Save Our Soul Emergency Application Assignment | Custom Essay Help
The attached document have questions that should be answered in the marketing plan outline
- What is the main vision of your company? Mission Statements come in all different shapes and sizes. To say there is only one way to write a mission statement is just not being realistic. However, a good guideline is to think about what you are selling and who you are selling it to. Google different mission statement to get ideas. Your textbook outlines on page 35 some characteristics of a mission statement that might help you.
Take a crack at your Mission Statement now:
The Situational Analysis covers the forces in the Marketing Environment that influence every business in the particular industry where your company operates. Chapter 3 is all about the Marketing Environment and will provide more information. The questions below are simply to prompt your thinking in the right direction.
- What Industry is your business in?
- How competitive is the industry?
Who are the key players?
What competitive structure is the industry?
Who else is selling or providing what you are selling?
What might customers spend their money on instead of your product or service?
- How does the economy going up and down affect your industry?
In a recession will customers still be as willing to purchase your product/service?
- Does politics happening in D.C. (assuming this a US product) affect your company’s industry?
Are laws being debated that affect the rules your industry must live by?
Business operating outside the US would need to consider the politics of their country.
- What laws and regulations are in place that impact your industry?
- Is technology a big part of your industry?
Do changes in technology affect your industry? If so, how?
- What is going on in society and the culture that would impact your industry as a whole?
What trends, cultural changes, demographic shifts have caused an interest in what you are selling?
Are there any characteristics of the culture or subculture in which you are doing business that would require changes or create favorable circumstances for the products in your industry?
The SWOT analysis is a very widely used tool to analyze a current situation.
It answers 2 questions: What is going on (good and bad) inside my company? And, what is going on (good and bad) outside my company in the industry? So, for strengths and weaknesses you look internally. For Opportunities and Threats, you look externally in the marketing environment.
Strengths and Weakness are unique to your organization or product. If you have a Strength or Weakness listed which is experienced by your competition, as well as your own business, then it is not a Strength or Weakness, but an Opportunity or a Threat. So, be sure and check yourself!
- Strengths – Internal and Positive
Strengths are things your company does well. Also called core competencies.
Remember, strengths need to be statements of fact, not opinion.
Please do not tell me you have the greatest tasting hot dog in all the world at Jimmy’s Hot Dog Stand. This is your opinion! But, if Jimmy has a secret recipe for Chili that gives him an advantage, and it’s a known fact, then that, my friends, would be a strength. Claiming you have a superior product is also opinion, but if you have a patent or some other feature that can’t be copied, then that is a fact. Financial stability, brand strength, patents, experience would all be considered possible strengths for a business. You may not have many strengths, especially if you are a new business. List your strengths here:
- Weakness – Internal and Negative
Weaknesses are areas where your company is lacking. These also need to be facts and not opinion. Same rules apply as they do with strengths.
List your weakness here:
Opportunities and Threats are faced by every business in the industry, not just your business.
In the Unit 1 MPJ you scanned the Marketing Environment in your Situational Analysis and looked at all the external forces to the industry and how these forces would affect the industry. Now, it is time to put the effects of the 6 forces into either good or bad categories. The positive effects will most likely create opportunities. Negative effects will create threats.
- Opportunities – External and Positive
List them here:
- Threats – External and Negative
List them here:
Marketing Objectives state what you want to accomplish through your marketing efforts. Objectives must be SMART. A handout provided in Course Material shows what this acronym stand for. My two favorite letters in this acronym are the M and the T. Objectives should be Measurable and have Time constraint. Here’s an example of good and bad objectives.
Unit 3 MPJ Questions/Prompts
This week you will be building your Marketing Strategy, which consists of two things: target market and marketing mix
Is everybody in the world your customer? I doubt it. Who is your customer?
List characteristics of your Target Market.
Did you use segmentation variables to get to your Target Market? Which ones?
Describe your product here:
Why should customers want to buy your product rather than the competition’s product?
What is the price of your product? What are the competitors’ prices?
Where is your product sold? How will you get your product to customers?
Map out, using only words, the Marketing Channel here:
Which of the Promotion Mix variables will you use to promote?
Will you pay for Advertising?
Will you use Sales Promotion tools?
Will you hire a Sales Force?
What stakeholders exist for you?
How will you use Public Relations – events, news conferences, press releases, etc?
What one Promotional element will you create for your Marketing Plan?
You have your Marketing Strategy in place to accomplish your Marketing Objectives. Now, tell us what procedures/duties need to happen (when, where, how) for the Strategy to be done?
Is a timetable necessary? Schedule of Events? Action Items?
Do you need to assign duties to different departments or people?
Are there special instructions to see the Strategy through to completion?
State any other details regarding your Implementation Strategy here:
Evaluation and Control
How will you measure the progress of your plan?
How will you know if you are on track to meet your objectives?
What timeframe will you use to evaluate your success?
Will you evaluate quarterly, weekly, etc?
Will you give the business 6 months, 1 year, etc. to breakeven?
If marketing objectives are not met, how will you correct the problem?
What is your plan, if something goes wrong or not as planned??
State any other details regarding your Evaluation and Control Strategy here: