Assignment 3: Part C: Your Marketing Plan
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Assignment2PartBYourMarketingPlan.docxRunning head: PART B: FLAWLES BUSINESS INTELLIGENCE SOLUTIONS 1
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PART B: MARKETING PLAN 7
Part B: Flawless Business Intelligence Solutions
Antonio Hollie
MKT500 Marketing Management Strayer University
Dr. Lisa Amans
February 16, 2020
Introduction
In a review of the feedback, Dr. Zhang provided it is my understanding that the marketing plan for the Business Intelligence Solutions company was clear, definitive, and successfully introduced. There was mention that the elements of the marketing plans product/service, as well as the physical locations, were well defined. As for the company's mission statement, this was concise and straight forward. However, the SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based measurements weren't laid out in their entirety as they should have been. As for environmental analysis, there was a thorough understanding of environmental factors. Furthermore, the marking plan depicted a robust internal control process that would be on target to show how certain elements will be measured.
The Business Intelligence Solutions company is setting up headquarters in Santa Barbara Santa Maria Goleta, California, where data analytics can become beneficial to the business department such as Marketing teams, HR departments, Sales, and product management. Some advantages of these programs are faster reporting, improved data quality, operational efficiency, and various multifaceted program detailed frameworks.
The next process is making the marketing strategy a success is establishing a branding strategy that is unique among the vast (BI) companies in the area, also hitting on the primary and secondary target markets of consumers and those areas that are most appealing. Furthermore, layout the positioning statement that will pinpoint the product/services usage and need among the target market and look at consumer behavior.
Branding Strategy
Understanding business client's needs are where any branding architecture is built upon, therefore differentiating products and services from competitors. While creating longevity and brand loyalty while providing quality and quantitative products. Business intelligence in a business is intended to assist business executives, business managers and other operational workers in making better and more informed business decisions.
Brand Name
One area that is becoming increasingly important for corporations is business intelligence. With the full range of tools that offer predictive and historical analytics to spur better decision-making, BI is essential to the business industry. Considering data-driven decision-making helps potential progress results by dropping conjecture in favor of analysis. The principal motive behind establishing a new BI software in the market is due to its being an untapped resource for most companies. Organizations that can use this information to improve existing processes will likely see significant improvements in their approaches and those learning how to market and sell the data will produce higher revenues (Eugenio, 2017).
Industry experts all explore how data and BI are essential tools for all business owners. Gartner Research's Peter Sondergaard summed up BI's value when he said, "Data is 21st century oil, and analytics is the combustion engine." Not only do research firms like Gartner forecast the value of BI for decision-making purposes; they also believe that it can be monetized. A recent report estimates that as many as 10% of companies will have profitable divisions based on "making and selling" the data collected by 2020 (Eugenio, 2017).
Logo
Our log depicts accelerated business decision making through enhanced decision-making users are engaged by features such as graphic visualization, data discovery, and self-service dashboards. We believe in strong imagery when designing logos and brand marks. It's easy in our field to pull a very abstract design together, marry it with hot colors, and convince clients the abstractness of the drawing is a good thing "because it makes people ask questions." My logo consists of a man in a business suit sitting in the mind of an end-user surrounded by gears and arrows. The log has trendy, vibrant colors burnt oranges blues, grays, reds, and hints of black. The overall idea is for the user to utilize our tools, giving high visual optics to their business data, and driving up sales, which the arrows are intended. Ideally, providing a connection for all clients and their business needs.
Figure 1. "Flawless Business Solutions" a colorful but professional take on Business Intelligence and the tools we provide.
Slogan
Connecting various teams through insight and by augmentation of data models virtually without compromising date democracy. We are trying to give a symbiotic layer of information that maintains basic and analytical vital metrics. Flawless BI Solution supports the blending of data in both top-down and bottom-up methods. Our slogan allows operators to access self-service data through dashboards, reporting, mobile tools, and predictive analytics. Putting our product into the hands of users and showing that it's more comfortable as "Driving business with the click of a mouse and tap of a key."
