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Insert Title MKTCB/574 v1 Strategic Marketing Plan MKTCB/574 v1 Page 2 of 2 Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis (Due in Competency 1 Assessment) Company...

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Insert Title
MKTCB/574 v1
Strategic Marketing Plan
MKTCB/574 v1
Page 2 of 2
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:
· Mission Statement
· Vision Statement
· Product line description
· 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’s key competitors. You may choose to use 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. Identify key competitive advantages against your competitors.
Economic Forces
Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers.
Political Forces
Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county.
Legal, Regulatory, and Ethical Issues
Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.
Technological Forces
Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries
Social Forces
Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.
Cu
ent Target Markets
Define the company’s cu
ent target markets. Describe the demographic, geographic, psychographic, and product usage of these targets.
Review Cu
ent Marketing
Review the company’s cu
ent marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ cu
ent marketing.
SWOT Analysis
Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan.
Strengths
Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.
Weaknesses
Assess what limits the company may have in its cu
ent marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing.
Opportunities
Assess the opportunities you see based on trends or environmental conditions.
Threats
Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans.
Strengths to Opportunities & Converting Weaknesses and Threats
Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.
Marketing Objectives
Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.
Part B: Marketing Data Analysis
(Due in Competency 2 Assessment)
Internal Data
Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.
    Source
    What it Measures
    Data
    Potential Usage
    Example: Sales data
    Monthly sales by specific product
    Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets.
    Can be used for trend analysis, projections, and to measure effectiveness of promotions.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Secondary Data
Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.
    Source
    What it Measures
    Data
    Potential Usage
    Example: retail store analytics
    Dollar value of sales by quarter by major product categories
    Total sales of major players
    Market Share Analysis
Seasonal patterns
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Primary Data
Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.
    Source
    What it Measures
    Data
    Potential Usage
    Example: Focus group
    Product usage, motives, identify group level satisfaction, decision process, etc.
    Qualitative
    Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Customer Relationship Management
Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.
    CRM Touchpoint
    Purpose & CRM Objective
    Data
    Potential Data Usage
    Example: Customer profile information on website
    Starts the account for visitors: name, geography, email address (Customer acquisition)
    Presale: geographic location; customer id, source of reference
Email address
Post sales: address, product purchased, quantity, price.
    Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring
(Due in Competency 3 Assessment)
New Target Markets
Determine any new markets for your strategy and describe how you will provide value to each target market.
Marketing Mix for New Target Markets
Determine adaptions for each new target market.
· Products
· Price
· Distribution
· Traditional Promotion
· Online Promotion
Marketing Implementation
Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions.
Marketing Communication Channels
Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed.
    Channel
    Target Market
    Advantages
    Disadvantages
    Example: Direct mail
    Middle class residential
    Can include coupons
    Expense and low return rate for given product
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Strategic Actions
Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.
    Action
    Date for Completion
    Person/Role Responsible
    Standard/Metric
    Example: Design flyer for direct mail campaign
    1/1/2021
    J. Smith, graphic designe
    Approval by senior marketing team and legal
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Monitoring
Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.
    Action
    Target
    Person Responsible
    Inter-measurement
    Example: Direct mail flye
    1100 new inquiries
    Western regional manage
    500 new inquiries first month of campaign
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.



MKTCB/574 Competency 1 Assessment and Ru
ic

Course Title: Marketing: Social, Mobile, and Analytics
Competency Assessment Title: Strategic Marketing Plan: Part A
Total Number of Points: 100
Assignment Directions:
Download the Strategic Marketing Plan worksheet and complete Part A.
https:
portal.phoenix.edu/api/contentservices
est/contentresolve
02-DOCUMENT-5e4e8c18dd7db1303bc492bc
MKTCB/574 Competency 1 Ru
ic Page 2 of 3
Competency Assessment Ru
ic

