Marketing Perspectives Report: Marketing Plan Analysis and Solutions

This report analyzes the critical environmental factors in marketing, with a particular focus on demographic factors. The report argues that demographic knowledge is paramount in developing effective marketing strategies and ensuring products meet the needs of the target population. It contrast...Read More

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Running head: MARKETING PERSPECTIVES
Marketing Perspectives
Name
Institution Affiliation

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MARKETING PERSPECTIVES
Which of the environmental factors do you feel is the most critical, and why?
The environmental factor which I feel to be the most critical is demographic.
Demographic refers to the characteristics held by a population in a certain area and encompasses
many factors including income, age, race and many more. Demographic factor seems to be the
most paramount aspect of any marketing plan as it determines whether the designed product
meets the target population. According to Cunningham and Walter (2018), organizations such as
Apple and Microsoft have thrived due to clear knowledge of the demographic environment. The
knowledge of the demographic environment ensures that an organization does not waste money
in and resources in people who have no potential of buying its product (Copulsky, 2016).
What might someone with an opposing viewpoint think is the most important?
Given this opposing argument, how would you argue your opinion?
People have varying opinions and ideas based on their experience. It is not shocking to
hear someone holding that other factors such as economic, culture, politics and technology are
more important than demographics. However, it is well noting that each factor is very crucial for
effective marketing but there is one that stands out more (Hutt & Speh, 2017). Without the
knowledge of the demographics, an organization would not understand other factors such as
technology, economics, politics, and culture. It is through the knowledge of the factors affecting
the targeted population that an organization can settle on the production technology, the state of
the economy, the laws regarding production and marketing and the culture. Without
demographic knowledge, an organization would waste its resources as its products wouldn’t
meet the targeted population

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MARKETING PERSPECTIVES
What solutions should be considered as you seek to develop a sense of ownership of
your plan?
The solutions that have to be considered in this case should aim at addressing the two
sides of the marketing plan. First, there is the perspective of Michelle which focuses on the
domestic market. Secondly, there is the perspective of Elena that focuses on the international
market. The first solution here should be based on the profitability of the selected market (Hutt &
Speh, 2017). The company should conduct market research to determine whether the domestic
market is more profitable than the international market. The second solution here should be
tailored to the target customers. The organization needs to question their target customer base
and determine whether it is based on the domestic or the international market.
What solutions would you recommend to the board, and why?
The first solution that I would recommend to the board is to develop a product that can be
marketed in the international market (Kotler & Keller, 2016). The international market has more
customers than the domestic market, meaning that the company will have a wider market.
Secondly, the board needs to conduct market research to determine the risks and gains associated
with the domestic and international market. The knowledge of the market research can help the
organization in determining the marketing strategies and the segment to concentrate on (Kotler &
Keller, 2016).

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MARKETING PERSPECTIVES
Is a compromise feasible?
A compromise is feasible in this case as it is hard for the perspectives of both Elena and
Michelle to be explored. The board can adopt one of the two perspectives, and be ready for the
consequences (Kotler & Keller, 2016). It is worth noting that a compromise here has to be based
on sound marketing research to avoid detrimental choices.

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MARKETING PERSPECTIVES
References
Copulsky, W. (2016). Strategies in industrial marketing. Industrial Marketing Management, 5(1),
23-27. doi: 10.1016/0019-8501(76)90006-7
Cunningham, R. and Walter, L. (2018). Effective Marketing. Journal of Marketing, 4(2), p.202
Hutt, M. D., & Speh, T. W. (2017). Business marketing management: B2B (11th ed.). Mason,
OH: South-Western.
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.) [VitalSource Bookshelf
version]. Upper Saddle River, NJ: Pearson. Retrieved from
https://online.vitalsource.com/#/books/9781323591512