Key Questions to Answer:
- What is the brand name of your for-profit business/organization?
- What is the new product, not currently in existence, that will generate revenue for which you will prepare a marketing plan and strategy during this class? Give the product a name and briefly describe it.
- Look up “brand extension” in your Kotler text and describe whether your product is considered a line or a category extension.
- How will you acquire information to prepare your marketing plan during this class? What research will you undertake? Be specific.
- Describe the key customer market (i.e., who are you targeting?).
- Will your new product be marketed domestically or globally? Why?
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by identifying and assessing marketing opportunities.
Identifying and Assessing Marketing Opportunities
2.0 SITUATION ANALYSIS
Write a 1-paragraph summary of the current situation – write this section after completing the following sections of the Situation Analysis, but put it in this order.
2.1 Market Summary
(Write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)
In a 1–2 paragraph summary, address:
- What are your target customer groups? Why?
- What are your projections for the growth of this market?
2.1.1 Market Demographics (refer to Chapter 8 of your Kotler text for helpful definitions/explanations).
- Carefully define the demographic profile of your target market.
- In a similar fashion, define the geographic target area you are choosing.
- What are the behavior factors that will influence your decision-making?
- Define the values and lifestyles (psychographics) of your target market.
2.1.2 Market Needs
- What are the benefits that are important to your customer base?
- What needs to they have and how do you know this?
2.1.3 Market Trends
- Identify and explain at least three trends that will influence how your customers view your product. These should be trends going on in the industry or the environment; these are trends that your company/product can respond to in some way. Remember: Trends are long term; fads are short term.
2.1.4 Market Growth
- Is the market growing, static, or diminishing? What are the growth trends?
- What is the evidence? What research are you using to determine market growth?
- How will you address the market if it is growing, static, or diminishing?
2.2 SWOT Analysis (refer to Chapter 2 of your Kotler text for a thorough explanation of a SWOT analysis)
2.2.1 Strengths: List and describe at least three positive internal aspects that add value.
2.2.2 Weaknesses: List and describe at least three negative internal aspects that place you at competitive disadvantage.
2.2.3 Opportunities: List and describe at least three opportunities external to your business that will lead to your success.
2.2.4 Threats: List and describe at least three threats external to your business that will threaten your success (Note: It is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT).
- Describe your competition.
- Why will customers prefer your product?
- How will you compete with your competition and win?
- What is the marketing mix (price, place, promotion, product, you know them as “the 4 P’s of Marketing”) of at least one of your competitors?
2.4 Product Offering
- What are the current products you offer?
- How will your new product fit in with existing products? Is there a good fit between them?
2.5 Keys to Success
- List and describe at least three factors that will determine your success.
2.6 Critical Issues
- How will you leverage your SWOT strengths and opportunities to your advantage?
- How will you lessen the impact of your SWOT weaknesses and threats?