26 Oct MARKETING PLAN INPUT Week 3 Assignment – Part A: Marketing Plan Input Overview Throughout this course, you will be creating a marketing plan for a hypothetical company that provides a prod
WEEK 3 ASSIGNMENT – PART A: MARKETING PLAN INPUT
Week 3 Assignment – Part A: Marketing Plan Input
Overview
Throughout this course, you will be creating a marketing plan for a hypothetical company that provides a product or service. For this assignment, you will document your hypothetical company's background information and mission statement, your company's short-term and long-term goals, an environmental analysis, and a SWOT analysis.Note: You should make all assumptions needed for the completion of this assignment.
Instructions
Create the first part of your marketing plan in 5–7 pages using the Part A Marketing Plan Template [DOCX]
- Write an introduction to your hypothetical company, describing its location, the product it makes or the service it provides, and the contents of your marketing plan.
- Develop your company's mission statement that has a long-term view, and includes its industry, goals and values.
- Identify the short-term goals (one year) and long-term goals (five years) you would like to achieve, and include the appropriate way to measure them both.
- Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Develop a SWOT analysis for your product or service, examining at least three strengths, weaknesses, opportunities, and threats for your company.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. 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.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
Resources
- Part A Marketing Plan Template [DOCX].
- The Part A Mission Statement and SWOT Analysis Sample [PDF] contains examples.
The specific course learning outcome associated with this assignment is:
- Evaluate a company's goals, environment, needs, strengths, and weaknesses based on its respective market.
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MKT500 |
Part A: ABC Marketing Plan (Change to your name of business here)
Your Name
MKT500 Marketing Management Strayer University
Dr. Your Professor
Date submitted
Introduction
Write an introduction to your company. Describe your hypothetical company, its location (why did you choose this location?), and the product it makes or the service it provides, and introduce the contents of your marketing plan.
Mission Statement
Develop your company’s mission statement (do not confuse a mission statement with a tag line, slogan, or positioning statement). Develop your company’s mission statement that has a long-term view, and includes its industry, goals, and values. Also, your mission statement should resonate with your consumers/customers as well as with your employees and stakeholders—remember to see the purpose of a mission statement and rationalize yours. Do not just state a mission statement without rationale—answer why.
Goals
Write an introduction to this section here (minimum of three sentences). Identify the main goals that you would like to achieve within the next year (short term) and within the next five years (long term), including the most appropriate ways to measure them both. Note that your goals should be realistic, practical, and SMART (that is, S – specific; M – measurable; A – assignable; R – realistic; and T – time based). What does your company need to accomplish in the long and short term? Consider revenue and profit goals.
Long Term
Decide the mains goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure long-term goals. Note: Consider the example metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on website analytics, visit Google Analytics.
Short Term
Text starts here: Decide the main goals that you would like to achieve within the next year (short term). These annual goals should be steps toward achieving the long-term goals. Determine the most appropriate ways to measure short term goals. Note: Consider the following metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on website analytics, visit Google Analytics.
Environmental Analysis
Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Include an introduction of these elements. Write an introduction to this section (minimum of three sentences).
Competitive Analysis
Competitive analysis here. (Who is the competition—direct and indirect, why do you consider them competition, what do they do well, what might be a weakness?)
Economic Analysis
Economic analysis here. (Through this factor, businesses examine the economic issues that are bound to have an impact on the company. This would include factors such as inflation, interest rates, economic growth, the unemployment rate and policies, and the business cycle followed in the country.)
Political and Legal Analysis
Political and legal analysis here. Separate the topics if you have significant analysis. (Political and legal: Here government regulations and legal factors are assessed in terms of their ability to affect the business environment and trade markets. The main issues addressed in this section include political stability, tax guidelines, trade regulations, safety regulations, and employment laws.)
Technological Analysis
Technological analysis here. (How technology can either positively or negatively impact the introduction of a product or service into a marketplace is assessed here. These factors include technological advancements, lifecycle of technologies, the role of the Internet, and the spending on technology research by the government.)
