Assignment:
PART 1: SITUATIONAL ANALYSIS
External Environment Analysis: Do you see any environmental trends that might offer opportunities or threats to future sales of your product/service?
Internal Analysis: What strengths and weaknesses does the company have over which they have control?
Competitive Analysis:
(1) List the key competitors in your industry, including your own product.
(2) What are the prices charged by each key competitor? It may be necessary to identify both the price to the consumers and the price per standard measure of comparison (e.g., price per ounce).
(3) Do any of the competitors appear to have distinctive competencies or perceived competitive advantages?
(4) Describe your product/service distinctive competencies or perceived competitive advantages over competitors.
Customer Analysis:
(1) Who primarily buys this type of product/service? What types of needs are being met?
(2) What do you think are important attributes people look for when buying this type of product?
(3) What type of factors described in the textbook may influence the consumer decision process for your type of product?
(4) Why do people buy your brand rather than your competitors brand?
Assume that your objective is to increase sales for your product/service by 25% (very aggressive) next year domestically. How would you do it? For the rest of the assignment, you are to focus on making decisions and recommendations that you think will help to reach these objectives. Make your recommendations specific, creative, and convincing. You need to sell me on the merits of your plan.
Business Marketing Syllabus
PART 2: TARGET MARKET (CORE) STRATEGIES
Target Market:
(1) How would you define the current target market you think your product is currently targeted toward?
(2) Describe what you want your target market to be in the future. Note that pursuing new target markets can offer good growth opportunities.
Positioning Strategy:
(1) How do you think consumers currently perceive your product relative to competitors products?
(2) How do you want your product to be positioned or perceived by the target market relative to competition? (In other words, develop a positioning or repositioning strategy.)