Marketing 500: Part A Marketing Plan

You earned a grade of F on your assignment (61%). It is very important to create a comprehensive marketing plan for any business to be successful. This assignment is the first step in doing so. Please review the feedback below. In order to score highly, more effort needs to be put forth. It important you make changes now in order to have everything needed for your final project. Please review my feedback. Introduction: You did well introducing your hypothetical company. Your product/service is clear, the physical location is defined and you successfully introduced the elements of your marketing plan. Great job! Mission Statement: The mission statement is succinct and straight forward with rationale. All five questions in a mission statement were successfully answered. Goals: Your stated goals of revenue, profit, market share, brand awareness or customer acquisition are SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. There were no measurements provided for your goals. Environmental Analysis: You only addressed four of the six areas of the environmental analysis. Please see textbook pages 45-51.

Competition: Who specifically is the competition and why do you consider them as such?

Political and Legal: Here government regulations and legal factors are assessed in terms of their ability to affect the business environment and trade markets. The main issues addressed in this section include political stability, tax guidelines, trade regulations, safety regulations, and employment laws.

Economic: Through this factor, businesses examine the economic issues that are bound to have an impact on the company. This would include factors like inflation, interest rates, economic growth, the unemployment rate and policies, and the business cycle followed in the country.

Technological – How technology can either positively or negatively impact the introduction of a product or service into a marketplace is assessed here. These factors include technological advancements, lifecycle of technologies, the role of the Internet, and the spending on technology research by the government.

Social – With the social factor, a business can analyze the socio-economic environment of its market via elements like customer demographics, cultural limitations, lifestyle attitude, and education. With these, a business can understand how consumer needs are shaped and what brings them to the market for a purchase. SWOT Analysis: This section should include both a written SWOT analysis containing at least three of each elements with rational and a SWOT table summarizing each. You did not provide an element for each of the items in the SWOT analysis. You also did not show an understanding of the difference between and internal S or W and an external O or T. See textbook page 21.References and Citations: Your paper does not meet the required number of references and there are no academic, peer reviewed references. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. In order to receive most points, you must submit four or more. These resources should be industry specific and relate to your chosen product / service. Note: Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum. Quality references are peer-reviewed, scholarly journal published in the last 5 years. A good way to incorporate is by using Journal of Marketing for your theories and consumer behavior observations.  Listing a reference without applying it in your text (citations) is not acceptable. Every statement you make that you got from somewhere needs to be paraphrased (not copied and pasted) and cited along with reference provided in reference section. Click here for more info on references and citations formatting.Mechanics: . Use of Quotes: quoting should be done only sparingly; be sure that you have a good reason to include a direct quotation when you decide to do so. To exhibit scholarly writing and share your own thoughts, you should paraphrase. Use of quotes as one of my professors told me once is “lazy” writing. Here is a link for more details. And here is a link for examples on how to paraphrase. APA Writing basics: Avoid contractions in APA. Spell out numbers zero to nine. Aim for three to five or more sentences per paragraph.