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Introduction: Examine the four marketing strategies and read about the importanc

by | Oct 24, 2021 | Business and Management : Business | 0 comments

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Introduction: Examine the four marketing strategies and read about the importance of doing viable marketing research before you begin planning strategy. Based on what you learn, you will begin this assessment by examining the mission statement and then move on to address the situation analysis based on where you live. You will first address the background marketing research based on the business type that will be provided by your instructor. Read the scenario and respond to the checklist items based on the reading and practice activities. Scenario: Lee is the owner of Lee’s [business type assigned by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for his business. You must use the industry assigned by your instructor. Checklist: Summarize a marketing strategy for Lee’s business, addressing each of the six parts. Part 1 Mission: Redefine Lee’s mission. Lee’s current mission is more of a product-oriented mission statement. For example, “We sell flowers” or “We make pizza.” Write a marketing-oriented mission statement for Lee’s business. Part 2 Situation Analysis: Organization Strengths and Weaknesses: Describe methods that Lee could use to identify his internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organization’s strengths and weaknesses. Explain your response. Environmental Scan: Who are the direct and indirect competitors for Lee’s business located in your area? Using sources like the S. Census Bureau (go to “Browse by Topic”), describe the demographics affecting Lee’s business in your area. How is technology being utilized in the industry assigned that might have a positive or negative impact on Lee’s business? Identify Lee’s competitive advantage against his direct and non-direct competitors in the city nearest to where you live. Define the term sustainable competitive advantage and explain what advice you would give to Lee in his quest to build a sustainable competitive advantage. Part 3: Marketing Objectives Set marketing plan objectives for Lee’s business (see page 25 of your text). Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic and relevant to the mission, and time-bounded). Part 4: Marketing Strategy Describe the target market strategy for Lee’s business. Paint a very clear picture of who Lee will be targeting for his product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments. Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase his sales? Explain. Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion. Part 5: Implementation Using the concepts from the text, explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions. Part 6: Evaluation Using the concepts from the text, describe how you will evaluate your marketing strategy. Respond in a minimum total of 3 pages: 1½ pages (350 words) for Parts 1–3 and 1½ pages (350 words) for Parts 4–6 in a Microsoft® Word® document with additional title and reference pages using the current APA format and citation style. Your paper should include headings, an introduction, and a conclusion. Go to the reading area for help with APA. Your assessment response should be the required number of pages as specified, in a Microsoft Word document, with an additional title page and reference page using current APA format. Respond to all of the checklist items in a thorough and highly organized, logical, and focused manner using Standard English and demonstrate exceptional content, organization, style, and grammar, and mechanics. Your Assessment response should comply with all instructions provided. Your paper should provide a clearly established and sustained viewpoint and purpose. Your writing should be well ordered, logical and unified, as well as original and insightful. Be sure to cite both in-text and reference list citations where appropriate and reference all sources using proper current APA citation style. If the work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned for revision. If the work submitted does not meet the minimum submission requirements by the end of the term, you will receive a failing score.
Lee’s Business is a Wine & Cheese Shop Please use the below tips to the best of your advantage as they will assist in a successful Competency Assessment submission: 1. All assignments, per APA guidelines, must be in Times New Roman 12pt font, double spaced and they must include a title page and reference page. If they do not, they will be RETURNED to you to correct. Please see APA for more information on paper formatting. 2. All assignments MUST include each section of the Rubric. They will be returned with you for revisions if they do not – over and over until you have EARNED a passing grade – NO exceptions. Please review the Assignment Instructions and the Rubric. 3. In order to ensure each section of the Rubric is completed – Please USE SUBHEADINGS for each section of the Rubric. For Competency Assessment – Module 1, these include: Mission Statement Strengths and Weaknesses – How to Identify Technology impact on industry Competitors – Indirect & Direct Competitive Advantage & Sustainable Competitive Advantage Target Market Marketing Objectives & SMART goals Market Strategies (all 4) & Market Penetration Strategy for Lee’s Market Development Strategy Market Mix Implementation Evaluation If you do not include well thought-out, substantial responses foe each of these areas, your Competency Assessment will be returned to you. If you do not provide the correct responses for a section, you will be asked to research the topic so that you fully understand the concept and to resubmit your assignment when you do

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