Arizona State University
Quarters 1 and 2
In this paper, I conducted my own market research. I studied different marketing plans in order to assess the marketing campaign. I also had to create an effective advertising program to convince potential customers to purchase the product. In this case, my chosen target segment is Mercedes. I have to grasp the procedures how I prosper to struggle to survive the operations. On top of these all, I decide to take actions and discuss all possible options to succeed in the business. Firstly, I begin to uncover the place of the sales location of the business including its core values of marketing and its strategy. Secondly, I have to consider the people called the target markets that will patronize the products and services. Thirdly, I must ascertain the principal amount of money before launching the business and endorsing products. For the first and the second quarter, I have to choose an effective brand design to promote the product and consider the worth of the products based on how much target markets will pay. Though performance trade-off always occurs, I become aware that higher performance features usually charged with more than lower sales and business performances. In terms of Mercedes products, I concentrate on the market potential by calculating the following assumed figures and statistics. I would like to note that the following figures are good examples of the high possible values. Using the calculation below, Mercedes Brand PC can find success if it has one thousand units. If the company brand sells one hundred thousand units to trade them in various sales channels expanding to other regions, Mercedes Brand PC earns higher revenues that the usual business processes.
Market Potential = Probability of Purchase (US $1,000) × Number of Units (US $1,000) × Number of Potential Customers (US $1,000)
Market Potential = US $1,000,000,000
In the first and the second quarter, I learn to recognize the importance of a balanced scorecard. I also understand how to succeed in the business operations and how to ensure to survive in the process. I will succeed to evaluate my advertising effectiveness and the economic presentations to measure that my business and sales performances Mercedes Brand PC grow within the marketing division. I must create a new PC marketing division in order to track my new business prospect. In doing so, I have to manage my PC division and to announce a newfangled line of microcomputers into four transnational markets such as Chicago, Paris, Sao Paulo, and Shanghai. Using a market research data, I can widen my geographic locations and select Mercedes Brand PC as my target segment and direct my survey research for my potential clients and users. Once I find out the pulse of the clients and purchasers, I must administer the process of the three market segments and four geographic markets to establish some unique sets of necessities and requirements.
The major decision I made for the first and the second quarter was to introduce a new marketing division called PC Electronics. Under this division, I have to cherry-pick Mercedes Brand PC as a target segment over Travelers and Workhorse. Then, I study some difficult marketing concepts and the business principles so that I can easily grasp those terms and procedures to run my future business. Afterward, I learn the business process from planning, implementing, producing, and packaging the products. In effect, I have to advertise the products and circulate new information about the brand and to accomplish such stream of success by getting familiar with these concepts such as Brand Management, Pricing, Advertising, and Sales Channel. However, I have to understand these concepts since I have to proceed to the second quarter to uncover new concepts to master the following principles and ideas. This time I must begin with the following details:
Firstly, I must design Mercedes Brand PC as my target segment brand
Secondly, I need to set the selling price of the brand in the US $1,000 with complete features and between the US $500 and the US $950 due to lack of software applications.
Thirdly, I must employ a sales force to promote my product brands.
Fourthly, I must open a new sales office in various locations where profits and revenues surge. To do this, I must employ new effective sales people to endorse positive results for the business.
Fifthly, I must design a creative commercial endorsement for my brand.
Sixthly and finally, I have to schedule new sets of advertisements to promote the brands both in local and national media. Through expansion, I can then promote my brand in the national settings.
In the second quarter, I develop my business and marketing skills through a constant practice. I also need to unfold the secret of effective marketing strategy, unveil the secret to enhance some strategic details, and move abilities to analyze and evaluate marketing plans into the test market. I check possible ways to improve my product brands and designs through brand management as well as its pricing and advertising. Brand management helps me ensure to monitor the business performance of the products along the market competition. In doing so, I learn how to set a price and consider the cost of manufacturing and operations. Most likely, I need around the US $1,000,000 to begin my business with the cost of all expenses plus employment and overhead costs. Then, I check the price elasticity of the brand products in order to determine how price-sensitive Mercedes Brand PC is in the target market. Afterward, I must to identify the competitive prices of Mercedes Brand PC compared to Workhorse and Traveler to maintain the competitive advantage by understanding the customer needs and wants (See Table 1 Below).
Table 1. Customer Needs and Wants
Low Price 128 81 115
Easy to Use 132 102 109
Can Link to Other Computers 114 127 121
After-Sale Service and Support 115 125 102
Fast and Powerful 110 135 115
Portable 53 79 129
Fun to Use 105 70 109
Easy on Eyes, Larger Display Area 97 120 113
Able to Store a Lot of Data 117 114 113
Can Work on Multiple Complex Tasks 91 130 84
Has a Distinct Look 121 115 116
The density of the business situations such as corporate challenges and competitive advantage of the product brand helps me master the principles of marketing such as Place, Principal, Products, People, and Promotion. Though these terms do not exist in the lecture, they summarize the ways that business leaders think to establish their own trades. With the 4Ps, the business process of Mercedes Brand PC effectively work towards progress despite the market conditions. However, I am able to learn marketing research and its components such as customer needs, price, market potential, target segments, and duties. I inaugurate to comprehend the flow of the business and the subtle approach towards sales strategy, brand management, pricing, and others that this paper shows. At some points, I have to study the needs of the clients and customers before they can create their target segments.