Sociocultural Forces Analysis
Sociocultural forces here. (With the social factor, a business can analyze the socio-economic environment of its market via elements such as customer demographics, cultural limitations, lifestyle attitude, and education. With these, a business can understand how consumer needs are shaped and what brings them to the market for a purchase.)
SWOT Analysis
Develop a SWOT analysis for your product. The analysis should examine at least three strengths, weaknesses, opportunities, and threats for your company. The opportunities and threats are external to the company and should include the external analysis you completed. The suggestion is to write an introduction (minimum of three sentences) and create a SWOT table. Include an analysis, not just the table. Rationalize why you chose these SWOT elements.
SWOT Analysis
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Strengths · Short bullet · Xxxx · xxxx |
Weaknesses · Short bullet · Xxxx · xxxx |
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Opportunities · Short bullet · Xxxx · xxxx |
Threats · Short bullet · Xxxx · xxxx |
Note: Strengths, weaknesses, opportunities, and threats for xxxx company.
Strengths
Include at least three strengths and explain the importance (think features and benefits to customer). Strengths are internal—what you can control.
Weaknesses
Include at least three weaknesses and impact to the business and/or customer. Weaknesses are internal—what you can control.
Opportunities
Include at least three opportunities and explain the importance (think features and benefits to customer). Opportunities are external—what is happening outside your company you can take advantage of such as new technology.
Threats
Include at least three threats and impact to the business and/or customer. Threats are external; what is happening outside your company that will impact your business such as new government policies or laws.
Conclusion
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Use three credible, relevant, and appropriate resources as marketing research to determine the feasibility of your product or service. To receive most points as exemplary, you must meet the required number of credible, relevant, and appropriate references.
These resources should be industry specific, relate to your chosen product or service, and be published in the last five years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
SWS Guidelines: (delete this from your paper)
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course and the Strayer Writing Center.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
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Mission Statement
A strong mission statement “provides a shared sense of purpose, direction, and
opportunity”(Kotler, 1). Pets are family members and should be treated as such. Pooper
Scoopers’ services provide homes and communities a high level of care, creating a family feel
while protecting the environment to everyone’s benefit. Our services are provided to pet
owners and communities with care and consideration while commending our team members for
their professionalism, dedication, and performance for those we serve. Our goal is simple –
provide customers with value, providing the services they need to take good care of their pets,
yards, and homes when life does not allow them to do so. Pooper Scoopers’ future plans are to
grow within the local area, expanding outward to other communities while adding area
management services for community groups, HOAs, and businesses. At Pooper Scoopers, we
endeavor to create a clean, green environment beneficial to people and animals alike.
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SWOT and Needs Analysis
In order to be successful, Pooper Scoopers needs to be aware of those factors that can impact their business, both positively and negatively. By utilizing a SWOT analysis to examine
the strengths, weaknesses, opportunities, and threats that are most applicable to the business
performance, Pooper Scoopers can grow. Through examination of the internal elements that can
be controlled (strengths and weaknesses) and external elements that cannot be controlled
(opportunities and threats), Pooper Scoopers can better understand their operational environment.
Table 1 shows the Pooper Scoopers’ main SWOT elements.
Table 1
SWOT Analysis
Strengths • Unique service plan for minimally
competitive environment • Flexible services plan availability
including weekly, twice monthly and monthly plans
• Expanded management plans and services for communities, HOAs and other businesses
Weaknesses • Lack of local knowledge for
neighborhoods and residents • New presence in service area requiring
expanded efforts to reach customer base
• Possible lack of experienced personnel in local environment requiring importation of employees
Opportunities • Limited competition in the area allows
for quicker growth in the initial phase • Ability to quickly expand into
neighboring locales, communities and businesses
• Ability to expand service types based on the local communities and business (such as golf courses or local parks)
Threats • Increase in competition with local
small businesses and / or larger national franchisees moving into area
• Transient population impacts possible business growth
• Financial impacts due to higher numbers of retirees and older residents with limited financial resources
Note: Strengths, weaknesses, opportunities, and threats for the Pooper Scoopers Company.
