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Module 2 – SLP PROMOTION MANAGEMENT & SWOT ANALYSIS Here is the brief overview of this cumulative Session Long Project (SLP). In this research project you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct both secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4. It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking there are two types of research. One is secondary research which refers to data collection using existing sources and the other is primary research which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem thus increasing the chance of business success in the marketplace. Please check theoutline of the marketing plan which provides information on: In this module SLP 2 conduct SWOT analysis for your charge based on the situation analysis in SLP1. This is the second step of this cumulative research project. Be sure to revise the sections in SLP1 and include them in this paper following the marketing plan outline provided above. SWOT Analysis A thorough situation analysis in the Module 1 SLP is the foundation for a SWOT analysis. Develop statements of the companys internal strengths and weaknesses and external opportunities and threats. If there is any question as to whether a fact or issue is external (these lead to opportunity and threat statements) or internal (these lead to strength and weakness statements) ask this key question Would this issue exist if the company did not exist? If the answer is yes then the issue should be classified as external. Note:Remember that alternative marketing strategies and tactics are not opportunities. Opportunities and threats exist independently of the firm. Strategies and tactics are what the firm intends to do about its opportunities and threats relative to its own strengths and weaknesses. The SWOT will play a critical role (along with an in-depth understanding of target market needs/preferences and competition) in the development of goals objectives and marketing strategies and programs. Key strengths need to be matched to opportunities and converted to capabilities that help serve customer needs better and lead to competitive advantage. Goals strategies and program ideas stem from an attempt to convert weaknesses into strengths and threats into opportunities. Some alternatives will also come from thinking about how to minimize the repercussions of weaknesses and threats that cannot be converted and/or how to avoid them altogether. Follow the instructions below to identify strengths weakness opportunities and threats. A. Strengths and Weaknesses (Internal) Think about internal conditions; those things that management has some control over that are relevant to future success and effectiveness. The task is to identify internal strengths which must be taken into consideration as management plans for the future. Remember a strength is any internal characteristic that improves effectiveness. Look for factors that help the company improve positioning in the marketplace enhance financial performance and most importantly fight off threats and take advantage of opportunities in the external environment. A weakness is any internal characteristic that limits effectiveness performance and the ability to accomplish objectives meet threats and take advantage of opportunities. It is also important to point out that a particular fact about the internal environment may have a weakness and a strength dimension. For example we might say that the company’s technical skills are of the highest quality and this is a strength but since these skills are possessed by only a few employees it is also a weakness in that we need more people with such skills and would be hurt if a few key people left the company. Using the following 16 internal factors to stimulate your thinking list all of the company strengths you can think of for each category. Then review the same list of 16 internal factors and develop a list of company weaknesses. (You may not have access to all of the information below but try your best to identify at least five of them for your project). Internal Factors The following categories of internal factors are commonly used to generate a list of specific company strengths and weaknesses. This list is to be used to stimulate your thinking about internal strengths and weaknesses. B. Opportunities and Threats (External) Think about the most significant trends in the organizations external environment that will have an impact on future success. The challenge is to identify relevant opportunities and threats outside management’s control that must be taken into consideration during the planning process. You will need to list and describe the factors/issues forming industry trends that may influence future efforts one way or the other either as a positive force (opportunity) or as a barrier (threat). An opportunity is the result of some trend or fact in the external environment that represents a marketplace and/or financial performance advantage. It may indicate a new direction product or service and/or resource requirement for the company. It represents an attractive arena for marketing action in which the company would enjoy a competitive advantage. A threat is the result of some trend or fact in the external environment that represents an area of concern for management. It represents a challenge posed by an unfavorable trend or development that would lead in the absence of effective marketing action to the erosion of the company’s or industry’s position. A threat may: It should be pointed out that a particular trend in the external environment (for example mergers/acquisitions technological advancements and/or a recent change in the way competitors operate and what they are offering the market) can imply both a threat and an opportunity. Sometimes in strategic planning we say that behind each threat (or problem) lies an opportunity. Or an optimist in strategic planning will look at threats and try to turn them into opportunities. Thus it should be remembered that if management can adapt properly to a threat (such as mergers and acquisitions) this trend may be viewed as an opportunity as well as a threat. Review the following 13 categories of external environmental trend factors and list the trends or issues that are relevant to the company and industry. Then translate each factor identified into a specific opportunity and/or threat statement. That is what are the implications of each environmental trend or issue outside the company in terms of specific opportunities and/or threats? (You may not have access to all the information below but try your best to identify at least five of them for your project). External Environmental Trend Factors The following categories of external environmental trend factors are commonly considered in the planning process. They are used to develop a specific list of company opportunities and threats. This list is to be used to stimulate your thinking about opportunities and threats in the external environment. 