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Identify at least 2 external forces, touch on environmental analysis as a concept EX: competitive market, number of brands or market, changes in consumer buying power, technology assessment, determining the impact that technology has on your product, its sales, change in social attitudes, demographic characteristics, or lifestyles. |
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Identify at least two (2) relevant external opportunities. Identify at least two (2) relevant internal weaknesses. Identify at least two (2) relevant external threats. Identify opportunities that are a good match with your company’s core competencies |
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Is it being accomplished? |
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Product, how well the offering meets the needs of the target market Price, what strategies are being used Distribution, how well are the market needs being met Promotion, Identify at least three (3) promotional activities the organization is currently using. How is your organization incorporating social media into their marketing mix? |
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TOTAL POINTS: /50
Marketing Plan Profile Assignment – 50 Points
Marketing Principles – BUSN 2110, Spring 2022
Project Summary
A marketing plan illustrates how the marketing planning process (described in Chapter 2) might be implemented. Most companies choose to develop multiple marketing plans. In this assignment, you will report on what an existing business is currently doing using some of the basic components of a marketing plan.
Please pick ONE of the following companies: Walmart, Target, Best Buy, Amazon, Dollar Shave Club, or Southwest Airlines. You MUST pick one of these six companies, no exceptions.
The goal of this assignment is to utilize the concepts covered in class and in the text. Work to include terms and concepts covered during the semester in this assignment.
Select a business above to report on. Review the questions below for details on what will need to be reported.
You will keep the headings in your paper and remove the questions and hints. You can use the template below.
Completed Written Paper: 50 points total –
Your paper should be typed using the template below to format your work.
The paper will be built around the Marketing Plan template (see below), which outlines all the questions you need to answer and topics you need to address. Do not reformat your work, simply type your answers and responses under each heading with questions below.
Completed Written Papers are due May 8, 2022.
Use the following template to complete your assignment
MARKETING PLAN TEMPLATE
PART 1
EXECUTIVE SUMMARY/BUSINESS NAME (Keep these headings in check-ins)
What is the name of the business you selected? What does the business do? What is their mission?
Hint: TYPE YOUR ANSWER HERE. Imagine you are explaining the business to someone who has never heard of the company before. Explain what the business does. (When you hand in your check-ins and final plan, remove all questions and hints)
PART 2
Environmental Analysis
This portion of a marketing plan presents information regarding the organization’s current situation with respect to the marketing environment, target markets, and the firm’s objectives and performance.
MARKETING ENVIRONMENT
Identify at least two (2) relevant external environmental forces that are currently impacting the business. Consider competitive, economic, political, legal and regulatory, technological and sociocultural forces. Describe how the organizations is being impacted by the environmental force.
Hint: Identify the external force(s) that is influencing the organization and what impact the force is having. Possible items to consider: Describe the current competitive market for your product. Can you identify the number of brands or market share they hold? Expand your analysis to include other products that are similar or could be substituted for yours. Can you identify any changes in consumer buying power that would affect the sale and use of your product? Conduct a brief technology assessment, determining the impact that technology has on your product, its sale, or use. Discuss how your product could be affected by changes in social attitudes, demographic characteristics, or lifestyles.
PART 3
SWOT Analysis
This portion of a marketing plan assesses the organization’s strengths, weaknesses, opportunities, and threats (Discussed in chapter 2).
STRENGTHS
Identify at least two (2) relevant internal strengths of the organization.
Hint: Consider issues such as the firm’s brand name and resources.
WEAKNESSES
Identify at least two (2) relevant internal weaknesses of the organization.
Hint: Consider issues such as the firm’s product awareness or facility location.
OPPORTUNITIES
Identify at least two (2) relevant external opportunities for the organization.
Hint: Consider issues such as demand for a particular product or size of market.
THREATS
Identify at least two (2) relevant external threats for the organization.
Hint: Consider issues such as economic conditions, competition, consumer spending.
Using the information from your SWOT analysis, have you identified any opportunities that are a good match with your company’s core competencies? (Do not forget to answer this for your check-in)
PART 4
MARKETING OBJECTIVES AND PERFORMANCE
Evaluate the organization’s marketing objectives and performance. What are their goals and are they accomplishing them?
Hint: Identify at least one marketing objective for the organization. For example, you might assess the company’s revenue or sales goals, efforts to expand, launch new products or services, or reach new markets or locations. See chapter 2 for a discussion of marketing objectives.
PART 5
Marketing Strategies – Marketing Mix
This portion of a marketing plan typically outlines how the company will achieve its objectives. Examine the following components of the marketing mix to help understand what the organization might be doing to achieve their objectives.
TARGET MARKET
Consider the organization’s target market selection process. What type of targeting strategy are they using? Is it appropriate?
Hint: Identify if they are using an undifferentiated, concentrated or differentiated strategy. Analyze if the segmentation and strategy is appropriate. Explain why or why not.
Describe the organization’s target market. If the organization has multiple target markets, choose one and expand on what the organization is doing to meet the needs of this specific market as you move forward with this assignment.
Hint: Be as detailed as possible in your description of the target market. Consider and assess geographic, demographic, psychographic, and product usage characteristics. Describe the current needs of this target market and how well the organization’s products/services are currently meeting those needs. Discuss how your product should be positioned in the minds of customers in the target market relative to the product positions of competitors. See Chapter 5 for review. Determine the evaluative criteria that your target market(s) would use when choosing between alternative brands. Identify the reference groups or subcultures that may influence your target market’s product selection.
PRODUCT
Identify a good, service or idea that the organization is offering, and how well it meets the needs of the target market identified.
Hint: Keep in mind that product variables can involve qualities and characteristics of a good, service or idea, and also brand name, packaging, warranty, repair, etc. See Chapter 11 for review. Consider the product offering, and how the profitability of products will change as they move through each of the phases of the product life cycle.
PRICE
What price is being charged, and how does this establish value for the product? What pricing strategies are being used?
Hint: See Chapter 14 for review of pricing strategies. Consider the basis for pricing your product (cost, demand, and/or competition).
DISTRIBUTION (PLACE)
To satisfy customers, products must be available at the right time and in the appropriate location. Describe how this organization is distributing their product and to what extent they are meeting the needs of their target market.
Hint: See Chapters 9 and 11 for review. Consider the level of distribution intensity being used, the use of intermediaries, and the marketing channel.
PROMOTION
Promotional activities are used to inform and persuade customers. Identify at least three (3) promotional activities the organization is currently using.
Hint: See Chapters 16 and 17 for review. Identify the various players in the communication process for promotion of your product, what role is word-of-mouth communications, buzz marketing, or product placement playing? What class and type of advertising is being used? What type of publicity has the company had? What types of sales promotions are being used?
No matter what marketing media are used, determining the correct marketing mix for your company is always important. Think about how social media might affect the marketing mix. How is your organization incorporating social media into their marketing mix?
PART 6
PERFORMANCE EVALUATION
Refer back to part 4, the organization’s marketing objectives and performance regarding goals and whether the organization is accomplishing them. From your perspective what adjustments need to be made to the organization’s marketing plan to improve performance?