Brand Extension
Brand extension for our organization begins with revenue improvements, which are a popular objective of businesses today. Our platform end to end makes it easier to govern users and information across all business elements. Flawless BI Solution takes the pressure out of the administrative steps through shifting economic restraints and regulations that call for reduced expenses and valued transparency. Because of our tool's efficiency, monitoring assets and identifying their effects better comes all behind a comprehensive data overview. Providing less time on methods, more time on business strategy reduced human error while ensuring mental sanity. Regardless of whatever a company is looking for a new solution to handle financial reporting or a process to permit the users in the organization to generate new data mockups and collaborative analyses and dashboards, Flawless BI Solutions is a solution for all.
Primary and Secondary Target Markets
Felt across all industries, business intelligence is of benefit. Anyone who wants to analyze data can use Business information. Managers to CEO's and founders of companies benefit from analytics software. However, from the developers' side, the age range is 32 with 2-5 years of experience. Most developers make a move to managerial roles and product management about 7–8 years of employment, so it explains why you don't see a lot of 40 + software developers on the market. The majority of software developers are men! Females still hold 25 percent of the worldwide software development jobs. For every four males, that is only one female creator. About half of all developers around the world are self-starters, and do not hold an official engineering degree. Just 1% of the world's software developers are unemployed. One in every ten software developers is self-employed (Medium, 2018).
‘Small organizations with up to 100 staff have the highest BI penetration or acceptance rate in 2018. Fewer than 15% of respondent companies have a Chief Data Officer and only about 10% have a Chief Analytics Officer today. Drawn from the first-person perspective of consumers across all sectors, geographies, and sizes of organizations involved in various facets of BI initiatives, our study provides a unique look at the drivers of BI and its progress." Survey respondents include IT (28 percent), Executive Management (22 percent), and Finance (19 percent), respectively. Business Intelligence Competency Center (BICC) (7%) and Sales / Marketing (8%) (Columbus, 2018). ‘
The primary target market for BI's consumer market is the retail and wholesale industry, which is critical for its operations. Getting the right merchandise in front of the right consumer at the right time—that's the primary concern of every retailer—and it's finally a possibility. ‘The idea is, how can brick-and-mortar retailers use technology to stay ahead of the game. POS systems (Point of Sale) contains a wealth of data, all of which affect retailers' bottom lines. Business Intelligence and integration with POS systems are providing global customers a boost in their profitability. The valuation information that BI provides can help identify which items are selling the most. Further, layout irregularities through detection and help visualize large amounts of data. BI allows for opportunities for better scheduling and purchasing (POS BI ,2019).’
The Second target market for BI is the banking industry. The banking industry adopts new data management platforms that accelerate the flow and integration of data. Intelligence allows them to meet regulatory requirements with flexibility and speed. The new system provides a real-time, holistic view of the company's roles, allowing management to make business decisions faster and smarter. ‘Instead of extracting data from 20 different databases seeking to see the big picture, analysts are querying one central repository of data, gaining new insights. Today, the bank's platform powers more than $70 trillion in trades, persists more than a billion documents and supports more than 10,000 read and updates per second. The strategic data approach gives financial companies a holistic, 360-degree view of their data. While enabling them to not only meet compliance reporting requirements effectively and efficiently but also gain deep insights that reduce costs, increase efficiency, and lead to sustainable competitive advantage (Reuters, 2020).’
