{"id":31743,"date":"2024-08-31T22:31:56","date_gmt":"2024-08-31T22:31:56","guid":{"rendered":"https:\/\/www.writemyessays.app\/blog\/questions\/strategic-marketing-plan-part-a-environmental-analysis-and-swot-analysis-competency-1-assessment\/"},"modified":"2024-08-31T22:31:56","modified_gmt":"2024-08-31T22:31:56","slug":"strategic-marketing-plan-part-a-environmental-analysis-and-swot-analysis-competency-1-assessment","status":"publish","type":"questions","link":"https:\/\/www.writemyessays.app\/blog\/questions\/strategic-marketing-plan-part-a-environmental-analysis-and-swot-analysis-competency-1-assessment\/","title":{"rendered":"Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis : Competency 1 Assessment"},"content":{"rendered":"

Strategic Marketing Plan<\/span><\/p>\n

Part A: Environmental Analysis and SWOT Analysis <\/span><\/span><\/p>\n

(D<\/span>ue in Competency 1 Assessment)<\/span><\/p>\n

Company Description<\/span><\/p>\n

Describe<\/span> <\/span>the company you are designing the plan<\/span> <\/span>for<\/span>.<\/span> <\/span><\/span>Include<\/span>:<\/span><\/span><\/p>\n

\u2022 <\/span><\/span>Mission Statement<\/span><\/div>\n
\u2022 <\/span><\/span>Vision<\/span> <\/span>Statement<\/span><\/div>\n
\u2022 <\/span><\/span>Product line<\/span> <\/span>description<\/span><\/div>\n
\u2022 <\/span><\/span>Company information<\/span>,<\/span> <\/span>such as <\/span><\/span>the <\/span><\/span>s<\/span>ize of <\/span><\/span>the <\/span><\/span>company<\/span><\/div>\n

Environmental Analysis<\/span><\/p>\n

Analyze<\/span> <\/span>the<\/span> <\/span>forces that affect the <\/span><\/span>company<\/span> <\/span>and marketing efforts. <\/span><\/span><\/p>\n

Competitive Forces<\/span><\/p>\n

Analyze<\/span> <\/span><\/span>the company\u2019s key competitors.<\/span> <\/span>You may choose to u<\/span>se 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.<\/span> <\/span><\/span>Identify key competitive advantages against your competitors<\/span>.<\/span><\/p>\n

Economic Forces<\/span><\/p>\n

Analyze<\/span> <\/span>the economic environment in the areas affecting your business.<\/span> <\/span><\/span>Consider differences within your industry and the economic impact on suppliers.<\/span><\/p>\n

Political Forces<\/span><\/p>\n

Analyze<\/span> <\/span><\/span>relevant political forces. <\/span><\/span>Examples <\/span><\/span>may include<\/span> <\/span>an election year or a <\/span><\/span>law<\/span> <\/span>to <\/span><\/span>drastically reduce or <\/span><\/span>eliminate plastic<\/span> <\/span>waste<\/span> <\/span>in your county<\/span>.<\/span><\/p>\n

Legal, <\/span><\/span>R<\/span>egulatory, and <\/span><\/span>E<\/span>thical <\/span><\/span>I<\/span>ssues<\/span><\/p>\n

Analyze<\/span> <\/span>the<\/span> <\/span><\/span>legal, regulatory, and ethical issues that may affect your business.<\/span> <\/span>Considerations may include local laws such as <\/span><\/span>a <\/span><\/span>ban<\/span> <\/span>on<\/span> <\/span>the use of plastic bags<\/span>, <\/span><\/span>the <\/span><\/span>ability to<\/span> <\/span>post billboards<\/span>, or <\/span><\/span>a <\/span><\/span>possible increas<\/span>ed regulation on <\/span><\/span>direct mail.<\/span><\/p>\n

Technological Forces<\/span><\/p>\n

Analyze<\/span> <\/span><\/span>whether <\/span><\/span>your company will be affected by emerging technologies or trends in hardware and software industries<\/span><\/p>\n

Social <\/span><\/span>F<\/span>orces<\/span><\/p>\n

Analyze <\/span><\/span>social trends <\/span><\/span>and how they may a<\/span>ffect your business<\/span>. Considerations may include if <\/span><\/span>you<\/span>r business will<\/span> <\/span>be affected by demographic trends<\/span>, <\/span><\/span>a growing dependence on computers<\/span>, or whether <\/span><\/span>interest in your product<\/span> <\/span>might<\/span> <\/span>be affected by growing preferences in the way things are done or changing social values<\/span>. <\/span><\/span><\/p>\n

