SLP4: The Marketing Plan

Trident University

Brenda Andrade

Module 1 SLP 1 Assignment: Application of the Marketing Environment

MKT 301: Power Influence and Persuasion

Professor: Dr. Gordon Leichter

2 July 2020

Marketing Environment Application

Analyze why & how each of the three marketing factors will impact the chosen product/service.

The real-world application of marketing environmental factors plays a crucial role in determining the success of the company. The financial, environmental factor is a positive practice that comes with appropriate company practice. Having a reliable source of capital from the sales enables the company to expand its practices on a global level (Wetherly & Otter, 2014). The other important factor is that proper budgeting allows the company to utilize the available financial resources to its benefits. This enables the company to increase its production base and ensure that the demand and supply of the market are met on a timely basis.

The internal environmental factor of the company is a critical issue that needs to be positively addressed. This is based on the deals with complicated practices that involve management. The correct interdepartmental collaborations are likely to lead to the success of the company goals in terms of sales and expansion (Kaarbøe, Gooderham & Nørreklit, 2016). The effective management of the employees by applying the correct leadership practices is the contributing factor behind the creation of appositive management practices. The factor leads to increased employee motivation that is likely to work for the company's interest in terms of expansion and other relevant methods.

The exterior environment of the company is a critical issue that determines the success of the company operations. The bulletproof industry is a dynamic sector that depends on reliability and dependability. In this case, the supplier relationship plays an integral part in ensuring that the production of quality products is retained positively. It is a measure that leads to the promotion of positive ideals that surround the company's ability to continue the production of quality products (Wetherly & Otter, 2014). Corporate social responsibility creates a positive image for the company leading to brand loyalty among customers.

Explore strategies to overcome the threats or capitalize on opportunities to product life cycle concerning your target product/service. Be sure to consider branding

The threats that the company faces comes from the new entrants within the industry. This affects the company's ability to remain fully efficient, as the market would have various alternatives. The threats its appropriately met through the production of quality products within the market (Kaarbøe, Gooderham & Nørreklit, 2016). This is a positive practice that involves applying positive ideals that focus on edging out the competition in a fairway. Pricing is also an essential factor that the company needs to place under consideration. This is based on the fact that the practice involves a positive reflection of ideas that reflect on the ability of the market to remain entirely dependent on the company. The setting up of fair pricing edges out the new entrants and the current competition.

Opportunity identification is a critical practice that the company's market team needs to be keen on identifying. The method involves conducting market research on customers to understand their expectations. The utilization of their expectations is an opportunity that the management needs to be keen on capitalizing on. It is an essential practice that ensures that the bulletproofs being produced are entirely satisfactory and meet the market's expectations positively (Wetherly & Otter, 2014). It is a critical move that determines the favorable position of the company within the dynamic industry. The focus on the strategy comes with interdepartmental coordination that the management needs to enhance to ensure that it remains effectual in its basic operations within the market.

References

Wetherly, P., & Otter, D. (2014). The business environment: Themes and issues in a globalizing world.

Kaarbøe, K., Gooderham, P. N., & Nørreklit, H. (2016). Managing in dynamic business environments: Between control and autonomy.