Throughout this course, you will be creating a marketing plan for a hypothetical company that provides a product or service. For this assignment, you will document your hypotheti
Throughout this course, you will be creating a marketing plan for a hypothetical company that provides a product or service. For this assignment, you will document your hypothetical company's background information and mission statement, your company's short-term and long-term goals, an environmental analysis, and a SWOT analysis.
Note: You should make all assumptions needed for the completion of this assignment.
Instructions
Create the first part of your marketing plan in 5–7 pages using the Part A Marketing Plan Template [DOCX]
- Write an introduction to your hypothetical company, describing its location, the product it makes or the service it provides, and the contents of your marketing plan.
- Develop your company's mission statement that has a long-term view, and includes its industry, goals and values.
- Identify the short-term goals (one year) and long-term goals (five years) you would like to achieve, and include the appropriate way to measure them both.
- Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Develop a SWOT analysis for your product or service, examining at least three strengths, weaknesses, opportunities, and threats for your company.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
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MKT500 |
Part A: ABC Marketing Plan (Change to your name of business here)
Your Name
MKT500 Marketing Management Strayer University
Dr. Your Professor
Date submitted
Introduction
Write an introduction to your company. Describe your hypothetical company, its location (why did you choose this location?), and the product it makes or the service it provides, and introduce the contents of your marketing plan.
Mission Statement
Develop your company’s mission statement (do not confuse a mission statement with a tag line, slogan, or positioning statement). Develop your company’s mission statement that has a long-term view, and includes its industry, goals, and values. Also, your mission statement should resonate with your consumers/customers as well as with your employees and stakeholders—remember to see the purpose of a mission statement and rationalize yours. Do not just state a mission statement without rationale—answer why.
Goals
Write an introduction to this section here (minimum of three sentences). Identify the main goals that you would like to achieve within the next year (short term) and within the next five years (long term), including the most appropriate ways to measure them both. Note that your goals should be realistic, practical, and SMART (that is, S – specific; M – measurable; A – assignable; R – realistic; and T – time based). What does your company need to accomplish in the long and short term? Consider revenue and profit goals.
Long Term
Decide the mains goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure long-term goals. Note: Consider the example metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on website analytics, visit Google Analytics.
Short Term
Text starts here: Decide the main goals that you would like to achieve within the next year (short term). These annual goals should be steps toward achieving the long-term goals. Determine the most appropriate ways to measure short term goals. Note: Consider the following metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on website analytics, visit Google Analytics.
Environmental Analysis
Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Include an introduction of these elements. Write an introduction to this section (minimum of three sentences).
Competitive Analysis
Competitive analysis here. (Who is the competition—direct and indirect, why do you consider them competition, what do they do well, what might be a weakness?)
Economic Analysis
Economic analysis here. (Through this factor, businesses examine the economic issues that are bound to have an impact on the company. This would include factors such as inflation, interest rates, economic growth, the unemployment rate and policies, and the business cycle followed in the country.)
Political and Legal Analysis
Political and legal analysis here. Separate the topics if you have significant analysis. (Political and legal: Here government regulations and legal factors are assessed in terms of their ability to affect the business environment and trade markets. The main issues addressed in this section include political stability, tax guidelines, trade regulations, safety regulations, and employment laws.)
Technological Analysis
Technological analysis here. (How technology can either positively or negatively impact the introduction of a product or service into a marketplace is assessed here. These factors include technological advancements, lifecycle of technologies, the role of the Internet, and the spending on technology research by the government.)
Sociocultural Forces Analysis
Sociocultural forces here. (With the social factor, a business can analyze the socio-economic environment of its market via elements such as customer demographics, cultural limitations, lifestyle attitude, and education. With these, a business can understand how consumer needs are shaped and what brings them to the market for a purchase.)
SWOT Analysis
Develop a SWOT analysis for your product. The analysis should examine at least three strengths, weaknesses, opportunities, and threats for your company. The opportunities and threats are external to the company and should include the external analysis you completed. The suggestion is to write an introduction (minimum of three sentences) and create a SWOT table. Include an analysis, not just the table. Rationalize why you chose these SWOT elements.
SWOT Analysis
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Strengths · Short bullet · Xxxx · xxxx |
Weaknesses · Short bullet · Xxxx · xxxx |
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Opportunities · Short bullet · Xxxx · xxxx |
Threats · Short bullet · Xxxx · xxxx |
Note: Strengths, weaknesses, opportunities, and threats for xxxx company.
Strengths
Include at least three strengths and explain the importance (think features and benefits to customer). Strengths are internal—what you can control.
Weaknesses
Include at least three weaknesses and impact to the business and/or customer. Weaknesses are internal—what you can control.
Opportunities
Include at least three opportunities and explain the importance (think features and benefits to customer). Opportunities are external—what is happening outside your company you can take advantage of such as new technology.
Threats
Include at least three threats and impact to the business and/or customer. Threats are external; what is happening outside your company that will impact your business such as new government policies or laws.
Conclusion
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Use three credible, relevant, and appropriate resources as marketing research to determine the feasibility of your product or service. To receive most points as exemplary, you must meet the required number of credible, relevant, and appropriate references.
These resources should be industry specific, relate to your chosen product or service, and be published in the last five years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
SWS Guidelines: (delete this from your paper)
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course and the Strayer Writing Center.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
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