1. Describe the external and internal factors that influence the executive team’s s decision making and specify which might be most instrumental in making the decision to become a for-profit entity. Why do you think so?
An internal factor is when one is looking for the answer to the dilemma at hand. For example a student is trying to recall the answer to a question on his final exam that he remembers going over the previous night. This could even be the executive team looking deep inside themselves to make the right decision on whether or not to let staff flex time that was earned over the weekend.
An external factor is when one looks to others or other resources for answers when the internal process isn’t working. An example of this the student can’t remember what he studied last night so he’s looking at his classmates test or even looking inside his book for answers. Another example could be if the executive team can’t seem to come to grips with a decision that’s fair and just for everyone so they take a vote or input from their staff members.
When trying to become a for-profit organization one might want to use the external factor as his method of choice in decision making. This is so because he wants his customers to be happy and since not all of them think like him, it would be best to get outside opinions to broader his horizon. Being open minded and able to seek help when needed is part of running a successful business because you want to appeal to your target audience to keep proceeds coming in. Looking at the example above, the executive team should really look at how flex time would increase employee morale and employment longevity. The staff needs to feel appreciated and that can’t be done if they are feeling tired and overworked.
2. Data needs to be collected in order to make informed decisions. Create an overview of the marketing data that needs to be collected and how you collect it. Data can be collected in three different ways; they are observationally, experimentally, and through survey research. To collect data through observational research is to watch the consumers themselves or to obtain that experience through some type of electronic device such as a camera. To collect data through an experiment means to control factors and look for cause and effect among the relationships. To collect data through a survey is to gain knowledge and information through telephone contact, interviews, focus groups, mail responses or surveys in general. For example one marketing to sell a certain type of medication should first determine their target populations, which are the people who will most likely buy their product. The second step is making a sampling pool of people who fit the criteria for the medication. This information could be obtained from previous medical mailing lists or sampled from phone books. The next step is to detail the sampling population; this means if you are looking to complete a survey on residential programs then the population should be receiving some type of residential assistance. The next step is to figure out how one would go about selecting from the sampling population. This could be done in many different ways dependent upon what information one is looking to obtain from this experience. The next thing is to determine how big of a sampling population one is looking to serve. The last and final step is make a plan that will be used in executing steps one through five.
3. In terms of market segmentation, determine the effects of the transition upon the following audiences:
* Senior citizen
Market segmentation for senior citizens is finding something that is equally appealing to them such as life insurance that is inexpensive with great benefits. Not everyone is responsible enough in their younger days to pick up life insurance that they can keep until