SWOT analysis
MRK428 Marketing Strategy and Analysis Summer 2024 Marketing Plan Group Assignment Updated June 19, 2024 1 Assignment Overview ………………………………………………………………………………………………………………………………………………….. 3 Assignment Learning Objectives …………………………………………………………………………………………………………………………………… 3 Assignment Logistics……………………………………………………………………………………………………………………………………………………. 3 Submission Requirements ……………………………………………………………………………………………………………………………………………. 4 Part 1 Situation Analysis- Instructions ……………………………………………………………………………………………………………………………. 6 Cover Page and Formatting ………………………………………………………………………………………………………………………………………. 6 Table of Contents ……………………………………………………………………………………………………………………………………………………. 6 Situation Analysis (70 marks) ……………………………………………………………………………………………………………………………………. 6 Market Analysis (10 marks) …………………………………………………………………………………………………………………………………… 6 Company Analysis (15 marks) ………………………………………………………………………………………………………………………………… 6 Consumer Analysis (15 marks) ………………………………………………………………………………………………………………………………. 6 Context Analysis (10 marks) ………………………………………………………………………………………………………………………………….. 7 Competitive Analysis(15 marks) …………………………………………………………………………………………………………………………….. 8 Collaborator Analysis (5 marks) ……………………………………………………………………………………………………………………………… 8 The Brand SWOT Analysis Chart (20 marks) ………………………………………………………………………………………………………………… 8 2025 Key Strategic Priorities (10 marks) …………………………………………………………………………………………………………………….. 9 Company Overview and Information-Vessi …………………………………………………………………………………………………………………… 13 Website, Blog, Reviews & Social Media Profiles: ……………………………………………………………………………………………………….. 13 News, Third Party Reviews: …………………………………………………………………………………………………………………………………….. 13 Rubric………………………………………………………………………………………………………………………………………………………………………. 14 Final Marketing Plan Format ………………………………………………………………………………………………………………………………………. 15 2 Assignment Overview This Marketing Plan Group Assignment provides an opportunity to apply all course learning outcomes into one, applied Marketing Plan. Skills you’ve learned throughout the course (and in previous courses) will be applied in practice against a real-world client scenario. In a team of no more than five members, prepare a hypothetical 2024 Marketing Plan for The Brand in Canada. You will complete your Marketing Plan in two parts and present/defend your recommendations to the class according to assigned due dates posted on Blackboard. • • • Part 1: Situation Analysis, SWOT Analysis, Key Strategic Priorities (20%) Part 2: The Complete Marketing Plan (20%) Presentation /Defense: (10%) Note: Each member of each Team will receive an individual grade; see separate info in Assignments for the Peer Evaluation method required. Each individual must submit a Peer Feedback Form and each Team must submit a Peer Evaluation Form to candidly reflect your individual contribution and that of each team member for each part of the assignment. Assignment Learning Objectives 1. 2. 3. 4. Create a Marketing Plan for a consumer product that is sold in Canada. Identify the most critical strategic marketing issues that the Marketing Plan will address based on comprehensive Situation Analysis and SWOT analysis of the brand. Create a brand positioning strategy to clearly defined target markets based on a compelling consumer insight. Develop marketing mix strategies within budgeting constraints. Assignment Logistics Organize Your Team: • • • Assume your team is a Marketing Consulting Agency that hired by the company to complete the 2025 Marketing Plan. Your goal is to create a strategic Marketing Plan that is cohesive, realistic, feasible and sells the client (that is your Professor, who will serve as the VP Marketing of the Company). Each team member is accountable for the final outcome of your Marketing Plan. It is important that each member: Extensively research the product market in North America (and Canada specifically), the company and the competition (this is not just the role of one or two members). This involves gathering insights from several (at least 10) reputable secondary sources as well as brand social media 3 • • • • • • • accounts and store checks and e-store. Research how the product has been marketed in Canada only. Collaborate fully as a team on all sections of your marketing plan (e.g., have weekly team meetings) and ensure that your plan is fully integrated. For example, the SWOT analysis must integrate insights stated in your 5C’s section and your Marketing Mix strategies must reinforce your Brand Positioning Strategy