Marketing Strategy

Lee is the owner of Lee’s Tobacco shop (retails) which is located in Boston, MA. Lee has now hired you to design the basic components of a marketing strategy for her business. Checklist: Summarize a marketing strategy for Lee’s addressing each step.

Step 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 brief summary about what constitutes a strong market-oriented mission statement. • Rewrite a marketing oriented mission statement for Lee’s business.

Step 2: Situation Analysis • Describe methods that Lee could use to identify her internal strengths and weaknesses information. Explain your response. • Using the online library located in the Academic Tools area, conduct an environmental scan and identify opportunities and threats to the business. Examples could include competitive, technological, economical, socio-cultural, political, and legal forces. 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? Step 3: Marketing Objectives Set Marketing Plan Objectives for Lee’s. • Identifies at least two S.MAR.T goals (i.e., Specific, Measurable, Achievable, Relevant and Time-bounded).

Step 4: Marketing Strategy • Describe your target market strategy for Lee’s business. Paint a clear picture on who Lee will be targeting for her product. • Identify four (4) strategies for growth for Lee’s business using market penetration, market development, product development, and diversification. • Briefly describe your marketing mix strategy. Step 5: Implementation • Using the concepts from the text, explain how you will turn your plan into a reality. Step 6: Evaluation • Using the concepts from the text, describe how will you evaluate and control your marketing strategy.

 

 

 

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