MKT/574 WK1 Assignment: Concepts and Applications Worksheet Worksheet Name: Question Answer Application Citation What is marketing? Marketing is a process through which an organization engages the target market to build strong relationships and, in return, get sales. It involves the promotion and selling of products or services and will involve much research and then advertising. The marketing department in the company implements this. Several strategies can be applied: social media marketing, email marketing, conversational marketing, TV advertising, and direct selling. (Blythe & Martin, 2019) What are common misconceptions of marketing? Marketing misconceptions are wrong thoughts that people have about how to approach marketing. The following are some examples: 1. Small businesses do not need marketing-this misconception leads many small businesses to fail. 2. The marketing plan only involves advertising-this is not true because marketing plans do not only use the traditional advertising strategies today. 3. A business does not need to market to existing customers-this is a severe misconception because keeping customers involves keeping them engaged or through. Having marketing misconceptions costs the business because it fails to fully take advantage of marketing strategies that can help to bring in more customers and keep the loyalty of the existing customers. An example will be a scenario where the business fails to advertise because it feels that it has enough customers. (Pride & Ferrell, 2021) What role do value and exchange play in marketing? Value is the difference between what the customer perceives to be the product's benefit and the product's cost compared with other products. It plays a critical role in determining the worth of the product being provided in the market. Exchange is what happens when people trade products or services. The role of the exchange is to provide utility which means that the product the company is selling should be less in value than the benefits. Value and exchange result in profit for the business. Value and exchange provide a means for a company to determine the best marketing strategies and set the correct prices. The goal is to ensure that the company can gain profits throughout the whole process. (Wood, 2016) What is the marketing mix? [Hint: 4Ps] The marketing mix can be considered the tactics that any business uses to promote its product(s) or service(s) in the market. It is centered around the 4P's: price, place and promotion of the product or service. These 4P's interact significantly with each other and, they are usually limited in different ways by both internal and external issues. The marketing mix is necessary to help companies identify what the customers want, how the product or service they are producing meets that need, how it is perceived in the market, and the competitive advantage compared to competitors. The marketing mix is a marketing tool that determines the specific aspects t ...

1. MKT/574 WK1 Assignment: Concepts and Applications
Worksheet
Worksheet
Name:
Question
Answer
Application
Citation
What is marketing?
Marketing is a process through which an organization engages
the target market to build strong relationships and, in return, get
sales.
It involves the promotion and selling of products or services
and will involve much research and then advertising.
The marketing department in the company implements this.
Several strategies can be applied: social media marketing, email
marketing, conversational marketing, TV advertising, and direct
selling.
(Blythe & Martin, 2019)
What are common misconceptions of marketing?
Marketing misconceptions are wrong thoughts that people have
about how to approach marketing. The following are some
examples:
1. Small businesses do not need marketing-this misconception
leads many small businesses to fail.
2. The marketing plan only involves advertising-this is not true
because marketing plans do not only use the traditional
advertising strategies today.
3. A business does not need to market to existing customers-this
is a severe misconception because keeping customers involves
keeping them engaged or through.
Having marketing misconceptions costs the business because it

2. fails to fully take advantage of marketing strategies that can
help to bring in more customers and keep the loyalty of the
existing customers.
An example will be a scenario where the business fails to
advertise because it feels that it has enough customers.
(Pride & Ferrell, 2021)
What role do value and exchange play in marketing?
Value is the difference between what the customer perceives to
be the product's benefit and the product's cost compared with
other products. It plays a critical role in determining the worth
of the product being provided in the market.
Exchange is what happens when people trade products or
services. The role of the exchange is to provide utility which
means that the product the company is selling should be less in
value than the benefits.
Value and exchange result in profit for the business.
Value and exchange provide a means for a company to
determine the best marketing strategies and set the correct
prices. The goal is to ensure that the company can gain profits
throughout the whole process.
(Wood, 2016)
What is the marketing mix? [Hint: 4Ps]
The marketing mix can be considered the tactics that any
business uses to promote its product(s) or service(s) in the
market.
It is centered around the 4P's: price, place and promotion of the
product or service. These 4P's interact significantly with each
other and, they are usually limited in different ways by both
internal and external issues.
The marketing mix is necessary to help companies identify what
the customers want, how the product or service they are
producing meets that need, how it is perceived in the market,
and the competitive advantage compared to competitors.
The marketing mix is a marketing tool that determines the
specific aspects that will have to be considered in promoting a

