Choose a current business news story detailing a situation in which a company faces a general marketing issue. You will use that situation for an analysis of the external environment. You will then write a 1-2 page assessment addressing the points listed in the instructions below. The answers you provide are an essential part of a situation analysis that will help you formulate a marketing plan, which you will begin to work on in your assignment next week.
Write a 1-2 page paper, using the Pre-marketing Plan Template [DOCX] Download Pre-marketing Plan Template [DOCX], in which you:
- Explain in detail how changes in the external environment have affected the past marketing strategy. Include examples.
- Describe the specific direction this company's marketing strategy should take in the future, based on your research.
- Use at least one source to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
Current Event Case Study
MKT500 Marketing Management
Your Instructor’s Name
How Have Changes in the External Environment Affected Past Marketing Strategies
Start the first paragraph here. Describe the current situation with a specific business that is in the news. Tell us the name of the business, the industry they are in, and why they are in the news for a general marketing issue. For example, have they lost a significant number of customers, are there safety concerns with their product, are they introducing a “new and improved” product, have they created a new distribution channel to deliver their products to their consumers, have they taken an environmentally friendly approach to their business? There is a reason they are in the news, and this is your opportunity to analyze what happened.
In this second paragraph, provide information on changes in one of these six specific aspects of the environmental analysis over time. This is where you will provide the results of your research on the competition, the economy, technology, legal changes, political changes, and sociocultural changes that have affected this business. You are required to cite specific examples.
For example, if you are looking at the competition, another brand might have entered the market with a superior product. When Amazon originally entered the market and sold books online, this drove many brick-and-mortar bookstores out of business.
If you are looking at the economy, inflation could be responsible for an increase in the price of new cars. As a result, consumers may begin to purchase used cars or start taking public transportation.
Continuing these examples, technological changes (such as the ability to shop from a phone) have been a challenge for many brick-and-mortar retailers.
Legal trends would include rules and regulations that a business needs to follow. If, for example, a city outlaws Styrofoam cups for environmental reasons, how does this impact you if your business is in Styrofoam cups?
Looking at political trends. Certain products may no longer be imported if there is a war in the country where these products are made. How does this impact a business of you sell these products in the United States?
Finally, if you are looking at consumer trends, you might find that consumers are eating healthier and the number of people eating red meat has declined.
This section is meant to encourage you to conduct quality, academic research to understand the external environment, or the world around us, and how that has impacted past marketing strategies for this current event case study. You are practicing gathering and reporting information.
This information must also be properly cited and sourced. This will give you practice with Strayer Writing Standards (SWS) formatting and providing information that is not plagiarized.
Future Marketing Strategy
Start the second section here. In this paragraph describe the specific marketing strategies that the business you analyzed should take in the future. This should be based on the information that you gathered and provided in the first paragraph. You are now using this information that you have gathered to make strategic marketing decisions.
The goal here is to better understand the connection between gathering quality information about the external environment and how to use it to make decisions moving forward.
This should also show you the value in gathering quality academic information. If you gather poor or inaccurate information, it may lead to incorrect marketing strategies which may harm a business.
1. Enter the first source entry here; only one source is required. Remember that you are to provide a quality, credible, academic source to support this analysis. Make sure to look at the author and where this information was published to help determine if this is reliable content. The Strayer library is the perfect place to find quality academic sources. You also need to use both an in-text citation and a source that is properly formatted using the SWS format. The Strayer library has a citation generator and a source generator to help you.
2. Enter the second source entry here, if needed.
SWS Guidelines: (delete this from your paper)
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course and the Strayer Writing Center .
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