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(solution) Assignment 2: LASA 2Business Analytics Implementation Plan


Assignment 2: LASA 2?Business Analytics Implementation Plan Part 2

You began writing your business analytics implementation plan in Module 3. In addition, you already have gained information about the various technological solutions discussed in the previous modules. In this assignment, you will now address ways to implement the plan along with any associated costs, as this will complete the proposal for management to make their decision.

Description of LASA

In this assignment, you will amend your existing business analytics implementation plan developed in Module 3. You will amend the existing proposal to discuss the importance of managing information systems, describe the techniques and tools used to manage the data, and explain how utilizing technology can help the organization.

Scenario

You have been hired as a business analyst for a well-known design firm. Currently, they utilize technology for their day-to-day operations but not to analyze data that could help with making business decisions. Your task is to convince management that the usage of business analytics would be a great benefit to the business and it would help the business to make well-informed decisions and thus action plans that would align with the business?s strategic planning.

The firm currently has technology in place but does not have any connected systems. The databases are all independent of each other but they do utilize a client/server environment. The firm currently has one location but is looking to add a second location in another part of the state but is unsure about whether it would be beneficial to the firm.

**The firm liked your implementation plan but have questions about how they will manage the data and how data driven decision making can help the organization versus just being an additional expense for the organization (cost of new equipment or resources).

Instructions

Using the Argosy University online library resources and the Internet, research business analytics implementation plans, especially methods of developing a rationale in support of implementation. Select at least 6 scholarly sources for use in this assignment.

Amend your existing proposal addressing the importance of Management Information Systems and managing the data for the organization.

Objectives of proposals:

  1. Revise the previous proposal based upon the comments from your instructor.
  2. Explain the importance of MIS in relation to data-driven decisions.
  3. Describe the techniques and tools that can be utilized to manage the data. Include at least 2 effective techniques and 3 effective tools.
  4. Explain how the techniques and tools can be utilized to present data to management and other organizational decision makers. Be sure to include at least 3 innovative examples that follow current best practices for managing data.
  5. Explain to management how the data can add value to the business in day-to-day operations as well as long-term strategic planning. Use examples to further demonstrate how value is added to an existing organization.

Write the paper from the perspective that it will be presented to the firm?s management team as you are trying to persuade them to utilize business analytics for data-driven decision making.

The paper should contain:

  • Cover Page (update date)
  • Table of Contents (auto-generated by Microsoft Word and updated)
  • Introduction
  • Implementation Plan (5?6 pages of content revised as per instructor feedback)
  • Management Information Systems Section: (5?6 pages of new content)
    • Importance of MIS
    • Techniques and Tools Utilized Along with examples
    • Added Value to Organization
  • Conclusion
  • References

Utilize at least 6 scholarly sources in support of your recommendations.

Make sure you write in a clear, concise, and organized manner; demonstrate ethical scholarship in appropriate and accurate representation and attribution of sources; display accurate spelling, grammar, and punctuation.

Submit a 10?12-page report in Word format. Apply APA standards to citation of sources.


Running Head: LASA 1?BUSINESS ANALYTICS IMPLEMENTATION PLAN PART LASA 1?Business Analytics Implementation Plan Part 1

 

Marquita M. Watkins

 

Data Driven Decision Making | MGT334 A012

 

Argosy University Online

 

September 27, 2016 1 Lasa 1?Business Analytics Implementation Plan Part 2 Table of Contents

 

INTRODUCTION.............................................................................................................................4

 

IMPLEMENTATION PLAN: THE FOUR P?S OF MARKETING...................................................5

 

Product ?????????????????????????????????...5

 

Price ??????????????????????????????????...6

 

Place ????????????????????????????????.....?.7

 

Promotion ?????????????????????????..???????8

 

CONCLUSION ?????????????????...??????????????.10

 

References ???????????????????????????????????11 IMPLEMENTATION PLAN Lasa 1?Business Analytics Implementation Plan Part 3 INTRODUCTION

 

Marketing plan refers to a marketing tool that helps one to organize a more efficient

 

promotional activity. This marketing plan can be written document which will describe all the

 

possible marketing tactics as well as the activities that the business will tailor on. In great

 

respect, marketing is also viewed as a form of communicating with stakeholders with the aim

 

of completing a certain transaction, usually a sale of products. The gist of this communication

 

revolves around a marketer?s ability to create value in the clients? minds regarding the said

 

products.

 

A complete and fully actionable marketing plan is one that is developed with one eye

 

on the type and availability of resources the firm has. This is because a number of resources

 

are ordinarily required if the company is to exploit the opportunity for which the marketing

 

plan is being drawn. Since resource requirements will vary with other business components

 

such as project type and business size, marketing plan should focus on creating value to the

 

business after all the product development costs have been deducted. These resource

 

requirements should thus be determined and acquired well in advance to avoid stalling the

 

production process and in effect, time to launch the product in the market. The main problem

 

therefore becomes access to these financial resources, with it being even more difficult for

 

start-ups.