Assignment/ Performance Criteria Mastery
100%
Meets Expectations
85%
Not Met
0%

1. Company Description
(weight 5%)
Description for each element was
thorough, complete, and detailed.
Description for each element was
mostly complete and detailed.
Description for each element was
somewhat complete and detailed
or no attempt to provide a
company description was made.
2. Environmental Analysis
(weight 25%)
Environmental analysis was complete
and included thorough, creative, and
innovative analysis of all relevant
elements for the selected
company and fully reflects critical
esearch of both the company and
industry.
Environmental
analysis was mostly complete and
included thorough analysis of
most elements for the selected
company and mostly reflects critical
esearch of both the company and
industry.
Environmental analysis was
somewhat complete, included
na
ow analysis of some elements
for the selected company, and
somewhat reflects critical research
of both the company and industry
or no attempt at an environmental
analysis was made.
3. Cu
ent Target Markets
(weight 10%)
Cu
ent target
markets were thoroughly and
creatively defined and descriptions of
the demographic, geographic,
psychographic, and product usage of
these targets were thorough and
insightful.
Cu
ent target
markets were thoroughly defined
and descriptions of the demographic,
geographic, psychographic, and
product usage of these
targets were thorough.
Cu
ent target markets were
na
owly defined and descriptions
of the demographic, geographic,
psychographic, and product usage
of these targets were minimal or
no attempt to define cu
ent target
markets, describe the
demographic, geographic,
psychographic, and product usage
of these targets was made.
4. Review Cu
ent Marketing
(weight 15%)
Review of cu
ent marketing was
thorough and insightful. The summary
of how product information is obtained,
the buying process, and assumptions
Answered 11 days AfterFeb 22, 2022

