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DO NOT LOOK UP A BUSINESS ON THE INTERNET AND FOLLOW THEIR MARKETING PLAN – THAT IS NOT THE IDEA HERE!!
Title of your paper
AB 219: Marketing
Instructor: Diane Sykes, MBA
Retype the title of your paper here, leaving the Title style
Remove all information typed in Red before you submit your paper (5 points off if you do not take out all the red words). LEAVE THE BLACK BOLD HEADINGS IN. Pretend that Lee will be taking this plan that you have written to the bank to get a loan for her new marketing efforts. Complete each section of the paper responding to the prompts. You MUST have 4 pages. The business for 1901A is: LEE’S Hair and Beauty Salon Goods or Services (be creative)
Using the online library, write a brief summary about what constitutes a strong market-oriented mission statement.
Rewrite a marketing oriented mission statement for Lee’s business.
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.”
Introduce the situation analysis
Strengths and Weaknesses
Describe methods that Lee could use to identify her internal strengths and weaknesses. Provide a couple of examples of Lee’s strengths and weaknesses.
External Environment Factors in _______ (city, state)
Using the online library located in the Academic Tools area, conduct an environmental scan (RESEARCH) of your local or city, and identify opportunities and threats to this type of business. What is it like to operate this kind of business near you? Examples could include competitive, technological, economical, sociocultural, political, and legal forces that impact the businesses in your town or city.
SPECIFIC TO YOUR TOWN, CITY OR COUNTRY – So – who are her competitors? How is the economy doing? What social or cultural factors influence her type of business? How does technology impact her business? What laws, taxes, or political forces impact her business?
After completing your environmental scan or situation analysis, identify Lee’s competitive advantage against her direct and non-direct competitors in the city nearest to where you live. Ex. cost, product, or niche
Explain what advice would you give to Lee in her quest to build a sustainable competitive advantage?
Marketing Plan Objectives
Set Marketing Plan Objectives for Lee’s.
Identify at least two S.M.A.R.T. goals (i.e., Specific, Measurable, Achievable, Relevant and Time-bounded). This means that the 2 goals you set will have all 5 of these characteristics. These individual characteristics are not goals in and of themselves. So, my SMART goal might be:
Set up a social media site and promote it with 5 posts a week for one year (one post each week will be a discount or loyalty promotion). This goal is specific, measurable, achievable relevant, and time-bounded.
• Describe your target market strategy for Lee’s business. Paint a clear picture on who Lee will be targeting for her product. Paint a clear picture on WHO Lee will be targeting for her product. Describe her best customers. Describe the new customers she should find. Are these types of people living in the city you chose?
Four Growth Strategies
Market Penetration: _______________
Market Development: ____________
Product Development: ______________
• Identify four (4) strategies for growth for Lee’s business using market penetration, market development, product development, and diversification.
The Marketing Mix
• Briefly describe your marketing mix strategy (product, price, promotion and distribution).
• Using the concepts from the text, explain how you will turn your plan into a reality.
• Using the concepts from the text, describe how will you evaluate and control your marketing strategy. This section should include measuring your SMART goals for the business because you wrote goals that are able to be measured.
Lamb, C. W., Hair, J. F., & McDaniel, C. (2017). MKTG, 11e. Mason, OH: Cengage Learning.