: Becca Groves Project Manager, Global Edition: Sudipto Roy Senior Manufacturing Controller, Global

Edition: Trudy Kimber Media Production Manager, Global Edition:

Vikram Kumar Operations Specialist: Carol Melville Creative Director: Blair Brown Art Director: Janet Slowik Vice President, Director of Digital Strategy and

Assessment: Paul Gentile Manager of Learning Applications: Paul DeLuca Full-Service Project Management, Composition

and Design: Cenveo ® Publisher Services Cover Image: BestPhotoStudio/Shutterstock

Microsoft and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published as part of the services for any purpose. All such documents and related graphics are provided “as is” without warranty of any kind. Microsoft and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all warranties and conditions of merchantability, whether express, implied or statutory, fitness for a particular purpose, title and non-infringement. In no event shall Microsoft and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from the services.

The documents and related graphics contained herein could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Microsoft and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time. Partial screen shots may be viewed in full within the software version specified.

Microsoft ® and Windows ® are registered trademarks of the Microsoft Corporation in the U.S.A. and other countries. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation.

IBM, the IBM logo, ibm.com, and SPSS are trademarks or registered trademarks of International Business Machines Corporation,registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at “IBM Copyright and trademark information” at www.ibm.com/legal/copytrade.shtml.

Acknowledgments of third-party content appear on the appropriate page within the text.

Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England

and Associated Companies throughout the world

Visit us on the World Wide Web at: www.pearsonglobaleditions.com

© Pearson Education Limited 2017

The rights of Alvin C. Burns, Ann Veeck, and Ronald F. Bush to be identified as the authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988.

Authorized adaptation from the United States edition, entitled Marketing Research, 8th Edition, ISBN 978-0-13-416740-4 by Alvin C. Burns, Ann Veeck, and Ronald F. Bush, published by Pearson Education © 2017.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a license permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS.

All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affiliation with or endorsement of this book by such owners.

ISBN 10: 1-29-215326-1 ISBN 13: 978-1-292-15326-1

British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library

10 9 8 7 6 5 4 3 2 1

Typeset in Times LT Pro by Cenveo Publishing Services Printed and bound by Vivar in Malaysia

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Only we know how much our spouses, Jeanne, Greg, and Libbo, have sacrificed during the times we have devoted to this book. We are fortunate in that, for all of us, our spouses are our best friends and smiling supporters.

Al Burns, Louisiana State University

Ann Veeck, Western Michigan University

Ron Bush, University of West Florida

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Preface 21

Chapter 1 Introduction to Marketing Research 32

Chapter 2 The Marketing Research Industry 48

Chapter 3 The Marketing Research Process and Defining the Problem and Research Objectives 66

Chapter 4 Research Design 90

Chapter 5 Secondary Data and Packaged Information 114

Chapter 6 Qualitative Research Techniques 142

Chapter 7 Evaluating Survey Data Collection Methods 170

Chapter 8 Understanding Measurement, Developing Questions, and Designing the Questionnaire 204

Chapter 9 Selecting the Sample 236

Chapter 10 Determining the Size of a Sample 262

Chapter 11 Dealing with Fieldwork and Data Quality Issues 288

Chapter 12 Using Descriptive Analysis, Performing Population Estimates, and Testing Hypotheses 314

Chapter 13 Implementing Basic Differences Tests 350

Chapter 14 Making Use of Associations Tests 376

Chapter 15 Understanding Regression Analysis Basics 406

Chapter 16 The Research Report 432

Endnotes 461 Name Index 477 Subject Index 481

Brief Contents

6

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Preface 21

Chapter 1 Introduction to Marketing Research 32 1- 1 Marketing Research Is Part of Marketing 34

The Philosophy of the Marketing Concept Guides Managers’ Decisions 36 The “Right” Marketing Strategy 36

1- 2 What Is Marketing Research? 37 Is It Market ing Research or Market Research? 37 The Function of Marketing Research 37

1- 3 What Are the Uses of Marketing Research? 38 Identifying Market Opportunities and Problems 38 Generating, Refining, and Evaluating Potential Marketing Actions 38

Selecting Target Markets 39 Product Research 39 Pricing Research 39 Promotion Research 39 Distribution Research 39

Monitoring Marketing Performance 40 Improving Marketing as a Process 40 Marketing Research Is Sometimes Wrong 41

1- 4 The Marketing Information System 41 Components of an MIS 42

Internal Reports System 42 Marketing Intelligence System 42 Marketing Decision Support System (DSS) 42 Marketing Research System 43

Summary 44 • Key Terms 45 • Review Questions/ Applications 45 Case 1. 1 Anderson Construction 46 Case 1. 2 Integrated Case: Auto Concepts 46

Chapter 2 The Marketing Research Industry 48 2- 1 Evolution of an Industry 50

Earliest Known Studies 50 Why Did the Industry Grow? 50 The 20th Century Led to a “Mature Industry” 51

2- 2 Who Conducts Marketing Research? 51 Client-Side Marketing Research 51 Supply-Side Marketing Research 53

2- 3 The Industry Structure 53 Firm Size by Revenue 53 Types of Firms and Their Specialties 54 Industry Performance 54

Contents

7

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8 CONTENTS

2- 4 Challenges to the Marketing Research Industry 56 New and Evolving Sources of Data and Methods 56 Effective Communication of Results 58 Need for Talented and Skilled Employees 58