Positioning Statement
Although there are various players in the software industry, big data will always be on the move, and the need for newer innovations will still be out there. Crunching huge amounts of raw data into interpretable analytical reports helps clients run their business efficiently. The purpose is for departments to strive with the idea of responding faster and more accurately to customer and company needs. Flawless Business Intelligence Solutions delivers real-time statistics, insights, and business intelligence solutions to almost any device at the moment of relevance. As an established leader in business intelligence, Flawless BI connects directly to a company's cloud or multi-cloud database environment to create a single access point for all data points. Even though each Business Intelligence company deals in various data sources, each one has its competitor. For Flawless Business Intelligence Solutions, looker and Domo are at the starting line in being the best innovators, however Flawless BI is the easiest to use and has the best customer support. Looker and Domo, however, pricing is somewhat high, but if you are a larger company, it might be worth the money but not for the smaller business. As for Domo, it is a perfect software for taking abundant sources of data and delivering meaningful information but still limited from a financial reporting perspective (Software Advice, 2020).
Figure 2. Perceptual map representing Flawless Business Intelligence Solutions in relation to Looker and Domo.
"For customers who want new innovative software to help transform their data into actionable insight. Flawless Business Intelligence Solutions' product is the best at visual analytics. Providing the tools for global enterprises to early-stage startups and small business needs."
Consumer Behavior of Target Market
The consumer behavior for Business Intelligence Software is business owners and business executives who want to increase revenue and improve efficiency. The reasons behind brand name, logo, slogan, brand extension, as well as the positioning statement each, depict the strength and longevity of the company's brand. Because of the vast amounts of data in the financial and retail industries added that smaller business is evolving and entering the market. Business intelligence can be expensive, so being at the forefront of a cost-effective program that won't hurt their bottom-line Flawless Business intelligence solution is the better choice. With the ease of use and excellent customer support, current and future clients are more adept at using our products. Customer preferences are changing at a fairly predictable rate. To manufacturers and retailers, the rules of engagement appeared clear: stick to what you know and make incremental improvements. Brands focused on driving top-line growth by stepping up promotional efforts while boosting the bottom line. They achieved this by enhancing the quality and operations that performed well over a period of time. Little by little, however, customer preferences evolved. Innovation focused on changes to flavors and packaging, which operated within the established infrastructure (Dotson, 2020). Connecting with modern consumers, brands must let go of the old paradigm involving sales analysis. Counting revenue and driving revenue require different tools and insights.
Conclusion
In Business Intelligence organizations, decisions are made based on gut feeling or personal experience. Although this is risky because subtle biases often influence our opinions and memories. Business intelligence usually refers to a range of tools that provide quick, easy-to-digest access to insights about an organization's current state, based on available data. Branding strategies, logos, slogans, and brand extensions help move the company into the marketing realm. The primary and secondary target markets are areas that will keep the BI platform in business because executives and managers will always be in the lookout for ways for better efficiency. Our positioning statement and data researched behind consumer behavior helps pinpoint where to focus in on the target market.
References
Avidon, E. (2019, July 11). Howard Dresner talks business intelligence trends. Retrieved from https://searchbusinessanalytics.techtarget.com/feature/Howard-Dresner-talks-business-intelligence-trends
Columbus, L. (2018, June 8). Forbes. The State of Business Intelligence, 2018. Retrieved from https://www.forbes.com/sites/louiscolumbus/2018/06/08/the-state-of-business-intelligence-2018/#4f5aad5c7828
Dotson, K. (2020, January 29). Consumer Behavior Matters More Than Sales Trends. Retrieved from https://www.martechadvisor.com/articles/data-management/consumer-behavior-matters-more-than-sales-trends/
Eugenio, S. (2017, May 29). 3 Things Business Owners Need to Know About BI. Retrieved from https://www.entrepreneur.com/article/289500
Medium. (2018, July 23). Monday Afternoon Stats on Software Developers- And How We Compare. Retrieved from https://medium.com/sfl-newsroom/monday-afternoon-stats-on-software-developers-and-how-we-compare-a51b12ef648a
Restaurant POS Business Intelligence. (n.d.). Retrieved February 16, 2020, from https://cforas.com/services/point-of-sale-business-intelligence/
Reuters. (n.d.). Business Intelligence - Cut Compliance Costs, Fuel Innovation with Data Integration. Retrieved February 16, 2020, from https://www.reuters.com/brandfeatures/intel/businessintelligence/marklogic/cut-compliance-costs-fuel-innovation
Software Advice. (n.d.). Retrieved February 16, 2020, from https://www.softwareadvice.com/bi/looker-profile/vs/domo/prism/
https://dzone.com/articles/4-business-intelligence-users-youll-encounter-in-a
https://rtslabs.com/7-real-life-examples-of-how-business-intelligence-can-transform-a-business/
https://www.ccstechnologygroup.com/real-world-examples-of-business-intelligence/
https://datausa.io/profile/soc/human-resources-managers
https://www.talentnow.com/recruitment-statistics-2018-trends-insights-hiring-talented-candidates/
https://www.bls.gov/oes/2018/may/oes112021.htm
Tips and APA Formatting (delete this from your paper)
Below are tips and notes to guide you writing an APA paper. Use this information as a reference and ask if you have any questions.
