MKTG 305 Week 1 Discussion | Assignment Help | AICU
Unit 1 - Discussion Board
In your own words, answer this unit's discussion questions in a main post (recommended minimum 300 words), and respond to at least 2 peers’ postings (recommended minimum 75 words).
After you have reviewed the Assignment Details below, click the Discussion Board link under the My Work heading above to open the Discussion Board and make your post.
Understanding the marketplace is the first step to developing and implementing a company’s effective marketing strategy. Consider today’s marketplace, which is crowded with a variety of products and services in all industries. Companies sell their products and services in-store and online as well as offering a hybrid of options to order online and pick up in store. These options are often designed to move the company and its brands to the top place in the industry.
For this discussion, explore the electric and hybrid car industry. Because more emphasis is being placed on sustainable and green technologies for cleaner air and lower gas emissions, customers are becoming more interested in alternative-fuel cars such as hybrids, solar, and electric choices. In addition, as gasoline prices continue to rise for all-fuel automobiles, customers are often looking for more fuel-efficient options to lower their personal expenditure and more.
A few sites that show these growing markets include the following:
• Electric Vehicles Market
• Hybrid Cars Market
For this discussion, after researching the electric or hybrid market, select a car model that offers the customer a more fuel-efficient choice. Then, discuss the following:
1. Identify the product’s competition. What is 1 new trend on the horizon that the company needs to consider when offering these models to customers in the future?
2. Discuss how your selected model is poised to compete in today’s marketplace.
3. What type of customer would be interested in your product? Note the demographics such as the age of the customer, lifestyle, or psychographics. For example, a customer who is a salesperson and travels 200 miles per day might be very interested in this type of car.
The following information is provided to help with your assignment:
Today's marketplace is complex, crowded, and competitive with hundreds of thousands of products and services.
Marketers need to understand that economic value includes market research and industry analysis, both focused on how a product or service matches the wants and needs of the targeted customer. Marketing research about the environment, competition, and customers is critical to company success and creating brand loyalty and awareness.
In analyzing a product or service industry, marketing tools such as a SWOT analysis, which examines the strengths, weaknesses, opportunities, and threats of an organization; a PEST analysis, which focuses on the political, economic, social, and technological sectors of the market; and, Porter’s Five Forces analysis allow marketers to get a top-line and in-depth view of how the brand is situated in the marketplace against the competition, what opportunities and threats exist, and how customers perceive the product.
For more on SWOT, click here.
For more on PEST, click here.
For more on Porter’s Five Forces, click here.
Discussion Board Reminders:
• Must have 3 posts: A main post and two replies to peers.
o First post: Either your main post or a reply to others must be posted before midnight CT (Central time) on Friday of each week.
o Second and third post: Must be posted on a different day from the first post.
• Connect to content: At least 1 post must refer to course learning materials. See the Academic Resource on Discussion Boards for help with connecting to the content.
• Engaging in class discussions: For more information on making the most of your class dialog, review the Academic Resource on Discussion Boards.
For assistance with your assignment, please use your text, Web resources, and all course materials.
Berry, T. (n.d.). What is a SWOT analysis? Retrieved from https://articles.bplans.com/how-to-perform-swot-analysis/
Mind Tools Content Team. (n.d.). PEST analysis. Retrieved from https://www.mindtools.com/pages/article/newTMC_09.htm
Transparency Market Research. (2014, July). Electric vehicles market (on-road) (hybrid, plug-in, and battery) - Global industry analysis, size, share, growth, trends and forecast, 2013-2019. Retrieved from https://www.transparencymarketresearch.com/electric-vehicles-market.html
Transparency Market Research. (2017, March). Hybrid cars market (type - series, parallel, plug-in, and series-parallel; energy source - ice hybrid, fuel cell hybrid, solar hybrid, and natural gas hybrid; vehicle type - passenger cars and commercial cars) - Global industry analysis, size, share, growth, trends, and forecast 2016 - 2024. Retrieved from https://www.transparencymarketresearch.com/hybrid-cars-market.html
QuickMBA. (2010). Porter's five forces. Retrieved from http://www.quickmba.com/strategy/porter.shtml
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