Mktg305 Marketing Principles Group Project Assignment
How to SWOT
Identify the problems. Teaching cases are typified by the presentation of a problem, or sometimes multiple problems, for the reader to systematically solve through the case analysis process. After initially reading or skimming the case, you should read through the case again for the purpose of determining what problems the main character (principal) in the case is faced with solving.
Analyze the situation. After determining the problem faced in the case, you need to analyze the situation surrounding the focal organization in the case. At the core of this analysis is a SWOT analysis (SWOT is an acronym for strengths, weaknesses, opportunities, and threats). Within the organization, what strengths and weaknesses does the company have? Externally, or outside the organization, what opportunities may be available to the organization and what threats could it face? If you are unfamiliar with a SWOT analysis, you can find a wealth of resources on the topic through an Internet search or at a library. Also note that other types of situational analysis techniques may be available other than the SWOT analysis.
Generate potential solutions. The next step in the case analysis is the most creative element, in which you generate a list of potential solutions to the problems faced in the case. This is a brainstorming activity, although it is typical to narrow the list of potential solutions to the two to four most reasonable options for solving the problem.
Evaluate potential solutions. After developing, and potentially narrowing, a list of potential solutions, evaluate the advantages and disadvantages, or pros and cons, of each. With each solution, what are its positive and negative characteristics and potential consequences if implemented? Is the solution practical to implement? Effective managers are able to analyze the virtues of each potential solution in the future, as well as what pitfalls could occur.
Choose the optimal solution. The final step in the case analysis process is to choose the best solution. Based on the advantages and disadvantages of the potential solutions examined in the previous two steps of this process, which do you believe is the right choice for the case principal and organization to take? Most important, you need to be able to support and defend this choice. Be prepared to answer the question of why you believe it's the right choice and back up your choice with facts, data, or examples.
Potential Questions to Ask
A SWOT analysis will answer these questions:
• What are the internal strengths and weakness of your company?
• What are the external opportunities and threats in your industry and its environment?
• Can any weaknesses be converted to strengths? Any threats into opportunities?
• How can your company take advantage of strengths and opportunities?
• What strategic changes can your company implement as a result of the SWOT analysis?
How to Perform a SWOT Analysis (Tim Berry)
• Bullet points may be the best way to begin
• Capture the factors you believe are relevant in each of the four areas
• The primary purpose of the SWOT analysis is to identify and assign each significant factor, positive and negative, to one of the four categories, allowing you to take an objective look at the business
• The SWOT analysis will be a useful tool in developing and confirming your goals and your marketing strategy.
Strengths
Strengths describe the positive attributes, tangible and intangible, internal to the organization. They are within your control.
• What do you do well?
• What resources do you have?
• What advantages do you have over your competition?
Strengths capture the positive aspects internal to the business that add value or offer a competitive advantage.
Weaknesses
Weaknesses are factors that are within your control that detract from your ability to obtain or maintain a competitive edge. Which areas might be improved?
Weaknesses might include:
• lack of expertise
• limited resources
• lack of access to skills or technology
• inferior service offerings
• poor location of the business
These are factors that are under the control of the business, but for a variety of reasons, are in need of improvement to effectively accomplish marketing objectives. The more accurately you identify weaknesses, the more valuable the SWOT will be.
Opportunities
What opportunities exist in your market, or in the environment, from which you hope to benefit? These opportunities reflect the potential you can realize through implementing marketing strategies. Opportunities may be the result of:
• market growth
• lifestyle changes
• resolution of problems associated with current situations
• positive market perceptions about your business
• ability to offer greater value that will create a demand for your services
If relevant, place timeframes around the opportunities. Does it represent an ongoing opportunity, or is it a window of opportunity? How critical is the timing? If you have
identified "opportunities" that are internal to the organization and within the control of the business, you will want to classify them as strengths.
Threats
Threats include factors beyond your control that could place your marketing strategy, or the business itself, at risk. You have no control over them, but you may benefit by having contingency plans to address them if they should occur.
