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I want someone to do my first part of the marketing plan that Im doing it with my group everyone take care of thiere part and my parts is number 5 Product review (Product review. Search the Annual Report and based on your research, select only ONE of the five following major product/service categories for further analysis: 1) Consumer Electronics, 2) Computing & Mobile Phones, 3) Entertainment, 4) Appliances, or 5) Services. For this category, report average prices, costs, and margins. Are there any products or services within this category that don?t seem like they are doing well? How can you tell? How do the prices compare with competitor prices? )
and number 8 Social trend(Social trends. Discuss how social trends could impact the success of your company (both positively and negatively): Price sensitivity, health and wellness concerns, greener consumers, privacy concerns, and a time-poor society. Do you see any opportunities for how your company could leverage some of these trends? Do a literature search using the library databases to find any articles that discuss how any of these trends might be important for your company or industry. Remember to CITE all sources.) (each Part I need it in 2 pages ).below you will find all of the information about our marketing Plan . Also our company is (Best Buy ) .
Assignment and Objectives: Conduct thorough research to identify a marketing problem for an existing company. For this semester, the company that all groups will research is the retailer Best Buy. Even though you are all studying the same company, the problem that you choose to study may be very different from other groups. In all cases however, it must be a real problem and it must be important to the success of the company. A business librarian will be attending our class in Week #3 to assist you with getting started on researching Best Buy. In the meantime, I suggest that you watch the following documentary on Best Buy (free on Hulu): http://www.hulu.com/watch/335331 In particular, try to pay attention to the types of problems (especially marketing related problems) Best Buy is facing, as this will give you some direction for possible areas to research further. The video is not meant to be a substitute for research; it should only be a first step.
1. PART I: SWOT Analysis and Problem Identification. Due Sunday 3/9/2014 by 6PM on Moodle
A SWOT analysis allows marketers to evaluate a company?s overall strengths (S), weaknesses (W), opportunities (O) and threats (T). Strengths and weaknesses are internal to the company while opportunities and threats are external to the company.
? Strengths are internal capabilities, resources, and positive situational factors that may help the company to service its customers and achieve its objectives.
? Weaknesses are internal limitations and negative situational factors that may interfere with the company?s performance.
? Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage.
? Threats are unfavorable external factors or trends that may present challenges to performance.
? Remember: The goal of a SWOT analysis is that it should help guide your company?s strategy going forward. You want to avoid using weaknesses as they will lose money for your firm.
Instead use strengths to exploit external opportunities and neutralize external threats.
For your marketing plan, you are required to conduct a SWOT analysis for Best Buy. The hardest part of the SWOT is conducting all of the research and collecting any relevant information for your company. Once you have collected the relevant information, it is straightforward to group it into strengths, weaknesses, opportunities, and threats. Please make an appointment to see a business librarian early in order to have enough time to complete the assignment. Do not underestimate the difficulty of collecting all of the data for your SWOT analysis! This will be one of the most time- consuming aspects of the marketing plan.
Data Collection for SWOT Analysis
Do some research on your company and make sure to address ALL of the points below. Failure to address any of the points below will result in points taken off. I recommend that you meet with your group members and you split up the workload. Remember: group members who don?t do their share of the work will be judged accordingly…
Company review. Collect background information about Best Buy. The firm?s financial statements and annual report are a good starting point here. Articles from the library databases are also a critical source of company data. Describe the overall strategic plan of the company, including its mission statement, company objectives and goals. What are the company?s core competencies? Does the company do a good job of leveraging its core competencies and if not, where are there areas for improvement?
Industry review. Identify the industry or industries that your company operates in. Hint: There is something called a NAICS code that will tell you the industry that your company operates in. If your company operates in multiple industries, then pick the two most important industries and report results for those. Next, present statistics on your company?s industry or industries: How big is the industry in terms of sales revenues and profits per year? Are revenues and profits growing or shrinking? Present annual sales revenues and profits for your company?s industry for the last five years and based on this, interpret whether you think the industry is growing or is shrinking. To help you with your interpretation, create a scatterplot chart in Excel that plots revenues on the Y-axis
2. and time (year = 1, 2, 3, 4, 5) on the X-axis. Add a trend line to your plot to illustrate the trend in revenues for the industry (Hint: right click your data points on your chart and select ?add trendline?). Comment on the whether the trend in revenues is upward or downward sloping. Also, conduct some additional research and comment on what challenges and opportunities the industry is currently facing. Be sure to cite sources: don?t just give your opinion here. You should be able to find articles and databases that will be very helpful here.
