Description
Please see the below instruction and attached documents. Please use the market analysis report template for this HW. Please review my previous submitted documents to get an idea of what this is about. My topic for the whole project is about “online high school”. at leat 1000 words.
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 in the
Market Analysis Report Template
to create six sections for this part of the consultant’s report:
Analysis of Current Pricing Models in the Market
Analysis of Current Promotional Models in the Market
Analysis of Current Distribution Models in the Market
Recommended Pricing Strategy for JGJ Inc.
Recommended Promotional Strategy for JGJ Inc.
Recommended Distribution Strategy for JGJ Inc.
The first three sections require significant quantitative data and will be used to support the three recommendation sections. These analysis sections should provide a solid overview of existing competition with enough specifics from primary competitors to demonstrate a mastery of the market. You will not need to detail every competitor in the market; you should focus on those competitors which will be closest to JGJ Inc. in the positioning matrix and/or those who hold the largest market shares.
You do not need to necessarily use a different strategy than the competition in any of the three recommendation sections, but your recommendations must provide a logical and substantially strong argument for why your set of tactics will be successful. Going head-to-head is very difficult so your combination of tactics must meet the standard that it has a high likelihood of success. You should be creative and use the most current methods and trends to establish differentiation for your target customers.
Industry Name
Your Name
Class Number
Date
(NOTE: The title page will be included with each section of your paper to identify the author to
the instructor.)
Market Analysis Report: Name of Market
Market Analysis Report: Name of Market
Executive Summary
(Note: this appears first but is written last in workshop 6; 300 words)
2
Market Analysis Report: Name of Market
Positioning and Differentiation
Definition of Positioning (100 words)
Brief (one paragraph) description of the market (100-150 words)
Analysis of Current Positioning in the Market
•
•
•
Current annual sales volume in dollars and/or units sold in the market
Current competitors and their offerings, including points of differentiation for each
offering indicating how they are positioned to each other in the market
Current price points of competitors
Projections for the Market
•
•
Projected overall market growth rate for the next five years
Projected changes to overall pricing in the market for the next five years
Recommended Position for JGJ Inc.
•
•
Recommended position and points of differentiation for the JGJ Inc. offering
Complete buyer profile of the target customer
References
3
Market Analysis Report: Name of Market
Product Development and Market Demand
Product Development
•
•
Key differentiating characteristics of the offering
Analysis of demand in the market
Market Segment Demand
•
•
Quantitative data used to determine projected demand
Methodology used to determine demand
References
4
Market Analysis Report: Name of Market
Internal and External Marketing Environments
Analysis of Key External Factors in the Market
•
•
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
References
5
Market Analysis Report: Name of Market
Pricing, Promotion, and Distribution Channels
Analysis of Current Pricing Models in the Market
Analysis of Current Promotional Models in the Market
Analysis of Current Distribution Models in the Market
Recommended Pricing Strategy for JGJ Inc.
Recommended Promotional Strategy for JGJ Inc.
Recommended Distribution Strategy for JGJ Inc.
References
6
Running Head: MARKETING STRATEGIES
Marketing Strategies
Bella Iang
MTKG 530
Indiana Wesleyan University
1
MARKETING STRATEGIES
2
Current annual sales volume in dollars and units sold in the market
In marketing, positioning refers to where a product or service is located on a rating or
map to its other complementary or substitutes in the same market segment. An efficient
positioning for a good or service makes the product attractive, and consumers will find it
attractive and prefer using it as a distinct advantage to their needs and wants.
In this case, this paper focuses on the created need for online material and coverage
needed to fulfill the need for students and teachers to offer online education services. Since
the start of the pandemic and the implementation of policies that required individuals to stay
at home, there has been a considerable disadvantage to the learning processes until online
learning was introduced.
The current annual sales for online learning materials have been on an increasing
trend from the practice’s initial days. The need to access a stable internet connection has led
to the introduction of robust internet modules. There has also been a reported surge in video
conferencing software and applications such as Zoom. Materials that necessitated the
transmission of online materials such as laptops, computer accessories, and mobile phones
have also significantly increased sales quantities.