What’s more, selecting a sales channel strategy importantly helps me fulfill my product. Then, I must design a brand that attracts my preliminary target segments and the clients. I must set the selling price for the Mercedes Brand PC from $500 up to $1,000 based on the software applications and the functionality. Then, I need to employ a small sales force and hire graphic artists to design a promotional marketing. Afterward, I must establish sales outlets and service people to market the brands and to make tactical decisions. Moreover, an inclusive sales channel strategy necessarily guides me to take some of these tactical assessments. For that reason, my major decision to make for the first two quarters is to study Mercedes Brand PC.
During the second quarter, Mercedes Brand PC against Workhorse and Travelers will enter into the market competition. Mercedes Brand PC as my brand highlights its designed features including its functionalities, physical designs, and prices. This time customers and regular clients will initially react to the initial marketing activities and then evaluate the test market results. Based on the test market experience, I can competently modify my marketing strategies to progress the performance. I have to incorporate effective measures to determine the business presentation and deliver varied facts and figures to adjust my strategic assessments and recover my chance for triumph in the competitive market. I also use the most important measures such as the balanced scorecard, the market demand and market share in the targeted segment, the productivity study, the customer satisfaction with your brands, the prices, and the methods of marketing. As a result of this feedback, I have to review each of the sources of information and then standardize my strategy to improve my sales performance in this quarter. Proper monitoring of my product brand and the business process aid me to review my firm in the first and second quarter. I need to analyze the necessary components and features to review some of the strengths and weaknesses before I engage in the market competition. Once I know the strengths and weaknesses of my firm particularly my product brand, I will most likely change my approaches and strategies to succeed in the business operations. Moreover, Quarter 3 allows me to adjust and adapt new market strategies when needed. In the end, it allows me to offer opportunities to make adjustments on my brand management and plans if I find it hard to adjust my business setting.
In Quarter 3, I must review the market data from the test market and adjust the firm’s approaches and strategies in terms of brand design, pricing, advertising, and sales force. In all likelihood, I want to think of a new design of Mercedes Brand PC to beat the competition and augment additional incomes to the business. However, I have to be certain to design new products of the same product line. I also have to re-evaluate my pricing techniques if I go up higher than other brands do. I can also compare the business and employment deals and sales channel sites to the business rivals such as Workhorse and Travelers and find ways to uplift the business performances. If Mercedes Brand PC has problems in terms of marketing strategies, I immediately adjust to the environment and take courage to explore possible solutions to the growing issues in market offerings and market strategies. At this point, I must adjust my sales channel schemes and courses to serve my intended clients effectively. I can also review the bearing of publicity, polish my promotional advertising, and beat the competition through effective and charming promotional endorsements of the newfangled products. In doing so, I desire to check the client’s comments and responses of the products from the customers based on my advertising designs. In fact, I also have to study the commercial ads of the business rivals and media frequency. Then, I must modify my own marketing plans and procedures in order to improve my own strategy by revising my broadcast and print media. Moreover, clients get attracted to the fascinating and gainful promotional marketing by utilizing print media such as brochures, flyers, journals, and newspapers or broadcast media such as radio and televisions. Perhaps, selling Mercedes Brand PC will never prosper through word-of-mouth technique and broadcast and print media. Its future success can also be done through social media marketing, the newest media channel that promotes change and triumph of the product brands.
C. Quarter 4
In Quarter 4, I plan to make changes in my marketing strategy from the ideas found in Quarter 3. I develop new techniques to sell my brands through commercial endorsements and social media marketing. I maneuver various testimonials from the clients to encourage other customers to purchase my product brands. I then meet the terms with the clients and their market demands to improve my sales performances and augment my operating revenues. This time I can magnify my product brands within my marketing division and go over with the following items to:
When necessary, modify the marketing plans and strategies in terms of business strategies, brand designs, product pricing, product advertising, and sales force in order to achieve brand profitability by investing ad designs.
Choose a secondary section to target the needs and wants of the consumers before I can design a marketing scheme and program.
Design a new brand when necessary in order to take control of the competition while maintaining the cheaper price the brand.
Supplement more marketing officers and salespeople to endorse and trade the product brands while designing a new commercial advertising before running the new advertisements in the local media.
After reviewing market data and performing market research, I learn to schedule another opening of a new sales office, expand my market locations, enhance my market strategies, and employ new groups of salespeople who can be appropriate ambassadors for the product brands in Quarter 4.
