Do you have what it takes to manage the marketing decisions within an organization? MANAGERIAL MARKETING examines the marketing function from a managerial standpoint,
Industry Forecasting
Select an industry that interests you. Using the political, economic, social, technological, environmental, and legal (PESTEL) analysis as covered in the text, analyze the factors that may impact the industry that you have selected and the successful marketing of a company's product. Evaluate the factors you perceive to be the biggest strengths and weaknesses. Describe some opportunities for growth that could be capitalized over the next five years.
Your paper must be a minimum of three to four pages (not including the title and reference pages) and be formatted according to APA style as outlined in the Ashford Writing Center. You must use at least three scholarly sources from the Ashford University Library, one of which must be peer reviewed, in addition to the textbook.
1.Conclusion
As stated at the outset, one of the most important roles of market research is to provide information that will reduce the uncertainty and risk confronting the firm. Consequently, the value of research is greatest when market conditions are most volatile and least certain. The intensity of head-to-head competition and instability of consumer preferences are two factors that increase the value of current, reliable market research. However, the relative importance, role, and scope of market research will necessarily differ from one organization to the next.
Organizations that embrace the marketing concept recognize that effective market research possesses the potential to improve customer satisfaction and brand loyalty. In fact, it is often said that market research is the listening part of the dialogue between buyers and sellers that is the process of marketing. It is certainly one of the most important means by which organizations can learn about customers' wants, needs, and preferences.
For the most part, marketing managers need to understand the essential elements of the process well enough to be good clients. First and foremost, this means knowing how to work with professional researchers to assist in the meaningful translation of marketing problems into research questions. The second most important role of marketing managers as consumers of research is to be critical customers. More than the professionals who execute the research studies, managers must recognize that research results are only of value when the information collected is relevant and specific to the challenges facing the organization.
2.Conclusion
Quantitative forecasting methods provide predictions of future sales based on the analysis of historical sales data and anticipated future market conditions. Qualitative approaches allow marketing managers to incorporate the judgment and opinions of experts within the field. Forecasts enable companies to evaluate current performance and prepare for future sales levels. The prediction of slowing or declining sales provides an opportunity for firms to re-evaluate their marketing plans and explore alternative opportunities for growth.
Accurate predictions of future demand growth enable organizations to compete and function more effectively by making their operations more efficient. Reliable sales forecasts can facilitate more efficient production planning, improve customer service, and generally improve the allocation of the firm's resources to match consumer demand. In this way, the competitive advantage provided by better sales forecasting can result in lower costs, higher margins, and improved levels of customer satisfaction and brand loyalty.
3.Conclusion
Retail consumers and organizational buyers share some common characteristics in their approaches to decision making. For important purchases, both groups search for information as a means of mitigating the risk of making poor choices. The end-user market for consumer goods is influenced by a wide range of social, cultural, economic, and psychological forces. Some of these are unique to the individual while the impact of others spans large segments of the economy. The process of organizational purchasing is generally free from many of the seemingly extraneous forces that influence retail consumers. The process is designed to provide a highly rational approach to purchasing products and solving problems. It is important to remember, however, that the judgment exercised by people operating within these logical and highly structured buying processes is occasionally going to be influenced by factors unrelated to the objectives of the system. In some instances, marketers intentionally introduce these unrelated factors as part of their efforts to sell products.