Kim Woods___Strategic Plan

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Strategic Plan

 

*Minimum 15 pages (Word Document) or 30 PowerPoint slides of strategic material (does not include cover page, abstract nor reference pages)**

 

 

 

**Verify the PowerPoint formatting requirements per APA; to include how much material on each slide (i.e. bullets).

 

 

 

***assignments/submissions will NOT be accepted after the last day of the course**

 

 

 

***Once you submit your document to the assignment folder it will automatically be loaded to TURNTIN.COM within the course** NOTE: Strategic Plan must return a similarity scan of 20% or less**

 

 

 

**submission of PowerPoint files MUST be saved as a PDF prior to loading the assignment for TURNITN.COM does not accept PowerPoint files.

 

Due to the consistent repetition of companies used for the strategic plans, semester after semester, the following companies are off limits as it relates to your week 8 strategic plans (no credit will be granted if written on any of the below companies):

 

DO NOT PICK THE FOLLOWING COMPANIES

 

Apple

 

Starbucks

 

Target

 

Best Buy

 

Wal-mart

 

Attached are examples….

STRATEGIC PLANNING OVERVIEW:

This document is only a sample for use as a guideline and sets out to establish an outline for a more formal strategic plan for ABC Biz Inc. It reviews strengths,

weaknesses, threats and opportunities; presents a series of statements relating to ABC Biz Inc’s vision, mission, values and objectives; and sets out its proposed strategies and goals.

Building a strategic plan or engaging in strategic planning can make a difference, particularly when it has a long-term focus and is used as a management tool, rather

than simply being an exercise in forms completion. Traditional strategic planning can be broken down into four sequential steps:

• market research • strategy formulation and planning • strategy implementation • results measurement and control

Market research to determine customer needs and identify future market trends is usually the initial step in strategic planning. Managers use the market research to define company mission, goals, and strategic plans for one, three, and five years. Company mission statements become refined by specifying financial, market share,

and product mix goals. Implementation generally occurs through official directives and control systems that flow through divisions, departments, sections, and eventually to individuals. Each individual receive a set of objectives that, if achieved,

allow the company to attain its mission and goals. Control systems focus on individual outputs or behaviors in the organization. Controlling outputs emphasizes results through management by objectives.

The strategy formulation and planning process consists of the following primary building blocks:

• assessment of the company’s current position • identification of the company’s desired position • evaluation of the strategic gap between the two and the critical issues to be

resolved in order to close the gap • formulation of strategies and action steps to resolve the critical issues

Business managers are constantly faced with strategic choices, such as developing a

new competitive approach to an existing market, evaluating a potential merger or acquisition, or divesting core products or businesses. While the circumstances surrounding the choice may be unique to a particular company, these decisions themselves are similar to those that regularly confront top management in every

industry. Such choices often require substantial commitment of time and resources and may have broad, long-lasting effects.

 

 

 

 

SAMPLE Strategic Plan

 

For

ABC Biz Inc.

Strengths, Weaknesses, Threats & Opportunities

This strategic plan addresses the following key strengths, weaknesses, threats and opportunities for ABC Biz Inc:

Strengths: Weaknesses:

R and D almost complete Basis for strong management

team

Key first major customer acquired

Initial product can evolve into range of offerings

Located near a major centre of excellence

Very focused management/staff Well-rounded and managed

business

Overdependent on borrowings – Insufficient cash resources

Board of Directors is too narrow Lack of awareness amongst

prospective customers Need to relocate to larger

premises

Absence of strong sales/marketing expertise

Overdependence on few key staff

Emerging new technologies may move market in new directions

Threats: Opportunities:

Major player may enter targeted market segment

New technology may make products obsolescent

Economic slowdown could reduce demand

Euro/Yen may move against $ Market may become price

sensitive Market segment’s growth could

attract major competition

Market segment is poised for rapid growth

Export markets offer great potential

Distribution channels seeking new products

Scope to diversify into related market segments

 

 

 

 

Vision

The promoters’ vision of ABC Biz Inc in 3-4 year’s time is:

ABC Biz will be operating from a xxx sq. ft. unit near xxx Town. It will have annualized sales of $xxx and be profitable. It will employ xxx people mainly engaged in R and D, marketing, support and admin. ABC Biz will offer xxx core products and

provide added-value services to a large customer base throughout the xxx market segments and in xxx countries overseas. ABC Biz’s offerings will be technically advanced and offer many clear-cut advantages and improvements over competitors’ possible offerings. ABC Biz will continue to expand through organic growth and

acquisitions in related technology/market segments. It will have recently received mezzanine finance prior to a public offering.