2- 5 Industry Initiatives 58 Industry Performance Initiatives 58

Best Practices 58 Maintaining Public Credibility of Research 58 Monitoring Industry Trends 59 Improving Ethical Conduct 59 Certification of Qualified Research Professionals 60 Continuing Education 61

2- 6 A Career in Marketing Research 62 Where You’ve Been and Where You’re Headed! 63

Summary 63 • Key Terms 63 • Review Questions/ Applications 64 Case 2. 1 Heritage Research Associates 64

Chapter 3 The Marketing Research Process and Defining the Problem and Research Objectives 66 3- 1 The Marketing Research Process 67

The 11-Step Process 67 Caveats to a Step-by-Step Process 68

Why 11 Steps? 68 Not All Studies Use All 11 Steps 69 Steps Are Not Always Followed in Order 69

Introducing “Where We Are” 69 Step 1: Establish the Need for Marketing Research 69

The Information Is Already Available 70 The Timing Is Wrong to Conduct Marketing Research 70 Costs Outweigh the Value of Marketing Research 71

Step 2: Define the Problem 71 Step 3: Establish Research Objectives 71 Step 4: Determine Research Design 72 Step 5: Identify Information Types and Sources 72 Step 6: Determine Methods of Accessing Data 72 Step 7: Design Data Collection Forms 72 Step 8: Determine the Sample Plan and Size 73 Step 9: Collect Data 73 Step 10: Analyze Data 73 Step 11: Prepare and Present the Final Research Report 74

3- 2 Defining the Problem 74 1. Recognize the Problem 75

Failure to Meet an Objective 75 Identification of an Opportunity 75

2. Understand the Background of the Problem 76 Conduct a Situation Analysis 76 Clarify the Symptoms 77 Determine the Probable Causes of the Symptom 77 Determine Alternative Decisions 78

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CONTENTS 9

3. Determine What Decisions Need to Be Made 78 Specify Decision Alternatives 78 Weigh the Alternatives 78

4. Identify What Additional Information Is Needed 79 Inventory the Current Information State 79 Identify the Information Gaps 79

5. Formulate the Problem Statement 80 3- 3 Research Objectives 80

Using Hypotheses 81 Defining Constructs 81

What Is the Unit of Measurement? 82 What Is the Proper Frame of Reference? 83

3- 4 Action Standards 83 Impediments to Problem Definition 84

3- 5 The Marketing Research Proposal 85 Elements of the Proposal 85 Ethical Issues and the Research Proposal 86

Summary 86 • Key Terms 87 • Review Questions/ Applications 87 Case 3. 1 Golf Technologies, Inc. 88 Case 3. 2 Integrated Case: Auto Concepts 89

Chapter 4 Research Design 90 4- 1 Research Design 92

Why Is Knowledge of Research Design Important? 92 4- 2 Three Types of Research Designs 93

Research Design: A Caution 94 4- 3 Exploratory Research 94

Uses of Exploratory Research 95 Gain Background Information 95 Define Terms 95 Clarify Problems and Hypotheses 95 Establish Research Priorities 96

Methods of Conducting Exploratory Research 96 Secondary Data Analysis 96 Experience Surveys 96 Case Analysis 96 Focus Groups 98

4- 4 Descriptive Research 98 Classification of Descriptive Research Studies 99

4- 5 Causal Research 102 Experiments 102 Experimental Design 103

Before-After with Control Group 104 How Valid Are Experiments? 105 Types of Experiments 106

4- 6 Test Marketing 107 Types of Test Markets 107

Standard Test Market 107 Controlled Test Markets 107

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10 CONTENTS

Electronic Test Markets 108 Simulated Test Markets 109

Selecting Test-Market Cities 109 Pros and Cons of Test Marketing 109

Summary 110 • Key Terms 111 • Review Questions/ Applications 111 Case 4. 1 Memos from a Researcher 112

Chapter 5 Secondary Data and Packaged Information 114 5- 1 Big Data 116 5- 2 Primary Versus Secondary Data 116

Uses of Secondary Data 118 5- 3 Classification of Secondary Data 119

Internal Secondary Data 119 External Secondary Data 120

Published Sources 122 Official Statistics 123 Data Aggregators 124

5- 4 Advantages and Disadvantages of Secondary Data 124 Advantages of Secondary Data 124 Disadvantages of Secondary Data 124

Incompatible Reporting Units 124 Mismatched Measurement Units 124 Unusable Class Definitions 125 Outdated Data 125

5- 5 Evaluating Secondary Data 125 What Was the Purpose of the Study? 125 Who Collected the Information? 126 What Information Was Collected? 126 How Was the Information Obtained? 126 How Consistent Is the Information with Other Information? 128

5- 6 The American Community Survey 128 5- 7 What Is Packaged Information? 129

Syndicated Data 129 Packaged Services 131

5- 8 Advantages and Disadvantages of Packaged Information 132

Syndicated Data 132 Packaged Services 132

5- 9 Applications of Packaged Information 132 Measuring Consumer Attitudes and Opinions 133 Market Segmentation 133 Monitoring Media Usage and Promotion Effectiveness 133 Market Tracking Studies 134

5- 10 Social Media Data 134 Types of Information 134

Reviews 135 Tips 135 New Uses 135 Competitor News 135

Advantages and Disadvantages of Social Media Data 135 Tools to Monitor Social Media 136

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CONTENTS 11

5- 11 Internet of Things 136 Summary 138 • Key Terms 139 • Review Questions/ Applications 139 Case 5. 1 The Men’s Market for Athleisure 140

