Marketing Project Part 1 ONLY ON Situation Analysis, SWOT, Competitive Advantage, Strategic Focus, Strategic Alternatives and Marketing Goals and ObjectivesThe project is an individual assignment. pl

TITLE PAGE TEMPLATE (delete this heading)

Enter your information below. The page number should appear in the upper right-hand corner of the header. Erase these instructions and the Title Page Template header when finished).

Paper Title

MKT 701 – Marketing Strategy

AP1, Summer 2018

Date

Your Name

(Go to next page and erase this instruction)

2

(Note – Instructions appear in italics and should be erased from the paper as you fill in the required information. The title of your paper and the relevant page number should appear on every page following the title page. Put it in the heading. Erase this instruction before moving on.)

Company Goals

Paraphrase the company goals that will be most important in guiding the development of the marketing plan. (Delete the discussion points above when you are finished writing this section. Erase this instruction.)

Situation Analysis

(Note – Try to find as much of the following information as possible. If you cannot find information, make a statement to that effect. You may find it necessary to make assumptions to address the following sections; when you do so, clearly identify the assumption you make. Erase this instruction before moving on.)

The Internal Environment Analysis

NOTE: Only a partial internal analysis is required as no marketing plan exists at this point and as such, it cannot be reviewed. Erase this statement before moving on.

Review of current and anticipated organizational resources. Describe the current state of the firm's resources (e.g., reputational, informational, relational, financial, legal, intellectual, human capital and organizational). How are the levels of these resources likely to change in the future (for the better or worse)? When and how might the changes occur? If resource levels are expected to change, how can the firm leverage new or additional resources to create value and better meet customer needs? If additional resources are not available, how can the firm compensate for future resource constraints (lack of resources)?

Delete the discussion points listed above and insert your analysis following the subhead.

Review of current and anticipated cultural and structural issues. Regarding marketing strategy development and implementation, describe the positive and negative aspects of the current and anticipated culture and structural issues of the firm. Examples COULD include:

The firm's overall customer orientation (or lack thereof)

The firm's emphasis on short-term versus long-term planning

The willingness of the firm's culture to embrace change

Internal politics and power struggles

The overall position and importance of the marketing function as viewed by management and other departments within the firm

Support of current marketing initiatives

Changes in key executive positions

General employee satisfaction and morale

Note, this section will feed information into the SWOT. Delete the discussion points listed above and insert your analysis following the subhead . . .

The External Analysis

The customer environment. (Review the Module 2 Readings and erase this instruction). Begin by describing the important identifying characteristics of the potential customers in terms of demographic characteristics, geographic location, psychographic characteristics, values/lifestyles, and product usage characteristics (heavy vs. light users). IF multiple segments of customers exist (e.g., different types of users for different solar products, or business/nonprofit vs. consumer) discuss each segment and the type of product best suited for that segment. Identify the important players in the purchase process for the solar product(s). These might include purchasers (who perform the actual act of purchase), users (actual product user), purchase influencers (influence the decision, make recommendations), and the bearer of financial responsibility (who pays the bill?)

Describe how consumers use the different product alternatives, and how the products each fulfill consumer needs. Describe the basic benefits provided by the solar products and how the products will be purchased (quantities and combinations). Is the product purchased as a part of a solution or alongside complementary products? Explain. Discuss how the products are consumed or used and whether there are special consumption situations that influence purchase behavior. Finally, describe any issues related to disposal of the firm’s products, such as waste (garbage) or recycling, which must be addressed by Mr. Jones or his potential retail partners.

Describe where and how consumers will purchase the solar product(s). Identify the merchants where the solar products will be sold (e.g., store-based retailers, e-commerce, catalog retailers, vending, wholesale outlets, direct from the firm). Identify any trends in purchase patterns across these outlets (e.g., how could e-commerce, mobile, blockchain or other purchasing trends impact the purchase of solar products?).

Discuss factors relating to when customers will purchase the solar products. How might purchase behavior varies based on different promotional events (communication and price changes) or customer services (hours of operation, delivery)? How does purchase behavior vary based on uncontrollable influences such as seasonal demand patterns, time-based demand patterns, physical/social surroundings, or competitive activities? Do the solar products offer time utility?

Describe reasons why customers select the solar products and how they do so. How well do the solar products fulfill customers' needs relative to other products? What form utility do they possess? Discuss how issues such as brand loyalty, value, commoditization, and relationship-oriented exchange processes affect customers' purchase behaviors. Describe how credit or financing can be used to encourage purchase and whether the product itself provides possession utility. Also, indicate whether customers seek long-term relationships with the firm, or if they buy in a transactional fashion (based primarily on price)?

