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Marketing Planning- Using a real or hypothetical product or service

1. Use a real or hypothetical product or service. List 5 items in the external environment which may be a threat to your product's success and tell how two of these threats could be turned in to opportunities.

2. a. What are two important reasons for a marketing plan?
b. Why is the Mission Statement the first item in such a plan?
c. Use a real or hypothetical organization or product and make up a SWOT analysis of at least three items in each quadrant.
d. From the SWOT analysis, what looks like a good opportunity for this company to pursue?

3. Give two examples each of the following inputs to the Marketing Information System:
Internal data
Primary External Data
Secondary External Data
Why are multiple sources of data needed

4. What does it mean to "cross validate" or "triangulate" results from marketing research? Why is this needed in qualitative research?
Give two examples of biases that might exist in some form of marketing research: test markets, interviews, focus groups, observation, surveys, etc.

5. List five "trends" going on in society or the world today and tell how you might market a product or service to capitalize on one of these trends

Solution Preview

Global Marketing Management
Week 1 Questions

1. Use a real or hypothetical product or service. List 5 items in the external environment which may be a threat to your product's success and tell how two of these threats could be turned in to opportunities.
Threats can be:
1) Enhanced competition.
2) Recession.
3) Increase in cost of raw material.
4) Anti-Industry government policy.
5) Outdating of technology.

Outdating of technology can be turned into opportunity by upgrading the technology to the latest technology. Recession can be turned into opportunity by offering low priced or value from money products.

2. a. What are two important reasons for a marketing plan?
Reasons are:
1) To communicate to the key stakeholders.
2) To accomplish the objectives of the ...

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