Mission Statement

The central purpose and role of ABC Biz Inc is defined as:

ABC Biz designs, develops and markets advanced systems for specialist data capture and transaction processing management. These web-based systems work with specialist hardware supplied by major integrators. They are sold to small, medium

and large-sized companies within the xxx industries for a range of specialist applications. ABC Biz’s systems are distinguished from competition by their sophisticated interfaces, scalability and ease of modification and are extensively

patented. Sales are made directly and through major distributors/OEMs in the home market and overseas.

Corporate Values

The corporate values governing ABC Biz Inc’s development will include the following:

1. ABC Biz operates in accordance with the highest standards in all relationships with customers, suppliers, environment and the community.

2. ABC Biz fosters a climate which encourages innovation and diligence amongst staff and rewards accordingly.

Business Objectives

Longer term business objectives of ABC Biz Inc are summarized as:

1. To expand the business aggressively and offer above-average returns to shareholders.

2. To become the leading, innovative systems company within the xx market segments.

Key Strategies

The following critical strategies will be pursued by ABC Biz Inc:

 

 

1. Accelerate product launches by strengthening R and D team 2. Extend links with key technology centres 3. Raise additional venture capital 4. Expand senior management team in sales/marketing 5. Recruit non-executive directors 6. Strengthen human resources function and introduce share options for staff 7. Appoint advisers for intellectual property and finance 8. Seek new market segments/applications for products

The following important strategies will also be followed:

1. Locate new premises adjacent to xxx 2. Commission assessments of key markets 3. Start participating in trade shows and missions 4. Develop overseas market entry plans 5. Pursue strategic alliances with complementary players 6. Strengthen web presence and promote 7. Seek new market segments/applications for products

Major Goals

The following key targets will be achieved by ABC Biz Inc over the next 3-4 years:

1. Achieve sales of $xx million by 200X 2. Report annualized profits of $xx million in 200X 3. Secure xx% of the xx market segment by 200X 4. Become largest supplier of xxx systems in xx countries within xx years 5. Undertake an IPO by 200X 6. Employ xxx people including xx% technically qualified by 200X 7. Have sales offices or agents in xx key markets before 200X

Strategic Action Programs

The following strategic action programs will be implemented:

1. CEO: Prepare comprehensive business plan and develop contacts to raise VC within 6-9 months.

2. CFO: Recruit Marketing Director and other key staff for marketing/sales and HR Director within 3-4 months.

3. TechDir: Review R and D resources and scope for technical alliances – expand with arrival of VC.

4. Board: Expand BoD to include further independent financial, technical and industrial expertise prior to seeking VC.

5. All: Develop and implement accelerated market entry and development plans.

 
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Communication Midterm Assignment

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COMM 310 Mid-Term Assignment

 

General Instructions

1) Open a blank word-processing file.

2) Save it, using the following file name schema: Surname Initial Midterm, allowing your software to provide the file name extension, e.g., doc or docx. (In case you were unfamiliar with the term your surname is your last or family name.) Thus, if I were creating such a file in Microsoft Word, my file name would be Ingre D Midterm.docx.

3) Do not make any changes to the file you are now reading. (My original will in any case remain unchanged on the Moodle site.) you do not need to return this file to me.

4) Once you have completed the assignment, submit your file as an attachment to an email sent as usual through the UCW DropBox. I hope to return it to you, with a Midterm Marking Sheet, by May 27.

For Part I

1) Copy and paste all of Part I of this assignment (the file you are reading) into your just saved file. Thus, in Microsoft Word, for example:

a) Click just to the left of the words Part I (30 points)

b) Scroll down and, holding down the Shift key, click to the right of the words End of Part I on page 4. This should select all of Part I, including the table.

c) Press CTRL+C (or click on Copy).

d) Go to your new file, click at the top of the first page, and press CTRL+V (or click on Paste).

e) If offered the choice, choose Merge Formatting.

