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Internal and External Marketing Environments
In the first section of the consultant’s report, you determined and discussed the total market demand and probably the market share of some of the current competitors, and you discussed current price points. You also identified where, in the positioning matrix, the JGJ Inc. offering should fit based on an unsatisfied need in the market.
In the second section of the consultant’s report, you identified and described the characteristics of the proposed offering that will make it fit the previously identified segment of the market.
In this section, the third section, of the paper, you will look at the internal and external marketing environments that will be faced by JGJ Inc. if it decides to enter this market.
Understanding a company’s own strengths and weaknesses and the external threats and opportunities is critical for short and long-term success. Internal resources and limitations can be controlled and addressed, but external factors, pressures, or regulations must be dealt with based on resources and sometimes the inherent limitations required by outside stakeholders. Before a company enters a new market, it needs a thorough understanding of what it will take to be successful. Internal competencies may need to be developed and internal resources may need to be acquired. The company needs to identify and begin to track societal, cultural, technological and governmental trends that might impact the demand or how the product needs to be manufactured, marketed, or delivered. Overall, the company needs to identify what it needs to know and acquire before investing time and resources into actual product development to determine if the project has a high likelihood of success. The more research and analysis completed earlier in the process can save millions to billions of dollars if the determination is made early that the launch will not be successful, or that the risk of success is too low to justify the level of investment required.
Upon successful completion of this discussion, you will be able to:
- Articulate models for product differentiation and positioning within the market.
- Assess the market structure and internal and external marketing environments to determine the crucial factors influencing the marketing strategy.
- Review the rubric to make sure you understand the criteria for earning your grade.
- Construct a proposal to JGJ Inc. of 1000 words (+/- 50 words) using at least four credible and objective sources not provided as resources in the course in your analysis, plus at least one source provided in the course reading list.
- Use the titles from the Market Analysis Report Template to create four sections for this part of the consultant’s report:
- Porter’s five forces model
- Other macroenvironmental external factors
- Required Internal Resources and Competencies to Compete in the Market
- Required Licenses, Patents, and Rulings or Legal Requirements to Compete in the Market
- Porter’s five forces model is a standard for industry analysis, used extensively to understand the core profitability of a market. Because you have been hired to provide expert objective insight, you are expected to deliver a deep-level analysis using the Porter model. It is not the obvious factors, such as “the existing competition will fight for market share,” that create confidence in your ability from the client. It is the identification of the core foundational elements of an industry and the complicated interaction of external and therefore non-controllable factors that determine if a product launch is likely to be successful. Identifying those factors will make you seem valuable to your client.
- It is very likely that JGJ Inc. may not have all of the required internal competencies and resources necessary to compete in the new market. Since you are not an insider, you do not know all of your client’s capabilities, capacities, and resources. You do not need to know. Your role here 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 these needed competencies and resources ￼so JGJ’s management team can determine what it has and what it needs.
- Cite your work per current APA standards, however, indenting of the references is not required due to the discussion board format. (See OCLS APA Writing Styles Guides)
- Post your initial proposal into the discussion forum as a post, not as an attached file.
- In addition, submit your initial proposal document to your instructor by the end of the workshop.
- Please note the relatively low point value of the initial report is not reflective of the time required or importance of this assignment. The assignment should be viewed as the total of the initial report posted and revised final report submitted and the combined total points for both steps. Further, your goal here is to provide your peer with a complete initial proposal so that you can receive valuable feedback to improve your revised final report.
Credentials to access some of the resources will be provided above will be given.