Chapter 6 Qualitative Research Techniques 142 6- 1 Quantitative, Qualitative, and Mixed Methods Research 143 6- 2 Observation Techniques 146

Types of Observation 146 Direct Versus Indirect 146 Covert Versus Overt 147 Structured Versus Unstructured 147 In Situ Versus Invented 147

Appropriate Conditions for the Use of Observation 147 Advantages of Observational Data 148 Limitations of Observational Data 148

6- 3 Focus Groups 149 How Focus Groups Work 150 Online Focus Groups 151 Advantages of Focus Groups 151 Disadvantages of Focus Groups 152 When Should Focus Groups Be Used? 152 When Should Focus Groups Not Be Used? 152 Some Objectives of Focus Groups 152 Operational Aspects of Traditional Focus Groups 153

How Many People Should Be in a Focus Group? 153 Who Should Be in the Focus Group? 153 How Many Focus Groups Should Be Conducted? 154 How Should Focus Group Participants Be Recruited and Selected? 154 Where Should a Focus Group Meet? 154 When Should the Moderator Become Involved in the Research Project? 155 How Are Focus Group Results Reported and Used? 155 What Other Benefits Do Focus Groups Offer? 155

6- 4 Ethnographic Research 156 Mobile Ethnography 156 Netnography 157

6- 5 Marketing Research Online Communities 158 6- 6 Other Qualitative Research Techniques 159

In-Depth Interviews 159 Protocol Analysis 160 Projective Techniques 161

Word-Association Test 161 Sentence-Completion Test 161 Picture Test 162 Cartoon or Balloon Test 162 Role-Playing Activity 162

Neuromarketing 163 Neuroimaging 163

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12 CONTENTS

Eye Tracking 164 Facial Coding 164 The Controversy 164

Still More Qualitative Techniques 164 Summary 166 • Key Terms 167 • Review Questions/ Applications 167 Case 6. 1 The College Experience 168 Case 6. 2 Integrated Case: Auto Concepts 169

Chapter 7 Evaluating Survey Data Collection Methods 170 7- 1 Advantages of Surveys 172 7- 2 Modes of Data Collection 174

Data Collection and Impact of Technology 174 Person-Administered Surveys 175

Advantages of Person-Administered Surveys 175 Disadvantages of Person-Administered Surveys 176

Computer-Assisted Surveys 177 Advantages of Computer-Assisted Surveys 177 Disadvantages of Computer-Assisted Surveys 177

Self-Administered Surveys 178 Advantages of Self-Administered Surveys 178 Disadvantages of Self-Administered Surveys 178

Computer-Administered Surveys 179 Advantages of Computer-Administered Surveys 179 Disadvantage of Computer-Administered Surveys 180

Mixed-Mode Surveys 180 Advantage of Mixed-Mode Surveys 180 Disadvantages of Mixed-Mode Surveys 180

7- 3 Descriptions of Data Collection Methods 181 Person-Administered/Computer-Assisted Interviews 182

In-Home Surveys 182 Mall-Intercept Surveys 183 In-Office Surveys 184 Telephone Surveys 184

Computer-Administered Interviews 188 Fully Automated Survey 188 Online Surveys 189

Self-Administered Surveys 191 Group Self-Administered Survey 191 Drop-Off Survey 191 Mail Survey 192

7- 4 Working with a Panel Company 193 Advantages of Using a Panel Company 194 Disadvantages of Using a Panel Company 194 Top Panel Companies 195

7- 5 Choice of the Survey Method 196 How Fast Is the Data Collection? 197 How Much Does the Data Collection Cost? 197 How Good Is the Data Quality? 197 Other Considerations 198

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Summary 199 • Key Terms 200 • Review Questions/ Applications 200 Case 7. 1 Machu Picchu National Park Survey 201 Case 7. 2 Advantage Research, Inc. 202

Chapter 8 Understanding Measurement, Developing Questions, and Designing the Questionnaire 204 8- 1 Basic Measurement Concepts 205 8- 2 Types of Measures 206

Nominal Measures 206 Ordinal Measures 207 Scale Measures 207

8- 3 Interval Scales Commonly Used in Marketing Research 209 The Likert Scale 209 The Semantic Differential Scale 210 The Stapel Scale 212 Two Issues with Interval Scales Used in Marketing Research 213 The Scale Should Fit the Construct 214

8- 4 Reliability and Validity of Measurements 215 8- 5 Designing a Questionnaire 216

The Questionnaire Design Process 216 8- 6 Developing Questions 217

Four Dos of Question Wording 218 The Question Should Be Focused on a Single Issue or Topic 218 The Question Should Be Brief 218 The Question Should Be Grammatically Simple 218 The Question Should Be Crystal Clear 219

Four Do Not’s of Question Wording 219 Do Not “Lead” the Respondent to a Particular Answer 219 Do Not Use “Loaded” Wording or Phrasing 220 Do Not Use a “Double-Barreled” Question 220 Do Not Use Words That Overstate the Case 220

8- 7 Questionnaire Organization 222 The Introduction 223

Who is Doing the Survey? 223 What is the Survey About? 223 How did You Pick Me? 223 Motivate Me to Participate 223 Am I Qualified to Take Part? 224

Question Flow 224 8- 8 Computer-Assisted Questionnaire Design 227

Question Creation 227 Skip and Display Logic 228 Data Collection and Creation of Data Files 228 Ready-Made Respondents 228 Data Analysis, Graphs, and Downloading Data 228