2) Follow the instructions for completing Part I.

3) When you have finished inserting your answers, insert a hard page break to move to a new page.

a) In Microsoft Word, click at the point you want to insert the page break.

b) Press CTRL+Enter to insert the hard page break.

For Part II

1) Read through Part II carefully

2) Begin your response to Part II after the hard page break.

3) You need not copy and paste my scenario into your file.

4) After you have finished, insert another hard page break so that Part III will start on a new page.

For Part III

1) Begin Part III on the new page of your file.

2) Read through Part III carefully.

3) Remember that I must be able to easily identify which response is the answer to which question within the memo you submit to me as Part III.

 

 

Part I (30 points)

Indicate whether you think the statements in the left-hand column are true or false, by typing a T (for True) or F (for False) in the right-hand column of the respective row. (One point each)

1. Authors of technical documents should not generally expect their audiences to devote their full attention to the communication.  
2. With regard to transactional models, external interference refers exclusively to interruptions outside the building in which an oral presentation is taking place.  
3. Proposals that are submitted without a request are called solicited.  
4. Information and connotation are, in fact, the same thing.  
5. No information should ever be repeated in a technical document..  
6. For all technical writing, a paragraph should be 8–15 lines in length.  
7. A short report is always written for readers within the writer’s organization.  
8. The main goal of an informative report is to provide analysis and justification sufficient to convince your audience to accept your recommendation(s).  
9. Conducting a CMAPP analysis is useful only in the creation of long, formal documents.  
10. The information in analytical reports need not be presented in the same order in which the writer gathered the information.  
11. Good technical communication requires the extensive use of jargon.  
12. Formality of language is not the principal distinction between formal and informal reports.  
13. The CMAPP model is a linear process.  
14. As part of a formal, multi-level outline, the following sequence violates the principle of parallelism.

II. Agricultural Implements

A) Tractors

1. Motorized

B) Planters

C) Threshers

 

  
15. You should be concerned about cultural referents even when dealing with a homogenous audience that is fluent in the same language you use.  
16. Evaluative summaries always assess the calibre of the logic of the original document.  
17. Your textbook’s definition of “correct” language specifies “what every native speaker always says”.  
18. Instructions—and, therefore, user guides—must make abundant use of graphics, tables, and highlighting.  
19. A report’s level of technicality is determined exclusively by whether the report is lateral or vertical.  
20. Unless a copyright restriction has been indicated, something available on the Web should be considered to be in the public domain.  
21. It is always easier to write an effective and successful internal solicited proposal than an internal unsolicited one.  
22. With regard to formal, multi-level outlines, the principle of division could be considered an exercise in arithmetic.  

 

For each question in the left-hand column, indicate which of the choices you consider the best, by writing its letter on the respective row in the right-hand column. (One point each)

23. Technical writers should generally avoid using

a) analogies

b) the active voice

c) comparisons and contrasts

d) euphemisms

  
24. The deductive strategy would typically be more effective to persuade an audience that

a) already understands the overall issue.

b) you have never met.

c) is emotionally involved in the issue.

d) has a reputation for reacting negatively to others’ arguments.

  
25. For a vertical analytical report whose primary audience is technical and whose secondary audience is lay, would you typically

a) construct two reports—one for the primary audience and one for the secondary?

b) write only at the higher level of technicality required by your primary audience?

c) write only at the lower level of technicality required by your secondary audience?

d) write the report at the higher level of technicality, but include a “supplement” of some kind (e.g., an executive summary) at a lower level of technicality?

  
26. Which of the following best defines “process description”?

a) It focuses on delineating the physical characteristics of its subject.

b) It allows an audience to learn how to do something new.

c) It explains how things work or are done or made.

d) It seeks to identify each step in a complex procedure.

