MARKETING PLAN EXERCISE:-

Throughout the rest of this book, these end-of-chapter marketing plan exercises will help you build a strategic marketing plan for a company of your choosing. The company you choose should be one that interests you, such as the manufacturer of your favorite product, a local business where you would like to work, or even a business you would like to start yourself to satisfy an unmet need or want. Once you've completed the marketing plan exercise for each chapter in Part 1 of this textbook, you can complete the Part 1 Marketing Planning Worksheet on your companion Web site at www.cengage.com/marketing/lamb. Use the following exercises to guide you through the first part of your strategic marketing plan:

Questions

1. Describe your chosen company. How long has it been in business, or when will it start business? Who are the key players? Is the company small or large? Does it offer a good or service?

2. Write the mission statement of your company, keeping in mind the benefits offered to customers rather than the product or service sold. If you are starting the online arm of a traditional store, should you make any changes to the company's overall mission statement?

3. List at least three specific, measurable objectives for your company. Be sure these objectives relate to the mission statement and include a time frame.

4. Begin a SWOT analysis by determining the primary strength of your company by asking, "What is the key differential or competitive advantage of my firm?" What are other keys to the potential success of your company? What other strengths can your firm capitalize on?

5. Continue the SWOT analysis by taking an honest look at the weaknesses of your firm. How can you overcome them?