as well as Strategic Priorities for 2025. Peruse Company Overview information included in this document. Marketing Budget: Assume that that budget for The Brand in 2025 is up to a maximum of $600,000 for the Canadian market only. Part A & Part B Instructions: Follow the specific instructions for each section. Course Marketing Tools: Apply the tools taught in the course (reference 5 C’s information chart & worksheet, SWOT worksheet & best practices, a PESTLE analysis). Be sure to address the Vision, Mission, Values. Do a full inventory of current products and brands. You are welcome to include 7S and V.R.I.O. Analysis if you feel it applies. Marketing Plan Structure: Practice concise business writing using charts and bullet points as necessary. SOURCES PAGE: You must include a Sources Page in MLA For Business and cite using MLA For Business In-Text throughout this document. Submission Requirements • • • • • Each group must submit the deliverables as outlined on the next slide. Each deliverable should include all the sections required for each deliverable and address each element in each section. You may include additional information, in your Appendix. It is recommended to create a document template so that each member can enter their information following the format and fonts. This will remove the unnecessary work for the group member assigned to pull all the information from each member into the one document, so they aren’t wasting time reformatting someone else’s work. Each group member must submit a completed self- and peer-evaluation with their final report. Failing to provide a completed self- and peer-assessment or submitting the assignment in a format other than specified will be marked zero. Note: You’ll have received feedback on all previous components related to the final plan and will have re- written those sections to be “client ready”, combining all of it into a well-designed and proof-read final submission. Pay particular attention to the overall look of the report. It should “feel” professional and polished. That means that it is clearly written; tells a logical story; has supportive visuals; is grammatically correct; and is free of typos and spelling mistakes. Any supportive research or findings that you feel backs up your approach can be referenced/cited and placed in the appendix of your report should the client wish to dive deeper into the 4 data/background information. The final report should be crafted in such detail that the client should not have to contact your group for any further explanation or clarification. Important Notes: • • • • Read all instructions and make sure you understand the expectations. Please review the instructions first and then reach out to the Professor if you have any questions. Academic Integrity violations will be penalized with zero marks on that section or zero marks for the whole assignment. Late assignments will receive a grade of zero. If you have having technical issues uploading to Blackboard, email the assignment to the Professor by the due date and time. If you are unable to upload the assignment by the due date because of illness or family emergency, the Prof must receive documentation. Ensure that you are uploading the CORRECT FILE. Uploading the wrong file will NOT excuse you from a late penalty of zero. You are permitted multiple uploads so if you upload the wrong file, just upload the correct one to the same spot. 5 Part 1 Situation Analysis- Instructions Cover Page and Formatting • • • • • State name of your Marketing agency. State the full name of each student in the team with student ID numbers. State date, title, course code and section. Add footer with page number to each section. (There is no ‘separate grade’ for the Cover Page or Table of Contents but it is a requirement). Table of Contents • Set this up for Part 1 only. Situation Analysis (70 marks) Market Analysis (10 marks) Show any marketing intel gathered depicting the current &/or historical $ retail size and other relevant information e.g., % market growth/decline, unit market size (number of transactions, customers, visits, etc) sales channel % split, etc. for this product category in Canada. Use Charts or tables to tell a story where possible. Always add a title and (sequential) Figure Number to your chart. State the chart’s source immediately below the chart. Ensure the chart is large enough to be legible to the reader. Add a few points* below each chart that summarizes the insights contained in the chart. [don’t include a screen