MT219-1: Summarize the basic components of a marketing strategy.
Read the scenario and respond to the checklist items based on the Reading and Learning Activities.
Scenario: Lee is the owner of Lee’s Gym and Fitness, 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 her business.
Instructions: Summarize a marketing strategy for Lee’s addressing each part.
Part 1 Mission
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.”
- Write a marketing-oriented mission statement for Lee’s business.
Part 2: Situation Analysis
Organization Strengths and Weaknesses:
- Describe methods that Lee could use to identify her internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organization’s strengths and weaknesses. Explain your response.
- Environmental Scan: Who are the direct and indirect competitors for Lee’s business located in your area?
- Using sources like the U. S. Census Bureau (Go to Browse by Topic), describe the demographics affecting Lee’s business in your area.
- How is technology being utilized in the industry assigned that might have a positive or negative impact on Lee’s business?
- Identify Lee’s competitive advantage against her direct and non-direct competitors in the city nearest to where you live.
- Finally, define the term sustainable competitive advantage and explain what advice you would give to Lee in her quest to build a sustainable competitive advantage.
Part 3: Marketing Objectives
- Set marketing plan objectives for Lee’s business (see page 25 of your text).
- Identify at least two S.M.A.R.T. goals (i.e., Specific, Measurable, Achievable, Relevant to the mission, and Time-bounded).
Part 4: Marketing Strategy
- Describe the target market strategy for Lee’s business. Paint a very clear picture of who Lee will be targeting for her product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.
- Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase her sales? Explain.
- Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.
Part 5: Implementation
- Using the concepts from the text, explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions.
Part 6: Evaluation
- Using the concepts from the text, describe how will you evaluate your marketing strategy.
Respond in a minimum of 3 pages: 1½ pages (350 words) for Parts 1–3 and 1½ pages (350 words) for Parts 4–6.