This summative assessment is the start of inputting information into the Strategic Marketing Plan Template. You will complete portions of this template in Weeks 2, 4, and 6, and prepare for sections of it throughout this course.
The first part of developing a strategic marketing plan is analyzing the forces that affect the business’s marketing efforts.
Access the Strategic Marketing plan template and complete Wk 2 – Part A: Environmental Analysis and SWOT Analysis in it. You will complete the rest of this document later in this course.
Submit your completed Wk 2 – Part A: Environmental Analysis and SWOT Analysis section of the Strategic Marketing Plan Template.
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Strategic Marketing Plan Template
Use the business you selected in Week 1 and complete the prompts provided for Parts A, B, and C in the weeks they correspond to. Delete the provided prompts from each section when you finish each part.
Complete the References section as you progress through Parts A, B, and C.
Include your name in the document’s file name when you submit it.
Wk 2 – Part A: Environmental Analysis and SWOT Analysis
Use the information you researched in your Week 1 assignment for the sections they correspond to in this part.
Business Description
Describe the business you are designing the plan for. Include the mission statement, vision statement, product line description, and business information (such as the size of the business).
Environmental Analysis
Analyze the forces that affect the business and marketing efforts.
Competitive Forces
Analyze the business’s key competitors. You may choose to use a BCG matrix or attribute checklist to compare your selected business against its competitors. Describe any strategic moves the competition has recently made. Estimate the business’s market share. Identify key competitive advantages against your selected business’s competitors.
Economic Forces
Analyze the economic environment in the areas affecting your selected business. Consider differences within their industry and the economic impact on suppliers.
Political Forces
Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in a county that would affect your selected business.
Legal, Regulatory, and Ethical Issues
Analyze the legal, regulatory, and ethical issues that may affect your selected business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.
Technological Forces
Analyze whether your selected business will be affected by emerging technologies or trends in hardware and software industries.
Social Forces
Analyze social trends and how they may affect your selected business. Considerations may include if the business will be affected by demographic trends or a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.
Current Target Markets
Define the business’s current target markets. Describe the demographic, geographic region, psychographics, and product usage of these targets.
Current Marketing Tactics
Review their current marketing tactics. Summarize how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your selected business is a start-up, describe their competitors’ current marketing.
SWOT Analysis
Assess your selected business’s strengths, weaknesses, opportunities, and threats. Then, evaluate how to address these in your marketing plan.
Strengths
Assess your selected business’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.
Weaknesses
Assess what limits the selected business may have in its current marketing strategy. Consider if the business has a weakness that needs to be addressed through public relations or marketing.
Opportunities
Assess the opportunities you see based on trends or environmental conditions.
Threats
Assess the threats or limitations that may interfere with the business’s ability to meet its objectives or interfere with marketing plans.
Converting Weaknesses and Threats to Strengths & Converting Strengths to Opportunities
Convert weaknesses and threats to strengths; then, convert strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.
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Summative Business Assessment
Summative Business Assessment for Coca-Cola Inc.
Mission Statement
The mission of Coca-Cola Inc. has objectively been driven by its commitment to refresh the world and make a tangible difference. The objective is to ensure the company is committed to promoting value and making a difference (Coca-Cola Inc. n.d.).
Vision Statement
The vision of the company is to promote innovation in the development of drinks that customers enjoy and love so that they are refreshed in body and spirit. The business is committed to maintaining the highest level of commitment to the environment to ensure sustainability in the future by making a difference in the lives of people and their communities (The Coca-Cola Company. n.d.).
Product Line Description
The company deals with an extended product line that consists of various reputable brands across the globe. Some of the common brands in the Coca-Cola Inc. product portfolio include Fanta, Sprite, Coca-Cola, Powerade, and Dasani water. The company recently has started responding to consumer specifications and started producing health-conscious brands such as Diet Coke and Coca-Cola zero sugar brands. Such products have been motivated by the fact that consumers are demanding low-sugar products and at the same offer nutritional value to them (The Coca-Cola Company. n.d.).
Business Information
Since the inception of the Coca-Cola brand, the business has become the largest beverage company operating in over 200 countries globally. The company only produces the syrup concentrate and then sold to bottling companies that operate as independent companies. The company has a wide range of products distributed across the world (The Coca-Cola Company. n.d.). The company has a franchised distribution system that makes it easier to distribute its products across different territories.
Current Target Markets
Coca-Cola Inc.’s customers are from different demographics and come from different parts of the globe. Traditionally, the company focused on the mass market but this has changed to include different customers with specific preferences. For instance, the emergence of health-conscious consumers has seen the development of more health-centered brands such as zero sugar to reduce the negative health effects associated with sugary products. The company has also produced beverages that have more health benefits by fortifying them with vitamins and minerals. The adoption of digital marketing targets emerging markets such as Generation Z which is more oriented to using such platforms. The company has focused on the utilization of social media platforms to discover new markets (The Coca-Cola Company. n.d.).
Current Marketing Tactics
The company has focused on using a hybrid of marketing tactics, where both traditional and digital marketing tactics are deployed. Some of the traditional marketing tactics that are still evident in the company include advertising through mass media like radio and television, print media, and various sporting events. The company also uses celebrities to leverage the influence they have on various social media platforms (The Coca-Cola Company. n.d.). The company also uses sustainability marketing campaigns, which then enhance customer loyalty.
References
Coca-Cola Inc. n.d. The Purpose of Our Company. https://investors.coca-colacompany.com/about/our-purpose
The Coca-Cola Company. n.d. Purpose & Vision. https://www.coca-colacompany.com/about-us/purpose-and-vision
The Coca-Cola Company n.d. About The Coca-Cola Company. https://investors.coca-colacompany.com/about
