Research Paper Part 2: Situation (SWOT) analysis & Market-product focus
The part 2 should be approximately 1200 words in length. Paper should conform to the following template.
2. Situation Analysis :Your marketing plan will include a situation analysis
based on internal and external factors that are likely to affect your marketing program.
a. External factors: This section identifies opportunities and threats for yourbusiness
?To summarize information about external factors, create a table similarseebelow example ) and identify three trends related to each of the five forces (social, economic, technological, competitive, and regulatory) that relate to your product or service
ENVIRONMENTALTREND IDENTIFIED BY AN ENVIRONMENTAL SCAN
SOCIALShifting of social networks and social media to mainstream forms of
• Increasing expectation for authentic and experiential relationships with companies
ECONOMICContinued shiftto a serviceeconomy including service components of goods
• Growing importanceof China, India, and Africa in the world economy
• Increasing government ownership and management and of large businesses
TECHONOLOGICALGreater interest in mobile marketing
• Shift fromanalog to digital technologies in telephone, cable, and Internet industries
• Biomimicry, or the emulation of nature, is growing in its impact on innovation
COMPETITIVE Continued outsoucing of routine business processes and decision-making functions
• Growing difficulty recruiting talent from abroad due to increasingly restrictive
• Dramatic increase in customer-generated content about competitive options
REGULATORY • Growing interest in revising federal and state consumer credit regulations
• Greater concern for privacy and personal information collection
• New regulations related to customer engagement methods such as e-mail solicitation,
promotions, and contests
?When your table is completed, describe how each of the trendsrepresents an opportunity or a threat for your business.
b. Internal factors: This section identifies strengths and weaknesses for yourbusiness
?Company Analysis: The Company Analysis provides details of the
company’s and its marketing strategies (and weaknesses) that willenable (or prohibit) it to achieve the company’s mission and goals.
c. SWOT Analysis: The SWOT analysis identifies strengths, weaknesses,opportunities, and threats to provide a solid foundation as a springboard toidentify subsequent actions in the marketing plan
d. Consumer analysis: This section addresses the question of “Who are thecustomers for the company’s product?” This consumer analysis will provide thefoundation for the marketing mix actions you develop later in your plan.
?Identify the consumers who are most likely to buy your product—theprimary target market—in terms of (a) their demographic characteristicsand (b) any other kind of characteristics you believe are important.
?Describe (a) the main points of difference of your product for this groupand (b) what problem they help solve for the consumer, in terms of thefirst stage in the consumer purchase decision process seebelow five processes of:
Problem Information search: alternative evaluation: Purchase decision:
recognition:seeking valueassessing value buying value
Value in consumption or use
?Identify the one or two key influences for each of the four outside boxes:
(a) marketing mix, (b) psychological, (c)
sociocultural, and (d) situational influences.
3. Market-Product Focus
Your marketing plan needs a market-product grid tofocus your marketing efforts for the company.
a. Define the market segments (the rows in your grid) using the bases ofsegmentation used to segment consumer and organizational markets.
b. Define the groupings of related products (the columns in your grid).
c. Form your grid estimate the size of market in each market-product cell.
d. Select the target market segments on which to focus your efforts with your
?References: You should have 2-4 references. Your selected reference article should not be
more than 1-2 years old.Please submit a clean copy of the reference article orvalid accessible URL, along with the research paper.