Question 1: The following concept will be presented in the first two classes: R-STP-MM-O-I-C. Please identify what each of these letters stands for, and give a brief (minimum 25 word) description of each one, in your own words.
Answer: Each letter is described as follows:
1. Research: This step in the process involves market research and analysis in a potential market that a company wishes to enter. Research will give information on customer base and preferences.
2. Segmentation: This step in the process requires the company to divide and organize the market into smaller sections for the purpose of completely entering the market.
3. Targeting: After segmentation, a company must choose which segment to enter based on research done on each segment. This research will ultimately decide what segmented market to enter and which not too.
4. Positioning: This step in the marketing process involves studying the comptetitors and customers closely to see where a company can position itself in the market or if it wants to at one point dominate the market this is where you come up with that plan.
5. Marketing Mix: This step in the process involves the development and coordination of the 4P’s of marketing known as, product, pricing, promotion, and placement.
6. Objectives: This step in the process involves clearly identifying goals and objectives for the company in regards to its future position in the segmented target market.
7. Implementing: This step in the process involves taking a clear initiative on all previous parts of the marketing process and officially starting the marketing campaign.
8. Control: This last step in the process involves a constant follow up of their market so that they can better target themselves and adapt with the help of market feedback.
Question 2: For this question, please find and discuss a recent (last two years) example of a company that you feel has not done a good job of understanding and responding to the changing...