For this assignment, you will build a foundation for your marketing plan by creating a situational analysis for your hypothetical comp

Overview

Throughout this course, you will create a marketing plan for a hypothetical company that provides a product or service. (Remember, you selected this company and product or service in your Week 1 discussion.) For this assignment, you will build a foundation for your marketing plan by creating a situational analysis for your hypothetical company. This will include a marketing plan summary, short- and long-term goals, a competitive analysis, a SWOT Analysis, and a customer analysis for your hypothetical company.

Note: You should make all assumptions needed for the completion of this assignment.

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Instructions

Complete this assignment using the Marketing Plan Template Part A Download Marketing Plan Template Part A [DOCX].

Step 1: Use the Marketing Plan Template Part A to complete Part A by developing 3 to 4 double-spaced pages, excluding the title page and sources page. Save it as Lastname_Firstname_MKT500_MarketingPlan_PartA_Assignment.

Step 2: Follow the instructions carefully as you complete each assignment, updating and improving the content based on instructor feedback.

Step 3: Review the assignment rubric to ensure you have met all requirements and submit the completed template using the assignment link in your course.

Section Instructions

Marketing Plan Summary

1. Develop a Marketing Plan Summary for your hypothetical company.

• Include the company name, type of business, the product it makes or the service it provides, and location.

Your answer in this section should be 1-2 paragraphs. Refer to the Week 1 Discussion.

Goals

2. Determine the short-term goals (within one year) for your company.

• Include an appropriate strategy to measure them.

3. Determine the long-term goals (within five years) for your company.

• Include an appropriate strategy to measure them.
  • The short-term and long-term goals should be realistic, practical, and “SMART” (Specific; Measurable; Achievable; Realistic; and Time-based).
  • Consider revenue and profit when creating your goals. The following metrics would likely be considered: increases in market share, new product adoption rates, retention, rate of growth compared to competition and the market, and margin. 

Your answer in this section should be 1-2 paragraphs.

Competitive Analysis

4. Develop a competitive analysis for two of your hypothetical company’s competitors.

• Include the following components in the analysis:
  • Why you selected the two competitors.
  • The product or service offered by each competitor.
  • How it is similar or different to your product or service.
  • The reputation of each competitor.

Your response in this section should be 3-4 paragraphs.

Social Media Analysis

5. Analyze the social media presence of each competitor.

• The analysis should include platforms, types of content, the number of followers, and their customer reviews, including the company's response.

Your answers in this section should be 3-4 paragraphs. In your analysis, use complete sentences and provide thoughtful explanations rather than just answering the questions briefly. (Note: this section was started in the Week 2 Discussion. Review the feedback and provide a complete analysis here.)

SWOT Analysis

6. Develop a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact on the business and/or customer.

• Strengths.
  • Strengths are internal and under your control.
  • Think about features and benefits to the customer.
  • Your answer should be 2 paragraphs.
• Weaknesses.
  • Weaknesses are internal and under your control.
  • Your answer should be 2 paragraphs.
• Opportunities.
  • Opportunities are external, happening outside your company, that you can take advantage of, such as new technology.
  • Your answer should be 2 paragraphs.
• Threats.
  • Threats are external, happening outside your company, that will impact your business, such as new government policies or laws.
  • Your answer should be 2 paragraphs.

From your analysis, bullet the three main strengths, weaknesses, opportunities, and threats for your company in the table provided in the Marketing Plan Template Part A.

Customer Analysis

7. Discuss 3 insights in regard to your hypothetical company’s customers, based on the following categories.

• Unmet Needs
  • What challenges are customers facing with current industry offerings? Have customers attempted to solve these challenges themselves? If so, how?
  • In what part of the customer journey are there pain points? What are the severity and incidence of these pain points?
  • What do customers not like about current offerings? Why are they dissatisfied? Why are some customers changing brands or suppliers? Why are others leaving the category altogether?
• Customer Motivations
  • Why was a certain offering chosen over another one?
  • What elements of the product/service do customers value most and dislike most?
  • What are the customers’ objectives when they use products and services in this category? What benefits are they really buying?
• Segmentation
  • Do the customers fall into any logical groups based on needs, motivations, or characteristics?
  • Who are the biggest spending customers? The most profitable? The most attractive potential customers? How much could each segment grow?
  • Your answer should be 1-2 paragraphs per category (5-6 total).

Provide at least two current (within 5 years) academic resources from the Strayer Library and/or outside sources. Note: Wikipedia and Web-based blogs do not qualify as credible resources. In-text citations are required when paraphrasing or quoting another source. 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. For citing social media resources, refer to How Do I Cite a Post From Social Media?

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is: 

• Evaluate a company's goals, competition, needs, opportunities, strengths, and weaknesses based on its respective market.

