Explain the four strategies for growth: market penetration, market development, product development, and diversification

Order Instructions

Marketing Strategy

This competency assessment assesses the following Outcome(s):

MT219M1-1: Summarize the basic components of a marketing strategy.

Read the scenario and respond to the checklist items based on the Reading and Learning Activities.

Your instructor will assign a business type or industry to you.

Introduction: Examine the four marketing strategies and read about the importance of doing viable marketing research before you begin planning strategy. Based on what you learn, you will begin this assessment by examining the mission statement and then move on to address the situation analysis based on where you live. You will first address the background marketing research based on the business type that will be provided by your instructor.

Read the scenario and respond to the checklist items based on the reading and practice activities.

Scenario: Lee is the owner of Lee’s [business type assigned by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for his business. You must use the industry assigned by your instructor.

Checklist:

Summarize a marketing strategy for Lee’s business, addressing each of the six parts.

Part 1 Mission:

Redefine Lee’s mission. Lee’s current mission is more of a product-oriented mission statement. For example, “We sell flowers” or “We make pizza.”

Write a marketing-oriented mission statement for Lee’s business.

Part 2 Situation Analysis:

Organization Strengths and Weaknesses:

Describe methods that Lee could use to identify his internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organization’s strengths and weaknesses. Explain your response.

Who are the direct and indirect competitors for Lee’s business located in your area?

Using sources like the S. Census Bureau (go to “Browse by Topic”), describe the demographics affecting Lee’s business in your area.

How is technology being utilized in the industry assigned that might have a positive or negative impact on Lee’s business?

Identify Lee’s competitive advantage against his direct and non-direct competitors in the city nearest to where you live.

Define the term sustainable competitive advantage and explain what advice you would give to Lee in his quest to build a sustainable competitive advantage.

Part 3: Marketing Objectives

Set marketing plan objectives for Lee’s business (see page 25 of your text).

Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic and relevant to the mission, and time-bounded).

Part 4: Marketing Strategy

Describe the target market strategy for Lee’s business. Paint a very clear picture of who Lee will be targeting for his product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.

Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase his sales? Explain.

Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.

Part 5: Implementation

Using the concepts from the text, explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions.

Part 6: Evaluation

Using the concepts from the text, describe how you will evaluate your marketing strategy.

Your paper should include headings, an introduction, and a conclusion.

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