A threat is a challenge created by an unfavorable trend or development that may lead to deteriorating revenues or profits. Competition - existing or potential - is always a threat. Threats may include:
• competition
• intolerable price increases by suppliers
• governmental regulation
• economic downturns
• devastating media or press coverage
• a shift in consumer behavior that reduces your sales
• the introduction of a "leap-frog" technology that may make your products
• obsolete equipment or services
What situations might threaten your marketing efforts? Get your worst fears on the table. Part of this list may be speculative in nature, and still add value to your SWOT analysis. The better you are at identifying potential threats, the more likely you can position the company to proactively plan for and respond to them. You will be looking back at these threats when you consider contingency plans.
The implications
The internal strengths and weaknesses, compared to the external opportunities and threats, can offer additional insight into the condition and potential of the business. How can you use the strengths to better take advantage of the opportunities ahead and minimize the harm that threats may introduce if they become a reality?
How can weaknesses be minimized or eliminated? What Weaknesses and Threats can be detoured?
Grading Analysis
Grading Scheme: Knowledge:
Understanding of the past, current and future market needs. Analysis of basic competitors, products, and opportunities.
Thinking:
Strengths, Weaknesses, Opportunities and Threats relate to your product. Analysis is clear and thoughtful and is based on market needs competition and any other relevant
matters. A well-developed explanation of each shows what your product does well and identifies both present and potential weaknesses.
Application:
A great eal of critical thinking is obvious. Appears that the group has carefully analyzed their collected thoughts and has drawn appropriate conclusions. Unique overall plan that is company and customer focused.
Communication:
Work is completed neatly, is well written, in outline format, there are no spelling/grammatical errors. Chart is logically organized. There is precise and complex vocabulary used. Sentences are properly written. Your thoughts are clear and thought- provoking. The voice of the student as the writer is evident.
Target Market:
The Target Market is very well defined. An assessment of the market, demographics and the economy are included. Expectations are to see unique characteristics from the demographics and psychographics with references.
Problem Solving Assessment Rubric
Learning Objective Unacceptable (1) Acceptable (2) Proficient (3) Superior (4)
Identification of central problems in a complex situation Failure to identify major problems involved in a complex business situation
Identification of problems but not clear on main and related issues. Identification of the main problems but not all relevant issues and other problems that may be related Identification of all major problems and relevant issues involved in the situation
Recognition of multiple causal factors involved in a problem situation Failure to identify any causal factors involved in a problem situation
Identified causes, but not clear on main problem and other factors. Identified the main causal factor but no other relevant factors important for problem solving Identified all relevant causal factors involved in a problem situation
Correct usage of theories, methods and/or principles to Usage of incorrect or irrelevant theories and principles to Ineffective application of relevant theories, Correct Identification of major theories , methods, and principles to Effective application of all relevant theories, methods,address the problem address the problem methods or principles. address the problem and/or principles to address the problem
Generation of plausible alternative solutions to solve the problem Failure to generate plausible alternative solutions to solve a problem
Generation of plausible alternative solutions to the problem Generation of plausible alternative solutions to the problem that are either effective or efficient. Generation of highly efficient and effective solutions to the problem
Provision of persuasive reasons and evidence in support of proposed solutions Failure to provide reasons or evidence to support proposed solutions Provides reasons or evidences but not reasonable or supported. support proposed solutions Provision of reasonable arguments and evidence to support proposed solutions Provision of strongly persuasive reasons and evidence to support proposed solutions
Group Project Case Fall 2016
Many products and services are purchased differently than just a few years ago. Each generation has different challenges and technologies. The millenniums are the next market segment for tourism. There are a few lodging styles to look at such as resorts, budget hotels/motels, casinos, and boutique hotels. There are also many activities such as theatre, music, pro sports, hiking, museums, restaurants, etc.
A family member of yours is looking to build a Millennium friendly vacation destination in Coachella Valley (Palm Desert Area). They have already committed their life savings to finance the project. Since they are not millenniums they are concerned the target market may not like their ideas. You are asked to provide a Mini Marketing Plan with your researched recommendations for a Millennium destination spot in the Coachella Valley.
What lodging, food, and/or activities would be successful for the Millenniums in the Coachella Valley?
• Please provide a Mini Marketing Plan with referenced information and justified recommendations
• Follow the sample outline provided (no large paragraphs)
• Provide a minimum of 5 references
• Make sure content is clear and paper is visually pleasing.