Marketing Strategy

This competency assessment assesses the following Outcome(s):

MT219M1-1: Summarize the basic components of a marketing strategy.

Read the scenario and respond to the checklist items based on the Reading and Learning Activities.

Your instructor will assign a business type or industry to you.

Introduction: Examine the four marketing strategies and read about the importance of doing viable marketing research before you begin planning strategy. Based on what you learn, you will begin this assessment by examining the mission statement and then move on to address the situation analysis based on where you live. You will first address the background marketing research based on the business type that will be provided by your instructor.

Read the scenario and respond to the checklist items based on the reading and practice activities.

Scenario: Lee is the owner of Lees [business type assigned by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for his business. You must use the industry assigned by your instructor.

Checklist:

Summarize a marketing strategy for Lees business, addressing each of the six parts.

Part 1 Mission:

Redefine Lees mission. Lees current mission is more of a product-oriented mission statement. For example, We sell flowers or We make pizza.

Write a marketing-oriented mission statement for Lees business.
Part 2 Situation Analysis:

Organization Strengths and Weaknesses:

Describe methods that Lee could use to identify his internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organizations strengths and weaknesses. Explain your response.
Environmental Scan:

Who are the direct and indirect competitors for Lees business located in your area?
Using sources like the S. Census Bureau (go to Browse by Topic), describe the demographics affecting Lees business in your area.
How is technology being utilized in the industry assigned that might have a positive or negative impact on Lees business?
Identify Lees competitive advantage against his direct and non-direct competitors in the city nearest to where you live.
Define the term sustainable competitive advantage and explain what advice you would give to Lee in his quest to build a sustainable competitive advantage.
Part 3: Marketing Objectives

Set marketing plan objectives for Lees business (see page 25 of your text).
Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic and relevant to the mission, and time-bounded).
Part 4: Marketing Strategy

Describe the target market strategy for Lees business. Paint a very clear picture of who Lee will be targeting for his product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.
Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase his sales? Explain.
Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.
Part 5: Implementation

Using the concepts from the text, explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions.
Part 6: Evaluation

Using the concepts from the text, describe how you will evaluate your marketing strategy.
Respond in a minimum total of 3 pages: 1 pages (350 words) for Parts 13 and 1 pages (350 words) for Parts 46 in a Microsoft Word document with additional title and reference pages using the current APA format and citation style. Your paper should include headings, an introduction, and a conclusion. Go to the reading area for help with APA.

Reference

U.S. Labor Department. (2018). Bureau of the census. https://www.census.gov/

1. How did this week’s assigned readings challenge or affirm your thinking? What did you agree or disagree with and explain why? Did you learn anything new? Is there anything you are curious about? Provide evidence to support your points. We all read the assigned readings, so do not repeat them for us. Give us a fresh take by including your critical analysis and perspective. Your response must be detailed and show deep, reflective, and critical thinking. Surface comments and descriptions will not suffice. I encourage you to use current events, lived experiences, and artifacts (videos, images, etc.) to support your response. Use APA in-text citations to show where your information is coming from. It must be clear that you read/watched and understood the material and can use it to support your perspectives.

2. Using the relational leadership model element of inclusive, why would a leader need to pay attention to the ideas brought up in this week’s assigned readings? In other words, how would this week’s learning material influence a leader who seeks to be inclusive? You will need to reference/use the appropriate part of the relational leadership model (found in the Week 2 module or here) and use it to frame your response.

3. Write at least one (no more than two) discussion question that will engage classmates. The question (s) you ask should not yield “yes or no” responses, or pedestrian/simple answers. Design questions to provoke deep and diverse responses.