3. product and the brand's growth.
It is, therefore, a critical part of decision-making and
strategizing in the marketing department.
(Blythe & Martin, 2019)
What are two trends impacting the future of marketing, and how
might they impact your organization?
1. Social media marketing-this trend has quickly become an
essential part of the marketing discipline, and it continues to
grow stronger into the future. More people are using social
channels and social media platforms today, and therefore,
marketing has to focus on that.
2. Mobile devices- these devices, including smartphones,
tablets, and different kinds of wearable gadgets, are
revolutionizing how companies are marketing. They are
providing a way for companies to create personalized
relationships with their customers.
An application of social media marketing strategies will allow
the organization to grow by reaching out to more customers.
Focusing on social media channels is a critical strategy.
At the same time, marketing messages should focus on
personalized relationships with the target customers by using
advertisements that fit on mobile devices. One of the main
principles is transparency because it will dictate the relationship
that customers have with the brand.
(Pride & Ferrell, 2021)
Identify four activities in the Marketing Communications mix
1. Advertising-it involves informing customers about products
or services. For example, through TV.
2. Sales and promotion-these include incentives to persuade
customers to try out products or services. Examples include
giving discounts and paybacks.
3. Personal selling-this is a direct approach where the
salesperson explains a product or service to a specific customer
or group of customers. It can be done through email or face-to-
face.
4. Public relations-this impacts the way that customers speak

4. about the brand. It is an essential influence on perception.
The use of specific advertising strategies that apply to the
company products is necessary.
The sales and promotion strategies should involve giving valid
rebates and discounts. The use of promotional products also
helps to create loyalty.
The company can apply personal selling by hiring different
salespeople and focusing on email marketing.
Social media channels can help to improve the public perception
that customers have about the company.
(Blythe & Martin, 2019)
What is a value proposition?
This refers to the value that the business promises to give the
customers if they purchase the product or service.
When properly applied, value proposition helps to increase the
understanding that engagement of the customer. The customer
can see what the business is going to give them.
(Wood, 2016)
What role should ethics play in defining your value proposition?
In creating the value proposition, ethics ensures that a company
correctly evaluates the value that its product or service will give
the customer. Ethics dictate that the value proposition has to be
honest and transparent.
Being honest and transparent in creating the value proposition
means that the customer will build trust because they can get
what the company promises them.
This understanding is critical in determining if the customer
will purchase the product or service or not.
(Blythe & Martin, 2019)
What is the value chain?
The value chain takes a product from the development of the
idea/concept to the distribution.
It involves multiple stages, including research and development,
production and eventually, sales.
Every stage from the procuring of materials to marketing adds
value to the product and eventually determines the pricing.

5. Understanding the value chain ensures production efficiency to
provide the highest level of value from the product at the lowest
possible cost.
This will involve determining which marketing strategy can
provide the highest value at the lowest marketing expense.
(Pride & Ferrell, 2021)
What is marketing planning?
This is a process of determining which advertising and
marketing strategies the company will use to sell the product or
service.
It is a systematic process for developing the goals, strategies
and tactics for the implementation of the marketing methods.
In practice, the marketing plan will involve looking at the
product, determining which marketing strategy the company
will use, and coordinating all the activities to achieve the
marketing objectives.
(Wood, 2016)
What are the elements of a marketing plan?
There are several critical elements of the marketing plan.
1. Market research-it involves identifying the buying habits of
the consumers, the size of the market, the growth or decline and
even the trends.
2. The target market-it involves defining who the target
customers are.
3. Positioning- involves creating the correct perception of the
product. Developing compelling marketing messages that
communicate the correct perception is necessary.
4. Competitive analysis-this provides an understanding of who
the competitors are and how different the products they offer
are.
5. Market strategy-this involves the identification of which
strategies will be used. Examples include social media and
direct mail.
6. Budget-it involves defining how much the business is willing
to spend on marketing.
7. Metrics-it involves measuring the performance of the

