Business Analysis in the Class Projects Example

Business Analysis in the Class Projects Example Business Analysis in the Class Projects – Assignment Example ï » ¿Business Analysis in the Class Projects   True or False   1. Free trade makes good economic sense.   True 2. Dumping is when a company sells their product in another country below their domestic price and actual cost.  True 3. Developing findings for marketing involves setting research objectives and identifying possible marketing actions.  False 4. As a manager, sales forecasting techniques can help you understand your potential profits and manage your expenses.  True 5. African American, Turkish men between the ages of 15-30 who are in high school or college is an example of a target market by demographic.  True 6. Placing all consumers into one group is an example of segmenting buyers  False 7. Game Theory is about analyzing strategic moves one company makes against another in a given industry.  True 8. Consumers really donà ¢Ã¢â€š ¬Ã¢â€ž ¢t need to learn much about toothpaste.  True 9. Consumers may spend a lot of time on the Internet analyzing the best computer for their needs.  True 10. A dress shirt with no sleeves might be a reason for its failure.  True 11. Microsoftà ¢Ã¢â€š ¬Ã¢â€ž ¢s Zune failed because it came to market a little too late.  True 12. Groupthink is a reason why products can fail. True 13. Groupthink is when everyone making a major strategic decision is able to speak freely.  False 14. You can bring a product to the commercialization stage without screening and evaluation and be successful.  False 15. Service businesses are about Customer Experience Management.  True QUESTION 4   What is business analysis and why is it important? Explain what’s involved by sharing the analysis in your class projects.   Business analysis is a process that allows companies to identify its business needs and problems and solution for these problems in a way that it can serve its serve the market profitably and satisfy its stakeholders. The two most important and widely accepted tools for business analysis are PESTLE and SWOT. PESTLE is acronym that stands for Political, Economic, Social, Technical, Legal and Environmental factors of a business environment. This allows companies to understand what kind of challenges or advantage business environment can offer. SWOT analysis allows analyzing possibilities of growth and survival for the company from the internal and external environment. It stands for strengths and weakness which are the organizational internal factors and Opportunity and threats which are offered by the business environment for the company. Strengths Revolutionary device Integration of phone, music player, and PDA Availability to access to network contents (Maps, Calendar, Contact, and Files) Advanced touch screen (first multi touch screen) Limitless upgradeability (by addition of application, or an upgrade of OS) Better usability than old PDA Apple’s brand image Synergies with apple’s computers, software, and accessories Diversity of distribution Loyal customers Weakness Price User Interface Battery life (as mobile device) Poor internet connection (2G/3G/Wi-Fi availability) Less resolution camera Lack of phone provider (AT&T is only the company customer can choose) Difficulties to use (much complicated than an â€Å"average† phone) Limited data storage as the device to store data Less image on apple’s business adaptability Opportunity Innovation of smart phone market Market is opened for the people who are now on the job or soon on the job Potential world-wide market Open new business chance by opening its application market To expand company’s loyal customer To have strong connection(s) with cell phone company Threats Technology advance AT&T customer service (in the U.S.) Program crashes, or even virus programs provided by third party application Difficulty expanding to specific market (Japan, and probably China) Increasing competition in smart phone market QUESTION 5   What are the four I’s of service? Give an example of the four I’s using one service product that exists in South Korea and not in the USA. Be specific.   The four I’s of service marketing are intangibility, inseparability, inventory and inconsistency. Intangibility means that services can not be produced and stored. Services are produced and consumed simultaneously. Inseparability stands for the organization’s reputation linked with the services it offers. If service fails it can leads to failure of the company as well. Inventory is not possible in services as it can not be stored. Services needs to be consistent and should provide similar or better experience to the customer every time. For example JW Marriott Hotel Seoul the reputation of this multinational hotel is linked with its high class service and consumer experience it offers to its clientele. Irrespective of which part of the country customer is visiting, Marriot group of hotels maintain their database and take care of their preferences. The services are always consistent. Each visit of consumer offers similar or better experience. Question #8   True or False   1. Having standards are important in order to measure success  True 2. A good example of a global brand is Papa Ginoà ¢Ã¢â€š ¬Ã¢â€ž ¢s Pizza  True 3. A tariff is placed on goods which is the amount of product allowed into a country  False 4. Quotas are taxes on products leaving a country  False 5. Protectionism really doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t exist with free markets between countries that exist around the world  True 6. Direct investment is risk less when you know what your doing in the process  True 7. A product adaptation might be changing a product so that ità ¢Ã¢â€š ¬Ã¢â€ž ¢s more appropriate to the countries climate or consumer preferences  True 8. The problem with secondary data is that it can be out of date with the times  True 9. People never have à ¢Ã¢â€š ¬Ã…“a story when it comes to goods and services  True 10. An example of a marketing driver is price  True QUESTION10   Explain the 5 criteria for selecting target markets. Using your projects, give an example of each.   The product to be sold is iPhone 3G which is a highly advance technical product. The target consumer should be depended on the internet technology and want to do multiple activities like accessing network contents, integrate it with phone, use it for entertainment purpose and as a PDA. 1. Consumer disposable income 2. consumer should be technology savvy 3. Consumer should have or willing to use range of activities from internet access to entertainment through the iPhone 4. Consumers looking for updates for their technical gadgets 5. Consumers fond of large touch screen. All these qualities are possible with the professionals in job or going to do jobs, high disposable incomes, and technology oriented, fond of best technical gadgets of the market place and continuously look for upgrading their mobile phones. Question 11   video case ch.10 1.Location 2 a Target market Target market is on-the-go women looking for small portions. 2b Positioning The product is positioned as single serve treats, warm and small portions and occasional delicious treats. 2 c Opportunities and Hindrances of target market and positioning Strengths were Good taste, good preparation, single portion and no cleanups. Cakes were usually bought for occasion. There were other problems of microwave, high calories desert problem, pricing problem, communication and lack of innovation. 3 a Market research conducted Study revealed list of problems from the perception and possible attitude resulting in low sales 3b Critical questions and advice What the target consumer wants? Target consumer wants small portion, warm and delicious treats. Does out products offer that? Changes in products according to the preferences of target consumer, better marketing and branding strategies and good quality products. 3c Impact on Marketing Mix Product, pricing, place and promotion all aspects have been covered. The products were made available at different stores in order to increase, small portion with different prices were made available and the stock of the products on the retail store was strategized to make it more appealing. 4 a Initial Promotional plan Promotional plans talked about the changes of the product making it more appealing and putting it to the supermarket shelves and in displays of various stores where target consumer can be reached. 4b Reason of Promotional plan after launch The ongoing feedback program helped the company to get consistent information and feedback on the strategies adopted and incorporate changes time to time. 5 Changes recommended The products can be made more suitable to the children and people with diversified lifestyles.