Help Resources

• SWOT Analysis Sample [PDF]Download SWOT Analysis Sample [PDF]

Week 4 Assignment – Marketing Plan Part AWeek 4 Assignment – Marketing Plan Part ACriteriaRatingsPtsDevelop a Marketing Plan Summary for your hypothetical company.18 to >16.2 ptsExemplaryDeveloped a Marketing Plan Summary for your hypothetical company.16.2 to >12.6 ptsCompetentDeveloped a Marketing Plan Summary for your hypothetical company, but the marketing summary lacks details and clarity.12.6 ptsNeeds ImprovementDeveloped a Marketing Plan Summary for your hypothetical company, but did not include all the key components of the marketing summary.12.6 to >0 ptsUnacceptableDid not develop a Marketing Plan Summary for your hypothetical company./ 18 ptsDetermine the short-term goals (within one year) for your company and include the appropriate strategy to measure them.27 to >24.3 ptsExemplaryDetermined the short-term goals (within one year) for your company and included the appropriate strategy to measure them.24.3 to >18.9 ptsCompetentDetermined the short-term goals (within one year) for your company and included the appropriate strategy to measure them, but the determination lacks details and clarity.18.9 ptsNeeds ImprovementDetermined the short-term goals (within one year) for your company and include the appropriate strategy to measure them, but the goals are incomplete and the measurement strategy is incorrect.18.9 to >0 ptsUnacceptableDid not determine the short-term goals (within one year) for your company, and did not include the appropriate strategy to measure them./ 27 ptsDetermine the long-term goals (within five years) for your company and include an appropriate strategy to measure them.27 to >24.3 ptsExemplaryDetermined the long-term goals (within five years) for your company and included an appropriate strategy to measure them.24.3 to >18.9 ptsCompetentDetermined the long-term goals (within five years) for your company and include an appropriate strategy to measure them, but the determination lacks details and clarity.18.9 ptsNeeds ImprovementDetermined the long-term goals (within five years) for your company and include an appropriate strategy to measure them, but the goals are incomplete and the measurement strategy is incorrect.18.9 to >0 ptsUnacceptableDid not determine the long-term goals (within five years) for your company and did not include an appropriate strategy to measure them./ 27 ptsDevelop a competitive analysis for two of your hypothetical company’s competitors.27 to >24.3 ptsExemplaryDeveloped a competitive analysis for two of your hypothetical company’s competitors.24.3 to >18.9 ptsCompetentDevelop a competitive analysis for two of your hypothetical company’s competitors, but the analysis lacks details and clarity.18.9 ptsNeeds ImprovementDeveloped a competitive analysis for two of your hypothetical company’s competitors, but the analysis is incomplete or incorrect.18.9 to >0 ptsUnacceptableDid not develop a competitive analysis for two of your hypothetical company’s competitors./ 27 ptsAnalyze the social media presence of each competitor.18 to >16.2 ptsExemplaryAnalyzed the social media presence of each competitor.16.2 to >12.6 ptsCompetentAnalyzed the social media presence of each competitor, but the analysis lacks details and clarity.12.6 ptsNeeds ImprovementAnalyzed the social media presence of each competitor, but the analysis is incomplete or incorrect.12.6 to >0 ptsUnacceptableDid not analyze the social media presence of each competitor./ 18 ptsDevelop a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact to the business and/or customer.27 to >24.3 ptsExemplaryDeveloped a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact to the business and/or customer.24.3 to >18.9 ptsCompetentDeveloped a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact to the business and/or customer, but the analysis lacks details and clarity.18.9 ptsNeeds ImprovementDeveloped a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact to the business and/or customer, but the analysis is incomplete or incorrect.18.9 to >0 ptsUnacceptableDid not develop a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact to the business and/or customer./ 27 ptsDiscuss three (3) insights in regard to your hypothetical company’s customers, based on the following categories.18 to >16.2 ptsExemplaryDiscussed three (3) insights in regard to your hypothetical company’s customers, based on the following categories.16.2 to >12.6 ptsCompetentDiscussed two (2) insights in regard to your hypothetical company’s customers, based on the following categories.12.6 ptsNeeds ImprovementDiscussed one (1) insight in regard to your hypothetical company’s customers, based on the following categories.12.6 to >0 ptsUnacceptableDid not discuss three (3) insights in regard to your hypothetical company’s customers, based on the following categories./ 18 ptsInclude two required quality academic resources.9 to >8.1 ptsExemplaryIncluded two required quality academic resources.8.1 to >6.3 ptsCompetentIncluded two academic resources, but the resources were not of a quality nature.6.3 ptsNeeds ImprovementIncluded one quality academic resource.6.3 to >0 ptsUnacceptableResources were not provided, or the resources were not of a quality nature./ 9 ptsDevelop the Marketing Plan – Part A that meets the required number of pages, is clear, includes appropriate writing mechanics, and follows SWS formatting requirements.9 to >8.1 ptsExemplaryWriting meets the required number of pages, writing has very few spelling, punctuation, and grammatical errors, few fragments, comma splices, and run-ons. 0–2 errors present.8.1 to >6.3 ptsCompetentWriting meets the required number of pages, writing has spelling, punctuation, and grammatical errors that are distracting in a few places; few fragments, comma splices, and run-ons. 3–4 errors present.6.3 ptsNeeds ImprovementWriting does not meet the required number of pages, writing has spelling, punctuation, and grammatical errors that are distracting in some places. 5–6 errors present.6.3 to >0 ptsUnacceptableWriting does not meet, or exceed the required number of pages, has spelling, punctuation, and grammatical errors, fragments, comma splices and run-ons that distract from the message. More than six errors present./ 9 ptsTotal Points: 0