Business Research Problem/ Opportunity Analysis

797 words - 3 pages

Problem/Opportunity Statement -Stagnant GrowthDecision making processes in the business environment to drive growth, requires a process or establishment of a plan. Managers have to take decisions with far-reaching consequences, opportunities must be grasped, threats avoided. However, managers do not make decisions in a vacuum. As written in the e-text Business Research Methods "Good business research is based on sound reasoning"(Business Research Methods, 2006).There is an environment outside their control of which they must take due note. Business research may be viewed as the managerial senses through which managers can view the outside world and then use the information gained from their corporate eyes, ears etc to moderate those processes over which they do have control, and thus marry their internal actions with environmental changes.Constructs of the Problem/OpportunityMasterfoods USA has not met the growth measures established by the shareholders for the last two years. As a result, the marketing plan and activity set was revised as was the supply chain initiatives. The plan to increase growth within the business has now become the marketing strategy and tactics. The actionable steps that will be implemented to bring the product/service to life consists of the following:1. Creating a product/service that the consumer needs2. Pricing the product/service so that the consumer will buy it3. Placing the product/service in a place where its convenient4. Promoting the product/service to raise the awareness that the product/service is available.This sounds easy and for most consumers it may be enough to get them in the door to your business, but another important factor in marketing is to also retain the customers.Operational Definition from the ConstructsProviding the correct marketing mix of goods/services can make the difference between a company's success or failure. There are many variables such as adjusting prices, warranties, or adding features to products or services that could be used to target potential customers. First the marketers develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family...

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