 

A typical marketing plan may include a description of its competitors, demand for the

 

product or service, the strengths and the weaknesses from a market of both the business and

 

its competitors[Sub93]. Further, the art of marketing is all about the putting the right product

 

in the right place, at the right price, and at the right time. The use of a marketing mix will

 

help to ensure that putting the right product in the right place will happen. The marketing mix Lasa 1?Business Analytics Implementation Plan Part 4 can only be executed through the 4 P?s of marketing, that is, the Price, Product, Promotion,

 

and the Place.

 

IMPLEMENTATION PLAN: THE FOUR P?S OF MARKETING

 

The marketing mix developed is often a collection of internally controlled variables used

 

to develop and formulate a firm?s strategic positioning of a product or service in the

 

marketplace. The marketing mix is a part of a wider and more important marketing strategy,

 

and is thus developed after the strategy is completed and agreed upon by the key business

 

decision makers[Ron12]. Once you have decided on your overall competitive marketing

 

strategy, you can then focus on planning the details of your marketing mix. The mix is

 

developed by consolidating the activities needed to attain the four important components of a

 

product sale.

 

The four P?s which make up the marketing mix are used to primarily optimize the

 

marketability of the company product by offering the best attainable combination of the

 

place, product, price and promotional services. The marketing mix is important in the firm?s

 

marketing strategy as it is the operational drivers.

 

I. Product

 

The company should put a significant importance in the ongoing research so as to understand the rapidly evolving market and the consumer dynamics. This knowledge will

 

help the company develop a more innovative diet pill in order to fulfill the consumer needs.

 

Through the research, it is clear that consumers wished for a more specific product that

 

addresses their needs category[Zin07]. The need was for a product that offered them a chance

 

to reduce or maintain their weight. The product was subsequently redesigned so as to meet

 

these specialized requirements. At the same time, carrying out the research on the take of the Lasa 1?Business Analytics Implementation Plan Part 5 people does not guarantee that the diet pill that will be added to the high portion drink since

 

no confirmed results about the effect of the diet pill on the human health. This also does not

 

give a clear market picture of the actual numbers of the potential consumers.

 

Also from the company?s perspective, some of the alterations made to the product will not

 

help meet the commitment to the environment that included more efficient packaging so as to

 

reduce waste.

 

The product is the tangible physical assets or the intangible service that the company has

 

put forth for sale in an accessible location often determined by the ?where? of the marketing

 

mix[Ron12]. While the quality of the product must be right to attract and maintain customers, the packaging also has to be taken into keen consideration and made to sell more

 

than the competitor?s product packaging. This means that every product is subject to a lifecycle including a growth phase followed by an eventual period of decline as the product

 

approaches market saturation. To retain its competitiveness in the market, continuous product

 

extensions though innovation and thus differentiation is required and is one of the strategies

 

to differentiate a product from its competitors.

 

II. Price

 

Price is a hugely significant component of the marketing mix, as it is responsible for generating sales revenue, price is easily the most importantly component of the marketing

 

mix. This is because all the rest are costs in various aspects while price also determines the

 

amount of value added to the company by the marketing mix, and specifically, the products

 

being sold. An effective pricing strategy will take into account the products perceived and the

 

actual values[Dom14]. The final price should always be based on both these so as ensure the

 

product is attractive to both the buyer and the seller. The diet pill should therefore be priced a

 

little higher than before in order to account for the new formula, the better packaging as well Lasa 1?Business Analytics Implementation Plan Part 6 as the extended range of products. The price should try and remain low enough to ensure

 

good value for money. Effective pricing will mean that sales from diet pill will account for

 

almost all the company?s sales.

 

By pricing the product high does not mean automatically that the product will have a

 

positive response from the buyers. The high price might scare away new buyers as well as the

 

existing one since their income status has not been factored in deciding price increase. This

 

also means that, the pricing strategy adopted has not taken into account the lifestyle, the

 

composition of the people in their target market hence this pricing strategy will not be

 

effective rather than scare away customers hence lost sales[Goi09].The high pricing strategy

 

will not do any good to the new product. The diet pill is a new product that has been

 

improved from the High Portion Drink, hence it will be in order if the product is priced low

 

so as to first attract the new customers and same time maintaining the existing one as well as

 

a way of rewarding the loyal customers.