Current Target Markets<\/span><\/p>\n

Define<\/span> <\/span><\/span>the company\u2019s<\/span> <\/span><\/span>current <\/span><\/span>target markets.<\/span> <\/span><\/span>Describe the demographic, geographic, psychographic<\/span>,<\/span> <\/span>and product usage of these targets.<\/span><\/span><\/p>\n

Review <\/span><\/span>Current Marketing<\/span><\/p>\n

Review<\/span> <\/span><\/span>the company<\/span>\u2019s<\/span> <\/span>current<\/span> <\/span>marketing<\/span> <\/span>tactics<\/span>. <\/span><\/span>Consider h<\/span>ow people find out about the product<\/span>, how <\/span><\/span>they get information about the product or service<\/span>, w<\/span>hat might be involved in the buying process<\/span>, and what <\/span><\/span>money<\/span> <\/span>is<\/span> <\/span>available for marketing<\/span>. If your company is a start-up, describe your competitors\u2019 current marketing. <\/span><\/span><\/p>\n

SWOT Analysis<\/span><\/p>\n

Assess<\/span> <\/span>your company\u2019s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. <\/span><\/span><\/p>\n

Strengths<\/span><\/p>\n

Assess<\/span> <\/span>your<\/span> <\/span>company<\/span>\u2019s<\/span> <\/span>competitive advantage<\/span>.<\/span> <\/span><\/span>Consider <\/span><\/span>core competenc<\/span>ies<\/span>, asset<\/span>s<\/span>, location, practice<\/span>s<\/span>, etc. that <\/span><\/span>are <\/span><\/span>distinct in the way the organization meets the needs of its customers<\/span>.<\/span><\/p>\n

Weaknesses<\/span><\/p>\n

Assess<\/span> <\/span><\/span>what <\/span><\/span>limits the company <\/span><\/span>may <\/span><\/span>have in its current marketing strategy<\/span>.<\/span> <\/span><\/span>Consider if<\/span> <\/span>there <\/span><\/span>is <\/span><\/span>a company weakness that needs to be addressed through Public Relations or Marketing<\/span>.<\/span><\/p>\n

Opportunities<\/span><\/p>\n

Assess<\/span> <\/span>the <\/span><\/span>opportunities you see based on trends or environmental conditions<\/span>.<\/span><\/p>\n

Threats<\/span><\/p>\n

Assess<\/span> <\/span>the<\/span> <\/span>threats or limitations that may interfere with the company\u2019s ability to meet its objectives or interfere with marketing plans<\/span>.<\/span> <\/span> <\/span><\/p>\n

Strengths to Opportunities<\/span> <\/span>&<\/span> <\/span>Converting Weaknesses and Threats<\/span><\/p>\n

Convert<\/span> <\/span><\/span>weaknesses and threats to strengths, then <\/span><\/span>strengths to opportunities<\/span> <\/span><\/span>in the marketing plan<\/span>.<\/span><\/span>Consider <\/span><\/span>the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets<\/span>.<\/span><\/p>\n

Marketing Objectives<\/span><\/p>\n

Establish<\/span> <\/span>m<\/span>arketing objectives based on the results from the SWOT analysis<\/span>. Marketing objectives<\/span> <\/span>must align with corporate objectives, modified by the company\u2019s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example<\/span>: <\/span><\/span>The company will expand its marketing efforts to include a new market segment of 21-<\/span> <\/span>to <\/span><\/span>29-year-olds.<\/span> <\/span><\/span>This will entail the development of a customized product by June 20<\/span>20<\/span> <\/span>that will address the specific psychographic and technological needs of this age group.<\/span> <\/span><\/span>This strategy is expected to attain a 20% growth in overall sales by January 20<\/span>20<\/span>.<\/span> <\/span><\/span>Customer loyalty (willingness to recommend the product) will increase by 30%<\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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: \u2022 Mission Statement \u2022 Vision Statement \u2022 Product line description \u2022 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\u2019s key competitors. You may choose to use a BCG Matrix or […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/31743"}],"collection":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/comments?post=31743"}],"version-history":[{"count":0,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/31743\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/media?parent=31743"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/disciplines?post=31743"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/paper_types?post=31743"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/tagged?post=31743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}