  
27. Which of the following should be used to create specific instructions in a user guide?

a) the active voice

b) the passive voice

c) the imperative mood

d) the introductory epithet

  
28. Which of the following headings within a formal, multi-level outline would contravene the principle of parallelism?

a) Introduction

b) Scope of Service

c) Establish Costs

d) Conclusion

  
29. Which of the following is not one of the three principles to be applied as the final stage in the construction of a formal, multi-level outline:

a) Amalgamation

b) Division

c) Parallelism

d) Subordination

  
30. Clients expect that technical reports will always be:

a) a minimum of five pages long.

b) illustrated with several compelling visuals.

c) written in highly technical language.

d) none of the above.

  

 

End of Part I

 

Part II begins on the following page.

 

Part II (50 points)

Examine the following scenario (which does contain fictitious data), and then follow the instructions at the end of this section.

Headquartered in Ottawa, and with locations in Halifax, Moncton, Montreal, Winnipeg, Regina, and Vancouver, Dupont Automobiles Inc. (DAI) is a highly successful automobile dealership chain. In the early 1970s, Maurice Dupont, an energetic, successful entrepreneur who had become alarmed by the Quebecois nationalism represented by the Front de libération du Québec, relocated his auto sales business from Québec City to Ottawa. Over the years, DAI prospered, and in 1995, Maurice engineered that the reins of the business go to his eldest son, Gilles, a holder of an automotive mechanics diploma from Park Technical Institute (PTI) in Surrey, BC, and an MBA from Waterstone University in Coquitlam, BC. Though a President and Chief Executive Officer known to manage with a some-times heavy hand, Gilles was highly capable, and built his father’s Ottawa dealership into a wealthy and respected cross-country network.

DAI twice participated in PTI’s Internship Program. During the September–December 2008 semester, five PTI Automotive students worked at DAI—four on the Repair Shop floor and one in the Parts Department. Immediately after their internship period, two of the former were later hired by DAI as apprentice mechanics. Further, three PTI Electronics program students spent that Internship semester with DAI, one as a data entry clerk in the Administration Department, one on the Repair Shop floor and one in the Parts Department; the last was hired into that department approximately one month after completion of the internship period.

Two years later, DAI decided once again to participate. Thus, from September through December 2010, it provided internship positions for two PTI Automotive Mechanics students and one Electronics student in the Service Department, another Electronics student in the Parts Department, and one Plumbing & Welding student in the Facilities Department. DAI later hired one of the Automotive Mechanics students as an apprentice mechanic; it also gave a regular Junior Technologist position to the Electronics student who had worked in the Parts Department, and hired the Plumbing & Welding student as a Junior Facilities Generalist.

In general, regular Apprentice Mechanics cost DAI about $35,000 per year, including salary and benefits; Parts Department employees cost the company some $37,000 per year, and both Data Entry Clerks and Facilities Generalists about $30,000. Over an internship period, an intern costs the company 75% of what it would have paid a regular employee.

You are S. Chung, Dupont Vancouver’s General Manager. It is now February 1, 2011. Your boss, H. Bartok, DAI’s Vancouver V-P, wants to respond to a recently received letter from L. Mahari, PTI’s Internship Program Co-ordinator, asking DAI to participate in the Fall (September–December) 2011 Program. To assist in the preparation of that response, Bartok has asked you for a report that details what happened in the past, and that provides your recommendations for DAI’s response to PTI. After consulting with two colleagues—L. Borowski, the Service Manager, and E. Martínez, the Personnel Manager—you have determined that, despite the still lingering impact of the last recession that continues to restrain some spending, DAI would be well able to offer four Internship positions: two Mechanic’s Assistants in the Service Department, a Junior Data Entry Clerk in Administration, and an Assistant Facilities Generalist. You have also learned that by January, 2012, it is likely that the Vancouver office will need to replace retiring employees in those three areas.

Write the short evaluative report to Bartok. Adhere to standard memo conventions. (This means you should single-space your text, and not adhere to APA style.) Include any visuals you think necessary. (If necessary, you may want to take a quick look at Chapter 6 of your textbook, even though you have not yet been responsible for its contents.) Pay close attention to CMAPP complementary attributes such as 5WH, ABC, CAP, and KISS, to appropriate level of discourse, and to grammar and punctuation. Although you need not submit one, I strongly suggest you start by conducting your own brief CMAPP analysis.

