18 Oct Marketing Plan Product
Report #1 – Individual (Value: 10%) Before conducting research, select a product from the Marketing Plan Product Concept options presented by your instructor (see Marketing Plan Project folder in D2L). Imagine that you are working in the marketing department of the firm responsible for developing and delivering your chosen product to market. For the purpose of this assignment, assume your market to be within British Columbia (i.e., this is where you want to sell your product, but not necessarily where your company or manufacturing location is based). Your task in Report #1 is to conduct an environmental scan and to identify specific objectives that will help you to make more informed decisions regarding your subsequent marketing strategy (in Report #2). PHASE I: PLANNING A. SITUATION ANALYSIS (SWOT) 1. Strengths: Conduct secondary research to determine what internal strengths the firm currently has that may be beneficial to achieving the organization’s financial and marketing objectives. Examples of internal strengths include things like: ▪ significant financial and/or capital resources ▪ strong management and/or employee expertise ▪ strong brand recognition in existing markets ▪ established supply and/or distribution networks ▪ sustainable manufacturing processes ▪ capacity for growth 2. Weaknesses: Conduct secondary research to determine what internal weaknesses the firm has that may limit or impair its ability to achieve its financial and marketing objectives. Examples of internal weaknesses include things like: ▪ limited financial resources or poor credit rating ▪ lack of business or management experience ▪ lack of accreditation/certification from regulatory bodies ▪ limited knowledge of new markets ▪ high employee turnover ▪ bad reputation for significant waste during manufacturing 3. Opportunities & 4. Threats: Conduct secondary research to identify relevant external opportunities and threats in each of the six aspects of the external environment identified on the following page (remember that the external environment includes factors over which your company has no control). Try to identify as many relevant opportunities and threats as possible, and clearly identify if you feel that no relevant opportunity or threat exists in any one area. IMPORTANT: Remember to cite all information sources using APA-format in-text citations for each point made. Report must also include an APA-format reference page at the end of the template. All sources must be credible; Wikipedia is NOT a credible source! 3 A. SITUATION ANALYSIS (SWOT) – continued i. Competitive Environment: It is vital that all current competitors be identified and that those competitors’ strengths and weaknesses be understood. It is also important to recognize where new competition is likely to come from so that appropriate strategies can be put in place. The competitor analysis should include as much information as possible on each major competitor type, such as location, size, reputation, and pricing/positioning strategies. Your evaluation should be based on each competitor’s ability to compete with you for market/customer share. Identify both direct and indirect competition. ii. Regulatory Environment: Identify any political issues, legislation, regulations, or other related matters that might affect the objectives of your firm. Remember that special interest groups can have a major political influence on regulations that are put into place. Identify any relevant issues likely to be raised by special interest groups such as effect on the environment, consumer protection, employment equity, etc. iii. Economic Environment: Analyze the economy. Factors may include changes in taxes, interest rates, employment rates, stock market trends, or currency exchange rates. As economic conditions change continuously and can change rapidly, it is very important to analyze this environment carefully. Be sure to note trends over time rather than current statistics only. iv. Social Environment: There are many variables that make up the social environment, including society’s basic values, perceptions, preferences, and behaviors. This may include things such as societal expectations regarding business ethics and environmental sustainability, or perceptions regarding goods manufactured domestically vs. internationally. A shift in attitude about buying locally made products, or concern for the environment, may impact the success of an organization or its products and services. v. Demographic Environment: The demographic environment includes any relevant market trends involving factors such as age, gender, education level, income level, family size, life stage, language, religion, or ethic group. vi. Technological Environment: Technology not only affects the way some industries and organizations design and manufacture their products, but also impacts how they communicate with suppliers, employees and customers. Investigate how technology is currently being used in your sector. Only identify technology issues in the industry or market in general; when discussing the current external environment do NOT discuss any future plans regarding your own company’s need for technology or technical skills. 4 B. OBJECTIVES AND ISSUES Use the information from all aspects of your SWOT analysis to identify the following: o Target Market: Which market segments are most likely to purchase your product/service? Estimate the approximate size of your target market (within the province of British Columbia) based on the relevant geographic, demographic, psychographic, and behavioural variables you are able to identify. o Objectives: Based on the size and nature of the target market identified above, what do you estimate to be reasonable sales objectives for the coming year? Use SMART (specific, measurable, attainable, relevant, time-bound) goals to determine where you would like to be in terms of sales and market share, and by what date. Provide a rationale for your sales objectives, explaining why you feel these objectives are realistic. Remember that all objectives must be based on sales within the province of British Columbia. o Differentiation and positioning: How is your product unique and how does it compare to your competition? Develop a positioning statement for your product. o Issues/Concerns: What key questions or concerns need to be answered or addressed in order for your objectives to be achieved?
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