grabbed figure or any chart without your own full interpretation i.e., specific key takeaways!] Company Analysis (15 marks) • Briefly review the history of the company, The Brand, product(s), channel history, etc • Show financial and/or market performance of the company and The Brand (based on research you found- if this is a privately owned firm this will be a challenge, but press articles, and Scotts may be of assistance) • Inventory: List the products offered by the company & the brands, sub-brands. It is suggested that you use a table format for this. • Identify strengths &/or weaknesses of the Company; if desired you may use 7S and/or V.R.I.O. Analysis. Capture the work the Company does in Corporate Social Responsibility, the organizations & causes they’re partnered with, how they specifically support the partner/cause, etc. • State how The Brand has been marketed in Canada (product, promotional, distribution, pricing). Consumer Analysis (15 marks) Category Analysis: 6 • • State research insights on consumer shopping behaviors, & any other information on the needs/ preferences of those who use these products. Use multiple, credible third-party resources! Show the various market segments that use the specific product using Table 1. Brand Analysis: • • • • • State the positioning strategy and target markets of brand. Clearly specify the brand value proposition (functional & emotional benefits to target). What needs or preferences are being satisfied or met for each of the consumer segments that The Brand serves? Are there other consumer segments that use this type of product that The Brand does not reach or serve? Explain. State research insights on consumer positive or negative associations with The Brand (e.g. check online for consumer reviews, social engagement and staff feedback from at least 2 e-stores &/or physical store chains). Identify strengths or weaknesses of brand based on your insights. For needs or preference segments, identify brand item target segments (groups of shared needs) using the table below. How is the share of the ‘pie’ spilt? Show how it is carved up several different ways (each of which adds to 100) i.e. peanut butter is split into Crunchy vs Smoothy; it’s also split into Regular vs Organic/ All Natural and split into 500 g vs 1 kg sizes). As this is a national (Canada) Marketing plan, Geographic segment splits are not needed. Target Segment: Give an appropriate name/label to the segment here. Description of Target: Give a brief summary of the key features of the segment here. Characteristics: • • • • • Description/Explanation Psychographic characteristics Demographic characteristics Behavioural characteristics OPTIONAL: Usage Occasion/ Buyer Occasion characteristics Context Analysis (10 marks) • Research and identify relevant trends or forces in the external environment that impacts The Brand and this industry. Ensure your analysis of the situation and external environment applies and aligns with your marketing plan. Provide information that logically enhances the marketing plan. Discuss the impact each identified trend will have on the business (Why does it matter?) • PESTEL Analysis: o Political, Regulatory Trends o Economic Trends 7 o o o o Social, Cultural and Demographic Trends Technology Trends Environmental / Ecological Trends Legal Trends Competitive Analysis (15 marks) • Who are the 5 most significant direct competitors to this brand? What are their strengths and weaknesses? • Write a complete positioning statement for each competitor that reflects your group’s assessment from of each competitors marketing material; one sentence for each competitive brand explaining who their Target segment focus is (psychographics, demographics, benefits sought, needs), and what makes that specific brand unique in comparison to competitors- with stated support (why should I believe this). (10 Marks) • Draw a Brand Perceptual / Positioning Map to showcase these competitive brands relative to The Brand. You must decide on 2 sets of relevant yet mutually exclusive attributes (4* altogether) to use in a 2-dimensional map showing the 5 competitors (plus The Brand) relative to each other against the attributes. Map the consumer positioning of all brands and reiterate who the target is, for whom this view would apply. (5 Marks) • *Note: This should not be a basic Determinant Gap Map ie an attribute performance chart mapping from low to high on 2 attributes/benefits. • Street Research: It is recommended that you research similar brands to