Current competitors and their offerings, including points of differentiation for each
offering indicating how they are positioned to each other in the market.
There has been a considerable introduction of a competitive environment with the
relative increase in dependency and need to make online communication more manageable
and efficient. Software applications that have been offering conferencing services on an
online platform have also experienced a great deal of transformation due to the emergence of
notable competition. Computer and accessory manufacturers have put up with the pressure
always to produce high quality and durable products that will, to a large extent, try to satisfy
MARKETING STRATEGIES
3
the needs of its consumers (Crespi, 2016). There has been a need to using webcams that
possess formidable properties for the effective communication and relaying of online lessons
for tutors and students. This has brought about increased competition for lens and webcam
manufacturers in their bid to possess a competitive advantage.
The platforms offering online communication had to initiate and implement policies
that were yet to be incorporated into their functionalities to command massive followership.
For instance, Zoom had to ensure encryption of its video calls for its users as they had raised
concerns over the possibility of third-party involvement in zoom conferences or meetings.
This threatened the continued dominance of the platform as individuals shifted to using Meet.
Current price points of competitors.
There has been an enormous market growth in the K-12 online education market. This
has relatively led to a price competition type of model used by competitors in the market.
Online high school education has also created opportunities in the education market. As of
2018, K-12 online education’s market size was $450 billion (Market Data Forecast, 2020).
Currently, over 2.7 million students are currently enrolled in K-12 online education across the
United States, with more than 30 states have adopted the program.
The increased presence of online education offers, and substitutes has lowered the
costs of successfully enrolling for learning on an online platform. Online high school
education has various players, with academic institutions being at the forefront of offering
these services. It has been easy to regulate the pricing of the relative costs associated with
acquiring knowledge from the online platform. The current price for academic institutions
offering online education is approximated to be relative to fees needed to teach students at
school. Compared to these, the costs to be incurred by cyber chartered schools, which also
offer online education, are approximated to be significantly higher than the online high
school rate and pricing.
MARKETING STRATEGIES
4
The projected overall market growth rate for the next five years.
A forecast of online education systems’ use only depends on the persistence and
continued presence of the current global situation derived from the pandemic. In a case where
the pandemic will not have been dealt with effectively and that which there would be a
possible continued use of policies to help contain the pandemic, then the future market for the
online education system is bound to increase significantly. On the contrary, if the current
global moves to help develop a functional and effective vaccine against the pandemic
materialize, then the future for the online education market is bleak.
The global struggle to bring things under control and make the world come back to
normal functioning and operations will primarily affect the online education system market
(Landrum et al., 2014). The market value will reduce by a significant margin in the next five
years from the incidences of trying to put up with a vaccine for the situation at hand. Also,
there is a need to address the issue of international education systems. There is a feeling that
this will still go on in an online platform as there is little assurance of entirely curing the
pandemic all over the world in the next five years. Many people will prefer acquiring
education from a remote area to visiting the school. This will have an enormous impact on
the costs required to fund education around the world.
Projected changes to overall pricing in the market for the next five years.
Due to the inconsistencies realized from the changes in the market growth for online
education systems in the next five years, there is also a forecasted reality for a considerable
drop in pricing. This will be due to the reduced number of individuals or consumers of online
education material. There will also be a reduced level of competition, and only the relatively
cheap offers will carry the day.
MARKETING STRATEGIES
5
However, the future remains a mystery (Ruan, 2019). There is also a fact that in the
next five years, the pandemic might not have been neutralized all around the world. This fact
provides a window for the continued existence of online education services offered by
schools and cyber services. However, on a small scale, the services will be worth the money
as individuals and students will consider attending online classes from institutions based in a
foreign country rather than booking a flight to the institution. It cuts on the financial costs
that come with it. In a nutshell, the idea is that the future for online education is solely
dependent on the progressive fight to win against the pandemic. The unveiling of the
vaccines and their useful functionalities.
Recommended position and points of differentiation for the JGJ Inc. offering.
