MKTG 101 Marketing Plan - PART 2

MARKETING PLAN Part 2: Marketing Segmentation & Targeting Instructions: In Part 2 of the marketing plan, you will fill out additional details about the company that you chose in the first part of this project in Module 2. There are three sections in this assignment that you need to complete including: Competitive landscape SWOT analysis Mission, objectives, and strategy Be sure to provide thorough, professionally researched answers to the questions below. The purpose of the assignment is for you to get a better understanding about how your company functions, the issues it faces, and what type of customer it targets. Competitive Landscape Using the same sources (and others if they are needed) from Part 1, answer the following questions about your company in detail. Each question in the following section is worth seven points. What problem does your product or service solve? To give kids the ability to be creative, while using ecofriendly bricks Who are potential customers (list at least 3)? Parents of children, Teenagers, young adults What are the key segments within this market? Geographical, behavioral, demographical Identify and briefly describe 1-3 segments that your company serves. Connected community, active households, lead users Which segment does your marketing plan focus on, and why? Why do you believe this segment will offer growth and profit opportunities? Geographical segment, since it has thousands of stores worldwide. This allows anyone to buy Legos without any hassle SWOT Analysis Consider both internal and external factors that influence your company. Complete the table below to fill in the strengths, weaknesses, opportunities, and threats to your company. Each box should have a minimum of three responses. Make sure that you list each one next to the bullets provided (and add additional if they are needed. Each of the boxes is worth ten points. Strengths Weaknesses Allows kids to build their imagination. Can be expensive. 1
Strengths Weaknesses Has free builds, or many different set builds. Partners with movies Lego set instructions can be hard to understand. Brick material can be hard to recycle Opportunities Threats Allows kids to be themselves. Can turn practically anything into Lego form. Bring happiness to all ages everywhere Off brand being sold for cheaper. Other companies selling 'better' for cheaper. People stop buying lego Mission, Objectives, Strategies A mission statement is a written affirmation of what the organization wants to achieve in market- oriented terms. For example: Disney's mission states, "We create happiness by providing the finest entertainment for people of all ages. This is found in the "about" section of most company's websites. What is your company's mission statement? This response is worth five points. Mission statement To inspire and develop the builders of tomorrow Now that you have the mission statement defined, list a minimum of two objectives that move the organization a step closer to achieving the mission. For example, a Disney objective might be, "To be the most popular theme park for international visitors." This is found in executive presentations on the company website. This response is worth ten points. Objective #1 build a sustainable future and make a positive impact on society and the planet, which children will inherit Objective #2 champion responsible business principles across the company Now that you have identified your company's objectives, convert each of your objectives listed above into specific marketing goals that are easy to measure and evaluate. In our Disney example, a goal may be "to increase market share of international theme park visitors by 10% in the next two years." This response is worth ten points. Goal #1 minimize the environmental impact of our operations and aim for zero environmental impact on the planet. Goal #2 upholding human rights and ensuring safe, healthy and respectful workplaces for our employees 2
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