 

In creating the best suited marketing mix, it is important to research and understand

 

consumer opinions with respect to the product pricing policy of the company, so as to avoid

 

losing out on lucrative product sales because of constant upsetting customers with your

 

pricing. It also makes the customer feel appreciated. However, the pricing policy is bound to

 

within certain time periods depending on prevailing market circumstance

 

III. Place

 

In the marketing mix, the place component represents the various locations in which a certain product can be purchased. This is often looked at as the distribution channel a

 

company employs in their efforts to sell their products and may include any physical stores as

 

well as the virtual stores used on the Internet. The virtual stores replace user interfaces on the

 

internet that allow users to buy goods and services and may be found on a wide variety of Lasa 1?Business Analytics Implementation Plan Part 7 websites. The place component provides customers with the place utility that is regularly the

 

deciding factor in deciding whether or not a specific customer has access to the products or

 

not.

 

Diet pill aims to have a wide reach for its products to ensure that it is easily available

 

whenever the product is needed by the extensive target market. The primary channels that

 

should use retail stores. These stores ensure that a cost effective distribution channel that has

 

a wide reach to the potential and already existing customers. The company should manage its

 

own cost by selling to the wholesalers rather than directly to the smaller stores[DrJ14].

 

By focusing on the retail stores for it distribution, the Diet pill will necessary not cover a

 

wide market since the majority of the consumers are not located in the rural areas. Also, this

 

diet pill is mainly used by those people who are much enlighten meaning that they are much

 

active in the social medias like, Facebook and Twitter, hence they value placing the order of

 

the product they want online, hence this would be the most way to reach to a good number of

 

their target market.

 

IV. Promotion

 

The promotion component of a business marketing mix simply involves the art and ability to communicate to customers. While product research, development and ultimate production

 

are key, they are in no way the most important if the firm cannot sell. As such, selling

 

becomes integral in the operation of the business entity, making communication to the clients

 

inevitably irreplaceable. The communication involved is often centered on providing relevant

 

and convincing product-related information to customers, which should help them to make a

 

favorable decision such as the purchase the company?s product. The unrivalled importance of

 

promotion is depicted by its direct influence on whether or not the products are sold, and by

 

how much. Lasa 1?Business Analytics Implementation Plan Part 8 The company should always try to base its promotions on the actual lifestyle of its

 

target market of the diet pill. This line of promotion might not be very effective as these are

 

one way communications through, for example, television. However, the promotion should

 

be more consumers led through the different below the line solutions. Sample sales of the diet

 

pills might be the key activity that will allow consumers to try out the actual product. The

 

company can also engage in interactive online magazine with the aim of increasing the

 

product visibility. The company should also maintain a strong social media presence on the

 

most popular social media networks such as face book and twitter among others[Gum15].

 

This will ensure a better brand awareness and association among the target audience. By

 

majoring on promoting the diet pill, this cannot guarantee that the product will meet the

 

positive response.

 

In a marketing mix, the promotion component is the most artistic, and demands enhanced

 

levels of creativity to continuously pull off. As a result, the cost incurred by the firm as part

 

of the promotion activities for company products frequently represents a huge portion of the

 

company?s overall product production cost. The relevance of a company?s promotion

 

activities is such that their success directly creates sales for the advertising agents and the

 

firm. Lasa 1?Business Analytics Implementation Plan Part 9 CONCLUSION

 

Through a successful use of a balanced marketing mix, diet pill will manage to create

 

a clear position in the market. Since this will address the need that is felt by a specific niche

 

segment. The traditional distribution methods should be balanced by a unique product as well

 

as an updated promotional strategy. This will ensure that the brand message of diet pill

 

reaches the right people at the right time and in the right way. Finally, there will be a need to

 

divert more resources towards one of the major variable such as the strong distribution

 

channels over the promotional activities. An effective marketing mix will make a difference

 

between a flash in the pan product and the one that is bound to become a well-loved classic. Lasa 1?Business Analytics Implementation Plan Part 10 References

 

Dr Jefferson, D. A. (2014). "Creative market segmentation process, global positioning. global

 

product design and successful global brands.". Creative Market Segmentation

 

Process, Global Positioning. Global Product Design and Successful Global Brands.

 

Goi, C. L. (2009). A review of marketing mix: 4P's or more? International Journal of

 

Marketing Studies, 1(1), 2.

 

Gummesson, E. (2015). 14. From relationship marketing to many-to-many marketing.

 

Handbook on Research in Relationship Marketing, p. 301.

 

Hansses, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yaldirim, G. (2014).

 

Consumer attitude metrics for guiding marketing mix decisions. Marketing Science,

 

33(4), 534-550.

 

Jain, S. C. (1993). Marketing planning and strategy. Cincinnati South-Western (1985)

 

Publishing Company.

 

Rong Huang, E. S. (2012). How brand awareness relates to market outcome, brand equity and

 

the marketing mix. Journal of Business Research, 65(1), 92-99.

 

Zineldin, M., & Philipson, S. (2007). Kotler and Borden are not dead: Myth of relationship

 

marketing and truth of the 4Ps. Journal of Consumer marketing, 24(4), 229-241.

 


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