8- 9 Finalize the Questionnaire 229 Coding the Questionnaire 229 Pretesting the Questionnaire 230

Summary 232 • Key Terms 232 • Review Questions/ Applications 233

CONTENTS 13

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Case 8. 1 Extreme Exposure Rock Climbing Center Faces The Krag 234 Case 8. 2 Integrated Case: Auto Concepts 235

Chapter 9 Selecting the Sample 236 9- 1 Basic Concepts in Samples and Sampling 238

Population 238 Census 238 Sample and Sample Unit 239 Sample Frame and Sample Frame Error 239 Sampling Error 240

9- 2 Reasons for Taking a Sample 240 9- 3 Probability Versus Nonprobability Sampling Methods 241 9- 4 Probability Sampling Methods 242

Simple Random Sampling 242 Systematic Sampling 245 Cluster Sampling 248 Stratified Sampling 250

9- 5 Nonprobability Sampling Methods 253 Convenience Samples 253 Purposive Samples 255 Chain Referral Samples 256 Quota Samples 256

9- 6 Online Sampling Techniques 256 Online Panel Samples 257 River Samples 257 Email List Samples 257

9- 7 Developing a Sample Plan 257 Summary 258 • Key Terms 258 • Review Questions/ Applications 259 Case 9. 1 Peaceful Valley Subdivision: Trouble in Suburbia 260 Case 9. 2 Jet’s Pets 261

Chapter 10 Determining the Size of a Sample 262 10- 1 Sample Size Axioms 265 10- 2 The Confidence Interval Method of Determining Sample Size 265

 
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Marketing Multiple Choice And Short Answer Questions

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© 2012 McGraw-Hill Ryerson Ltd.

Marketing Fundamentals

 

Chapter

1

Copyright 2009, McGraw-Hill Ryerson

*

 

Copyright 2009, McGraw-Hill Ryerson

© 2012 McGraw-Hill Ryerson Ltd.

Learning Objectives

  • Understand the essence of marketing and explain the marketing process
  • Define and analyze elements of the marketing mix
  • Differentiate between goods, services, and ideas
  • Describe the evolution of different business philosophies
  • Discuss the latest marketing approaches
  • Summarize careers that exist in marketing

*

© 2012 McGraw-Hill Ryerson Ltd.

The Customer is Central

*

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

The Essence of Marketing

*

 

Satisfying consumers and providing them with value through goods, services and ideas that meet their needs.

“… delight consumers and encourage customer loyalty.”

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

Customer Value

*

Loyalty comes from providing added value:

  • Product design
  • Pricing strategies
  • Service elements

LO 1

 

 

 

 

 

Copyright 2009, McGraw-Hill Ryerson

*

 

*

Copyright 2009, McGraw-Hill Ryerson

© 2012 McGraw-Hill Ryerson Ltd.

Marketers need focus

A single product will not satisfy everyone

Marketers focus their efforts on the group most likely to purchase

The group ď¨ Target Market

*

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

The Marketing Mix or “The 4 Ps”

*

A well-coordinated program that appeals to the target market

The Marketing Mix:

  • Product
  • Place
  • Price
  • Promotion

 

LO 2

© 2012 McGraw-Hill Ryerson Ltd.

A Continuous Process

*

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

Key points

*

  • Marketing is more than just advertising and selling
  • Marketers manage all the elements of the marketing mix
  • Marketers use research to support activities
  • Marketing creates exchanges between buyers and sellers
  • Profits are realized when needs are met and exchange takes place

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

What Can Be Marketed?

*

Goods

Services

Ideas

Product

An Idea That Worked:

>1 billion people in >134 countries and 4,000 cities and towns supported Earth Hour

LO 3

 

 

© 2012 McGraw-Hill Ryerson Ltd.

What is a Market?

MARKET (money and means to purchase)

  • Parents with children ages 3-6 years

TARGET MARKET (decision-makers and influencers)

  • Parents and children

CONSUMERS (users of the product)

  • Children

*

LO 1

© 2012 McGraw-Hill Ryerson Ltd.

Evolution of Business Philosophies

Production orientation: focus on manufacturing, goods in short supply

Sales orientation: selling as much as possible, more available

Marketing orientation: satisfy customer needs & meet organization’s goals

Relationship marketing orientation: building long-term relationships with customers

*

LO 4

© 2012 McGraw-Hill Ryerson Ltd.

Corporate Social Responsibility

*

An organization’s consideration for society’s well-being

LO 5

© 2012 McGraw-Hill Ryerson Ltd.

Partnership Marketing

Brands with similar customers but different distribution channels (and products) can collaborate

*

LO 5

© 2012 McGraw-Hill Ryerson Ltd.

Ethics: Not All Companies Are On Board

Canadian government regulations:

  • pollution
  • food and safety
  • advertising and telemarketing
  • water safety

 

Canadian Marketing Association (CMA) code of ethics

Consumer Groups also exert pressure

*

LO 5

© 2012 McGraw-Hill Ryerson Ltd.

Careers

Do your research

Landing a good job may take work

Keep up to date on consumer and societal trends

Networking is key!

  • Meet as many people as possible, stay in touch, and never burn a bridge
  • Have a network in place before you graduate
  • Get work experience through summer jobs and volunteering

*

LO 6

© 2012 McGraw-Hill Ryerson Ltd.

