Prospecting: Marketing and Environmental Scanning Assignment

Prospecting: Marketing and Environmental Scanning Assignment Words: 1137

The Output Of respecting is a list of qualified leads that may buy your product or service. Selling begins only after a lead is categorized as qualified. If you start selling too early, you run the risk of pigeonholing your products and services before you have the opportunity to understand your prospect’s requirements. That generally leads to contamination where price becomes the most important buying criteria. Leads and prospects could be generated using several sources. For example, advertising or flyers may include coupons or a toll-free number to generate leads.

In general, prospects could be drawn from a rarity of sources: 1. Current Customers, 2. Personal Contacts, 3. Referrals, 4. Telephone, 5. Computerized Databases, 6. Trade Publications, 7. Trade Shows. Fully. Prospecting MUST also include scanning of the Marketing Environment: Strengths, Weaknesses, Opportunities, and Threats (SOOT) Analysis. Prospecting has to consider also the changing marketing environment to gather information about social, economic, technological, competitive, and regulatory forces.

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Experimental scanning of the internal and external market is important because changes in the marketing environment are source of trenches, weaknesses, opportunities, and threats to be managed. 3. ) What are some of the basic questions for key account prospecting and discuss its important? 1 v) What is the size of the company? Its growth rate? 2. ) What is its market share in the market segment or industry? 3. ) What is the type of business? Sole ownership? Partnership? Corporation? Conglomerate? 4. ) Is it a multinational company? An American firm?

A British firm? A Chinese firm? Etc. 5. ) What is the buying process of the firm? 6. ) Who are the people involved in the buying process? How many are involved? Who is the purchasing decision-maker? . ) Is is a good corporate citizen? Does it engage in notable CARS programs? 3. 3) Challenge yourself: Condominium reality and property development are boom now a days, can you please identify the possible prospects to cater in this kind of industry? Justify your claims. Prepare a sales call approach and pre-approach plan for your possible prospect.

Real estate marketing encompasses two major functions. Real estate agents and brokers market their business and they market the properties they’ve listed for their clients. Within these two areas there are a myriad of methods, media and budgeting incinerations. We’ll break down this huge subject into the basics and learn to market effectively in today’s marketplace. It can be easier to think of the types of marketing pieces and methods you use and work backward to come up with these prospect types. However you do it, the sooner you properly categorize your prospect base the better.

Here are some of the most popular types: ; Buyer (or Local Buyer & Distant Buyer) ; Seller ; Investor ; Residential Buyer (Seller, Condo, Cornel, etc. ) Once you’ve categorized your prospects, pulling a list for very targeted marketing is easy. You can create more impact in your marketing if it’s more closely focused on the interests of the prospect. You will also reduce the cost of sending marginal marketing to prospects with little interest.. 2. )Once a target market has been established, environmental scanning is a tool that can help determine a company’s strategies.

Environmental scanning consists of analyzing a variety of external dynamics. It is a search for information about relevant external forces to see how these may affect a business. These include economic, demographic, political-legislative, social ND cultural, competitive dynamics, and technology affecting the business market. Detailed, these may look like the following points: 1) Economic: Prosperity, recession, or recovery? Inflation dynamics Interest rate trends unemployment 2) Demographic: Refers to the changing nature of the target market population What are some cue rent trends?

What are the implications of these changes? Is there a changing ethnic mix? Have buying habits and needs changed? 3) Political / Legislative Government relationships with large players Policies set by government agencies General fiscal/monetary policies ) Social and Cultural: Lifestyles and values Attitudes and emphasis on service quality and value Demand for new services and conveniences such as filtering or spam / virus control 5) Competitive: Direct competitors All services competing for the same market 6) Technological: New forms of competition, like power companies?

Impacts how people use their time Convenience and transparency A thorough analysis, such as that provided by an environmental scan, helps a company identify opportunities and/or challenges that may arise from changes in its external environment. This investigation gives a business time o react to change or to new findings, and to create strategies that will allow it to compete successfully-An environmental scan can supply relevant information to support decisions about service, pricing, competitive, and promotions strategy.

Not only is it important to determine customers’ wants and needs, it is important to understand how needs change, how technology is changing wants and needs, and how legislation affects competitive activity. For instance, the FCC and Supreme Court rulings in 2005 drastically changed the landscape (and opportunities) for both Clefs and Sips. It is, similarly, important to have information about the demographic makeup of your market to know what services to emphasize, how to price them, as well as the most effective promotional means.

Doing so will likely result in designing services that will satisfy customers. Additionally, knowing about competitive activity can enable you to differentiate your services and provide an understanding of how to position your business in the market. This is a key component that Sips need understand and utilize. One of the goals of this effort is to ensure that customers view your business in a positive light and understand what you can deliver. If it is aware of how competitors are promoting their services, an ISP may exploit competitors’ strengths and weaknesses as well as opportunities and threats.

Perception is reality: A customer’s mind can only maintain one perception for your company. You do not want the perception that you are projecting to be in combat with another perspective. Considering all of these factors, knowing in advance, and doing the proper planning and implementation, can provide opportunities to position and brand your business and be the first company in your customers’ minds when it comes to ISP services. Some examples: Hertz owns the rental car market, but Avis has made its name by being number two and trying harder.

California, Florida, and Texas have large Hispanic populations. This opens the possibility of a niche market for local Sips- People think of Bell as the Phone Company. People may perceive you as the Internet Company. Don’t shut down your radar An environmental scan (SEES) alerts an ISP, at the start, to the types of information that could have relevance for plan inning purposes. Additionally, the SEES structure clarifies how a trend could relate to the business, thus informing it about potential implications.

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