Environmental Analysis and SWOT Analysis- Verizon Wireless Use the information you researched in your Week 1 assignment for the sections they correspond to in this part. For add

Environmental Analysis and SWOT Analysis- Verizon Wireless

Use the information you researched in your Week 1 assignment for the sections they correspond to in this part.

For additional resources that may be helpful with components in Part A, refer to the resources provided on the Week 2 University Library page.

Business Description

Describe the business you are designing the plan for. Include the mission statement, vision statement, product line description, and business information (such as the size of the business).

Environmental Analysis

Analyze the forces that affect the business and marketing efforts.

Competitive Forces

Analyze the business’s key competitors. You may choose to use a BCG matrix or attribute checklist to compare your selected business against its competitors. Describe any strategic moves the competition has recently made. Estimate the business’s market share. Identify key competitive advantages against your selected business’s competitors.

Economic Forces

Analyze the economic environment in the areas affecting your selected business. Consider differences within their industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in a county that would affect your selected business.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues that may affect your selected business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.

Technological Forces

Analyze whether your selected business will be affected by emerging technologies or trends in hardware and software industries.

Social Forces

Analyze social trends and how they may affect your selected business. Considerations may include if the business will be affected by demographic trends or a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.

Current Target Markets

Define the business’s current target markets. Describe the demographic, geographic region, psychographics, and product usage of these targets.

Current Marketing Tactics

Review their current marketing tactics. Summarize how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your selected business is a start-up, describe their competitors’ current marketing.

SWOT Analysis

Assess your selected business’s strengths, weaknesses, opportunities, and threats. Then, evaluate how to address these in your marketing plan.

Strengths

Assess your selected business’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.

Weaknesses

Assess what limits the selected business may have in its current marketing strategy. Consider if the business has a weakness that needs to be addressed through public relations or marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the business’s ability to meet its objectives or interfere with marketing plans.

Converting Weaknesses and Threats to Strengths & Converting Strengths to Opportunities

Convert weaknesses and threats to strengths; then, convert strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the business’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured.

For example: The business will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2024 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2025. Customer loyalty (i.e., willingness to recommend the product) will increase by 30%.