Careers

Succeeding in the Job

Passion, creativity, and the desire for knowledge

Change and lifelong learning are the norm

Keep informed!

*

LO 6

© 2012 McGraw-Hill Ryerson Ltd.

“Show, Don’t Tell!” :-)

The Internet in 1994: http://youtu.be/JUs7iG1mNjI

The Internet Today: http://youtu.be/BLJ4VmWk5tw

Social Media stats: http://youtu.be/KU_GW_MD4hA

Best Job, P&G: http://youtu.be/NScs_qX2Okk

Dove Evolution: http://youtu.be/iYhCn0jf46U

Hug Me, Coke: http://youtu.be/OvxMpv-TkYw

Think Different, Apple: http://youtu.be/vmG9jzCHtSQ

IKEA Small Spaces: http://youtu.be/BQjBrt9LriY

NIKE + FUELBAND: http://youtu.be/MT50eLLxPco

PUMA & FuseProject: http://youtu.be/vwRulz8hPKI

Pedigree Dog Food: http://youtu.be/mUCRZzhbHH0

 

 

 

 

*

© 2012 McGraw-Hill Ryerson Ltd.

For next class

Check out the course Blackboard site

Read Course Outline

Prepare your textbook Readings

*

To do!

Chapter 1

An Overview of Marketing

*

 

Copyright 2009, McGraw-Hill Ryerson

 
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Case Application 1: Lessons From Lehman Brothers: Will We Ever Learn?

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Answered: Questions 2, 3, & 5 Only!

“Greed” and “Crooks” are a sampling of comments recorded on a rendering of Lehman’s chief executive Richard Fuld by artist Geoffrey Raymond, who placed his painting outside of Lehman’s New York City offices and handed out markers to employees and pedestrians so they could write a message regarding the firm’s announcement that it was filing for bankruptcy. Seth Wenig/AP Wide World Photos-Royalty Free On September 15, 2008, financial services firm Lehman Brothers filed for bankruptcy with the U.S.

Bankruptcy Court in the Southern District of New York.95 That action—the largest Chapter 11 filing in financial history—unleashed a “crisis of confidence that threw financial markets worldwide into turmoil, sparking the worst crisis since the Great Depression.” The fall of this Wall Street icon is, unfortunately, not a new one, as we’ve seen in the stories of Enron, WorldCom, and others. In a report released by bankruptcy court-appointed examiner Anton Valukas, Lehman executives and the firm’s auditor, Ernst & Young, were lambasted for actions that led to the firm’s collapse.

He said, “Lehman repeatedly exceeded its own internal risk limits and controls, and a wide range of bad calls by its management led to the bank’s failure.” Let’s look behind the scenes at some of the issues. One of the major problems at Lehman was its culture and reward structure. Excessive risk taking by employees was openly lauded and rewarded handsomely. Individuals making questionable deals were hailed and treated as “conquering heroes.” On the other hand, anyone who questioned decisions was often ignored or overruled.

For instance, Oliver Budde, who served as an associate general counsel at Lehman for nine years, was responsible for preparing the firm’s public filings on executive compensation. Infuriated by what he felt was the firm’s “intentional under-representation of how much top executives were paid,” Budde argued with his bosses for years about that matter, to no avail. Then, one time he objected to a tax deal that an outside accounting firm had proposed to lower medical insurance costs saying, “My gut feeling was that this was just reshuffling some papers to get an expense off the balance sheet. It was not the right thing, and I told them.”
However, Budde’s bosses disagreed and okayed the deal. Another problem at Lehman was the firm’s top leadership. Valukas’s report was highly critical of Lehman’s executives who “should have done more, done better.” He pointed out that the executives made the company’s problems worse by their conduct, which ranged from “serious but nonculpable errors of business judgment to actionable balance sheet manipulation.” Valukas went on to say that “former chief executive Richard Fuld was at least grossly negligent in causing Lehman to file misleading periodic reports.”

These reports were part of an accounting device called “Repo 105.” Lehman used this device to get some $50 billion of undesirable assets off its balance sheet at the end of the first and second quarters of 2008, instead of selling those assets at a loss. The examiner’s report “included e-mails from Lehman’s global financial controller confirming that the only purpose or motive for Repo 105 transactions was reduction in the balance sheet, adding that there was no substance to the transactions.” Lehman’s auditor was aware of the use of Repo 105 but did not challenge or question it.

Sufficient evidence indicated that Fuld knew about the use of it as well; however, he signed off on quarterly reports that made no mention of it. Fuld’s attorney said, “Mr. Fuld did not know what these transactions were—he didn’t structure or negotiate them, nor was he aware of their accounting treatment.” A spokesperson from Ernst & Young (the auditor) said that, “Lehman’s bankruptcy was the result of a series of unprecedented adverse events in the financial markets.”

QUESTIONS:

1. Describe the situation at Lehman Brothers from an ethics perspective. What’s your opinion of what happened here?

2. What was the culture at Lehman Brothers like? How did this culture contribute to the company’s downfall?

3. What role did Lehman’s executives play in the company’s collapse? Were they being responsible and ethical? Discuss.

4. Could anything have been done differently at Lehman Brothers to prevent what happened? Explain.

5. After all the public uproar over Enron and then the passage of the Sarbanes-Oxley Act to protect shareholders, why do you think we still continue to see these types of situations? Is it unreasonable to expect that businesses can and should act ethically?