The Brand when you visit a retail store, mass merchandise outlet etc, as well as tour the websites of 5 directly competitive product brands to assist in your competitive analysis. PLEASE SUBMIT at least 5 site screengrabs of the competitive websites and, for each, a 2-sentence summary of what you feel is that brand’s key advantage &/or Target User/ Usage Occasion (1 of each brand, dated and properly MLA-cited) in the APPENDIX. Collaborator Analysis (5 marks) Are there specific (noncompetitive) suppliers, license/ JV partners, customer insight partners that The Brand might leverage? Indicate who they are, or who they should be, how such a relationship might realistically benefit the Company, and the likely tradeoffs. The Brand SWOT Analysis Chart (20 marks) Complete the following to summarize your research from your Situation Analysis. May use Table 2. Internal Factors • Strengths 8 • Weaknesses External Factors • • Opportunities Threats Description & Interpretation of the SWOT table • • • Describe each bullet in the SWOT table fully so it is easily understood by the reader. Clarify each item in the SWOT to avoid confusion. Also: provide a reasonable consequence, effect, or repercussion of each strength, weakness, opportunity, or threat. You should be able to answer the question of “so what?” or “why does this matter?” For example, if you list “strong brand awareness” as a strength you must also write about why this is a strength and/or what effect this could have on the firm i.e., you could add “brand awareness allows the company to more easily introduce new products into the marketplace because there is already an awareness or familiarity to the product line.” NOTE: this may or may not be relevant to your scenario. It is just an example. Each point in the SWOT should be described and justified in 2-3 sentences. Keep it concise! Don’t forget to cite your sources if necessary. In Appendices, add any photos. As a rule of thumb, list major sources of competitive advantage for The Brand under Strengths, and the major sources of competitive disadvantage for The Brand under Weaknesses. Opportunities should never be stated as a potential strategy in a SWOT – rather as a pertinent fact or trend in the general environment, industry, or market (that is not within the company’s control, but rather what they can potentially leverage to build The Brand). Threats are always factors in the external environment that the company cannot control. 2025 Key Strategic Priorities (10 marks) • • • • After you complete a team SWOT on The Brand, identify three major strategic priorities your Marketing Plan will address for the 2025 calendar year. Your strategic priority may be based on improving a brand weakness, leveraging a brand strength, exploiting an opportunity to grow The Brand, or minimizing a brand threat. Strategic priorities stem directly from your SWOT Analysis and are based on what your annual Marketing Plan can accomplish within your specified marketing budget. Your Marketing Mix strategies will flow directly from your Strategic Priorities. Think of your Marketing Plan as a funnel: The Situation Analysis is the big picture of the internal and external environments the business is in. The SWOT Analysis is a picture of The Brand at a specific point in time and is the outcome of the Situation Analysis. The Key Strategic Priorities are derived from the SWOT, and must be consistent with the company’s vision, mission and values; they must be realistic (eg within lead time to impact 2025 results) and 9 • • • responsibly deploy resources (eg unwise to focus all growth strategies on new products if significant Penetration opportunities remain untapped) The plan annual Marketing Goal and Objective (based on % revenue increase from previous year &/or market share % change) is the benchmark that your Brand Positioning and integrated Marketing Mix Strategies will aim to achieve. Your Marketing Mix strategies support your Key Strategic Priorities for the year. You are presenting a cohesive brand story that sells your Marketing Mix recommendations. The following is an example of Strategic Priorities that might be in an ABC Marketing Plan. Each Strategic Priority is written as a Bullet Point and supported with context. Key Strategic Priorities – ABC Business Brand Revitalization: Imminent need to revitalize The Brand in the local community and create local brand relevance to targeted market segments with a compelling customer value proposition. Requires significant investment in financial and people resources that includes a retrofit of the retail concept. Business Model/ Financial Health: Explore new ways to generate new sources of income for the business. The business will incur financial losses soon unless drastic action is done. Marketing Strategy, Staff and Skills: Integrated Marketing Communications campaign and ongoing implementation is vital; Imminent need to hire expertise to focus on this aspect of the business. 