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 company’s success or failure.
For this week’s 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:
1. 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?)
2. The stakeholders that are affected by this challenge or problem as well as how they are affected and why it matters
3. The obstacles that may prevent the challenge from being resolved or that may make it difficult to resolve or mitigate
4. The risks and consequences if the challenge or problem is not resolved or mitigated
5. 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
6. 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.