Mkt574 V1 Strategic Marketing Plan Page 2 Of 2 ✓ Solved
Mkt574 V1strategic Marketing Planmkt574 V1page 2 Of 2strategic Marke
Describe the company you are designing the plan for. Include: · Mission Statement · Vision Statement · Product line description · Company information, such as the size of the company
Analyze the forces that affect the company and marketing efforts. Competitive Forces Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors.
Economic Forces Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers. Political Forces Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county. Legal, Regulatory, and Ethical Issues Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Technological Forces Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries.
Social Forces Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.
Current Target Markets Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets. Review Current Marketing Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing.
SWOT Analysis Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. Strengths Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers. Weaknesses Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing. Opportunities Assess the opportunities you see based on trends or environmental conditions. Threats Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans. Strengths to Opportunities & Converting Weaknesses and Threats Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.
Marketing Objectives Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.
Sample Paper For Above instruction
In developing a comprehensive strategic marketing plan, a detailed understanding of the company's environment, competitive landscape, and internal capabilities is essential. This paper focuses on a hypothetical company, GreenTech Solutions, specializing in renewable energy products, and demonstrates how to apply the principles outlined in the assignment to craft an effective marketing strategy.
Company Description
GreenTech Solutions is committed to providing innovative and affordable solar energy systems to residential and commercial clients. Its mission statement is "Harnessing the power of the sun to build sustainable futures." The company's vision emphasizes becoming a leading provider of renewable energy solutions globally. GreenTech's product line includes solar panels, battery storage systems, and energy management software. With approximately 200 employees, the company has established a solid presence in North America and parts of Europe, demonstrating a medium-sized enterprise that leverages technological innovation to meet customer needs.
Environmental Analysis
GreenTech operates within a complex environment influenced by various external forces. Analyzing these forces helps identify strategic opportunities and threats.
Competitive Forces
The renewable energy market is highly competitive, with key players such as SunPower, Tesla, and Canadian Solar. A BCG Matrix analysis reveals that GreenTech's core product line falls into the "Question Marks" quadrant, indicating growth potential but limited market share. Recent strategic moves by competitors include Tesla's acquisition of SolarCity and aggressive marketing campaigns, which threaten GreenTech's market positioning. Our estimated market share stands at 5%, but our key competitive advantage lies in customized solar solutions and superior customer service, differentiating us from larger, less flexible competitors.
Economic Forces
The economic environment heavily influences GreenTech's sales, especially in regions experiencing economic growth or downturns. Fluctuations in raw material costs, subsidies for renewable energy, and tariffs impact profitability. In North America, rising electricity prices and government incentives for renewable energy foster favorable conditions, whereas economic slowdown in parts of Europe poses challenges.
Political and Legal Forces
Government policies promoting clean energy, such as California's renewable portfolio standards, support GreenTech's growth. Conversely, legislation restricting certain chemicals used in solar panels or imposing tariffs can hinder expansion. Currently, discussions around tariffs on imported solar components pose a threat, potentially increasing costs and reducing margins.
Technological and Social Forces
Emerging technologies, such as bifacial solar panels and smart energy management systems, offer opportunities for innovation. Social trends favor environmentally conscious consumers, with increased adoption of renewable solutions driven by growing environmental awareness and social responsibility movements. Demographic shifts, including increased urbanization and a younger population interested in sustainable living, further influence marketing strategies.
Current Target Markets
GreenTech's existing targets include homeowners aged 30-50 in suburban areas across North America, characterized by higher disposable incomes and environmental consciousness. These consumers are geographically concentrated in states with favorable policies and exhibit psychographics rooted in sustainability and technological adoption. Their product usage involves energy savings, reducing carbon footprints, and leveraging government incentives.
Current Marketing Review
GreenTech primarily reaches its markets through digital marketing, including targeted online ads, social media, and content marketing. Sales are often driven through website inquiries, direct consultations, and referrals. The company's marketing budget allocates significant resources to SEO and pay-per-click campaigns, aiming to educate consumers on renewable energy benefits. Competitors’ marketing strategies focus heavily on high-profile advertising and partnerships with homebuilders, which GreenTech aims to emulate and surpass.
SWOT Analysis
GreenTech's strengths include its innovative product lines, strong R&D capabilities, and excellent customer support. Weaknesses involve limited brand recognition compared to industry giants and dependence on a niche market. Opportunities stem from increasing governmental incentives and technological advancements, while threats include legislative changes and intense competition.
Converting weaknesses and threats into strengths involves increasing brand awareness through strategic partnerships and diversifying product offerings. For instance, investing in brand marketing can improve recognition, and developing affordable, scalable solutions addresses market expansion opportunities.
Marketing Objectives
Based on the SWOT analysis, GreenTech aims to increase its market share in North America by 10% within the next two years, expanding into new urban markets. Additionally, it seeks to improve customer loyalty, with a target of increasing referral business by 25% by 2024. These objectives align with the company's overall goal of becoming a leader in sustainable energy solutions, leveraging technological innovation and environmentally responsible practices.
In conclusion, a strategic approach rooted in thorough environmental analysis and SWOT assessment enables GreenTech Solutions to position itself effectively within the renewable energy market. Continued focus on technological innovation, customer engagement, and strategic partnerships will be critical in achieving its marketing objectives and sustaining growth.
References
- Barbier, E. B. (2019). The economics of renewable energy. Renewable & Sustainable Energy Reviews, 101, 1-12.
- Hoffman, A. J., & Bazerman, M. H. (2016). Managing for sustainable development. Stanford University Press.
- Johnson, G., Scholes, K., & Whittington, R. (2017). Exploring corporate strategy: Text and cases. Pearson Education.
- Kim, J., Lee, D., & Park, G. (2020). Impact of government policies on renewable energy adoption. Energy Policy, 137, 111182.
- Mitchell, R. K., & Shepherd, D. A. (2010). Think different: Cognitive processes in entrepreneurial decision making. Journal of Business Venturing, 25(3), 352-367.
- Porter, M. E. (2008). Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster.
- Schaltegger, S., & Burritt, R. (2018). Business cases for sustainability and environmental management. Routledge.
- Yoon, H., & Kim, J. (2021). Technological innovation and renewable energy investments. Energy Economics, 97, 105211.
- Zehr, S. C. (2017). The role of social values in renewable energy policy adoption. Energy Policy, 101, 67-75.
- Zhao, F., & Zhang, X. (2019). Analyzing consumer behavior toward renewable energy products. Journal of Cleaner Production, 228, 98-109.