Marketing Straregies

Lee’s Business is a Bicycle Shop

Please use the below tips to the best of your advantage as they will assist in a successful Competency Assessment submission:

1. All assignments, per APA guidelines, must be in Times New Roman 12pt font, double spaced and they must include a title page and reference page. If they do not, they will be RETURNED to you to correct. Please see APA for more information on paper formatting.

2. All assignments MUST include each section of the Rubric. They will be returned with you for revisions if they do not – over and over until you have EARNED a passing grade – NO exceptions. Please review the Assignment Instructions and the Rubric. RUBRIC IS ATTACHED

3. In order to ensure each section of the Rubric is completed – Please USE SUBHEADINGS for each section of the Rubric. For Competency Assessment – Module 1, these include:

Mission Statement

Strengths and Weaknesses – How to Identify

Opportunities and Threats

Competitors – Indirect & Direct

Competitive Advantage & Sustainable Competitive Advantage

Target Market

Marketing Objectives & SMART goals

Market Strategies (all 4) & Market Penetration Strategy for Lee’s

Market Mix

Implementation

Evaluation

If you do not include well thought-out, substantial responses for each of these areas, your Competency Assessment will be returned to you. If you do not provide the correct responses for a section, you will be asked to research the topic so that you fully understand the concept and to resubmit your assignment when you do.

Read the scenario and respond to the checklist items based on the Reading and Learning Activities.

Introduction: Examine the four marketing strategies and read about the importance of doing viable marketing research (BELOW) before you begin planning strategy. Based on what you learn, you will begin this assessment by examining the mission statement and then move on to address the situation analysis based on where you live. You will first address the background marketing research based on Lee’s business “Bicycle Shop”.

Read the scenario and respond to the checklist items based on the reading.

Scenario: Lee is the owner of Lees [Lee’s Bicycle Shop], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for his business.

Checklist:

Summarize a marketing strategy for Lees business, addressing each of the six parts.

Part 1 Mission:

Redefine Lees mission. Lees current mission is more of a product-oriented mission statement. For example, We sell flowers or We make pizza.

Write a marketing-oriented mission statement for Lees business.

Part 2 Situation Analysis:

Organization Strengths and Weaknesses:

Describe methods that Lee could use to identify his internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organizations strengths and weaknesses. Explain your response.

Environmental Scan:

1. Who are the direct and indirect competitors for Lees business located in your area?
2. Using sources like the S. Census Bureau (go to Browse by Topic), describe the demographics affecting Lees business in your area.
3.How is technology being utilized in the industry assigned that might have a positive or negative impact on Lees business?
4. Identify Lees competitive advantage against his direct and non-direct competitors in the city nearest to where you live.
5. Define the term sustainable competitive advantage and explain what advice you would give to Lee in his quest to build a sustainable competitive advantage.

Part 3: Marketing Objectives

1. Set marketing plan objectives for Lees business.
2. Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic and relevant to the mission, and time-bounded).

Part 4: Marketing Strategy

1. Describe the target market strategy for Lees business. Paint a very clear picture of who Lee will be targeting for his product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.
2. Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase his sales?
Explain.
3. Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.

Part 5: Implementation

1. Explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions.

Part 6: Evaluation

Describe how you will evaluate your marketing strategy.
Respond in a minimum total of 3 pages: 1 pages (350 words) for Parts 13 and 1 pages (350 words) for Parts 46 in a Microsoft Word document with additional title and reference pages using the current APA format and citation style. Your paper should include headings, an introduction, and a conclusion.

Reference

U.S. Labor Department. (2018). Bureau of the census. https://www.census.gov/Read Chapter 1: An Overview of Marketing

Lamb, C., Hair, J., & McDaniel, C. (2021). MKTG13: Principles of marketing. Cengage.

INFORMATION THAT MAY HELP WHILE COMPLETING THIS ASSIGNMENT:

1. An overview of what constitutes marketing
Marketing philosophies
Sales versus market orientations
Why it is important to study marketing

2. Strategic Planning for Competitive Advantage.

By specifying objectives and defining the actions required to attain them, a marketing plan provides the basis for assessing actual and expected performance. The major topics that are normally discussed are:

Strategic marketing
The basic outline for a marketing plan
Components of a situation analysis
Sources of competitive advantage
Marketing mix elements

3. Marketing Research

Marketing research plays a significant role in the marketing planning process. Through marketing research, firms learn about the needs, wants, and desires of consumers, customers, and the public at large in order to identify business opportunities in the marketplace. Marketing research is used in the development of new products and informs decision makers on the effectiveness of existing products and the marketing mix.

Market research is an appropriate precursor to developing a strategic marketing plan. You will review your reading on strategic planning and examine how marketers use research to inform their marketing plans in line with the organizations overall strategic plan.

4. “The Diverse Marketing Team”:

Because the market consists of an increasing diversity of people, so too should the marketing team. In this way, the marketing team mirrors the marketplace to whom the company is trying to market their goods and services. A diverse team should include various types of people with all types of talents, abilities, ethnicities, religions, race, nationalities (if selling abroad), etc. What are the benefits of a diverse workforce or marketing team? The more diverse the employees, the better chance of the team members better understanding and relating to the diverse customers and to each other. This in turn leads to better marketed products and services better tailored to the current and future marketplace.

5. What are demographics?

Demographics refers to the ages, genders, religion, education, income, etc. of a population.

6. What is the difference between a product-oriented mission and a marketing-oriented mission? A product-oriented mission statement concentrates on the product, whereas the market-oriented one focuses in on the value to the consumer.

Example of a product-oriented mission statement: We produce hair products.

Example of a market-oriented mission statement: We help make your hair look and feel its best!

Terms:

7. S.M.A.R.T. goals
Specific, measurable, achievable, realistic, and a time bounded ultimate aim. For instance, increase sales by10% is measurable. Achievable and realistic goals are self-explanatory. Time bounded goals set a time parameter by which time the goals should be achieved. For example, increase sales by 10% by the end of 2nd quarter of 2022.

8. Market penetration strategy
A strategy to increase market share by providing additional services and advantages for existing customers.

9. Market development strategy
A strategy to bring in new customers using existing products.

10. Product development strategy
A strategy to produce new products for existing markets.

11. Diversification strategy
A strategy to introduce new products to new markets thus increasing sales.

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