Develop your marketing objectives for the coming year

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Reference no: EM133890230

Competitive Analysis

This section of your marketing plan will be highly dependent on your extensive research into the competitive arena. For nonprofit organizations, competitors might consist of competitors for your services or products and/or competitors for fundraising. You want to know what is out there and what the competition is doing. When you enter the market, you will either a) already have competition or b) your success will likely invite competition. Regardless, any successful venture usually results in competition entering the market and reacting accordingly. Your marketing plan Competitive Analysis section should focus on two key competitors. This may also include potential substitutes if competition is not currently perceived. For your top two primary competitors:

Indicate why you have selected these two competitors. Offer a SWOT analysis that focuses on the STRENGTHS and WEAKNESSES of each competitor.

Describe each organization, its current market share or position in the market, its product or service offerings, its financials (e.g., revenues), current positioning within the market, target market that it seeks to reach, recent history (how is it doing?), and how it markets itself to the target market that you also wish to reach.

Do a comparison of your product or service offerings with those offered by the competition. How will you differentiate your product/service offerings from the competition? Why would your target market likely select your offering over that of the competition? Get affordable and professional assignment help service now!

Describe the likely response that these two competitors will take once you begin to have impact, assuming that you are entering a market in which competition already exists. What response should you anticipate? What will be your response to what you anticipate will be their likely response to your entry into the market?

Objectives and Core Strategy
Based on your situation analysis, competitor analysis, market position, and mission, develop your marketing objectives for the coming year and the basic strategy you will use to achieve them. Objectives can focus on quantitative factors such as target audience awareness and attitudes towards your organization, revenues, market share, clients served, donations, or units of service provided or products sold. Non-quantitative objectives might focus on developing the brand and brand awareness, starting a new product development program, launching an internal marketing campaign, and so forth. In each instance, objectives need to be "SMART"-specific, measurable, attainable, relevant, and time-specific.

Reference no: EM133890230

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