Discuss why potential customers may NOT purchase the solar products. Identify the needs, preferences, and requirements of noncustomers that may not currently be met by the solar products. What are the features, benefits, and advantages of competing products that cause noncustomers to choose them OVER the solar products? Outside of the product itself, what may cause noncustomers to look elsewhere?

I recommend that you complete this section paragraph, by paragraph, and delete discussion points once you have finished inserting content into your paper. While this section appears intimidating, not all questions and discussion points will be relevant.

The competitive environment. Identify the firm's major competitors at the brand, product, generic, and total budget levels. It is extremely important that you think this through carefully. For some types of solar products, there may be no brand competitors. Instead, the solar product may be competing at the Product competition level. You may use the table below to help organize this section of the paper.

Product Category Brand Product Generic Total Budget

(Needs fulfilled) Competitors Competitors Competitors Competitors

Add categories as needed

Identify the characteristics of the solar product’s brand competitors, if present, with respect to size, growth, profitability, target markets pursued, product offerings, and marketing capabilities (production, R&D, distribution & supply chain, integrated marketing communications, and pricing). What are the key marketing strategies of brand competitors? What other major strengths and weaknesses do these competitors possess, particularly at the brand competitor level?

Describe the threat posed by product competitors and generic competitors, and list any potential future competitors not identified above.

Delete the discussion points listed above and insert your analysis.

The PESTEL analysis. (Refer to the Module 2 Readings in Marketing Strategy as you examine the political, economic, socio-cultural demographic, technological, environmental (natural resources) and legal environments. Read this section well; erase this instruction when you are finished.) The first paragraph should introduce the PESTEL analysis by naming the different environments. Subsequent paragraphs can then use the name of the specific environment as a subhead. See the following paragraph for an example of how the subheads might appear in the paper.

Political environment events and trends. Each PESTEL environment is analyzed to identify relevant trends and events that could affect the marketing endeavors for the solar products. The most important events and trends may develop into opportunities that firm can exploit (discussed during the SWOT) or into threats that may hurt the firm in some fashion.

For your convenience, a summary of factors you might you might research when performing your PESTEL is listed below. (NOTE: please do NOT change your paper to reflect the margins and single spacing format shown below. Erase this instruction.)

Political events and trends.

Identify any political activities affecting the product or the industry concerning changes in elected officials (domestic or foreign), potential regulations favored by elected officials, industry (lobbying) groups or political action committees, and consumer advocacy groups. Changes in trade restrictions, tariffs, and government stability abroad are an important consideration for products that compete in a global arena. Tax policies and subsidies that impact the product, the industry, or its competitors should also be considered.

What are the current and potential hot-button political or policy issues at the national, regional, or local level that may affect the firm’s marketing activities?

If NO relevant political events and trends are relevant, state that in your paper.

Economic conditions, events, and trends.

Identify the general economic conditions of the country, region, state, or local area where the firm’s target customers are located. Interest rates, consumer confidence, the level of disposable income, unemployment rates and consumer’s purchasing power should be reviewed for changes and potential trends. Specific emphasis should be placed on how various economic conditions impact customers’ ability to purchase the solar products.

Describe the economics of the industry within which the firm operates. If relevant, these issues might include the cost of raw materials, sales trends, supply/demand issues and industry growth/decline.

If NO economic conditions, trends or events are relevant, state that in your paper.

Sociocultural and demographic trends.

It is very likely that you will find multiple trends or events in this environment that are relevant to the marketing of solar products. Identify key changes in demographics, values, attitudes, and lifestyles that may impact the selection of the target market, or which may impact the industry in the future.

Explain how these changes are affecting (or may affect) the solar product’s characteristics (features, benefits, branding), pricing (value), distribution and supply chain (convenience, efficiency), promotion (message content, delivery, feedback), and people (human resource issues).

Identify any ethical, social responsibility, or sustainability issues that the product or the industry faces. How do these issues affect the firm’s customers and are they expected to change in the future? If NO socio-cultural or demographic trends or events are relevant, state that in your paper.

Technological trends and improvements.

How have recent technological advances affected the firm's customers concerning needs/wants/preferences, access to information, the timing and location of purchase decisions, the ability to compare competing product offerings, or the ability to conduct transactions more effectively and efficiently?

