Module 06 Course Project - Final Marketing Plan
jeffro401
SituationalAnalysis_JRover_1123171.docxMARKETING PLAN 4
Situation Analysis
Advanced Principles of Marketing
Jeff Rover
Rasmussen College
11/23/17
SITUATION ANALYSIS
This is an analysis of the market condition in which Edual Enterprise is operating in. It will assess the condition of the market, trends, competitors, SWOT analysis of its products and a review of the products in terms of its features and its benefit to the consumers (Keith, Wentler & Taylor, 1983)
Target Market
Since Edual Enterprise is a technological company whose main goal is to provide high quality electrical appliances to its consumers, their target market is all the individuals who use electrical appliances in their homes and also at work places. It targets both the local and international consumers. The reason for targeting the locals is because there is a high need by the locals to stay connected in the internet.
The company has targeted the United States and other countries in the world. This is because most of the customers found in this region are interested in purchasing high quality products which are only found at Edual Enterprise.
Market Need
There is a growing need in the market for technological gadgets and components since everyone is shifting to the digital world. Most of the people own computers, laptops, phones and their components, however the demand in the market has not been met.
Market trends and growth
It has been identified there is a trend for customers purchasing the upgraded versions of the products that they purchase. After using a product for a long time, consumers are seeking to get new products with better user interface and technology. The company aims at capitalizing on this by ensuring they provide these products whenever the customers seeks to find them.
Marketing has shifted to the internet. Most of the companies are using platforms such as Facebook, twitter and use of influential persons to sell their products. Therefore, Edual Enterprise plans on creating a social media page where they advertise and sell their products. A website will be created where customers will be visiting and checking on the new products and services from Edual. The market has grown tremendously with the demand for technological components such as computers and internet related products because more and more people are becoming aware of the importance of internet and technology.
SWOT analysis
SWOT looks at the product in terms of its Strength, Weakness, Opportunity and Threat (Westbrook, 1997).
The strength for our products is that they are of high quality and their durability is assured. Also our warranty is longer compared to those of our competitors. Our weakness will be selling the product at break-even price when introducing it to new customers.
Opportunity that will take advantages of is online and social media marketing so as to reach as many customers as possible. The threats is our competitors who will react when we introduce our product.
Competitive Review
Our main competitors are the technological companies within our jurisdiction. They are on a high position since they have been in the market for a longer time. Their main strategies are investing a lot of resources and time in marketing and product sensitization.
Product Review
The main features in our product is that they are of high quality, have a longer warranty and their prices are competitive with similar products in the market. The customers who purchases these products will benefit from a longer warranty, assured quality and they will save money and still obtain high quality products.
Reference
Hill, T., & Westbrook, R. (1997). SWOT analysis: it's time for a product recall. Long range planning, 30(1), 46-52.
Brown, T. J., & Dacin, P. A. (1997). The company and the product: Corporate associations and consumer product responses. The Journal of Marketing, 68-84.
Keith, L. H., Crummett, W., Deegan, J., Libby, R. A., Taylor, J. K., & Wentler, G. (1983). Principles of environmental analysis. Anal. Chem, 55(14), 2210-2218.
