Question.2514 - PLEASE ONLY COMPLETE PART I OF THE MARKETING PLAN PROPOSAL. PART I *Complete an Introduction Page *Text (Bold type all Topics) -Company. -Company Summary. -Company Product or Service (what does this company produce or make). -New Product or Service -Target Market. NOTE: ALL THE ABOVE IS FOR PART I COMPLETE RESEARCH PAPER TOPICS W/PARTS I ~ IV Title Page - PART I Why Select Your Consultancy - PART I Your Unique Selling Proposition (USP) - PART I External - Situational Analysis - PART II PESTEL - PART II Competitors - PART II Porters 5 Forces - PART III Porter's Diamond Analysis - PART III Internal – Company Analysis - PART IV Cancel 26/08/2023, 07:43 Module 1 Assignment - Marketing Plan Proposal (PART I) (RESEARCH PAPER) - MKT302A Marketing Fundamentals - Nati... https://nationalu.brightspace.com/d2l/lms/dropbox/user/folder_submit_files.d2l?db=291584&grpid=0&isprv=0&bp=0&ou=59027 2/2 Due on Aug 6, 2023 11:59 PM Available until Aug 28, 2023 11:59 PM. Access restricted after availability ends. Submit Assignment Note: You have already submitted to this folder and cannot submit again. SWOT - PART IV Strategy - PART IV USP - PART IV Sustainable Competitive Advantage (SCA) - PART IV Positioning - PART IV Marketing Mix - PART IV Target Strategy - PART IV Recommendations - PART IV Action Plan - PART IV Reference Page - PART IV In this proposal, select a company, either Fortune 1000 or maybe a company close to your heart. Provide a summary of the company and environment you have selected. Then the product or service in question and what your initial thoughts are for a new product or service and target market. ++++++++++++++++++++++++++++++++++++++ THE ABOVE WILL BE YOUR FINAL PAPER (RESEARCH PAPER) Begin thinking about the above sections and consider taking notes on each area in readiness to complete the final assignment:
Answer Below:
1. Adjusting Customer Service Level and the Fourth Industrial Revolution: Adjusting the customer service level can significantly impact a marketing mix. Enhanced customer service can lead to improved customer satisfaction, loyalty, and positive word-of- mouth, which in turn can enhance a company's reputation and market positioning. For instance, timely and personalized responses to customer inquiries, efficient complaint resolution, and proactive communication can set a business apart in the attention economy. In the context of the fourth industrial revolution and the attention economy, customer service has become even more critical. The Fourth Industrial Revolution, characterized by advancements in technology and automation, has enabled businesses to implement AI-driven chatbots for instant customer support, predictive analytics for personalized recommendations, and social listening tools to address customer sentiments promptly. These technologies cater to the fast-paced nature of the attention economy, where capturing and retaining customer attention is paramount. Example: An e-commerce company employing AI-powered chatbots that provide quick and accurate responses to customer queries and even offer personalized product recommendations based on user preferences. 2. Product Life Cycle and Impact on Marketing Mix: The product life cycle consists of stages: introduction, growth, maturity, and decline. Each stage affects a manufacturer's marketing mix differently. ? Introduction: In this stage, a product is launched, and marketing efforts are focused on creating awareness. Manufacturers invest heavily in promotion and product differentiation. The fourth industrial revolution and artificial intelligence have accelerated this stage through targeted online advertising, influencer collaborations, and AI-driven personalized recommendations. For example, the introduction of personal computers was revolutionized by rapid online communication and digital advertising. ? Growth: During this stage, sales and demand increase. Marketing efforts shift towards building brand loyalty and market share. The advent of AI has significantly enhanced data analysis, allowing manufacturers to understand consumer behavior better. This enables more precise targeting and the creation of tailored marketing campaigns. ? Maturity: In the maturity stage, competition intensifies, and sales growth stabilizes. Price competition becomes crucial, and manufacturers may focus on diversifying their product line or adding value through complementary services. AI-powered chatbots and recommendation systems enhance customer support and cross-selling opportunities. ? Decline: As a product reaches the decline stage, sales decrease due to market saturation or changing consumer preferences. In this stage, manufacturers might consider discontinuation or product repositioning. AI can aid in predicting decline patterns by analyzing data trends, allowing companies to make informed decisions. Example: The impact of personal computers illustrates this. In the introduction stage, AI- driven market analysis identified the demand for user-friendly PCs. In the growth stage, AI algorithms facilitated precise audience targeting. During maturity, AI-driven recommendations and upgrades sustained interest. 3. Advantages and Disadvantages of Online Clothing Shopping: Advantages: ? Convenience: Shoppers can browse and purchase from a vast range of options without leaving their homes. ? Variety: Online platforms offer access to a global selection of clothing styles and brands. ? Price Comparison: Online platforms enable easy comparison of prices and discounts. ? Personalization: AI algorithms can suggest clothing based on preferences and browsing history. ? Availability: Online stores are open 24/7, allowing shopping at any time. Disadvantages: ? Fit and Feel: Customers can't try on clothes before purchase, leading to potential sizing and quality issues. ? Returns and Delays: Returning items can be cumbersome, and shipping delays may occur. ? Lack of Tangibility: Shoppers can't physically touch or inspect items before buying. ? Security Concerns: Sharing personal and financial information online can lead to security risks. The fourth industrial revolution and AI have influenced online clothing shopping by improving personalization through recommendation systems, virtual try-ons using augmented reality, and efficient returns processes. These advancements address some disadvantages while catering to the attention economy's demand for seamless, engaging experiences. In conclusion, the marketing landscape is evolving rapidly due to the fourth industrial revolution and the attention economy. Continuous improvement, adaptation, and the integration of new strategies are essential for marketers to thrive. Adjusting customer service, leveraging AI, and understanding changing product life cycle dynamics are key aspects of this evolution. References enhancing customer loyalty through quality of service: Effective ... Available at: https://www.researchgate.net/publication/370561455_Enhancing_customer_loyalty_through_ quality_of_service_Effective_strategies_to_improve_customer_satisfaction_experienc e_relationship_and_engagement. Advantages and disadvantages of online shopping - javatpoint (no date) www.javatpoint.com. Available at: https://www.javatpoint.com/advantages-and-disadvantages-of-online- shopping.More Articles From Marketing
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