Have customers embraced or rejected these technological advances? How is this issue related to customers’ concerns over privacy and security?

How have recent technological advances affected the product or the industry concerning manufacturing, process efficiency, distribution, supply chain effectiveness, promotion, cost-reduction, or customer relationship management?

What future technologies offer important opportunities for the solar product? Identify any future technologies that may threaten the product's viability or its marketing efforts.

If NO technological trends or improvements are relevant, state that in your paper.

Environmental and natural resource trends and events.

Identify any events or outcomes tied to the environment and the use of natural resources that may open up opportunities, or threaten efforts to market the solar products now or in the future. Consider natural disasters, weather patterns, pollution, landfills, climate change, fossil fuels, recycling, reusing, and reducing reliance on natural resources, as well as solar energy, wind energy, and sustainability practices.

If NO environmental and natural resource trends or events are relevant, state that in your paper.

Legal and regulatory issues.

Identify any changes in international, federal, state, or local laws and regulations affecting the solar product’s or industry’s marketing activities. Changes may stem from recent court decisions, recent rulings of federal, state, or local government entities, recent decisions by regulatory and self-regulatory agencies, and changes in global trade agreements or trade law. Important regulatory issues can also relate to employment law, health and safety, discrimination and antitrust.

If NO legal or regulatory issues exist that impact Fitbit, state that in your paper.

(Once you finish a section, delete the content suggestions that are offered above as a guide. Erase)

SWOT Analysis

Strengths. In the next section of the paper, you will identify key strengths of the solar panel and business which may have been alluded to earlier when discussing the internal analysis. Pay careful attention to the list of strengths as you review what you’ve learned about the business and the product-market opportunities. To the extent that it is relevant, discuss how specific strengths enable the solar product to meet customers’ needs (and thus become capabilities) or how they help to set the product apart from its competitors. Discuss each strength on an individual basis, and explain and justify your analysis. (NOTE: it may be possible to talk about strengths that share similar justifications, and a similar ability to meet customer’s needs, in the same sentence or paragraph.)

Weaknesses. Next, identify how these weaknesses prevent the firm from meeting customers' needs. If a weakness damages the firm or its offerings in another manner, such as inhibiting the firm’s ability to pursue new opportunities, take note of that as well. Explain and justify your analysis throughout this section. (NOTE: it may be possible to talk about some weaknesses that share key similarities in the same sentence or paragraph.)

Opportunities (external situations independent of the firm; also called alternatives—not strategic options); delete this italicized information immediately before writing this section).

Describe how the opportunity relates to serving current or potential customer needs. When does the window of opportunity expire? How lucrative is the opportunity from the business’s perspective? Does the trend present an opportunity to convert noncustomers to buyers? Explain and justify as you address these questions for each opportunity identified. Be certain that relevant opportunities stemming from the competitive analysis, customer analysis, and PESTEL analysis are discussed. Each opportunity will likely revolve around a certain product-market. Some opportunities may exist regarding business alliances. (NOTE – do not create strategic options that can be implemented to pursue these opportunities just yet. This activity will occur at the end of the paper, following the development of the competitive advantage and the strategic focus.)

Threats (external situations independent of the firm/product; delete this italicized information immediately before writing this section). Describe how the factor threatens the product’s ability to serve current or potential customer needs. How vulnerable does the threat make the product and business to competitor’s actions? What is the likelihood that current customers will become non-customers as a result of this threat? Explain and justify as you address these questions for each threat identified. Be certain that relevant threats stemming from the competitive analysis, customer analysis, and PESTEL analysis are discussed.

(Once you finish a section, delete the content suggestions that are offered above as a guide. Erase this instruction.)

The next section provides a visual summary of the SWOT elements. Add or subtract bullets as necessary in each quadrant. List every strength, weakness, opportunity, and threat discussed in the previous section of the matrix in an abbreviated fashion. Example: “Superior marketing skills.” No strengths, weaknesses, opportunities or threats should be added to the matrix without first discussing them in the previous section. Delete these instructions before filling in the SWOT matrix.

The SWOT Matrix Template

Developing Competitive Advantage

Matching Capabilities to Opportunities

Describe ways that the product or business can match its strengths to opportunities to create capabilities that result in serving customers' needs. Can the weaknesses be converted into strengths or its threats be converted into opportunities? If not, how can the product or business minimize or avoid its weaknesses and threats?

Recognizing Liabilities and Limitations

Does business or product possess any major liabilities (weaknesses that match threats) or limitations (weaknesses or threats that match opportunities)? If so, are these liabilities and limitations apparent to customers and what is their impact?

