|Perfect Number of Pages to Order||5-10 Pages|
MKT574 Strategic Marketing Plan is a course that teaches students how to develop a marketing
Part A: Environmental and SWOT Analysis of the Strategic Marketing Plan (Due in Wk 2)
Overview of the Business
Give a brief description of the business for which you are creating the plan. Include:
Statement of Mission
Statement of Goals
Describe your product line.
Information about the company, such as its size.
Examine the factors that influence the company’s marketing activities.
Factors of Competition
Examine the firm’s main rivals. When comparing your firm to its competitors, you can utilize a BCG Matrix or an attribute checklist. Explain any recent strategic initiatives taken by your competitors. Calculate the size of your market. Determine your company’s major competitive advantages.
Forces of Industry
Examine the economic climate in the places where your company operates. Consider the economic impact on suppliers as well as variances within your sector.
Examine the political dynamics at play. An election year or a law requiring your county to dramatically cut or eliminate plastic waste are two examples.
Issues of Law, Regulation, and Ethics
Examine the legal, regulatory, and ethical issues that could have an impact on your company. Local legislation such as a prohibition on the use of plastic bags, the ability to install billboards, or a probable increase in direct mail regulation could all be taken into account.
Forces of Technology
Examine whether emerging technologies or trends in the hardware and software industries will have an impact on your business.
Examine societal trends to see how they might effect your company. Consider whether your firm will be affected by demographic trends, an increasing reliance on technology, or whether interest in your product will be affected by changing social values or growing preferences in how things are done.
Current Markets of Interest
Define the existing target markets for the company. Describe these targets’ demographic, geographic, psychographic, and product consumption.
Examine Your Current Marketing
Examine the firm’s current marketing strategies. Consider how consumers learn about the product, how they obtain product or service information, what may be involved in the purchasing process, and how much money is available for marketing. If you’re a startup, outline how your competitors are currently marketing their products.
SWOT (Strengths, Weaknesses
Examine your company’s strengths, weaknesses, threats, and opportunities, and then consider how to address them in your marketing strategy.
Examine your firm’s competitive advantage. Consider key competencies, assets, location, processes, and other aspects of the organization’s approach to meeting client needs.
Determine whether the company’s existing marketing plan has any limitations. Consider whether your organization has a public relations or marketing weakness that needs to be addressed.
Based on trends or environmental conditions, evaluate the prospects you see.
Risks Assess the threats or constraints that may obstruct the company’s capacity to achieve its goals or obstruct marketing initiatives.
Converting Weaknesses and Threats into Opportunities and Strengths
In the marketing plan, turn weaknesses and threats into strengths, then strengths into opportunities. Consider the consequences of dealing with supplier relationships, integrating new technology, modifying the product line, or entering new markets.
Objectives in Marketing
Based on the findings of the SWOT analysis, set marketing goals. Marketing goals must be in line with business goals, with the resources of the company factored in. The completion date for the aim, as well as how success will be judged, should be included in the objective. For instance, the corporation will increase its marketing efforts to target a new market niche of 21- to 29-year-olds. By June 2020, a tailored product will have been developed that will address the psychographic and technological needs of this age group. By January 2020, this plan is predicted to have achieved a 20% increase in overall revenues. Customer loyalty (willingness to recommend the product) is expected to rise by 30%.
Part B: Analyzing Marketing Data (Due in Wk 4)
Examine the various internal sources of information available to you within the business, as well as the information you will receive from each. Identify 3-6 internal data sources. Rows can be added or removed as needed.