Develop a competitive analysis

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Reference no: EM133939581

Overview
Throughout this course, you will create a marketing plan for a hypothetical company that provides a product or service. (Remember, you selected this company and product or service in your Week 1 discussion.) For this assignment, you will build a foundation for your marketing plan by creating a situational analysis for your hypothetical company. This will include a marketing plan summary, short- and long-term goals, a competitive analysis, a SWOT Analysis, and a customer analysis for your hypothetical company. Get instant assignment help from top tutors.

Marketing Plan Summary
1. Develop a Marketing Plan Summary for your hypothetical company.

Include the company name, type of business, the product it makes or the service it provides, and location.
Your answer in this section should be 1-2 paragraphs. Refer to the Week 1 Discussion.

Goals
2. Determine the short-term goals (within one year) for your company.

Include an appropriate strategy to measure them.
3. Determine the long-term goals (within five years) for your company.

Competitive Analysis
4. Develop a competitive analysis for two of your hypothetical company's competitors.

Include the following components in the analysis:
Why you selected the two competitors.
The product or service offered by each competitor.
How it is similar or different to your product or service.
The reputation of each competitor.
Your response in this section should be 3-4 paragraphs.

Social Media Analysis
5. Analyze the social media presence of each competitor.

The analysis should include platforms, types of content, the number of followers, and their customer reviews, including the company's response.
Your answers in this section should be 3-4 paragraphs. In your analysis, use complete sentences and provide thoughtful explanations rather than just answering the questions briefly. (Note: this section was started in the Week 2 Discussion. Review the feedback and provide a complete analysis here.)

SWOT Analysis
6. Develop a written SWOT analysis explaining why you chose the SWOT elements you did and the importance of each SWOT element as it relates to marketing your product or service and the impact on the business and/or customer.
Customer Analysis
7. Discuss 3 insights in regard to your hypothetical company's customers, based on the following categories.

Unmet Needs
What challenges are customers facing with current industry offerings? Have customers attempted to solve these challenges themselves? If so, how?
In what part of the customer journey are there pain points? What are the severity and incidence of these pain points?
What do customers not like about current offerings? Why are they dissatisfied? Why are some customers changing brands or suppliers? Why are others leaving the category altogether?
Customer Motivations
Why was a certain offering chosen over another one?
What elements of the product/service do customers value most and dislike most?
What are the customers' objectives when they use products and services in this category? What benefits are they really buying?

Reference no: EM133939581

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