Can the business do anything about its liabilities or limitations, especially those that impact the firm's ability to serve customers' needs?

Competitive Advantage

Identify key sources of competitive advantage. Justify whether the product’s or business’s capabilities and sources of competitive advantages are grounded in the basic principles of operational excellence, product leadership, and (or) a customer intimacy competitive advantage. Explain. How can the firm enhance customers awareness and belief in these competencies and competitive advantages?

(Delete the content above and insert your analysis in response to the questions at the beginning of each paragraph.)

Based on the SWOT analysis, what strategic focus (aggressive, diversification, turnaround, or defensive) would you recommend for directing the solar product’s marketing efforts and why?

(Delete the content above and insert your analysis in response to the questions at the beginning of each paragraph.)

Identify and Explain Strategic Alternatives

What strategic alternatives exist that the business or product might pursue while capitalizing on one or more opportunities? Develop at least three strategic alternatives using your SWOT analysis as a guide. Each strategy should be consistent with the firm’s strategic focus. “Doing nothing” is not a legitimate alternative in the context of this paper. Even a status quo strategy will include some changes to a marketing mix element if only to keep pace with the competition.

Alternatives may include new marketing mix strategies for creating customer value and better satisfying customer needs such as engaging in new product development or investing in new methods of distribution or marketing communications. Or, it may lead to pursuing new markets with existing products as a means of growing the customer base. These are but a few examples.

(Delete the content above and insert your analysis in response to the questions at the beginning of each paragraph.)

Evaluate Strategic Alternatives and Make a Recommendation

Evaluate each alternative carefully evaluated for feasibility and profitability in light of the SWOT analysis. Will pursuing the strategic alternative help to build a competitive advantage, OR capitalize on an existing competitive advantage? Will it open new markets of consumers, or otherwise increase sales and profitability? What is the potential for growth and profit if this alternative is pursued? One-sided evaluations in which only the pros or cons of a particular strategic alternative are discussed will be penalized. There will be always pros and cons to every option, including the chosen strategy. Your SWOT analysis should prove very helpful in evaluating the various alternatives.

Based on your analysis, recommend the strategic alternative that should be pursued. You must specify the specific product to be manufactured, and reiterate the target market characteristics, and justify the selections of that target market. Justification is important.

(Delete the content above and insert your analysis in response to the questions at the beginning of each paragraph.)

Marketing Goal and Objectives

You may choose to complete this section for EXTRA CREDIT, but you won’t be penalized if you do not submit anything under this heading. If you choose to go for extra credit, list the key marketing goals and objectives that your chosen strategy should seek to accomplish in Part 2 of the project, when you develop your actual “Go to Market”, Marketing Plan. Make certain that your goals and objectives are SMART (specific, measurable, achievable, realistic, and deadline driven, so that the achievement is targeted by a specific time).

Each marketing goal will have multiple objectives. Marketing goals and broad, and many elements of the marketing plan contribute to meeting goals. Objectives are more specific and help to contribute the accomplishment of the overall marketing goal. The following example is for illustrative purposes only and represents just one example of how this information might be organized. Objectives related to each marketing mix element are likely. For example, in addition to those listed below, marketing communications objectives might pertain to increasing customer retention percentages, reducing churn, or adding new customers.

HYPOTHETICAL EXAMPLE:

Marketing goal #1: By December 31st, 2019, achieve 50,000 unit sales of Solar Product {Brand Name}.

Objective 1: By 12/31/19, increase the number of retail outlets carrying Solar Product {Brand Name} within the U.S. by (specify percentage increase).

Objective 2: By 12/31/19, increase the number of retail outlets carrying Solr Product {Brand Name} in foreign markets by (specify percentage increase).

Objective 3: By 12/31/19, increase the average dollars spent per purchase transaction on Product {Brand X’s} website from $(amount A) to $(amount B).

Objective 4: By 12/31/20, increase the number of unit sales for {brand X} from {unit sales as of 12/31/19} to {units sales objective for 2020}.

. . . . These are just SOME examples. Erase instructions above. Insert text following the section headline. Use as much space as needed to address the topic.

References

Insert the sources you cited within the paper here in alphabetical order. The Reference section should begin on a new page. Do not forget to use in-text citations throughout the paper. Do not list sources in your references for which there are no in-text citations. You can control the formatting in Word, so make certain that your references are properly indented and formatted, and that the line-spacing is correct.