Marketing Plan Project Part 1: The Marketing Environment Select a new product or service that will be launched by either an existing organization or one yo
Select a new product or service that will be launched by either an existing organization or one you will create. This product or service will serve as the basis for the Marketing Plan you will write throughout the course. Obtain your instructor’s approval of your product or service before beginning this project.
PROJECT PART 1 DUE WEEK 4 – Refer to text Chapters 1 and 2
- Describe the organization’s background, industry, and product or service.
- Describe, in detail, the product or service.
- Prepare the SWOT analysis of the organization and offering. SWOT OVERVIEW.docx
- Download SWOT OVERVIEW.docx
- Explain a competitive analysis of the organization and offering.
- Utilize the Grading Rubric that I have provided for you.
- Your work must be completed in a Microsoft Word or PDF file and uploaded back to me. Any other format is unacceptable.
- View your Safe Assign Report. If your project has a match of greater than 45%, you will need to rewrite your assignment or receive a failing grade for plagiarism.
- Make sure this isn’t a “cut and paste” – add your own commentary, examples and ORIGINAL thought
- Value for this project is 100 points.
SWOT REVIEW – THINGS TO CONSIDER
SWOT is an acronym for the internal Strengths and Weaknesses of a firm and the environmental Opportunities and Threats facing that firm.
SWOT analysis is a historically popular technique through which managers create a quick overview of a company’s strategic situation
Strengths and weaknesses are
internal to the company
opportunities and threats are external
Key Issues – Many times students confuse SWOT factors as cool things (physical) a firm has, but dig deeper into what a firm DOES. Also, SWOT factors should always be in the context of what a firm does better or worse than its competition.
A Strength is something a firm does well.
It may be a process, a patent, or some other product-related activity like customer service, product delivery, or channel support. Well-developed strengths can lead to a distinct competitive ADVANTAGE. A strength is a resource or capability controlled by or available to a firm that gives it an advantage relative to its competitors in meeting the needs of the customers it serves
Weaknesses are areas where the firm performs less well than competitive firms.
These are areas where the firm needs to improve—or at least not compete or AVOID head-to- head with better performing organizations. A weakness is a limitation or deficiency in one or more of a firm’s resources or capabilities relative to its competitors that create a disadvantage in effectively meeting customer needs
Opportunities are events, conditions, or situations in the external environment that are particularly well-suited or attractive to the way a firm does business or is planning to do business
An opportunity is a major unfavorable situation in a firm’s environment. The firm tries to match its strengths to CAPITALIZE on opportunities that emerge, are emerging, or will emerge within the planning period.
Threats are events or conditions in the external environment that are not well-suited or attractive to the way a firm does business or is planning to do business. A threat is a major unfavorable situation in a firm’s environment. A threat is a major unfavorable situation in a firm’s environment. Companies try to avoid or DEFEND threats or minimize their impact
Trends are included in some SWOTT analysis as a second “T” These are events or conditions in the external environment impact a firm and require a deep UNDERSTANDING of their impact.
LIMITATIONS of SWOT
· A SWOT analysis can overemphasize internal strengths and downplay external threats
· A SWOT analysis can be static and can risk ignoring changing circumstances
· A SWOT analysis can overemphasize a single strength or element of strategy
· A strength is not necessarily a source of competitive advantage
As mentioned earlier – Strengths and Weaknesses are internal to the organization – these are factors that are easier to quantify and should be done in context to major competitors.
I like to use these factors on a teeter-totter – depending upon how a firm views itself on these factors, are they a strength
Opportunities/ Threats (and Trends)
These factors are external to the organization – These factors are not under the direct control of the firm but should be areas to capitalize on, defend against and understand how the competitor and environmental landscape is changing.
A good S.W.O.T. analysis helps the manager focus on a strategy that takes advantage of the firm’s opportunities and strengths while avoiding its weaknesses and threats to its success.
Developing market (internet)
Mergers/Alliances/ Joint Ventures
New Markets offering improved profits
Competitor with new Product/Service
Competitor access to channels of distribution
Strengths/Weaknesses•Reputation•Market Share•Product/ ProcessQuality•Service Quality•Pricing Effectiveness•Financial Strength•Marketing Expertise•Distribution•Promotion•Sales Force•Product/Service Innovation•Geographic Coverage (location)•Manufacturing Capabilities•Organizational Leadership
Product/ Process Quality
Geographic Coverage (location)
Opportunities/Threats/Trends•Developing market (internet)•Mergers/Alliances/Joint Ventures•New Markets offering improved profits•International markets•Vacated/ineffective competitor•New Competitor•Price Wars•Competitor with new Product/Service•Competitor access to channels of distribution•Taxation/Gov’t control