Fluent Essays

For this assignment, you will document your hypothetical companys (Epic Skates) information and mission statement, your companys short-term and long-term goals, an environmental analysis, and a SWOT analysis. Note: You should make all assumptions needed for the completion of this assignment. Instructions Create the first part of your marketing plan in 8–12 pages: Write an introduction to your company. Describe your hypothetical company, its location, the product it makes or the service it provides, and introduce the contents of your marketing plan. Develop your companys mission statement. Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next 5 years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of website content; website visitors; increases in market share; customer value; new product or service adoption rates; retention; rate of growth compared to competition; and the market, margin, and customer engagement. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Develop both a SWOT analysis and needs analysis for your product or service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company. Use at least three academic resources as quantitative marketing research to determine the feasibility of your product or service. These resources should be industry specific and relate to your chosen product or service. 1 11 2 Part A: ABC Marketing Plan (Change to your name of business here) Your Name MKT500 Marketing Management Strayer University Dr. Lisa Amans Date submitted Introduction (note this is not bold) Write an introduction to your company. Describe your hypothetical company, its location (why did you choose this location), and the product it makes or the service it provides, and introduce the contents of your marketing plan. Mission Statement Develop your company’s mission statement (do not confuse a mission statement with a tag line, slogan, or positioning statement). Also, your mission statement should resonate with your consumers/customers as well as with your employees and stakeholders – remember to see the purpose of a mission statement and rationalize yours. Do not just state a mission statement without rational – answer why. See textbook, page 21. Goals Write an introduction to this section here (minimum of three sentences). Note, your goals should be realistic, practical, and SMART (i.e., S. – specific; M. – measurable; A. – assignable; R. – realistic; and T. – time based). What does your company need to accomplish in the short and long term; consider revenue and profit goals? Short Term Text starts here – Decide the main goals that you would like to achieve within the next year (short term). Determine the most appropriate ways to measure short term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on Website analytics, visit Google Analytics at http://www.google.com/analytics/why/ Long Term Decide the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure long term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. For information on Website analytics, visit Google Analytics at http://www.google.com/analytics/why/ Environmental Analysis Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Include an introduction of these elements. Write an introduction to this section (minimum of three sentences). See textbook pages 45-51. Competitive Analysis Competitive analysis here - (who is the competition – direct and indirect, why do you consider them to competition, what do they do well, what might be a weakness?). Economic Analysis Economic analysis here - (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). Political and Legal Analysis Political and legal analysis here. Separate the topics if you have significant analysis. (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). Technological Analysis Technological analysis here – (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). Sociocultural Forces Analysis Sociocultural forces here – (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 and Needs Analysis Develop both a SWOT analysis and needs analysis for your product. Each analysis should examine three (3) each of strengths, weaknesses, opportunities, and threats for your company. Suggestion is to write an introduction (minimum of three sentences) and create a SWOT table (use APA formatting, label Table 1, etc.). Include an analysis, not just the table. Rationalize why you choose these SWOT elements. See textbook page 21. Table 1 SWOT Analysis Strengths · Short bullet · Xxxx · xxxx Weaknesses · Short bullet · Xxxx · xxxx Opportunities · Short bullet · Xxxx · xxxx Threats · Short bullet · Xxxx · xxxx Note: Strengths, weaknesses, opportunities, and threats for xxxx company. Strengths Include three strengths and explain the importance (think features and benefits to customer). Strengths are internal; what you can control. Weaknesses Include three weaknesses and impact to the business and/or customer. Weaknesses are internal; what you can control. Opportunities Include three opportunities and explain the importance (think features and benefits to customer). Opportunities are external; what is happening outside your company you can take advantage of such as new technology. Threats Include three threats and impact to the business and/or customer. Threats are external; what is happening outside your company that will impact your business such as new government policies or laws. Conclusion Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary). Sources (note this is centered and not bold and on a separate page) Use at least three (3) academic, peer-reviewed resources as quantitative marketing research to determine the feasibility of your product / service. Three academic, peer-reviewed references are proficient. In order to receive most points as exemplary, submit four or more. These academic, peer-reviewed resources should be industry specific and relate to your chosen product / service. Quality, academic references are peer-reviewed and found in scholarly journals published in the last 5 years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations. Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum. Listing your references without applying them in your text (citations) is not acceptable!!! Tips and SWS Formatting (delete this from your paper) Below are tips and notes to guide you writing an SWS paper. Use this information as a reference and ask if you have any questions. Tips and Notes: 1. NEVER plagiarize: Plagiarism: act of using someone else’s ideas, words, figures, unique approach, or specific reasoning without giving appropriate credit. 2. Always include an introduction for your Heading 1 topic (example: Environmental Analysis) to explain to the readers what they learn in the section you are introducing. 3. Paragraphs should be complete, such as a minimum of three sentences: a. “Put only one main idea per paragraph. b. Aim for three to five or more sentences per paragraph. c. Include on each page about two handwritten or three typed paragraphs. d. Make your paragraphs proportional to your paper. Since paragraphs do less work in short papers, have short paragraphs for short papers and longer paragraphs for longer papers. e. If you have a few very short paragraphs, think about whether they are really parts of a larger paragraph—and can be combined—or whether you can add details to support each point and thus make each into a more fully developed paragraph. 4. Do not use (or minimize): a. They (minimize, pronouns, use actual names/titles for clarity). b. These. c. There are. d. Thing. e. It. f. This. g. I. h. We. i. You. j. One or ones. k. Some. l. A lot. m. A ton. n. Really. o. Very. 5. Use of contractions—spell it out. 6. Findings: are past tense. SWS Guidelines: 1. In -text citations: If the in-text citation appears at the end of a sentence containing evidence, the closing punctuation of the sentence must follow the closing parenthesis of the citation. Use the author’s last name or publishing organization’s name and then a comma. Then add the number indicating the placement of this source in the source list. This is an example. Studies have also indicated that the high concentration of CO2 in the atmosphere is primarily due to humans’ use of fossil fuels. Atmospheric data shows “that levels of CO2 in the atmosphere are higher than they have been at any time in the past 400,000 years” (National Aeronautics and Space Administration, 4). 2. Sources: An SWS format Source list citation consists of: · The author’s name. · If there are multiple authors, only the first author is used. · The year of publication of the source. · The title of the source. · The page range. · A way to locate the source (in this case, a permalink from the Strayer Library). Here is an example of a Source in an SWS format. Stephanie Herring. 2014. Explaining Events of 2013 from a Climate Perspective. http://libdatab.strayer.edu/login?url=https:// search.ebscohost.login.aspx?direct=true&db=a9h&AN=99124811 &site=eds-live&scope=site