Solution

Rudrakshi answered on Feb 28 2022
43 Votes
Insert Title
MKTCB/574 v1
Strategic Marketing Plan
MKTCB/574 v1
Page 7 of 16
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:
· Mission Statement
· Vision Statement
· Product line description
· Company information, such as the size of the company
Target is a large-scale supplier of goods and it sells its wares through
ick-and-mortar locations as well as online. Perezas, dry goods, dairy products and frozen foods are only some of the options available to customers at all of the participating merchants in the association. Its web channel provides a wide range of products for retailers, as well as exclusive online-only sizes and colors. They will find everything from Archer Farms to Market Pantry to Sutton and Dodge to Art Class to Merona, to Simply Balanced to Wondershop to Threshold. C9 and HandMade Modern
ands, Levi's DENIZEN as well as Nate Berkus for Target are the only
ands owned by Mossimo. The country has 1,802 businesses as of January 28, 2017, including 1,535 real estate, 107 property groupings and 160 property rentals.
Thus, Target Corporation has been chosen. According to their viewpoint, they have a reputation and a sense of responsibility for their su
oundings. "Exceeding expectations" is the ultimate aim. They want to be the destination of all purchasing selections by consistently exceeding customer "expectations" with exceptional value and ongoing improvement. It is as simple as that they save cash and it is a wa
anty from the
and. As an outcome of their strong commitment to climate change and commitment to environmental ideals, they are pulled to the goal-side.
Environmental Analysis
By 2030, Target Corporation hopes to have a fully renewable energy source on the market. In order to a
ive at a logical sequence of events, this is only one of the processes taken. Hold, distribute and build their stores with the help of the energy. Target invested resources in a force that was pointed toward the wind and sun. As an example, the Lone Tree Wind Project in Illinois, which is a joint venture between Leeward Renewable Energy, LLC and Sand Fork Solar and ENGIE, is now under construction (Makoni, 2019).
It is estimated that the use of LED lighting in 1800 shops reduces energy use by 10%. They have also done a good job of sourcing their items. They have done a lot of effort to ensure that their supply chain is environmentally friendly and socially responsible. Their purpose is to ensure that the suppliers they interact with are using resources effectively and safely and that their staffs are working in an ethical workplace.
Competitive Forces
The retail market in the United States is trying to gain some of the pies by attracting national and international lenders. So many companies in the business are driven to expand in the US only by this factor. When it comes to five major retailers, the Target Corporation means business. The number of fiercely competitive retail marketplaces and micro-retailers in this industry is increasing on a daily basis. With a revenue of around USD 374.80billion, Walmart is Target's most formidable competitor.
There are four further competitors, which generate a total turnover of USD 115.79billion, USD 102.96billion, USD 93.08billion and USD 82.75billion: Kroger Co, Amazon, Costco and Walgreens. US retail giant Target returns USD 71.88billion in profits over this time span. Target Corporation's competitiveness is increasing as an outcome of the a
angements being struck by these retail alliances.
Economic Forces
In 2018, the firm made $ 75,356 million in sales per year with a growth rate of 3.6 percent. As recently as 2016, CVS Pharmacy, Inc. acquired the company's pharmaceutical and clinical divisions. A total of around $16 million has been committed by the organization. Tax savings and reductions in individual employment laws
ought the corporation $36 million in 2018 and $ 343 million in 2017. The corporation uses a variety of short-term precautions or endeavors to satisfy its major commitment to expansion. Walmart and Dollar Shops compete with i
econcilable competition by selling high-quality goods at very cheap rates. In order to maintain their market share and acquire an advantage, targets must evaluate their own worth in these types of scenarios.
Political Forces
It is Target's goal to become the most convenient place in the United States for customers to have a positive shopping experience. To illustrate the company's worldwide reach, they have made its website available to customers in more than 200 nations and regions. Various new nations were included in the page's scope, which was developed to incorporate intended commercial regions (Nurmi &Niemela, 2018). China, India, Canada, Mexico and a few EU nations are all included in this category. The corporation has relied on China as a major supplier for many years because of its strong political relationships in China. Because of the trade war between the U.S. and China, this target's company has suffered greatly. "This circumstance has produced an unstable and challenging work environment," Target CEO Brian Cornell said in an interview.
Legal, Regulatory andEthical Issues
With regard to the company's long-term goals, Target Corporation had a major influence. Despite unlawful incorporation audits, the organization has gained a foothold in the use of black and Hispanic recruits. Cu
ently available data shows that black and Hispanic males are more likely to be a
ested and convicted than either of their public allies. After the claim, the business paid out $3.74 million and chose to reevaluate the labor inspection contract. As an outcome of this, the organization's reputation was tarnished, but the "boycott of the box" activity, which helps criminal-based persons by evaluating their criminal histories at other points in the registration cycle, has been acknowledged (Chen, Wei & Huang, 2018).
Technological Forces
Innovation will pay off for Target for years to come, according to the company's chief executive officer. For a long time, the corporation spent $7 trillion up front and an additional $1 trillion a year on renovations. The cu
ent store's revamp was made possible thanks to generous donations. For the most part, they concentrated on new shops that optimize cu
ent innovation and foster a feeling of cognition. Increasing
anch network productivity is their primary objective (Ponce, 2019).
Social Forces
There are 40 funds to pledge to America in our 1862 area, which are meant to supply purchasers each time you come into the shop to support our mission. They are delighted to have an organizational culture, in which their staffs are motivated to work hard and complete a large amount of work. They made the decision to boost all demands so that organizations would identify them as a corporation that is committed to social responsibility.
This objective recognizes the need and necessity of collaboration and it encourages this guilty choice via the travails and a
angements of the workers (Capell, 2019). They generate memorable experiences for their consumers and ensure that their employees remain in the minds of their customers as a pleasant and appealing recollection. Numerous ethnic conferences are handled by the firm that provides the service. The company provides value and attention to many ethnic conferences.
Cu
ent Target Markets
Additionally, targets create organizational knowledge, place emphasis on logic and are focused on specific consumers, including women, children and adolescents as well as individuals in their...
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