Essays on Why Market Research is Vital for Business Success Case Study

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The paper "Why Market Research is Vital for Business Success" is a perfect example of a Marketing Case Study. A strategic marketing plan of the UNE life should be able to describe and explain the achievable objectives within a specified period. Additionally, it must also show how the resources will be distributed and allocated so as to enable UNE life to gain a competitive advantage. In simple terms, a company’ s strategy must also establish where the product market should focus. Furthermore, a well-stipulated strategy encompasses the scope of the organization, the goals and objectives, resource allocation and deployments, sustainable completive advantage, and the synergy of the organization (Root 3, 2015).

UNE life is an organization that tries to make the students live on campus easier in terms of meals, booking of gowns, entertainment as well as fitness services (UNE life, 2015). A proper marketing strategic plan will, therefore, ensure that UNE life attains its objectives through appropriate allocation of resources to gain competitive advantage. Relevance of the mission, smart objectives and hierarchy of strategies Mission Relevance UNE life’ s mission enables it to focus and concentrate on what is significant to its stakeholders as well as the organization (Kokemuller, 2015).

In other words, a mission statement describes the basic organization’ s purpose by explaining why in the first place UNE life is unique in its services and their scope of operation. In this case, UNE Life focuses on enabling the students experience campus life by helping them to relax, be entertained, celebrate; stay fit and take care of their issues in business (UNE life, 2015). Smart objectives UNE life’ s SMART objectives focus on the overall desired accomplishments levels of the organization.

Additionally, the SMART approach in marketing is employed as a blueprint for establishing essential and marketing campaigns (Root 3, 2015). UNE life focuses on specific marketing objectives by ensuring that each and every product they offer has its portal on its website. To establish the importance and success of a strategic marketing plan, it is of utmost importance that the organization should have goals to measure as well as a milestone (Root3, 2015). In other words, UNE life uses the number of sold units and the total revenue realized by intending to offer 30 percent more services than the preceding year.

Additionally, UNE life has made this objectives realist by ensuring that their expectations do not overwhelm their historical results in terms of sales and average revenue (UNE life, 2015). Moreover, the objectives of UNE life are time-bound because they have an event calendar that shows specific ongoing events on the campus. By so doing, they are able to analyze the real results on the ground versus the projected results within a specified period so as to enable the organization to make some adjustments towards the strategic plan objective (Root 3, 2015). Hierarchy of strategies for UNE life UNE life is bound by three levels of strategy that include the corporate strategy, business level strategy, and the functional strategy.

In this case, UNE life ensures that its corporate strategy is functioning by concentrating on the scope of the organization, resource allocation and distribution in the organization (Granger, 2015). Corporate strategy is therefore achieved through UNE life’ s technical compatibility, ensuring similarity in their customer and making sure that there is a similarity in the customer’ s behavior patterns (ANZ, 2015).

By so doing, they are in a position to achieve their sole mission that is making campus life easier and enjoyable. Additionally, UNE life ensures its business level strategy is functioning by concentrating on sustaining competitive advantage through advertisements and event promotions, overall cost leadership, and differentiation (Granger, 2015). Moreover, UNE life should therefore fully focus on campus life making so as to achieve its functional strategy. By so doing, it will be able to accomplish the objectives of the firm within the campus market.

References

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ANZ, (2015). The importance of market research. Retrieved from: https://bizhub.anz.co.nz/resources/the-importance-of-market-research.aspx

Flat world, (2015). Why market research is vital for business success. Retrieved from: https://www.flatworldsolutions.com/research-analysis/articles/market-research-for- business-success.php

Granger H. C., (2015). The hierarchy of objectives. Retrieved from: https://hbr.org/1964/05/the-hierarchy-of-objectives

Khan Q., (2015). Market segmentation. Retrieved from: http://www.thehomeofknowledge.com/the-importance-of-market-segmentation/

Kokemuller N., (2015). Importance of mission, vision in an organization. Retrieved from: http://smallbusiness.chron.com/importance-mission-vision-organizational-strategy- 16000.html

Lombardo J., (2015). Market segmentation: why Market segments are important to marketers. Retrieved from: http://study.com/academy/lesson/market-segmentation-why- market-segments-are-important-to-marketers.html

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Oxford, (2015). The impact of Micro and Macro Environment Factors on marketing. Retrieved from: http://blog.oxfordcollegeofmarketing.com/2014/11/04/the-impact-of-micro-and- macro-environment-factors-on-marketing/

Root 3 N.G., (2015). Example of a smart objective for a marketing plan. Retrieved from: mallbusiness.chron.com/example-smart-objective-marketing-plan-11290.html

UNE life, (2015). Experience campus life with us. Retrieved from: http://unelife.com.au/

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