I would offer my recommendations for JGJ to venture into online education services
but on a controlled small scale and moderate input investments. JGJ should consider the
critical position and differentiation points to capture a significant market share of online
learners (Picciano, 2016). These would include offering a flexible and personalized syllabus
to attract more learners. Also, JGJ online education should schedule its program in a way that
allows students to learn conveniently.
Consequently, the company should provide its services at a lower price than its
competitors in the market. This will ensure adequate enrolment in the program, hence more
sales. To protect the company from any future inconveniences, it should try to source for
international accreditation and acquire international trust and students. This would guarantee
the continued existence and operationalization of JGJ even when the world gets the pandemic
under control in large measure (Workshop 3, 2020). The reduced cost of education from the
online platform will, in an extensive manner, attract the idea of attending online education
rather than traveling to the institution.
Complete buyer profile of the target customer.
MARKETING STRATEGIES
6
The target consumer for online education is entirely related to the general
characteristics of an average student. A tech-savvy individual with a push to pursue education
from wherever location there situated. Flexibility and availability of time also make part of
the characteristics needed for the target market. They need to have a flexible time able to
attend the classes and sit exams.
MARKETING STRATEGIES
7
References
Crespi, J. M. (2016). Generic commodity promotion and product differentiation.
Landrum, T. J., Cook, B. G., & Tankersley, M. G. (2014). Special education past, present,
and future. Emerald Group Publishing.
Market Data Forecast. (2020). K-12 Online Education Market. Retrieved from
https://www.marketdataforecast.com/market-reports/k-12-online-education-market
Picciano, A. G. (2016). Online education policy and practice: The past, present, and future
of the Digital University. Taylor & Francis.
Ruan, K. (2019). undefined. Academic Press.
Workshop 3. (2020). Understand the real meaning of customer Value. Differentiation, 3, 33.
JGJ Inc.
Competition has considerable effects in any industry, and thus,
businesses involved are required to develop efficient strategies
to survive (Rahman, 2019). Therefore, it is the management’s
responsibility to create an accurate, objective description of
what is vital to enhance the company’s viability.
Porter’s five forces model
Porter’s five forces are a framework that various companies use
in analyzing their competitive environment. As such, it is a form
of enhancing competitive advantage. It is very crucial for
ensuring that the company achieves success. They include:
1. Competition in the industry
The company must consider the total number of competitors in
the industry and their prices (Hussein & Muchemi, 2019). That
will help determine the company’s power by evaluating the
nature of the companies selling similar products. For instance,
the company will have less power if more competitors are selling
similar products and vice versa.
2. Possibility of a new entrant in the company
New entrants usually limit the power of the company. Thus, JGJ
management should consider the cost of entering the industry
(Mbazira, 2019). A new company is likely to enter the industry if
the cost is low. The company must employ an efficient
promotional tool to ensure that the customers gain interest in
their products.
3. Power of customers
It is a force where the company must consider the number of
buyers it has, each buyer’s significance, and the amount a
company will incur to find a new customer. Therefore, when the
company has many smaller, independent buyers, it will charge
more prices to increase profit (Rahman, 2019). But if the
company has smaller and more powerful customers, it should
search for other customers because the current buyers have
negotiation power when they are charged positively.
4. Power of suppliers
Another force to be considered by the JGJ management is the
number of suppliers providing essential inputs, the uniqueness
of these inputs, and the effect of switching to another supplier
by the company. Therefore, when the company has many
suppliers, their power will not be dominated because they will
not be controlled by the suppliers and vice vasa (Mbazira, 2019).
Therefore, the management of JGJ should consider the number
of suppliers a company has, and when they are less, they should
implement a new strategy to get more suppliers.
5. The threat of substitutes.
The last force talks about substitute products. Therefore, when
the company produces goods and services that are not having
close substitutes, they have more power and can survive the
competition. But when the goods and services produced are
having close substitutes, the company may not survive
competition due to limited resources available (Hussein &
Muchemi, 2019). Therefore, to solve this, the management
should position and differentiate its products to develop
customers’ interest.