Tips and Notes:
1. NEVER plagiarize: Plagiarism: act of using someone else’s ideas, words, figures, unique approach, or specific reasoning without giving appropriate credit.
2. Always include an introduction for your Heading 1 topic (example: Environmental Analysis) to explain to the readers what they learn in the section you are introducing.
3. Paragraphs should be complete, such as a minimum of three sentences:
a. “Put only one main idea per paragraph.
b. Aim for three to five or more sentences per paragraph.
c. Include on each page about two handwritten or three typed paragraphs.
d. Make your paragraphs proportional to your paper. Since paragraphs do less work in short papers, have short paragraphs for short papers and longer paragraphs for longer papers.
e. If you have a few very short paragraphs, think about whether they are really parts of a larger paragraph—and can be combined—or whether you can add details to support each point and thus make each into a more fully developed paragraph.” (https://owl.english.purdue.edu/owl/resource/606/02/ )
f. http://blog.apastyle.org/apastyle/2011/12/the-long-and-the-short-of-it.html
g. http://arc.aje.com/editing-tip-sentence-length/
4. Don not use (or minimize):
a. they (minimize, pronouns, use actual names/titles for clarity)
b. these
c. there are
d. thing
e. it
f. this
g. I
h. we
i. you
j. one or ones
k. some
l. a lot
m. a ton
n. really
o. very
5. Use of contractions – spell out
6. Use of conjunctions: https://owl.english.purdue.edu/owl/resource/598/1/ An independent marker word is a connecting word used at the beginning of an independent clause. These words can always begin a sentence that can stand alone. When the second independent clause in a sentence has an independent marker word, a semicolon is needed before the independent marker word.
Ex. Jim studied in the Sweet Shop for his chemistry quiz; however, it was hard to concentrate because of the noise.
a. Some common independent markers are: also, consequently, furthermore, however, moreover, nevertheless, and therefore.
7. Findings: are past tense
8. Use of italics: https://owl.english.purdue.edu/engagement/2/1/45/ : only Italicize the titles of magazines, books, newspapers, academic journals, films, television shows, long poems, plays, operas, musical albums, works of art, websites.
APA Guidelines:
1. American Psychological Association (2010). Publication manual of the American Psychological Association (6th ed.). Washington, DC: Author.
2. APA Website: www.apastyle.org
3. Updated APA guideline notes on ELCSE website under Student Resources (http://www.aug.edu/elcse/ELCSE_APA_Guidelines.pdf)
4. Sample paper – guideline to Headers: https://owl.english.purdue.edu/owl/resource/560/01/
5. Numbers: https://owl.english.purdue.edu/owl/resource/560/01/
6. Formatting Tables and Figures
https://owl.english.purdue.edu/owl/resource/560/19/
https://owl.english.purdue.edu/owl/resource/560/20/
7. How to cite: https://owl.english.purdue.edu/owl/resource/560/01/
· Paraphrasing within text:
· In a 1989 article, Gould explores some of Darwin’s most effective metaphors.
· Author cited in text:
· Gould (1989) attributed Darwin’s success to his gift for making the appropriate metaphor.