Competitive review. Identify and describe at least 3 major competitors in your firm?s industry or industries. Who are these competitors? List them and describe (along with your company) their size (revenues and profits, number of employees and number of retail stores if applicable), their goals/mission statements, market shares, and how they position their company differently from your company (e.g. Allstate Insurance positions on security/protection while Geico positions on cost). Is your company the leader in its industry when it comes to market share? If not, who is? What is your company?s estimated market share? For each competitor, identify at least 3 strengths and 3 weaknesses to get a sense for how these competitors differ from each other and from your company. Create a table that compares important financial ratios between your company and these major competitors. Include in this table the following financial ratios: Earnings per share (EPS), return on assets (ROA), return on equity (ROE), profit margin, current ratio and any other ratios that you think are appropriate for your company/industry. Discuss any differences you observe between the financial health of your company and that of your competitors. Overall, which competitors are the biggest threat to your firm and why?
Corporate partners review and channels. How do the products/services reach customers? Are the products available through direct mail (catalogs), on the Internet (e.g. its own website) or both? List any other distribution strategies the company uses to make its products available to customers. Describe any major challenges associated with the company?s current distribution system (e.g. problems with suppliers, channels it is currently not using like the Internet etc.). Do some research and discuss your company?s inventory management capabilities and its information technology (IT) structure. Are they set up efficiently and if not, describe any problems you find. Does Best Buy run an efficient supply chain (e.g. like Wal-Mart)? What problems do you see and what things do they still need to improve upon?
Product review. Search the Annual Report and based on your research, select only ONE of the five following major product/service categories for further analysis: 1) Consumer Electronics, 2) Computing & Mobile Phones, 3) Entertainment, 4) Appliances, or 5) Services. For this category, report average prices, costs, and margins. Are there any products or services within this category that don?t seem like they are doing well? How can you tell? How do the prices compare with competitor prices?
Culture. Describe the types of consumers that the company targets in greater detail. Are there any cultural issues that the company needs to be aware of in order to be successful with serving these consumers? Discuss country vs. regional culture as appropriate to your company?s marketing success.
3. Demographics. Discuss the company?s current targeted consumer segments from a demographic standpoint: Age, income, education, gender, ethnicity, nationality and more. Do you see any potential opportunities to target new demographic segments? Are there demographic segments the firm should consider dropping and if so, why?
Social trends. Discuss how social trends could impact the success of your company (both positively and negatively): Price sensitivity, health and wellness concerns, greener consumers, privacy concerns, and a time-poor society. Do you see any opportunities for how your company could leverage some of these trends? Do a literature search using the library databases to find any articles that discuss how any of these trends might be important for your company or industry. Remember to CITE all sources.
Other macro environment factors. Discuss how 1) technological trends, 2) the economic situation, and 3) the political/legal environment may present both positive and negative influences on your company. Again, do a literature search using the library databases and report any important findings that are relevant for your company and for the industry as a whole.
10. SWOT Analysis
? Based on the relevant data collected in the above nine paragraphs, group all relevant information
into strengths, weaknesses, opportunities and threats (note: not every piece of information above may fit into your SWOT). Remember that strengths and weaknesses are internal to the company while opportunities and threats are external to the company. Create a SWOT table or bulleted list summarizing each of the strengths, weaknesses, opportunities, and threats.
? Make sure that you first address questions #1 ? 9 before attempting part #10. In other words, before you can actually do the SWOT you first have to do all of the research on your company. For example, take #8: social trends. Before you can decide where in the SWOT to place the social trends facing your company, you first need to know what the social trends are. Please be sure to do a very thorough and comprehensive job when researching parts #1 ? 9. Incomplete or brief answers will be graded accordingly. You are expected to address all of the issues listed in questions 1 ? 9. Don?t forget to make extensive use of the library databases when conducting your research (and remember to CITE all sources). Also, don?t forget to also report all of your research from questions 1 ? 9 before actually reporting your SWOT.
? Based on the results of your SWOT analysis, clearly state the Problem that you are planning to address (once you have described the current situation of the company, you should be able to articulate the specific problem you want to address and the goals of your marketing plan.) Please make sure to clearly identify your specific Objectives/Goals. Different groups will likely focus on different problems, so don?t feel obligated to pick the same issues that other groups are choosing.
? To summarize, your data collection should drive your SWOT analysis, and your SWOT should clarify what marketing problems the company is currently facing. Based on this research, you should select which problems you will address in your marketing plan.
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