markets that your new product is attempting to serve? Is it broad enough to adequately describe the company focus and core values? Is it too
broad? Does it encompass minute details?
II. SWOT Analysis – The SWOT analysis, sometimes referred to as a situational analysis, identifies an organization’s internal strengths and weaknesses, as
well as external opportunities and threats. For your company, perform a SWOT analysis, detailing the elements below:
A. Internal – Determine the internal components (strengths and weaknesses) of the marketing environment. Make sure to consider production
costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technologies.
B. External – Determine the external components (opportunities and threats) through an environmental scan. Make sure to consider political,
economic, social, and technological events, as well as trends and expectations.
III. Marketing Objectives – Before the specific details of a marketing plan can be developed, objectives for the plan must be stated. Without objectives,
there is no basis for measuring the success of your marketing plan activities. Marketing objectives are statements of what is to be accomplished through
marketing activities.
A. For your company, formulate at least five marketing objectives related to the new product/service that are realistic, measurable, time specific
and comparable to a benchmark.
B. Discuss the objectives as they relate to commercial, legal, and cultural aspects of a global business environment.
IV. Marketing Strategy – The marketing strategy involves all of the activities of selecting and describing one or more target market segments and
developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
A. For your new product, recommend a detailed marketing strategy that describes your target market. Possible variables include demographics,
psychographics, geographies, and behavioral segments. You may also choose to describe the market in terms of anticipated growth, revenue
opportunities, past performance, etc. The strategy needs to be measurable, sustainable, accessible, and reachable. Describe your rationale for
selecting the target market(s). Why are these markets attractive from a marketing standpoint?
B. Provide a detailed description of the marketing mix, including product, place (distribution), promotion, and pricing strategies.
C. Does the recommended marketing strategy specifically relate to the company’s strategic focus, culture,
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