End of Part II

 
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MK201 Chapters 4-5 Week 2 Quiz

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MK201 Chapters 4-5  Week 2 Quiz Questions

Total points: 4

Directions: Select the best response for each. Please post your selections in the Blackboard response section numbered 1-30 with response to each corresponding question.

Due: Sunday at midnight for each week of this course.

 

Scenario 4.1

Use the following to answer the questions.

 

Because of the development of optical scanners and cable television, marketing researchers can now test the effectiveness of advertising more precisely. Volunteers in a minimum of six cities are offered food discounts in return for allowing marketing research firms to monitor grocery purchases and send trial commercials to their homes through cable television.

 

The research subjects shop only at stores equipped with UPC scanners, and their purchases are identified by a special card. Respondents are also told that some of the commercials they see on cable television may differ from those seen by their neighbors. Buying patterns are then compared. For example, Kashi cereals tested a Crunchy Wheat promotion using this system. Half of the 5,000 participating homes in one city saw a commercial announcing the promotion; the other half saw a commercial that did not mention the promotion. Kashi used scanner data to evaluate the promotion’s success and offered the commercials nationwide.

 

1.   Refer to Scenario 4.1. Kashi’s testing of the Crunchy Wheat promotion is an example of

a. the collection of secondary data.
b. information feedback.
c. an exploratory study.
d. a descriptive study.
e. defining and locating problems.

 

 

 

2.   Refer to Scenario 4.1. Suppose that when selecting the 5,000 homes to participate in scanner studies in one city, the research firm first divided the city’s population into upper-, middle-, and lower-class families, then took a probability sample within each group. This would be a(n) ____ sample.

a. random
b. stratified
c. area
d. quota
e. population

 

 

 

3.   Refer to Scenario 4.1. The 5,000 households that allowed their group purchases to be scanned are a

a. focus group.
b. quota.
c. sample.
d. target market.
e. population.

 

 

 

4.   Refer to Scenario 4.1. When the researchers compared the average sales of Crunchy Wheat for the group that saw the promotion with the average sales for the group that did not see the promotion, in which stage of the marketing research process were they?

a. Defining and locating problems
b. Reporting research findings
c. Developing hypotheses
d. Collecting data
e. Interpreting research findings

 

 

 

Scenario 4.2

Use the following to answer the questions.

 

Colin Jackson recently purchased Blue Waters Adventures, a kayak and canoeing rental business near the Chatsworth River in Arizona. Even though the winters in the area can be cold, kayaking and canoeing activities are generally popular year-round. After two months of operation, it became clear why the previous owners had sold the business: even though it seemed to be ideally located, sales were extremely disappointing.

 

5.   Refer to Scenario 4.2. Colin decided to apply some of the things he had learned in his MBA marketing research class to his business. The first thing he did was to

a. develop a questionnaire.
b. identify a sample frame.
c. define the problem to be researched.
d. conduct store exit interviews.
e. collect secondary data.

 

 

6.   Refer to Scenario 4.2. Colin developed a research design to aid his investigation. This design included a questionnaire that attempted to measure “outdoor activity preferences”; however, Colin’s MBA professor said that the questionnaire measured not “outdoor activity preferences” but something else. The professor was questioning the research design’s

a. reliability.
b. significance.
c. truthfulness.
d. corroboration.
e. validity.

 

 

 

7.   Refer to Scenario 4.2. Colin went to the university library and collected everything he could find on the kayaking and canoeing sports industries. The type of data he collected are known as ____ data.

a. primary
b. secondary
c. descriptive
d. exploratory
e. mixed

 

 

 

 

8. Refer to Scenario 4.2. Besides administering the questionnaire, Colin observed people who went kayaking and canoeing on the Chatsworth River, making notes about their appearance and behavior. The type of data he collected are ____ data.

a. indirect
b. mechanical
c. secondary
d. primary
e. direct

 

 

 

9.   Refer to Scenario 4.2. Before administering the questionnaire, Colin discovered through talking to other sports rental businesses that, although retired males made up a small percentage of the area’s population, they often rented kayaks and canoes. In light of this, Colin decided to include a minimum of 25 percent retired males in his sample. The final choice of respondents was left up to the interviewers. This sampling method is known as ____ sampling.

a. quota
b. stratified
c. random
d. representative
e. area

 

 

Scenario 5.1

Use the following to answer the questions.

