Research-based Marketing Plan Initial Proposal - Internal and External Marketing Environments(750 words)

What Not To Do

• Do not make up information about JGJ’s current business; such as, JGJ’s current sales, location, products, etc. • All that is necessary is to know that JGJ is in a

related business to the market they want to enter which is the reason they are considering this new adventure

• Do not use the word “we” in your report because you are a consultant to JGJ not an employee

• Do not copy another student’s submission and use the information they wrote

• Do not copy/paste from resources without citing

• Do not submit an assignment that has been totally copied from the web. Instead, add in your own thoughts, ideas, suggestions. If you plagiarize, I must report it to the university and a mark will be on your record.

• Do not purchase an assignment from online sources

• Do not submit papers created by prior students

WORSHOP 3 REQUIREMENT DISCUSSION QUESTION 3.3

This is your assignment 3.3. Examples are provided on the next slides.

Be sure to read your resources provided within the course.

https://www.mindtools.com/pages/article/newTMC_08.htm

Porter's Five Forces Understanding Competitive Forces to

Maximize Profitability Video by MindTools:

INSTRUCTIONS: For your industry category, provide market information using Porter’s Five Forces. For example:

Threat of new entry - how difficult will it be for other companies to enter the market in the future and be a threat to JGJ?

Supplier power - do the vendors that JGJ purchases supplies from have command of the market and can charge any price? Can JGJ easily switch suppliers?

Buyer power - do customers have the power to demand/set prices? Are there a lot or a few buyers? Do they buy large or small quantities?

Threat of substitution - how easy will it be for a customer to switch to another company other than JGJ?

Competitive rivalry - are customers loyal to the competitors and will JGJ have difficulty taking away market share from competitors?

Your assignment asks for macroenvironmental factors. Below is a list of uncontrollable external forces or threats that may affect JGJ’s business. Your job is to discuss these factors so JGJ is aware of potential issues before they enter the market. The external forces are not generic definitions, but the way these factors affect the industry.

UNCONTROLLABLE EXTERNAL FORCES:

• Political • Taxes, safety regulations, shifts in political parties, tariffs

• Economic • Market boom, recession, inflation, unemployment, foreign exchange rates

• Social • Changing demographics of population – age, preferences, income • Attracting workers – trends of media, time, culture

• Technology • Machinery, computers, software

• Environmental • Natural disasters, regulations

• Legal • International laws, labor laws, local and national laws

WORSHOP 3 REQUIREMENT DISCUSSION QUESTION 3.3

This is your assignment. Examples are provided on the next slides:

Internal resources and competencies

• Think of resources as strategy, and competencies as processes

• Here are few things to consider: • Infrastructure • Technology • Service • Operations • Sales • Logistics • Reputation • Financial wellness • Manpower • Consistency • Reliability

Assignment says: Since you are not an insider, you do not know all of your client’s capabilities, capacities, and resources. Your role is to provide a thorough objective description of what is needed, not to analyze or rate your client. Therefore, you will need to provide an objective overview of needed competencies and resources so

JGJ’s management team can determine what it has and what it needs in order to enter the marketplace. In other words, what are the strengths JGJ needs to have?

Areas such as: Managerial Marketing Financial Technical Operations Human Resources

Tip: A good marketing plan goes beyond just creating a list of necessary/typical departments and provides JGJ with an analysis of what will have an impact on their success.

WORSHOP 3 REQUIREMENT DISCUSSION QUESTION 3.3

This is your assignment. Examples are provided on the next slides:

You can google phrases such as:

• License for __________fill in your topic__________

• Permits needed for ____________________________

• Federal laws for _____________________________

See next slide for examples

•Basic business operation license from the city in which your business will operate, or from the local county (if the business will be operated

outside of any city's limits).

•Federal employer identification number (EIN), also called a tax identification number (required for almost all types of businesses). Note: your

business may also need to acquire a similar tax identification number from your state's department of revenue or taxation.

•Fictitious business name permit (also called "dba" or "doing business as" permit; required for almost all types of businesses).

•Zoning and land use permits, especially for new manufacturing businesses and certain home-based business operations.

•Health department permits, especially if your business involves the preparation and/or sale of food.

•Sales tax license for the selling of almost all products and services.

•Fire department permits, especially for businesses that will attract large numbers of customers (i.e. nightclubs and bars).

•Special state-issued business license or permits, if your business will involve the sale of the following types of products:

• Liquor

• Lottery tickets

• Gasoline

• Firearms

•Special state-issued occupational / professional licenses, if you and/or your employees will be offering a number of state-regulated services,

including:

• Medical care

• Auto repair

• Real estate sales

• Tax services

• Insurance sales

• Cosmetology

• Legal representation (attorneys)

•Special federal business license or permits, if your business will involves the following (contact the agency identified in parentheses):

• Investment advising (Securities & Exchange Commission)

• Drug manufacturing (U.S. Food and Drug Administration)

• Preparation of meat products (U.S. Food and Drug Administration)

• Broadcasting (Federal Communications Commission)

• Ground transportation, i.e. trucking (U.S. Department of Transportation)

• Manufacturing tobacco, alcohol, or firearms; or selling firearms (U.S. Bureau of Alcohol, Tobacco, and Firearms)