James Macon Simonson

Marketing 4316

McDaniel, Ubi

Assignment #2

1) When a company or firm is trying to address their strengths and weaknesses, they should

first evaluate the product, place, price and promotion of what they are trying to do/ sell.

The best marketing plan for a company trying to enhance their strengths would be to

examine what exactly they are. If there is something in particular that sells well for the

firm and something that is obviously popular, they need to carefully examine what they

can do to maximize profits without exceeding themselves and undermining their own

value. They also need to look around at the type of clientele that is most attracted to the

product. Once they do this, if possible, the firm needs to possibly look at relocating or

refocusing their game-plan in a way that suits their most valuable or loyal customers. If

that isn’t an option, maybe the product needs to be adjusted, or quite possibly there just

hasn’t been enough advertising to get the product affirmatively on the market to make

people aware. If that is the case, evaluating who to market the product to will become

easier because the firm will have less of a public bias from a previous assumption from

the public. Almost the same goes for when the firm is reviewing the negatives or their

weak attributes. The marketing plan best implemented then would be to minimize what is

dragging their profits down or what seems to be turning the customers off from what they

are trying to market. Using multiple perspectives to review and examine the firm’s

marketing process under question is the first way to address the issue. Once the firm has

found the market niche, i.e., the public they are marketing their preferred product to, at

the preferred price in the right location, they can neutralize other competitive threats and

take full advantage of opportunity for business growth. A consistent business plan should

then be implemented and only amended once the market begins to trend in another

direction again.

2) The four P’s are absolutely crucial in determining a business’ success. In my future, I

hope to work where I am happy and can make enough money to support my family. In

doing so, I will be sure to evaluate first, the product being sold and the market the

company is targeting. After that, I will determine if the place is where I want to be and if

the price is something I support. If I were to start my own company and not just work for

one, I would create a business plan that leans heavily on the success of my ideas

regarding each one of the P’s. Next I would seek out an investor(s) and present a business

plan while remaining completely open to change and outside opinions or perspectives.

3) When determining how to survive and thrive within one’s microenvironment, the

company must determine what they can control and do their best to do just that. The

company needs to appeal to at least one of the seven publics, but preferably more than

one. Also they need to be technologically “with it” if they want to remain a factor in a

growing technologically savvy society. The company needs to create a strong and good

relationship with its product suppliers and other intermediaries. This is more critical than

some might believe. In my experience, a company can seriously make a big boo-boo if

they do not have the product that a customer has requested. Especially if the request is a

large quantity of a certain product for a specific date that the company was given plenty

of notice in advance. Imagine having a banquet function for five hundred people that

requested to have six kegs of Bud Light almost a year in advance and then having a fall

out with your supplier last minute. That five hundred person banquet function might take

their business elsewhere next year. The company needs to make sure all the staff is on the

same page, and that starts from the top of management and goes downward. Doing all of

these things effectively will help the company thrive and function smoothly, efficiently

and profitably.

4) If I were to market to a desired demographic of my choice in Lubbock, Texas, I would

choose the upper class market just south of the loop near eighty-second street. My

reasoning behind that decision is that when you cater to that market, good things can

happen for you if you play your cards right. If a guest has an enjoyable time, word will

spread fast about their experience. The wealthier class tend to have more money to spend

on nights out and socializing. If I were to set up a spot near the highway (the loop), I

could also advertise to a greater Lubbock with a billboard. I personally prefer to eat nice

and unique food so I would be able to have a passion for my work. Also, when you have

a restaurant that is frequented by people with money and connections, there is a good

chance you could become well connected. I believe with kindness and a welcoming,

clean and unique environment with a “ritzy” and delicious menu, it would be easy to

attract the wealthy people of Lubbock.