Macro environmental external forces
These are the broader context that the company operates in the
industry Yang, Geng & Feng, 2020). They include:
1. Demographic forces
It is where the management should consider the population of
buyers. It includes size, age density, gender, etc. (Vlados &
Chatzinikolaou, 2019). Therefore, when buyers are few, a new
strategy should be set to determine its survival.
2. Economic forces.
These are factors that affect the spending habits of buyers
(Bhagat, 2020). The JGJ management should consider them to
determine factors behind ice’s purchasing power, hence a
relevant strategy to be implemented.
3. Technological forces.
The company should be flexible to adjust to the technological
changes in the industry. It will help to achieve the needs of very
critical customers (Vlados & Chatzinikolaou, 2019). Therefore,
flexibility in technology should be considered.
4. Ecological environment.
It is mainly about natural resources that are used as raw
materials (Bhagat, 2020). The company should have more
sources of raw materials to avoid failure brought by
environmental forces.
5. Political forces.
Every business must be affected by political forces; therefore,
the company should know all the political requirements to avoid
mistakes.
Internal resources and competencies.
Internal resources are essential for the company. In JGJ Inc. Cold Press Juice Company, more internal resources are required
to compete favorably (Jelassi & MartÃÂnez-López, 2020). It will
ensure quality juice, which will persuade more customers to
develop an interest in its h juices. Resources required include
fruits, which are in good condition, blenders, and other required
tools.
The company should be competent in producing its product.
Therefore, more ingredients should be available to improve the
quality of the juice. Apart from that, the blender should also be
adjusted to meet the standard of juice required.
Licenses, Patents, and Legal requirements
The company is required with the following licenses (Dratler Jr,
2020): trade license-allows the company to carry out trade, food
factory license- allows the company to sell food materials (juice
in our case), Restaurants’ license- allows the company to sell
juice in the premises, cold store license- allows the company to
store juice in the refrigerator, factory canteen license- allows
the company to supply juice in factory canteens, etc.
The business should also take patents in the following areas: a
patent that allows them to sell juice to government institutions,
e.g., schools, colleges, etc. a patent that allows them to sell to
road contractors under the territory of the government, etc.
Legal requirements are also needed for the company to be legit
(Kazi, 2020). They include the following.’
•
Registration requirements must be kept up to date so that
the company to be valid in the system. It can be done by
ensuring that the business is renewed when due.
•
The business should also meet the taxation requirement,
e.g., GST. I show that the business if following the
requirements of the government.
•
In case the company has gone into a partnership with
others, the solicitor must show a contract before trading
begins.
References
Rahman, M. S. (2019). An Analysis of Smart-Phone Industry in
Bangladesh Using Porter’s Five Forces Model. Open Access
Library Journal, 6(09), 1.
Hussein, S., & Muchemi, A. (2019). Michael Porter’s Five Forces
on Performance of Savings and Credit Cooperative Societies in
Nairobi City County, Kenya. International Academic Journal of
Human Resource and Business Administration, 3(7), 14-35.
Mbazira, A. (2019). Evaluating the Pharmaceutical industry in
Uganda using porters’ five forces model (Doctoral dissertation).
Vlados, C., & Chatzinikolaou, D. (2019). Methodological
redirections for an evolutionary approach of the external
business environment. J. Mgmt. & Sustainability, 9, 25.
Bhagat, A. (2020). Marketing Environment.
Yang, Q., Geng, R., & Feng, T. (2020). Does the configuration of
macroâ€Âand microâ€Âinstitutional environments affect the
effectiveness of green supply chain integration?. Business
Strategy and the Environment, 29(4), 1695-1713.
Dratler Jr, J. (2020). Licensing of intellectual property. Law
Journal Press.
Kazi, A. (2020). U.S. Patent No. 10,534,666. Washington, DC:
U.S. Patent and Trademark Office.
Jelassi, T., & MartÃÂnez-López, F. J. (2020). Internal Analysis: eBusiness Competencies as Sources of Strengths and Weaknesses.
In Strategies for e-Business (pp. 97-124). Springer, Cham.
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