6. implemented marketing methods.
A practical implementation of the marketing plan will make
sure that the sales pipeline will always be full.
This means that the company will continuously be able to sell
its products to customers.
It will also increase the market share.
The marketing department in the organization is responsible for
creating an effective marketing plan.
(Wood, 2016)
References
Blythe, J., & Martin, J. (2019). Essentials of marketing. Pearson
UK.
Pride, W. M., & Ferrell, O. C. (2021). Foundations of
marketing. Cengage Learning.
Wood, M. B. (2016). The marketing plan handbook (p. 224).
Pearson.
MKT574 WK1 Strategic Marketing Concepts Worksheet bdphd
AUG21
MKT/574 v1
Strategic Marketing Plan
MKT/574 v1
Page 2 of 2
Strategic Marketing PlanPart A: Environmental Analysis and
SWOT Analysis
(Due in Wk 2)
Company Description
Describe the company you are designing the plan for. Include:
· Mission Statement
· Vision Statement
· Product line description
· Company information, such as the size of the company

7. Environmental Analysis
Analyze the forces that affect the company and marketing
efforts. Competitive Forces
Analyze the company’s key competitors. You may choose to use
a BCG Matrix or attribute checklist to compare your company
against its competitors. Describe any strategic moves the
competition has recently made. Estimate your market share.
Identify key competitive advantages against your
competitors.Economic Forces
Analyze the economic environment in the areas affecting your
business. Consider differences within your industry and the
economic impact on suppliers.Political Forces
Analyze relevant political forces. Examples may include an
election year or a law to drastically reduce or eliminate plastic
waste in your county.Legal, Regulatory, and Ethical Issues
Analyze the legal, regulatory, and ethical issues that may affect
your business. Considerations may include local laws such as a
ban on the use of plastic bags, the ability to post billboards, or a
possible increased regulation on direct mail.Technological
Forces
Analyze whether your company will be affected by emerging
technologies or trends in hardware and software
industriesSocial Forces
Analyze social trends and how they may affect your business.
Considerations may include if your business will be affected by
demographic trends, a growing dependence on computers, or
whether interest in your product might be affected by growing
preferences in the way things are done or changing social
values.
Current Target Markets
Define the company’s current target markets. Describe the
demographic, geographic, psychographic, and product usage of
these targets.
Review Current Marketing

8. Review the company’s current marketing tactics. Consider how
people find out about the product, how they get information
about the product or service, what might be involved in the
buying process, and what money is available for marketing. If
your company is a start-up, describe your competitors’ current
marketing.
SWOT Analysis
Assess your company’s strengths, weaknesses, threats,
opportunities, and then evaluate how to address these in your
marketing plan. Strengths
Assess your company’s competitive advantage. Consider core
competencies, assets, location, practices, etc. that are distinct in
the way the organization meets the needs of its
customers.Weaknesses
Assess what limits the company may have in its current
marketing strategy. Consider if there is a company weakness
that needs to be addressed through Public Relations or
Marketing.Opportunities
Assess the opportunities you see based on trends or
environmental conditions.Threats
Assess the threats or limitations that may interfere with the
company’s ability to meet its objectives or interfere with
marketing plans. Strengths to Opportunities & Converting
Weaknesses and Threats
Convert weaknesses and threats to strengths, then strengths to
opportunities in the marketing plan. Consider the implications
for addressing supplier relationships, implementing new
technologies, or changing the product line or addressing new
markets.
Marketing Objectives
Establish marketing objectives based on the results from the
SWOT analysis. Marketing objectives must align with corporate
objectives, modified by the company’s resources. Objectives
should include a date for the completion of the objective and the

