Assignment 2 – Part B: Your Marketing Plan

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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. Your plan has a solid foundation, though there are some areas needing more detail and explanation. Please review the feedback below. 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: You did not provide detailed goals and measurements. Goals of revenue, profit, market share, brand awareness or customer acquisition are appropriate. Many of the goals that you provided are really strategies to achieve the goals themselves. Please review SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. Where are your measurements? Environmental Analysis: Please see textbook pages 45-51.

You only addressed five of the six areas of the environmental analysis. 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 three elements for each point within the SWOT analysis. Additionally, some of your opportunities are really marketing strategies. Your opportunities and threats should be clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.