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 assignment 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 learning activities.
Scenario: Lee is the owner of Lee’s Hardware Store, which is located in the city closest in New Jersey. Lee has now hired you to design the basic components of a marketing strategy for her business. You must use the industry selected by your instructor.
Summarize a marketing strategy for Lee’s business, addressing each part.
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 her internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organization’s strengths and weaknesses. Explain your response.
• Using sources like the U. S. Census Bureau, describe the demographics affecting Lee’s business in your area.
• How is technology being utilized in the assigned industry that might have a positive or negative impact on Lee’s business?
• Identify Lee’s direct and indirect competitors and her competitive advantage against her direct and non-direct competitors in the city nearest to where you live.
• Define the concept of sustainable competitive advantage and explain what advice you would give to Lee in her quest to build a sustainable competitive advantage.
Part 3: Marketing Objectives
• Set marketing plan objectives for Lee’s business
• Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic (and relevant to the mission), and time-bounded).
These first three parts of the paper should be a minimum of 1½ pages or 350 words total and use current APA format and citation style (see the reading area for APA assistance). Your paper should include headings (Part 2: Situation Analysis: Environmental Scan, etc.) an introduction, and a conclusion.
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 her 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 her 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.
Access the Assignment grading rubric located in the Course Resources area.
Respond in a minimum 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 (see Unit 1 reading area for APA assistance). Your paper should include headings, an introduction, and a conclusion.
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