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MKT/574 v1

Strategic Marketing Plan

MKT/574 v1

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Strategic Marketing Plan

Gabrielle Zephirin

MKT/574

Professor Tina

3/7/2021

Part A: Environmental Analysis and SWOT Analysis

Company Description

For writing this strategic marketing plan, BPA Sports LLC is selected, a nutritional company located in the United States. Our mission is to deliver superior quality nutritional and body-building supplements to our customers. Our vision is to become the number one nutritional selling supplement brand in the United States by 2025. We offer a variety of supplements related to body-building, fitness, diet, nutrition, and health for our customers. Consumers utilize these supplements or pills for losing weight or reducing obesity, and for enhancing their fitness. BPI Sports was founded in the year 2010 and operates with almost 74 employees (Directory, 2021). Comment by Tina White Potter: APA needs to be followed. Comment by Tina White Potter: Should be: (D&B Business Directory, 2021).

Environmental Analysis

Competitive Forces

The marketplace or industry of Nutritional supplements is huge and growing instantly at the rate of 7.1 percent, and it is projected that it will reach $61.8 billion by 2025. Just because the industry is growing vastly, there is a high risk of new competitors in BPI Sports' marketplace. The new entrants in the marketplace can be challenging for the firm as there is a possibility, they can include well-trained fitness programs. The suppliers or vendors in this industry are also growing, so BPI Sports can easily shift to other suppliers. Comment by Tina White Potter: Source?

The bargaining power of the consumer is very low because of customer loyalty and unique fitness programs. Loyalty from a consumer in this industry requires time because individuals are possessive about their health and fitness. According to this market plan, our biggest competitor is FitFlex company; they also provide the same services to the customers. Instead of spending a huge amount of money on research and development processes, we are spending money on our customers to earn their loyalty. This is our competitive advantage over our competitor FitFlex. Our annual revenue in 2019 is $41.82 million, and the estimated market share is 6.5% (Directory, 2021). Comment by Tina White Potter: Follow APA

The threat from substitute products in this industry is very high because all the firms in this marketplace produce similar products.

Economic Forces

The firm is currently facing many economic issues because of the Coronavirus outbreak and lockdown conditions. These conditions have decreased the number of sales, which resulted in a low profit.

Political Forces

Political forces can negatively influence BPI sports because fluctuations in the interest rate and inflation rate increase the manufacturing cost and the cost of goods.

Legal, Regulatory, and Ethical Issues

Legal, regulatory and ethical issues can also impact the firm as Food and Drug Administration (FDA) regulates this nutrition and health industry. They review the procedure of how supplements and vitamins are made in the factory. Any minor o major ethical issue in the production can badly damage the reputation of the company. For saving the firm from these issues, it is necessary to follow all the rules and regulations provided by FDA. Comment by Tina White Potter: spelling

Technological Forces

In the present situation, the company is not facing any technical issues as they have already established advanced production machinery and also provide online fitness programs to the consumers.

Social Forces

This projected that social factors have positively impacted the firm because individuals have become possessive about their fitness due to lockdown conditions. For this purpose, they are early looking for fitness programs and supplements to stabilize their health. Comment by Tina White Potter: wording

Current Target Markets

The target market selected by BPI Sports includes individuals aged 22-43, obese individuals, sportsmen or bodybuilders, and athletes. BPI Sports offers online training to their customers to provide them relaxation.

Review Current Marketing

The current marketing strategy of BPI Sports is to advertise its products and services through social media sites. They promote their services and products on Facebook, Instagram, and Twitter. BPI Sports spends about 20% of its revenue on promotions and marketing.

SWOT Analysis

Strengths

· Provides a huge range of nutritional products

· Holds customer loyalty.

· Provide online programs and delivery.

Weaknesses

· Low brand image and reputation.

· Holds no FDA or food authority certifications.

Opportunities

· Promotion of new products and services.

· Implementation of advanced technology.

· Policies for reducing manufacturing costs.

· Market or product diversification.

Threats

· New entrants.

· Disappointed product assessments

· Unhappy clients.

Strengths to Opportunities & Converting Weaknesses and Threats

BPI Sports should enhance its relationship with customers to increase customer loyalty by offering coupons and discounts. They should follow the rules and regulations provided by Food and Drug Authority to gain their certification. They should target a new target market to increase their marketplace.

Marketing Objectives

BPI Sports LLC's current market objective is to increase customer loyalty by providing them discounts on services and products. They also aim to introduced new supplements in the market with low cost and improved results. It is estimated that launching new products will increase their return by 10%.

References

Adryan Corcione, (2017). Tips for Creating a Great Business Marketing. Industrial Marketing Management, 86, 90-98. https://www.businessnewsdaily.com/4-creating-effective-business-marketing-plan.html .

Directory, D. B. (2021). Bpi Sports, LLC. Retrieved from https://www.dnb.com/business-directory/company-profiles.bpi_sports_llc.274ca90d2bff86a1418e0515649742d1.html