Scenario 1: Elements / Performance Criteria 1. 1:
You are contracted by an organisation to analyse information on market and businessneeds to identify marketing opportunities. You need to explain different types of information (ie what can be analysed from each type of information and its value to theorganisation).
Answer: Subway is a standout amongst other known fast food eatery network mainly because of its healthy recipes compared to its rivals like KFC or McDonalds, everywhere throughout the world. As one of the achievement example of marketing, Subway develops a personality for their organization, product and service.
A boom is a period of low unemployment and rising incomes. Businesses and customers are optimistic about the future. It is during this time that business will increase their production lines, invest in plant and equipment and try to increase their market share. Customers are willing to spend because they feel secure about their jobs and source of income. This phase is often referred to as 'the good times'. The marketing potential during this phase is large, with sales responding to all forms of promotion.
A contraction is a period of slowly rising unemployment with incomes stabilising. During this phase, both businesses and consumers become more cautious. If this phase lasts a long time, businesses and consumers become pessimistic, resulting in reduced consumer spending which in turn forces businesses to reduce the level of investment. It is during this phase that business closures become more common. Consumers become more price conscious they look for value and products that are more functional and long lasting.
During this phase, marketers need to modify their marketing plans to reflect the changes in consumer spending. Marketing plans should stress the value and usefulness of a product.
A recession is where unemployment reaches high levels and incomes fall dramatically. Both businesses and consumers lack confidence in the economy and a mood of deep pessimism persists. Spending is reduced. The marketing plan during this phase should concentrate on maintaining existing market share. Survival becomes the main objective.
In the expansion phase, unemployment levels slowly start to fall and incomes once again begin to rise. This is the 'recovery stage'. Business and consumers begin to regain their lost confidence. Marketing plans need to take advantage of this rise in 'prosperity'. Increasing market share should once again become an important objective.
Value to the organization Comparative market information Distinguish the performance in several market segments.
Compare product popularity in different age groups, children, teens, young adults and older people.
Compare performance and profitability in different market segments and plan accordingly.
Follow up what competitors are doing. For, Subway competit...