Strengths
Companies often fail to objectively assess their strengths, neglecting to take advantage of
their value to their customer base. Pooper Scoopers has many strengths that are beneficial to
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their customer base when properly understood and applied. First, Pooper Scoopers’ presence
provides customers with a comprehensive pet waste removal service provider that is unique to
the area with minimal competition. Pooper Scoopers can create long lasting customer
relationships with their prime market position.
Secondly, the ability to cater to the customers’ needs with custom service and pricing
plans allows Pooper Scoopers the flexibility to provide competitive pricing for any local
competition and support for the price conscious customer. This strength allows Pooper
Scoopers’ customers to recognize they are getting the best perceived value for the dollar. Lastly,
the ability to provide extended services to community associations, HOAs and businesses allows
for growth of the business while creating a more inviting, cleaner environment for patrons.
Weaknesses
Many companies see weaknesses as failures that cannot be capitalized upon. However,
the reality is that a company can benefit greatly when analyzing these weaknesses and turn them
into assets, benefitting themselves and the customer base. When reviewing the Pooper Scoopers’
business model, three major weaknesses have been determined. First, when creating a business,
it is important that the company understands the local area that they will be doing business in by
doing market research. With Pooper Scoopers opening their business in a new location, they
must perform the research to be competitive and provide excellent services. Pooper Scoopers
then becomes more educated and familiar with the locale and the needs of the populace.
When a new business opens up anywhere, it is imperative that they reach the customer
base. As a new venture, Pooper Scoopers has limited initial public exposure. In order to make
the customer base aware of the business, various communications tools must be employed
including a web site, social media accounts (Twitter, Facebook and other resources), and local
media (TV, Radio and print). An enhanced media presence will create customer awareness,
expanding the customer base. Finally, the new market may have a dearth of experienced
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personnel, creating the need for Pooper Scoopers to hire from outside the local area or work with
inexperienced individuals until they are properly trained, providing the excellent service
customers expect.
Opportunities
Opportunities, while external to the business, can be a boon and create significant
business growth. Successful companies take advantage of the opportunities as they present
themselves. An immediate opportunity for Pooper Scoopers is the limited local competition.
While there are small businesses in the area, none offer similar service packages. The ability to
provide a variety of services and pricing allows Pooper Scoopers to meet the customers’ needs.
There are a number of communities near the Myrtle Beach area. Once a beachhead is
established in Myrtle Beach, the company should be able to expand outward into additional
locales. With limited local competition, expansion should be easier than in a larger metropolitan
area. In conjunction with the locale expansion, an additional opportunity is to add services for
managing common areas for communities and HOAs or expanding services to maintain
businesses where wildlife has an impact, such as golf courses. With a myriad of golf courses
around the Myrtle Beach area, this opportunity is certainly worth exploring.
Threats
Threats are circumstances beyond the business’ control that require regular review and
proactive mitigation to prevent negative business impacts. Competition is one of the largest
threats companies encounter, and this is no different here. While few local businesses perform
pet waste removal services, two major cities in the state support a large national company that
performs similar services, potentially impacting business should they expand. By creating strong
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customer relationships with excellent customer service and competitive pricing strategies, that
threat should be mitigated to a level that the company can accept.
Being a resort community, Pooper Scoopers faces a transient populace as many of the
potential customers are snow birds. Similarly, the Myrtle Beach area is considered a retirement
destination with retirees often having set budgets with little leeway when looking at such
services. Per the Journal of Marketing Research, low-income households should have the
greatest incentive to use all available strategies that save them money as they make a greater
effort to search for lower prices than their higher-income counterparts (Orhun, 18). In both cases,
creative pricing and service programs can meet this challenge.
Conclusion
Pooper Scoopers is heading to Myrtle Beach to establish their pet waste removal
management business. To do so, they need to create a savvy marketing plan to jump start the
business. Starting with a strong, motivational mission statement, Pooper Scoopers can then
navigate through a number of short and long term goals while planning for their future success.
Multiple forces impact the business including competitive, economic, political, legal,
technological, and sociocultural factors. Once these forces have been analyzed, a SWOT
analysis of the strengths, weaknesses, opportunities, and threats provide additional data for the
business profile and model.
- Mission Statement
- SWOT and Needs Analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
- Conclusion
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