Topic 2- Managing the Strategic Environment
Marketing Plan
2nd Component: Marketing Audit – Strategic Situation Analysis
(700 Words)
Based on the posting submitted for peer review and subsequent feedback during the discussion for Week 1, students are expected to develop and submit a revised version of your work.
- Although students should take into serious consideration the feedback provided by their colleague(s), they should remember that this is individual piece of work.
- Students should apply the requirements of Harvard Referencing System throughout the analysis.
- The assignment should be uploaded by Sunday 0000 hours.
- Students are then expected to merge this analysis with the rest Weekly Assignments and submit it as a Strategic Marketing Plan.
Description
Marketing Audit – Strategic Situation Analysis
Assignment 2 requires students to present and discuss the research process and findings of environmental scanning. Analysis should answer questions such as: in which industry is your company operating? Are there any similar products in the market? Who are your competitors? What is their share in the market? Which is your target market? What external sources may influence our operations? Clear headings and only relevant information is needed here. There is no point just writing PESTEL factors. The aim of research is to generate information that we then use to produce assumptions towards supporting strategic decision making. Therefore, you need to discuss how PESTLE forces influence the business, the new product and potential customers. Porter’s five forces industry analysis should be included in order to ascertain the current competitive position of the business. Remember, when you are doing your analysis, you need to discuss this in relation to the organization or business and the target market.