10. New products/serviceson the market. 11. Supply sources. 12. Declining or increasing productivityin the industry or economy. 13. Other industry trends not previous mentioned that are relevant to the future. Based on the detailed discussion of strengths weaknesses opportunities and threats use SWOT tables for the SWOT analysis. In other words first state the facts based on your research and then summarize the findings in a SWOT table. Note the examples below and follow the best statementsto describe the strengths weaknesses opportunities and threats for your company and charge in SWOT table(s). Examples Not Useful Statement Better Statement Best Statement Internal Strengths Customer loyalty/brand image We have a strong brand image. We have a 42% market share and our brand is known worldwide. Our global market share has grown from 25% to 42% over the past four years. Independent surveys show our quality and image is rated No. 1 in our industry in the U.S. and Asia and No. 2 in Europe behind XYZ. Sales/ Distribution Our distribution is the best in the industry. Our product is available in more locations than our competitors. Our extensive distribution network provides product within 10 miles of the home or work location of 95% of our target market. Our competitors only achieve this level for 40%-65% of the market. Internal Weaknesses Product cost Our costs are high. Our major competitors ABC and XYZ produce in China for less cost. Our labor costs average $40/unit (in Detroit) vs. $12/unit for our competitors (in China). With product market prices of $120/unit we barely break even. Product Life We have product problems. Our product life is less than the competition. Typically our product fails after one year. Our major competitors product lasts 2-3 years. Customers are willing to pay 50% more for our competitors product. External Opportunities Alternative Distribution College Campus We can leverage new distribution channels. Internet could be used to increase sales to college students. Direct Sales (via campus Intranet) and on-campus kiosks would more than double our coverage of our targeted Generation Y market. Export Growth via Strategic Alliances Export markets can help us grow. Europe and Asia provide good opportunities to grow by partnering. Strategic alliances with ABC in Europe and XYZ in Asia would allow us to double international sales in two years. External Threats Substitutes Substitutes are a threat. ABCs new sugar-free sweetener may hurt us. In six months ABCs sugar-free sweetener has achieved 20% market share. Its share is expected to grow to 40% by next year. Mergers Competitor mergers could hurt us. Competitor XYZ is expected to acquire ABC. If XYZ acquires ABC it will dominate the distribution network and limit our access. Check the following link for some exercises to better understand SWOT elements. SWOT Analysis Exercises (2010). Retrieved from SLP Assignment Expectations Use the following outline to organize your paper. Note that the letters a b c and the numbers i ii iii iv below are used to show the major issues you need to include in your paper but should not be used to format your paper. III. SWOT Analysis (3-6 pages) Note:Use double-spaced black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your Module 1 SLP based on the feedback from your professor and your additional research and include the Module 1 SLP in the Module 2 SLP. Explain clearly and logically the facts about your company and charge and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is contentions or positions) should demonstrate that you understand the concepts presented. Paraphrase the facts using your own words and ideas employing quotes sparingly. Quotes if absolutely necessary should rarely exceed five words. Academic papers at the master’s level should include citations and references. Look at different sources especially credible and reputable resources such as The New York Times The Wall Street Journal Businessweek and The Economist to find the information for your paper. Also use Trident Universitys online library databases such as ProQuest and EBSCO to find the information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client. Also it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example: As a result telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research 2003) and response rates have steadily declined (Keeter et al. 2000) to reported lows of 7% (Council for Marketing and Opinion Research 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys but it also leads to questions concerning the generalizability of the results (Struebbe Kernan & Grogan 1986; Tuckel & ONeill 2002). There are different citation and reference formats such as APA MLA or Chicago. No matter which format you adopt for your marketing plan make it consistent throughout the plan. Also note: The marketing plan should use third person business writing. Avoid we our and you. Do not use contractions in business writing. Here are some guidelines on how to conduct information search and build critical thinking skills. Emerald Group Publishing. (n.d.).Searching for information. Retrieved from Emerald Group Publishing. (n.d.).Developing critical thinking. Retrieved from Guidelines for handling quoted and paraphrased material are found at: Purdue Online Writing Lab. (n.d.).Academic writing. Retrieved from Purdue Online Writing Lab. (n.d.).Quoting paraphrasing and summarizing. Retrieved from Purdue Online Writing Lab. (n.d.).Is it plagiarismyet? Retrieved from Your paper consists of arguments in favor of your opinions or positions on the issues addressed by the guidelines; therefore avoid the following logical fallacies: Purdue Online Writing Lab. (n.d.).Logic in argumentative writing. Retrieved from Your SLP should not simply be a list of facts. Take the facts you find about the company the charge and the environments that the company faces and explain how you think those facts will affect the financial future of the product or brand in your charge. The emphasis in grading your paper will be on the breadth and depth of your discussion of each topic critical thinking the clarity of your discussion and the proper organization of the paper.