Regis University New Definition of Marketing Paper

Step 2- Define an industry and company – Team members may want to compare and share information about the industry in which they work or are familiar with. The team will choose one industry as the foundation for formulating a problem statement and they will also define the size/scale of the organization building the marketing strategy. The organization may be an actual company or one that could be formed as a new venture. Additional tip: Your team will choose an industry or business segment and an organization or company within that segment. You will provide a description that provides an indication of the type of business the company is involved in and the size and scale of the organization. This is important in aligning the defined problem with the capability of the organization to address it.

The industry we will be using as our foundation is the fashion industry. We will in this case use Victoria’s Secret(?) as the organization within the industry.

Step 3 – Define the problem identification process – The reading assignments for the week describe processes to help define a problem and assess whether the organization can address the problem through innovation. Cooper describes Seven Critical Success Drivers for Business. Winston describes how to execute and operationalize the heretical. The Building Knowledge material describes how to evaluate a problem for alignment with an organization. Additional tips: 1.) Follow the directions for the assignment and be sure to describe the processes you used to define a problem the organization can address. 2.) Incorporate resources from the course material and required readings. Do NOT Google topics and apply those definitions or resources because they may use outdated marketing definitions.

1. Cooper’s Seven Critical Success Drivers for Business
2. Winston’s Executing and Operationalizing the Heretical
3. Building Knowledge’s Evaluating A Problem

• Provide a concise (1-2 sentence) statement of the problem you chose to address WITHOUT including a product or solution concept
• Provide an explanation of the process steps followed and explain how your process reflected information from the reading(s). Be sure to include proper references.
  • (see above bullet points)
• Summarize the questions you explored to focus on relevant and important problem concepts.
• Explain how addressing this problem is aligned with company capabilities and goals.
• Describe what you know or assume about those who share the problem as potential customers. A full market description is not necessary, just a brief summary of who would be interested in a solution is acceptable.
• Explain why solving this problem will create value for the business, customers, and society.

The team will compile this information into a paper that is no longer than 5 pages. It should be edited to include complete but concise explanations, so the reader fully understands the process you followed to make a decision about the problem statement.