· Author not cited in text:
· As metaphors for the workings of nature, Darwin used the tangled bank, the tree of life, and the face of nature (Gould, 1989).
· Multiple works within the same parenthesis:
· Several studies (Balda, 1980; Kammil, 1988; Pepperberg & Funk, 1990) confirm the use of metaphors increases learning.
· First citation in text:
· Wasserstein, Zappula, Rosen, German, and Rock (1994) found. . .
· The use of metaphors was found to be helpful (Wasserstein, Zappula, Rosen, German, & Rock, 1994)
· Subsequent citations (3 or more authors):
· Wasserstein and colleagues (1994) found
· Wasserstein et al. (1994) found
· The use of metaphors was found to be helpful (Wasserstein et al., 1994)
· Authors With the Same Last Name: To prevent confusion, use first initials with the last names.
· (E. Johnson, 2001; L. Johnson, 1998)
8. Direct quote from author: (use sparingly):
a. Gould (1989) explains that Darwin used the metaphor of the tree of life “to express the other form of interconnectedness-genealogical rather than ecological-and to illustrate both success and failure in the history of life” (p.14).
9. Direct quote without name of author:
a. Darwin used the metaphor of the tree of life “to express the other form of interconnectedness-genealogical rather than ecological” (Gould, 1989, p.14).
10. References:
· References are listed on separate page, header is centered, do not bold
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· Example:
Herbst-Damm, K. L., & Kulik, J. A. (2005). Volunteer support, marital status, and the survival times of terminally ill patients. Health Psychology, 24, 225-229. doi: 10.1037/0278-6133.24.2.225
· Book General format:
Author, A. A., Author, B. B., & Author, C. C. (year of publication). Title of work: Capital letter also for subtitle (number ed.). Location City, State Abbreviation: Publisher.
· Example:
Anderson, A. B., Smith, S. D., & Jones, J. C. (1978). A distant mirror: The calamitous fourteenth century (3rd ed.). New York, NY: Knopf.
· DOIs are unique strings of numbers used to identify online articles’ content and provide a persistent link to their location on the Internet.
· When DOIs are present, no longer have to include URL.
· When DOIs are not present, include URL
· https://owl.english.purdue.edu/owl/resource/560/01/
· Finding DOIs: http://www.crossref.org
· Example without a DOI:
Sillick, T. J., & Schutte, N. S. (2006). Emotional intelligence and self-esteem mediate between perceived early parental love and adult happiness. Applied Psychology, 2(2), 38-48. Retrieved from http://ojs.lib.swin.edu.au/index.php/ejap
Hi Antonio, This is a very well-thought out plan, and I really enjoyed reading it. You earned a grade of A (91%). It is very important to create a comprehensive marketing plan for any business to be successful. This assignment is the first step in doing so. The rubric requirements have been fulfilled. Please review my feedback.
Introduction: You did well introducing your hypothetical company. Your product/service is clear, the physical location is defined and you successfully introduced the elements of your marketing plan. Great job!
Mission Statement: The mission statement is succinct and straight forward with a solid rationale. All five questions in a mission statement were successfully answered.
Goals: Your stated goals of revenue, profit, market share, brand awareness or customer acquisition are SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. There were no measurements provided for your goals.
Environmental Analysis: All the elements of the environmental analysis were addressed and explained. Good job being thorough and exhibiting an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business.
SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.
References and Citations: Your paper used three (3) academic, peer reviewed references as quantitative marketing research to determine the feasibility of your product / service. In order to receive most points, you must submit four (4) or more. You showed a clear understanding of academic, peer reviewed references. Most of your APA formatting for your references is correct. Click here for more info on references and citations formatting.
Overall, I really like the way that you wrote your paper. It was clearly written, and very well-organized, which made it very easy to follow your analysis.
Antonio, I appreciate you taking the time to review my feedback. Remember, if you have any questions or concerns, please email me at [email protected] .
Jingyun Zhang