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Financial Analysis, Implementation, Controls

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Project 4: Developing and Implementing a Marketing Plan Start Here

Introduction

In this project, your client has tasked your team with creating a marketing plan with the goal of increasing sales to other businesses in the United States. This project has been broken down into several smaller tasks in the steps below:

Step 1: Prepare for Group Work Step 2: Review Information on Business-to-Business (B2B) Marketing Step 3: Understand the Components of a Marketing Plan and Research Guidelines Step 4: Prepare a Situation Analysis Report Step 5: Conduct an Environmental Scan Step 6: Research and Analyze the Company’s US Market Step 7: Develop Marketing Objectives Step 8: Conduct a Segmenting and Targeting of the US Market and Product Positioning (STP) Step 9: Develop a Marketing Strategy Step 10: Complete Financial Analysis and Implementation, Controls, and Contingency Plan Step 11: Complete and Submit Your Marketing Plan Step 12: Complete Skills Gap Analysis Step 13: Submit Your Work

Each task will help you create one piece of a complete marketing plan. You will have three weeks, so you should complete the 13 steps of this project by the end of Week 10. If you have any questions, please ask your instructor.

During this project, please submit your individual contribution to the team effort for the instructor to see. Lack of participation on this project as defined in your team agreement may affect your grade.

 

Step 1: Prepare for Group Work

he business-development team has convened, and you begin working with a talented group of colleagues. To efficiently and effectively address the task at hand, you first need to complete the team agreement and project work plan. This is especially important because your business-development team is a new group of specialists that has never before worked together, and the members are living and working in different geographic locations with different time zones. The team should submit the team agreement and project work plan to their study group as one submission, early in Week 2 of the course.

Step 2: Review Information on Business-to-Business (B2B) Marketing

INBOX: 1 New Message

Subject:  Case Primer for Marketing Plan From:      Jillian Best, CEO, MCS To:           You As you have learned through your work with MCS clients, marketing is one of the most important functional areas in business. As you get oriented with the realities of business-to-business (B2B) marketing, I’d like you to do some more reading on two main elements: (1) business buying behavior, and (2) strategic alliances.

Business buying behavior relates to how business customers and their suppliers explore different avenues to manage relationships and enhance efficiency and effectiveness. Fostering the right relationship with businesses is crucial for any holistic marketing plan. B2B relationships are affected by supply, complexity of supply, availability of alternatives, and supply-market dynamism.

In addition, our new client may consider forming strategic alliances  to expand its US operations. The twenty-first century has seen an increased use of long-term global strategic alliances among both producers and distribution companies. Organizations form these alliances in an effort to secure commercial advantage and eliminate waste from their distribution channels. They can be crucial to success.

Please review the information linked above before going any further. This is a big client and a tremendous opportunity for MCS. Let me know if any questions arise as you get oriented with your team.

Best,

Jillian

Step 3: Understand the Components of a Marketing Plan and Research Guidelines

The team’s marketing knowledge and data acquisition skills are crucial to the success of this project. Your team will collect and analyze the information necessary to develop a marketing plan for expanding the company’s operations within the United States.

Your final marketing plan will ultimately include a situation analysis, analyses of the client’s market, strategy, and financing, and an outline describing the measures to implement the plan. Use this marketing plan template to help you create your marketing plan.

Step 4: Prepare a Situation Analysis Report

INBOX: 1 New Message

Subject:  Company Case File & Questions to Consider From:      Jillian Best, CEO, MCS To:          Team Hi again. I wanted to provide you with the company case file and some pertinent questions for you to consider while you work on your B2B marketing plan.

As part of the preparation necessary to complete your business-to-business marketing plan, you and your team will need to do in-depth research on your client’s company, including its operations, global reach, and range of offerings.

By the end of Week 8, I need you to produce a situation analysis report explaining your team’s findings on the company. Be sure to include a value proposition, essentially the promise that is made to the customer, explaining the reason a customer purchases a product or uses a service (i.e., the value that a company delivers to its customers).

Start by reading the attached case file and be sure to consider the following questions while you do additional research:

· Where is the company headquartered?

· What are the company’s major products and/or services?

· What is the company’s annual revenue in dollars, and what is its annual production in units?

· Does the company own its own facilities or does it subcontract manufacturing to others?

· Who are the company’s major suppliers of raw materials or parts, and where are they located?

· What is the distribution of the company’s workforce by country?

· How does the company differentiate its offering in its highly competitive markets?

· Does the company have exclusive marketing or distribution agreements or partnerships?

· Who are the company’s major global and US customers?

· What benefits does the company offer to its customers?

· Who are the company’s major global and US competitors?

When developing your situation analysis, you should also understand the importance of vision and mission statements and then research the company’s own vision and mission statements.

Write a three-page document detailing the main findings of your research about your client, including its mission and vision statement. Submit your document to your team’s study group.

That’s it for now, Jillian

 

Attachments:

Company Case File

Step 5: Conduct an Environmental Scan

As a member of the business development team for this project, you use quantitative and qualitative market information to make important decisions and set the direction of the marketing plan. As you continue to work on your situation analysis report, your team will use the following tools to conduct an environmental scan, the foundation on which a solid marketing plan is built.

Tools for Environmental Scan

Company-Specific Analysis (internal)

· SWOT analysis—A SWOT analysis is a planning and brainstorming tool that helps a company evaluate its projects and formulate its business plans. SWOT stands for strengths, weaknesses, opportunities, and threats. You will use this tool to identify and analyze the company’s internal strengths and weaknesses as well as its external opportunities and threats. The results of this analysis may help the company improve its business or forecast how a new product or service will perform (Harmon, 2016).