 

Lil’ Angels Kids Spa offers various treatments designed to appeal to the younger customer. Treatment options include manicures, pedicures, facials, tea parties, and dress up photos. Parents can even purchase a birthday party package. Lil’ Angels offers its services only to girls under the age of 14. Originally begun in Delaware, Lil’ Angels is considering opening its spa/salons in other parts of the country and is planning to expand its offerings to girls aged 14 to 17. The company realizes that some changes may be needed. For example, management wants to find out if the older girls will be interested in their birthday party and tea party services.

 

10.   Refer to Scenario 5.1. Lil’ Angels Kids Spa is currently using a(n)____ targeting strategy.

a. undifferentiated
b. exclusive
c. concentrated
d. differentiated
e. selective

 

 

 

11.   Refer to Scenario 5.1. Which of the following best describes Lil’ Angels’ current approach to the market?

a. It is segmenting the market according to demographic variables.
b. It is segmenting the market according to product-related variables.
c. It has chosen a segment that is not identifiable and divisible.
d. Its market is impossible to reach because of legal constraints.
e. It is not segmenting the market but is attempting to reach everyone with the product.

 

 

 

12.   Refer to Scenario 5.1. Which of the following bases is Lil’ Angels using to segment its market?

a. behavioristic
b. frequency of use
c. age
d. income
e. family life cycle

 

 

 

13.   Refer to Scenario 5.1. What method should Lil’ Angels use to forecast sales in new regions?

a. Sales force survey
b. Time series analysis
c. Correlation method
d. Market test
e. Regression analysis

 

 

 

Scenario 5.2

Use the following to answer the questions.

 

GE Transportation produces locomotive engines for sale in countries around the world. After looking at the total market for locomotive engines, the company found that different rail lines wanted engines. Major rail lines in the U.S. and South America wanted engines to haul heavy freight. Rail lines in Sweden and Germany were interested in a cleaner, greener locomotive engine. Rail lines operated by several Eastern European countries wanted locomotive engines for running short distances between cities in their own country. GE Transportation is currently manufacturing its GE 4400 for heavy freight, its Hybrid Eco-Engine, and its Dash 9, suited for shortline transport.

 

14.   Refer to Scenario 5.2. Which of the following targeting strategies is GE Transportation most likely using?

a. Undifferentiated
b. Differentiated
c. Concentrated
d. Selective
e. Market diffusion

 

 

 

15.   Refer to Scenario 5.2. What segmentation variable is GE Transportation using to select a target market?

a. Demographic
b. Benefit expectations
c. Income
d. Volume usage
e. Psychographic

 

 

 

 

16. Refer to Scenario 5.2. Suppose that GE Transportation decided to produce only locomotive engines for rail lines in the United States. The segmentation variable then would be

a. geographic location.
b. type of organization.
c. market density.
d. product use.
e. customer size.

 

 

 

17.   Refer to Scenario 5.2. Researchers at GE Transportation estimate that 1,000 rail lines throughout the world will purchase some kind of locomotive engine next year. That number represents the

a. company sales potential.
b. breakdown approach.
c. market potential.
d. buildup approach.
e. company sales forecast.

 

 

ANS:  C                    PTS:   1                    DIF:    Difficult

OBJ:   05-05 Understand how to evaluate market segments.

NAT:  AACSB: Analytic | MKTG: Model Research                   MSC:  Application

 

18.   Refer to Scenario 5.2. If a GE Transportation researcher analyzes monthly sales data for a four-year time frame, looking for periodic fluctuations, the researcher is doing a ____ analysis.

a. trend
b. seasonal
c. cycle
d. random factor
e. regression

 

 

 

 

MULTIPLE CHOICE

 

 

19. If Procter & Gamble, the maker of Dawn dishwashing liquid, wants to know what percentage of customers examine product labels before making a product selection in the grocery store, it can best gain this information through

a. focus groups.
b. mail surveys.
c. personal interviews.
d. observation.
e. mall intercepts.

