Urrent Challenges and Problems in the Field of Marketing

Assignment: Application: Current Challenges and Problems in the Field of Marketing

In 2010, the U.S. Centers for Disease Control and Prevention projected that by 2050, one in three Americans would have diabetes (HealthDay, 2010). On the one hand, for organizations such as food producers and restaurants specializing in high sugar, fat, or calorie foods, this health crisis is a problem that threatens the survival of the organizations. On the other hand, some organizations have perceived such problems as challenges they have turned into opportunities: For example, food producers may work to remove trans-fats and other a?bada? ingredients from their product line. A company may also make more high-protein snacks and fewer high carb ones, for example. Or, other companies may be assessing the potential success of a new line of home exercise equipment, yoga studios, workout facilities, exercise software, calorie counters, step counters, juice bar franchises, etc.

Marketers must pay attention to marketing implications that differ across cultures and geographic boundaries as well as trends over time. How consumers react to a new product or service may determine a companyas success or failure.

For this weekas Application, you will examine a current marketing challenge faced by a business or industry. You will conclude your paper by proposing solutions to resolve or mitigate the challenge you have identified.

To prepare for this Assignment:

Research reputable business publications for a marketing challenge or problem described in a recent (no older than six months) issue. Suggested publications include Bloomberg Business Week, the Wall Street Journal, or other respected business publications. If you are not sure if a publication is a good source, please consult your Instructor.

Consider whether the challenge is related to a failure to utilize an innovative strategy correctly or whether a traditional marketing strategy has failed to innovate and adapt in the current competitive environment, for example.

Submit by Day 7 a paper that includes the following:

A description of the challenge or problem (e.g., Why is it a problem?

How long has it been going on? What may have caused the problem?)

The stakeholders that are affected by this challenge or problem as well as how they are affected and why it matters

The obstacles that may prevent the challenge from being resolved or that may make it difficult to resolve or mitigate

The risks and consequences if the challenge or problem is not resolved or mitigated

The effect of emerging trends on the marketing challenge or problem
Innovative or current techniques in the field of marketing that could resolve or mitigate the challenge you have identified with a discussion of why those could be of benefit

Two solutions that will resolve or mitigate the marketing challenge, with an explanation of why these solutions would be effective

Be sure to substantiate your analysis and position with examples and evidence from credible resources.

Refer to the Week 3 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work.
General Guidance on Assignment Length: This Assignment should be 2 to 3 pages (1 to 2 pages if single spaced), excluding a title page and references.

REFERENCES:

Perreault Jr., W. D., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill.

Chapter 7, a?Improving Decisions with Marketing Informationa? (pp. 168a 195)

This chapter focuses on contemporary strategies for obtaining accurate information on markets. The authors advocate a strategy-planning framework for improving decision making, including defining the problem, analyzing the situation, getting problem-specific data, and solving the problem.

Davenport, T. H., Mule, L. D., & Lucker, J. (2011). Know what your customers want before they do. Harvard Business Review, 89(12), 84a 92.
Retrieved from the Walden Library databases.

After studying dozens of retail, software, and financial services companies, the authors concluded that most companies are not taking full advantage of next-best-offer (NBO) strategies that seek to pinpoint customer wants and needs. In successful NBO marketing, companies customize offers based on consumeras attributes and behaviors, the purchase context, product or service characteristics, and the organizationas strategic goals. Often, goal-setting is left out of this equation.