10 Table 1 Target segment: ____________ (Give an appropriate name/label to the segment here.) Description of target (Give a brief summary of the key features of the segment here.) Characteristic Description/Explanation Psychographic characteristics Demographic characteristics Behavioural characteristics OPTIONAL: Usage Occasion/ Buyer Occasion characteristics 11 Table 2 Internal Factors Strengths Weaknesses External Factors Opportunities Threats PESTLE/ Competitive 12 Company Overview and Information-Vessi ‘*Do NOT contact the company, its employees, or customers as part of this study project; we do not wish you to distract them from their success! Tips: • • • • Study the market (eventually in part 2 you will need to propose how to grow the company); ie find some info on (and base some thinking on) the industry category eg how big it is in Canada, whether it’s trending up or down, etc- (hint: check MarketLine, Passport, Mintel, etc for reports on these products in Canada) Study the competitors Study the consumer You might wish to find the Consumer/Buyer/User Profile ie see who presently buys these products possibly via Vividata? In Canada who might this product appeal to- who has donated to Eco-charities or volunteers for them or visits green websites or…? Study the company using the information provided below and a thorough exploration of your own research. Website, Blog, Reviews & Social Media Profiles: • • • • • • • • • • • • • https://ca.vessi.com/ https://www.instagram.com/vessi https://www.facebook.com/vessifootwear https://ca.vessi.com/pages/sustainability https://ca.vessi.com/blogs/the-forecast https://www.tiktok.com/@vessi https://www.youtube.com/channel/UC_hdhj3pGU157Rz_1YTR1NA https://ca.vessi.com/pages/reviews https://twitter.com/vessifootwear https://ca.vessi.com/pages/charity-water-vessi https://ca.vessi.com/pages/our-story https://www.ispot.tv/ad/6BjP/vessi-water-has-never-stopped-you https://www.ispot.tv/ad/61rh/vessi-head-for-the-water News, Third Party Reviews: • • • https://fitnesstestdrive.com/style/3919/vessi-waterproof-shoes/ https://www.cntraveler.com/story/vessi-weekend-sneaker-review https://ascendleadership.ca/post/how-listening-to-the-community-helped-a-footwear-companygrow-and-give-back-during-the-pandemic/ 13 • • • • • • • • • • • • https://retail-insider.com/retail-insider/2022/11/vancouver-based-dtc-waterproof-shoe-brandvessi-opening-1st- permanent-store-interview/ https://www.bbb.org/ca/bc/vancouver/profile/retail-shoes/vessi-footwear-0037-1371119 https://www.bnnbloomberg.ca/shifting-shopping-trends-have-e-commerce-brands-opening-theirown-stores-1.1995173 https://retailwire.com/blog/vessi-shoes/ https://www.cpacanada.ca/news/pivot-magazine/2020-11-04-vessi-sneakers https://www.bcbusiness.ca/people/retail/30-under-30-mikaella-go-and-tony-yu-are-kicking-itwith-vessi-footwear/ https://www.businessinsider.com/guides/style/vessi-waterproof-sneakers-review https://dailyhive.com/vancouver/mikaella-go-vessi-footwear https://strategyonline.ca/2020/08/17/vessi-tries-on-a-new-approach-with-ar/ https://bc.ctvnews.ca/vancouver-company-s-waterproof-shoe-is-on-fire-1.4621436 See also Pivot magazine article uploaded to your assignment folder https://www.statista.com/outlook/cmo/footwear/canada?currency=CAD Rubric 14 Final Marketing Plan Format • • • • • • • • • • Cover Page Executive Summary Situation Analysis • Market Analysis • Company Analysis • Consumer Analysis • Context Analysis (PESTLE) • Competitive Analysis • Collaborator Analysis Company SWOT Analysis 2025 Key Strategic Priorities 2025 Brand Marketing Goal & Revenue Objective (Canada) Company Positioning Strategy Marketing Mix Strategies • Product Strategy (Goal, Objectives, Strategy, Plan, Rationale) • Pricing Strategy (Goal, Objectives, Strategy, Plan, Rationale) • Place Strategy (Goal, Objectives, Strategy, Plan, Rationale) • IMC Strategy (Goal, Objectives, Strategy, Plan, Rationale) • CSR Strategy (Goal, Objectives, Strategy, Plan, Rationale) Marketing Budget & Implementation Plan Appendix 15
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