 

 

 

20.   Nathan, a marketing manager for Casual Express, a retail clothing store chain, wants to use observation methods to gather information about shopping behavior. Which of the following should Nathan know about observation methods of data collection?

a. Observation uses secondary sources of data.
b. Observation depends on mall interviews.
c. Observation can tell Nirendra what is being done, but not why.
d. Observation focuses on open-ended questions.
e. Observation works best for telephone surveys.

 

 

21. Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

a. business market.
b. market.
c. undifferentiated market
d. segmented market
e. market variable

 

 

 

22.   Which of the following is not a characteristic of a consumer market?

a. it consists of purchasers who intend to consume or benefit from the purchased products
b. they do not buy products for the main purpose of making a profit
c. they are sometimes referred to as B2C markets
d. their purchasing decisions are always made by only one individual
e. each of us belongs to numerous markets of this type

 

 

 

23.   Which of these statements is not true about business markets?

a. the purchase may be made to resell the item
b. the purchase is always made by more than one individual
c. the purchase may be made to use in general daily operations
d. the purchase may be made to use in production of another product
e. they can also be referred to as organizational markets

 

 

 

 

TRUE/FALSE

 

24.   Marketing research is a systematic and orderly gathering of information supplied through the routine reporting system within the organization.

 

 

25.   The purpose of marketing research is to inform an organization about customers’ needs and desires, marketing opportunities for particular goods and services, and changing attitudes and purchase patterns of customers.

 

 

26.   The first sign of a problem is usually a departure from some normal function, such as a failure to attain objectives.

 

 

27.   Online focus groups are more expensive than tradition sit down groups.

 

 

28.  A market is a group of people who, as individuals, have needs for products in a product class and have the ability, willingness, and authority to purchase such products.

 

 

29.   Individuals’ ability to buy depends on the amount of their buying power.

 

 

 

30.   The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

 
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MKT571 Segmentation And Target Market Paper

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Write a white paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and the selection process for that target market.

COMPANY CHOSEN IS CHIPOTLE MEXICAN GRILLE
Required Elements:

  • No more than 2100 words
  • Include demographic, psychographic, geographic, and behavioral characteristics for the selected company.
  • A positioning statement for the company with careful consideration of their brand and strategy
  • Paper is consistent with APA guidelines.Market Segmentation

     

     

     

     

     

     

     

     

     

     

    Segmentation and Target Market

    Name

    Class

    Date

    Professor

     

     

     

     

     

     

     

     

     

     

     

    Segmentation and Target Market

    Market segmentation is identifying the smaller market within the larger market in order to focus market strategies on the appropriate customer base for a business. Since a business cannot target every individual in a market it is important to breakdown the larger market into segments that would be best suited for the product or the service. At Chucky E. Cheese the market has been broken down to clearly identify the target market which in this case is families with younger aged children. Chucky E. Cheese was created as a place for family fun and entertainment. In order to ensure the right segment of the market is alerted to the presence of this establishment the marketing plan must target the right audience.

    In order for Chucky E. Cheese to be a success the company must first identify the correct section of the market, understand the size of the market, make the targeted market accessible through promotion efforts, and assess the appropriateness of the policies and resources of the company (Moyaras, 2007). Chucky E. Cheese has been a success in part due to their ability to properly identify their target market and then create marketing strategies that target the parent by first attracting the child. While parents take the child to Chucky E. Cheese targeting the child as well as the parent has resulted in a larger customer base. For example if a parent asks their child “where would you like to go this weekend”, targeting the child gets the response, “Chucky E. Cheese”.

    Target Market

    Chuck E. Cheese operates kid-friendly themed restaurants catering to families with children between 2-9 years old (Mayoras, 2007). Understanding the age group requires the deployment of a demographic market segmentation strategy. Older children are less interested in going to an establishment where the games and entertainment is geared for a younger age group. Teenagers would not be an appropriate market for this business because the entertainment includes tunnels, video games for younger children, big furry, robotic characters, and prizes suited for children under the age of ten. While older children may enjoy this setting the goal is to attract a younger child age group.

