Part 2 – Marketing Plan Review for your Fortune 500 Company
Assignment No. 1
In this part of your report you will be doing a detailed reporting on the current Marketing Plan that your company is using. This section will consist of you researching the following aspects of your company’s current Marketing Plan in sufficient detail so that you can provide a thorough picture of their current marketing programs.
– This section will address the 4 P’s portion of your marketing plan and include as a minimum the following sections:
Product: You will include a detailed description of the products/service families that your company is currently providing to the market. You will need to address the following areas:
– Quality level of the products they are known for.
– Features & benefits of their products
– Are their products/services innovative or do they copy their competitors’ products/services
Place: You will include a detailed description of the place where company sells their products/services and the business model that they currently use. You will need to address the following areas:
– Business model that the use to sell their products/services; direct to consumer, through intermediaries or a combination.
– If they use stores, where are they located and what kind of stores do they use.
– If they use intermediaries, describe the type that they use
Promotion: You will include a detailed description of the different promotional methods that your company uses to attract attention from the market for their products/services. You will need to address the following areas:
– List the different types of promotional methods that they use; social media, print advertising, sales promotion.
– Describe the different type of publicity that they get in the media, if any.
– Describe the target market that they are trying to appeal to with their ads.
Price: You will include a detailed description of the pricing strategy that your company is using to sell their products/services. You will need to address the following areas:
– Provide your assessment of where you feel that they fall on the price competitive range from low cost/low quality to high cost/high quality.
– Describe any discounts or allowances they use in their pricing program.
Assignment No. 2
In this section will provide a detailed SWOT matrix for your company. This matrix will consist of your company’s Internal Strengths and Weaknesses, as well as, External Opportunities and Threats that exist in the marketplace or globally that can potentially effect the business of your company.
Internal Strengths: This section will include those items from your research that you feel are items that put your company in a stronger position to succeed as compared to their main competitors. These items are examples of the types of items that I am looking for.
– Strong brand and good reputation
– Large number of stores covering a large geographic area
– Innovative product designs
Internal Weaknesses: This section will include those items from your research that you feel are items that put your company in a weaker position to succeed as compared to their main competitors. These items are examples of the types of items that I am looking for.
– Poor quality products & low service level
– Limited amount of inventory and so slow delivery
– They don’t come out with new products very often
External Opportunities: This section will include those items from your research that you have identified in the market place that you feel will help your company to sell more of their products to their customers. These items are examples of the types of items that I am looking for.
– There are new markets opening up for your products overseas
– A global pandemic will create a higher demand for your product
– The government has passed a law where customers are now required to use your product.
External Threats: This section will include those items from your research that you have identified in the market place that you feel will make it harder for your company to sell more of their products to their customers. These items are examples of the types of items that I am looking for.
– Low cost global competitors are now starting to make products to compete with yours.
– The government has imposed new restrictions on how you must produce your products.
– There is a shortage of one of the raw materials that is used in your product.
Assignment No. 3
In this section, I need you to provide a detailed comparison of each of the Internal Strengths and Weaknesses that you have listed above with each of the competitors that you have identified in Part 1 Assignment 4 of this report.
You will need to prepare a listing of the Internal Strengths and Weaknesses for each of the competitors that you have identified and then compare this list for each of these companies to the list of Internal Strengths and Weaknesses that you have identified for you company.
With this comparison complete, you can then give me your assessment of how you think the Internal Strengths and Weaknesses of your company compare with those of these two main competitors of theirs.
Part 3 – Areas of improvement for your company’s Marketing Plan
Assignment No. 1
This section of this report will be your opportunity for you to provide me with recommendations that you feel that your company can make to improve their Marketing Plan in all of their 4 P’s. I will need you to provide me with a detailed recommendation for improvements in the following areas and for each area I will need you to explain in detail why you feel that these changes will improve their performance.
New products that you think can complement, or replace existing products. You need to identify the current products that will be effected by the introduction of these new products but why you feel that these changes will produce increased sales or margin overall.
In this section you will need to talk about changes that you would make to the business model that they are using, their locations or the types of locations that they are using, etc.
New ways that you would use to promote their products and especially in the area of social media. I need you to address which social media platforms you would recommend and which you would not, as well as, the types of ads you would use and a description of the target market you are trying to attract with these ads.
Changes that you would make to their pricing strategy with a detailed explanation on why you would want to make these changes, how you anticipate it will affect your sales and more importantly who you think it will affect your profit margins.
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