Industry, Market, and Customer Analysis (external)

· PESTEL analysis—A PESTEL analysis (sometimes called PEST analysis) enables the company to identify, analyze, and monitor the political, economic, social, technological, legal (including regulatory), and environmental factors that may affect its operations (Frue, 2017).

· Porter’s five forces analysis—Porter’s five forces analysis is a framework that can help the company understand the competitive forces at play in its industry. These forces may influence how economic value is divided among the company’s competitors in the industry (Porter, 2008).

References

Frue, K. (2017). Why do PEST analysis for your business? Retrieved from http://pestleanalysis.com/

Harmon, A. (2016). SWOT analysis. Salem Press Encyclopedia [online]. Retrieved from Research Starters, Ipswich, MA.

Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78–93.

Research your industry and its market trends in the United States and identify market opportunities, threats, and the company’s major global competition. Then conduct the SWOT, PESTEL, and Porter’s five forces analyses on your client’s company. These tools should allow you to analyze the company’s internal environment, customers, and macro-environment (external environment), and to answer the following questions in your situation analysis report:

· Which elements have the biggest impact on the company’s success?

· What factors affect the company’s customers (other businesses)?

Deliverable: Your final situation analysis should include your three-page overview of your research findings and an eight-page review of your environmental scan. The completed situation analysis report should be eleven pages, excluding cover page, executive summary, the reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Support your work with scholarly sources and reliable nonscholarly sources such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, Financial Times, Wall Street Journal, and Harvard Business Review, as well as the UMUC Library databases such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list.

By the end of Week 8, submit your situation analysis report to your team’s study group.

In the next step, you will start a market analysis report.

Step 6: Research and Analyze the Company’s US Market

Now that you have completed the environmental scan, your team needs to conduct a market analysis of the company’s customers in the United States. Outline how the team would conduct this analysis, while considering both current and potential customers. Your analysis should address how you would determine answers to the following questions:

· What needs are being met by the products or services that they purchase? What are the benefits to the customers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.

· Who is involved in the purchase process? Who are influencers? Who are buyers? Who are users?

· How do customers pay? Describe payment plans, financing, banking arrangements, etc.

· Where are the products or services sold and delivered, and what are the distribution channels?

· How often are the different types of the products or services purchased? Is there seasonality to sales?

· Is there any market regulation? Is there self-regulation? Do any federal or state regulations affect the company’s US operations?

· What is the size of the market (in dollars and units)? What is the growth rate of that market?

Deliverable: Present your results to the CEO in a market analysis report of five pages, excluding cover page, executive summary, the reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Support your work with scholarly sources and reliable nonscholarly sources such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, Financial Times, Wall Street Journal, and Harvard Business Review, as well as the UMUC Library databases such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list.

By the end of Week 9, submit your market analysis report to your Study group. Then proceed to the next step, where you will decide on marketing objectives for your client.

Step 7: Develop Marketing Objectives

The next component of the marketing plan your team needs to tackle is the strategic analysis report.

As a marketing team, you need to decide on the marketing objectives for your target market before you develop your company’s marketing strategy. Marketing objectives translate the company’s mission and business into long- and short-term goals. Marketing objectives are usually quantitative and include sales (both in units or dollars), market share, and profitability. They may also include qualitative factors such as quality, customer satisfaction, and social responsibility (Kerin & Hartley, 2017). Knowing exactly where you want to go is essential in deciding how to get there. The objectives have to be measurable, specific, and have a set time limit.

Be careful not to have too many objectives, since a limited number of objectives will help you focus. The objectives should be challenging but achievable.

Prepare a one-page document outlining your marketing objectives. This will ultimately form part of your strategic analysis report. Submit your document to your team’s study group.

You will continue your work on a strategic analysis report in the next step, where you will begin to examine your market and determine how the company can meet the marketing objectives you identified.

Step 8: Conduct a Segmenting and Targeting of the US Market and Product Positioning (STP)

The next step in developing your strategic analysis report involves segmenting, targeting, and positioning (STP).

Take Note

· Segmenting refers to breaking the market down into homogenous groups.

· Targeting refers to selecting the customer group or groups that you will focus your marketing efforts on. The appropriate segmentation variable is dependent on the needs and wants of customers.

· These decisions are directly tied to your  value proposition  and require extensive marketing research on the customers. Once the segmentation variable is determined and the target markets selected, you need to develop a positioning strategy, which refers to the way you want the customer to view the product or service relative to the competition.

Describe the market research you would conduct to analyze and segment the US market. Explain how you would select your target markets and explain the process of positioning the company’s products or services relative to the competition.

Detail your STP in a four-page document. This will ultimately form part of your strategic analysis report. Submit your document to your team’s study group.

Your overall STP is important, because it will create a foundation for the refinements you will make in the next step, where you will compete and submit your strategic analysis report.

Step 9: Develop a Marketing Strategy

You and your team have been working around the clock to generate all the pieces for your new client’s requests. Jillian touches base to see how things are moving along and to provide additional instruction.