9. way in which success will be measured. For example: The
company will expand its marketing efforts to include a new
market segment of 21- to 29-year-olds. This will entail the
development of a customized product by June 2020 that will
address the specific psychographic and technological needs of
this age group. This strategy is expected to attain a 20% growth
in overall sales by January 2020. Customer loyalty (willingness
to recommend the product) will increase by 30%.Part B:
Marketing Data Analysis
(Due in Wk 4)
Internal Data
Evaluate internal sources of information available to you inside
the organization and what information you will receive from
each source. Identify 3-6 sources of internal data. Insert or
remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: Sales data
Monthly sales by specific product
Average sales that month in US dollars for each of 10 products.
Data can be segmented by business and consumer markets.
Can be used for trend analysis, projections, and to measure
effectiveness of promotions.

10. Secondary Data
Evaluate secondary data sources and the specific information
you need from each source. Insert or remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: retail store analytics
Dollar value of sales by quarter by major product categories
Total sales of major players
Market Share Analysis
Seasonal patterns

11. Primary Data
Evaluate primary data needs to create and evaluate the
marketing plan. Insert or remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: Focus group
Product usage, motives, identify group level satisfaction,
decision process, etc.
Qualitative
Identify different reactions of market segments to product.
Identify marketing opportunities, product/service flaws and
opportunities

12. Customer Relationship Management
Establish customer touchpoints and develop appropriate CRM
events for customer acquisition, retention, and profitability.
Insert or remove rows as needed.
CRM Touchpoint
Purpose & CRM Objective
Data
Potential Data Usage
Example: Customer profile information on website
Starts the account for visitors: name, geography, email address
(Customer acquisition)

13. Presale: geographic location; customer id, source of reference
Email address
Post sales: address, product purchased, quantity, price.
Track new and returning customer counts, total period
purchases by customer ID, geographic sales data. Can be used
for loyalty rewards, retention, and targeted marketing.
Part C: Market Strategy, Marketing Channels, Imple mentation,
and Monitoring
(Due in Wk 6)
New Target Markets

14. Determine any new markets for your strategy and describe how
you will provide value to each target market.
Marketing Mix for New Target Markets
Determine adaptions for each new target market.
· Products
· Price
· Distribution
· Traditional Promotion
· Online Promotion
Marketing Implementation
Create the implementation for your marketing plan. Describe
how you will organize and implement the plan, such as whether
it will be organized by market, geography, and who is
responsible for marketing decisions.
Marketing Communication Channels
Evaluate the marketing communication channels you will use to
reach selected audiences. Include Internet and traditional
communication channels to convey key messages. Describe the
advantages and disadvantages of each channel you select. Insert
or remove rows as needed.
Channel
Target Market
Advantages
Disadvantages
Example: Direct mail
Middle class residential
Can include coupons
Expense and low return rate for given product

15. Strategic Actions
Develop specific activities required to implement the marketing
plan. Identify the person or role who will be responsible for
each action, when it will be complete, and what standard or
metric indicate that the activity is complete. Insert or remove
rows as needed.
Action
Date for Completion
Person/Role Responsible
Standard/Metric
Example: Design flyer for direct mail campaign
1/1/2021
J. Smith, graphic designer
Approval by senior marketing team and legal

16. Monitoring
Develop the measurement to identify how you know you have
been successful for each strategic action. Specify the measures
to track performance against goals. Identify standard reports
from your online and traditional marketing efforts. Insert or
remove rows as needed.
Action
Target
Person Responsible
Inter-measurement
Example: Direct mail flyer
1100 new inquiries

17. Western regional manager
500 new inquiries first month of campaign
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.