Table 2. Brand Profitability
Brand Revenues 1,254,000
– Rebates 37,050
– Cost of Goods Sold 926,678
= Gross Profit 290,272
Brand Design 60,000
+ Ad Design 30,000
+ Brand Advertising 53,565
= Expenses 143,565
Brand Profit 146,707
% from Brand Revenues 12
Profit per Unit 257
In this case, I must evaluate the market and promotional strategy if the new decisions are still on track. If adding new salespeople does not work or if the designed advertisements do not entirely charm the target markets, I can revamp new marketing strategies to redefine the new platforms and schemes. In doing it, I also need to expand my market offerings by heightening company and brand services, selling new brand designs such as portable tablets and phablets, and re-introducing new product lines such as mobile phones and electronic speakers to attract more customers. I can maneuver this by supplementing new target markets and newfangled marketing strategies.
D. Quarter 5
Enhancing my market strategy and market offering works well in the balance. The chance to enhance my market offering serves as my opportunity to learn how to improve my approach to treat my business. In Quarter 5, I must examine the inventive marketing decisions due to the set of first-hand brand constituents in which such new elements of Mercedes Brand PC create an interest among the consumers. For examples, I must closely work with engineers who can design new brand designs and features that will differ from the rest of the competitors. When necessary, I have to go over with my branding and design strategy to take advantage of the innovative tools and technologies. In doing so, I need to start revising the brand designs to meet the needs of my clients. I also have to monitor the new trends of business in the global market so that I can add a set of new product brands. In terms of expanding in Quarter 4 and enhancing in Quarter 5, I can easily alter my business plans and convince my engineers to integrate new features of Traveler Brand PC, which does not exist in other stores. This type of expansive strategy during Quarter 4 results in the development of the market demands, operating profits, and sales. My groups of engineers who develop my new designs will add brand features to cater to the needs of the clients despite the marketing strategies. Indeed, the designed features of the enhanced products and improved strategies will considerably increase my sales performances and moments of customer satisfaction. In other words, Quarter 5 focuses on the introduction of the current brands with ground-breaking features to improve sales performances. The Research and Development (R;D) team, which continues to discover new prospects of success of the new brand designs. The R;D team with its objective to broaden its market scope, works hard to improve business practices through refining my viable ads, hiring dynamic sales people, and establish highly profitable locations. My primary goal for Quarter 5 is to maximize my sales performances before launching new chains of products. However, I cannot drive my businesses towards success if I fail to meet the basic demands of my marketing strategies. I can also modify my marketing strategy to reach my performance goals based on the new product components.
In Quarter 5, I manage to enhance my market offering by expanding my target segment and exploring new strategies to revise my strategy in Quarter 4. Such strategy to expand my market during quarter 4 will result in Quarter 5 to display an improvement in my market demand, performance trades, and operating income. It seems appropriate to work on the marketing strategies while asking for assistance in product branding and management for product designs. Instead of focusing on Traveler, I can ask the product engineers to create newfangled designs to attract more clients. This idea happens in Apple Electronics in which its marketing executives utilize new tools to design new products of the same product line. In the simplest term, its marketing managers keep on changing or remodeling the product designs of Apple Electronics by adding new brand features to attract customers. Such new features will finally promise to increase sales and promote customer satisfaction in all marketplaces and target segments. Moreover, one of the principal objectives in Quarter 5 is to showcase a new series of brands as a market offering. However, such action will further require me to change my methods and techniques to transform my marketing strategies in order to suit the needs of the clients. Another goal for Quarter 5 is to take full advantage of my business and sales performance from the enhanced and expanded strategies. I am then compelled to maximize my market sales by revising my market strategies and changing my market offerings if all these features and methods do not work. Beginning with Quarter 4 and Quarter 5, I have to reach my performance goals based on expanding and enhancing the market offerings. By introducing new brands with new features, I can stimulate success and gain profits. As long as I establish my Research and Development (R;D) department, I can continue to expand and enhance my market by improving my promotional advertising, hiring credible and viable salespeople, and finding the new offices to institute a successful business.
My task in Quarter 6 concentrates on refining my marketing strategy and on the task to polish such business technique to convey any business progress. I must consider some changes to my business plans to reach my target markets – the regular customers and groups of people who patronize my new products or services. Varying my marketing strategies especially when necessary encloses my value proposition, influences my key marketing messages, and connects my information to the target customers. Boosting my sales channels and targeting m specific consumers in Quarter 6 make me feel easily liable to my product brands to any sales channels such as Chicago, Paris, Shanghai, and Sao Paulo. In business, corporate executives and managers cannot survive in the market competition without competing with others. It is wise to think that they develop an exact approach and paramount marketing strategy to ensure the survival of the business. By studying the market data and by determining the strategies to meet the customer needs, I find it easy to discuss how important it is to make strong decisions to surpass the rivalry through brand designs, pricing strategies, great commercial advertising, and effective distribution channel. Guaranteeing durability and branded quality helps me improve my marketing plan and refine possible areas of the business such as brand design, pricing, brand management, sales people, and target segments. Unlike Quarter 5, Quarter 6 spots the possible errors and common inconsistencies of the marketing strategies and the business operations and then make some sound and substantiated decisions to refine it immediately. By refining my market offering and my marketing strategy, I must check the flow of the business and the entire operation before correcting possible flaws in pricing, branding, designing, and endorsing products through sales channels.