800–1,000 words: Marketing as a Business Strategy

Review the first part of your marketing plan from last week. To be as precise as possible, understanding the company’s competition is essential. The marketing plan also includes a situational analysis. This week, write your competitive analysis to add to the plan. 

Your plan should include both a situational analysis and a SWOT analysis.

1. Students should review the following Web site for templates and more information about how to perform a SWOT analysis: http://www.rapidbi.com/2007/11/swotanalysis/.
2. Students should write a situational analysis that provides a snapshot of the company’s environmental analysis that covers the following: 
   • Include facts about current economic and cultural trends and any predictions about business success in the future.
   • Include information about how the company can gain a competitive advantage in the market by understanding the competition.  For more information about how a company can gain and sustain a competitive advantage, visit: http://www.suite101.com/content/what-is-competitive-advantage-a59991.
   • Add the SWOT analysis to help determine competitors in the marketplace and to help you with additional ideas on how to position the product in the marketplace.
   • Add any other important information.