    Market Segmentation

    Demographic market segmentation is a common approach to segmenting the market. With this strategy, a company simply divides the larger market into groups based on several defined traits (Kokemuller, 2014). Applying a demographic segmentation strategy includes determining what ways will most effectively identify the market this company wants to target. To establish this target market was a part of the business model of Chucky E. Cheese making this marketing approach essential to their success. The demographic segmentation strategy applied was developing research on games and attractions children ages 2-9 would be most attracted to.

    One major attraction for this age group is tunnels and play areas where children can climb. In order attract the target market; Chuck E. Cheese created an elaborate tunnel and play area in their locations. The location of Chucky E. Cheese was also an important consideration of the company. While the company understood their target market it was also important to identify the best geographic segmentation strategies. Geographic segmentation is the division of the market according to different geographical units like continents, countries, regions, counties or neighborhoods (Kokemuller, 2014).

    At Chucky E. Cheese the family will spend at the very minimum $30 dollars in order to eat pizza and play the games available at the establishment (Moyaras, 2007). This is the low end of what will be spent in the establishment and in truth $100 or higher is the higher end of what a family will spend. Using this information, Chucky E. Cheese locations have been established in middle to upper class communities to ensure consumers in the area can afford the cost of visiting this type of entertainment venue. Establishing Chucky E. Cheese locations in markets where customers may not be able to afford the cost of the entertainment can result in lower sales for that particular location.

    Psycho-demographic segmentation refers to the why a certain part of the market would be interested in the product or service being provided by the businesses. Chucky E. Cheese provides parents with a place to bring their children where they will be entertained and allow free. Parents can relax over some pizza while their children run around enjoying play areas or video games. Chucky E. Cheese is also a great place for parents to hold birthday parties for their younger children. Each Chucky E. Cheese location provides a party area for families wanting to celebrate their child’s birthday.

    Behavioral segmentation is based on user behaviors, including patterns of use, price sensitivity, brand loyalty and benefits sought (Kokemuller, 2014). In the case of Chucky E. Cheese parents are offered free token for games if they purchase the pizza available at the establishment. These tokens can be used by the children saving parents money. The locations offer all types of specials to attract parents to the establishment as well as rewards for parents that repeatedly visit the establishment. Children that use the token for games will receive tickets that can be used for prizes. Children are excited about the prizes they can win resulting in the company generating more money for video games in order to get enough tickets.

     

    Positioning Statement

    The positioning strategy or brand strategy of a company is a comprehensive description of the core target audience to whom a brand is directed, and a compelling picture of how the marketer wants them to view the brand (Nielsen, 2010). In the case of Chucky E. Cheese the core target audiences are parents with small children and the target geographic location are middle to upper middle class communities. The four elements of the positioning statement include target audience, frame of reference, benefit/point of difference, and reason to believe. The target audience has been established while the frame of reference is the category in which the brand competes.

    In this case Chucky E. Cheese competes in family fun and entertainment category successfully. The company has become a familiar staple for families seeking to entertain small children or to celebrate a child’s birthday. The benefit/point of difference for Chucky E. Cheese is the importance is plays in the memories of parents and children. Many children have had or have attended birthday parties at Chucky E. Cheese creating special memories. While other businesses similar to Chucky Cheese have been established for many the memory of childhood fun at Chucky cheese is an important childhood memory. Lastly is reason to believe. In this case Chucky E. Cheese has delivered for decade’s fun for the parent and the child. it has delivered on it mission that everyone leaves happy.

    The positioning statement for this business could be “For parents and children, Chucky E. Cheese is an entertainment/arcade business that delivers a place of family fun because only Chucky E. Cheese is the place where lasting childhood memories are made”.

     

    References

    Kokemuller, N. (2014). Examples of Marketing Segmentation Strategies. Retrieved November 2,

    2014 from http://smallbusiness.chron.com/examples-market-segmentation-14403.html

    Mayoras, T. (2007). Chuck E. Cheese: Long Term Value Thanks To Demographics. Retrieved

    November 2, 2014 from http://seekingalpha.com/article/40697-chuck-e-cheese-long-term-

    value-thanks-to-demographics

    Nielsen, L. (2010). What Is a Brand Positioning Statement? Retrieved November 2, 2014 from

    http://smallbusiness.chron.com/brand-positioning-statement-3579.html

 
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