INBOX: 1 New Message

Subject:  Pulling it all together From:      Jillian Best, CEO, MCS To:          Team & You Hi Team, Please develop a marketing strategy for this client based on your STP strategy. The following marketing strategy elements are interdependent and are crucial components of a successful marketing plan. Click each component for more in-depth information:

· branding strategies—Describe the needs and wants of your target customers and how you intend to position the offerings versus the competition. Present a detailed description of the different types of products or services that you intend to sell in the US market, including their attributes, features, and quality level, along with the brand names, intended packaging, logo, and supplemental products and services. As you make these branding strategy decisions, it is imperative that you stay focused on the customer. Remember that the company’s customers do not buy features; they buy benefits, both tangible and intangible. It is also critical to understand the customer: think about who makes the purchase and who influences that decision.

· pricing strategy—Pricing is very strategic, as it is the only marketing mix variable that generates income. As a marketing team, you need to decide on your price objectives and strategies. Think about pricing tactics like discounts and incentives. You need to decide whether your pricing strategy should be skimming, premium, or market penetration given the nature of the offerings, your customers, and your major competition. Profit margins and breakeven analysis will also need to be considered. As you determine your final price points, you’ll need to consider the perceived value of your offerings. Describe how you would go about making these decisions as well as the major issues involved.

· distribution and supply chain strategy—Is it easy to transport your offerings, or are there issues involved in delivering them to the final user? These strategic decisions deal with how customers purchase your products or services. Will you market your products or services directly to your customers or through intermediaries like distributors and wholesalers? Will you follow an exclusive, selective, or intensive distribution? Distribution decisions focus on marketing channels as well as the physical distribution of the offerings. Explain the criteria you would use to make these distribution and supply chain strategy decisions.

· integrated marketing communications—This is often the most visible element of a marketing strategy. The company’s communication strategy involves developing an integrative mix of a number of different tools, while keeping in mind the needs and characteristics of the target market. These tools may include a mix of traditional communication elements such as advertising, personal selling, sales promotion, and publicity and public relations. It is essential that your promotion objectives are clearly defined, and that a holistic and integrated marketing communication approach is used.

Whew, that was a lot to cover, but all important info,

Jillian

 

Deliverable: Your final strategic analysis report should include your one-page outline of marketing objectives, your four-page STP analysis, and a five-page marketing strategy. As follows, the final strategic analysis report should be 10 pages, excluding cover page, executive summary, the reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Support your work with scholarly sources and reliable nonscholarly sources such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, Financial Times, Wall Street Journal, and Harvard Business Review, as well as the UMUC Library databases such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list.

Early in Week 10, submit your strategic analysis report your team’s study group.

Your team will prepare a financial analysis next.

Step 10: Complete Financial Analysis and Implementation, Controls, and Contingency Plan

The final component of your marketing plan is a financial analysis report that also includes a schedule for implementation, any needed control measures, and a contingency plan. Present your financial analysis in a table that includes the following details about your client:

· forecasted total number of units sold (for a service industry, products could be service contracts or the number of customers served)

· forecasted average unit price (AUP)

· forecasted total sales (in US dollars)

· forecasted average unit variable cost

· forecasted fixed cost

· breakeven point (units)

· breakeven point (in US dollars)

Read about breakeven analysis  to assist your calculations. In addition, use the following guidelines as you develop your implementation, controls, and contingency plan:

1. Decide on the team that is going to implement the plan.

2. Determine the time frame for implementation.

3. Secure the financial and human resources needed.

4. Distribute the tasks among team members.

5. Periodically check and communicate performance against the marketing plan metrics (benchmarks) to ensure that implementation is on track.

6. Make changes if there are any deviations from the key performance indicators (KPIs) for those metrics, preferably using a dashboard. KPIs may include the number of sales calls, the number of new customers, sales, profitability, growth, etc.

7. Contingency plans should deal with severe deviations from productions plans, sales figures, market share, profitability, changes in government regulations (e.g., increased taxation), and drastic competitors’ moves (e.g., launching a competing product or service or an offering that may render your offering obsolete or less attractive to the market).

Deliverable: Submit a report that explains your financial analysis. Also, include a table at the end of the report that highlights your financials. In addition, explain your schedule for implementation as well as the controls you intend to put in place and how you intend to proceed when your benchmarks are not met (contingency plan).

Your financial analysis and implementation report should be three pages, excluding cover page, the reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Support your work with scholarly sources and reliable nonscholarly sources such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, Financial Times, Wall Street Journal, and Harvard Business Review, as well as the UMUC Library databases such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list.

Early in Week 10, submit your financial analysis and implementation, controls, and contingency plan to your team’s study group.

In the next step, you will combine the work from all of your analyses to create your final marketing plan.

Step 11: Complete and Submit Your Marketing Plan

Combine your situation analysis, market analysis, strategic analysis, and financial and implementation analysis into one complete paper following the marketing plan template. Edit the document to ensure that there is clear flow of ideas from one section to another. In addition, prepare a one-page executive summary that highlights the most important aspects of your marketing plan. The paper should be 30–32 pages, excluding cover page, executive summary, the reference list, and appendices. Any tables, graphs, and figures should be included as appendices. Your report should have one-inch margins and be double spaced in 12-point Times New Roman font. The report should be organized using headings and subheadings to improve its readability.

Support your work with scholarly sources and reliable nonscholarly sources such as Reuters, Bloomberg, Yahoo! Finance, Barrons.com, Morningstar.com, Money, Forbes, Fortune, Financial Times, Wall Street Journal, and Harvard Business Review, as well as the UMUC Library databases such as Hoover’s and ABI/INFORM. All sources need to be cited using APA formatting, both within the text and in the reference list.

By the end of Week 10, submit your final marketing plan to the dropbox located in the final step of this project.

 
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