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Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis (Due

by | Oct 12, 2021 | Marketing | 0 comments

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Strategic
Marketing Plan
Part A: Environmental Analysis and SWOT Analysis (Due in Competency 1 Assessment)
Company Description
Describe the company you are designing the plan for. Include:
· Mission Statement
· Vision Statement
· Product line description
· Company information, such as the size of the company
Environmental Analysis
Analyze the forces that affect the company and
marketing efforts. Competitive Forces
Analyze the company’s key competitors. You may choose
to use a BCG Matrix or attribute checklist to compare your company against its
competitors. Describe any strategic moves the competition has recently made.
Estimate your market share. Identify key competitive advantages against your
competitors.
Economic Forces
Analyze the economic environment in the areas
affecting your business. Consider differences within your 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
your county.
Legal, Regulatory, and Ethical Issues
Analyze the legal, regulatory, and ethical issues
that may affect your 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 company will be affected by
emerging technologies or trends in hardware and software industries
Social Forces
Analyze social trends and how they may affect your
business. Considerations may include if your business will be affected by
demographic trends, 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 company’s current target markets. Describe
the demographic, geographic, psychographic, and product usage of these targets.
Review Current Marketing
Review the company’s current marketing tactics. Consider
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 company is a start-up, describe your
competitors’ current marketing. SWOT Analysis
Assess your company’s strengths, weaknesses, threats,
opportunities, and then evaluate how to address these in your marketing plan. Strengths
Assess your company’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 company may have in its
current marketing strategy. Consider if there is a company 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 company’s ability to meet its objectives or interfere with marketing
plans. Strengths to Opportunities & Converting Weaknesses and Threats
Convert weaknesses and threats to strengths, then 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 company’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 company 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 2020 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 2020. Customer
loyalty (willingness to recommend the product) will increase by 30%.

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