MKT 574 University of Phoenix Facebook Strategic Marketing Plan Discussion

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MKT 574

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MKT/574 v1 Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis (Due in Wk 2) Company Description Describe the company you are designing the plan for. Include: • • • • Mission Statement Vision Statement Product line description Company information, such as the size of the company Environmental Analysis Analyze the forces that affect the company and marketing efforts. Competitive Forces Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors. Economic Forces Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers. Political Forces Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county. Legal, Regulatory, and Ethical Issues Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 2 of 7 Technological Forces Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries Social Forces Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values. Current Target Markets Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets. Review Current Marketing Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing. SWOT Analysis Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. Strengths Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers. Weaknesses Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing. Opportunities Assess the opportunities you see based on trends or environmental conditions. Threats Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans. Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 3 of 7 Strengths to Opportunities & Converting Weaknesses and Threats Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets. Marketing Objectives Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%. Part B: Marketing Data Analysis (Due in Wk 4) Internal Data Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed. Source Example: Sales data What it Measures Monthly sales by specific product Data Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets. Copyright 2020 by University of Phoenix. All rights reserved. Potential Usage Can be used for trend analysis, projections, and to measure effectiveness of promotions. Strategic Marketing Plan MKT/574 v1 Page 4 of 7 Secondary Data Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: retail store analytics Dollar value of sales by quarter by major product categories Total sales of major players Market Share Analysis Seasonal patterns Primary Data Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed. Source What it Measures Example: Focus group Product usage, motives, identify group level satisfaction, decision process, etc. Data Qualitative Copyright 2020 by University of Phoenix. All rights reserved. Potential Usage Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities Strategic Marketing Plan MKT/574 v1 Page 5 of 7 Source What it Measures Data Potential Usage Customer Relationship Management Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed. CRM Touchpoint Example: Customer profile information on website Purpose & CRM Objective Starts the account for visitors: name, geography, email address (Customer acquisition) Data Presale: geographic location; customer id, source of reference Email address Post sales: address, product purchased, quantity, price. Potential Data Usage Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing. Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring (Due in Wk 6) New Target Markets Determine any new markets for your strategy and describe how you will provide value to each target market. Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 6 of 7 Marketing Mix for New Target Markets Determine adaptions for each new target market. • • • • • Products Price Distribution Traditional Promotion Online Promotion Marketing Implementation Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions. Marketing Communication Channels Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed. Channel Example: Direct mail Target Market Middle class residential Advantages Can include coupons Disadvantages Expense and low return rate for given product Strategic Actions Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed. Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 7 of 7 Action Example: Design flyer for direct mail campaign Date for Completion 1/1/2021 Person/Role Responsible J. Smith, graphic designer Standard/Metric Approval by senior marketing team and legal Monitoring Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed. Action Example: Direct mail flyer Target 1100 new inquiries Person Responsible Western regional manager Copyright 2020 by University of Phoenix. All rights reserved. Inter-measurement 500 new inquiries first month of campaign
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Explanation & Answer

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Facebook Strategic Marketing Plan
Steven Brown
MTK/574
October 19th, 2021

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Company Description
Background and mission statement
Facebook is an online social networking company based in the united states and was
founded in 2004. The company was developed by Eduardo Saverin, Chris Hughes, Dustin
Moskovitz and Mark Zuckerberg and became one of the world's largest social networks where
people could socialize (Facebook, 2020). The company is based in Menlo Park, California, as its
headquarters. The company allows free access to the social network and earns most of its
revenues from advertisements made on the site. As a new user, a person can easily create his/her
profile, start new groups, join preexisting groups or upload photos. Facebook is used by people
every day especially given the company's mission statement, which provides people with the
ability to build a strong community while bringing the world closer together. The company's
mission statement indicates that the company is committed to ensuring friends and families are
connected, provides an opportunity to discover events taking place around the world, and express
or share things that matter to them.
Vision statement
Facebook has a corporate vision statement stating that people use Facebook to stay
connected with family and friends provides an opportunity to discover events taking place
around the world and express or share things that matter to them. Based on the vision statement,
it is evident that the company's product is more than just an online networking site but promotes
accessibility to important information and communications. The vision statement components
include a tool for self-expression, a tool for communication, a global market place and a tool for
discovery (Facebook, 2020). The vision statement is an indication that the company is
specifically based on people as users across the world and see itself as a bridge between families

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and friends no matter how far they are from each other. It also provides them with an opportunity
to express themselves and discover what is going on around them (Golubović, 2021).
Product line description
The product description line description includes the Facebook app, Facebook view,
Instagram, Oculus products, Facebook shop, Audience Network and Spark AR. All these product
lines are social networks that allow people to stay connected or share information with each
other while connected through the internet. As mentioned earlier, the network system allows
users to share information with family and friends and communicate what interests them. The
product of Facebook has many components, including user's profile page, timeline and a space
where users can share their contents and be viewed by friends. The application also allows the
users to share status, and their friends can easily identify where they are. Through the messenger,
people can communicate by chatting, audio and video calling. Therefore, the social network has
more than enough features to make it one of the best social networks used by people across the
world (Facebook, 2020).
Company information
The company is a social networking platform operating worldwide and is engaged in
developing social applications that allow people to stay connected through computers and mobile
devices. Also, people can share ideas, opinions, videos, photos and other interesting activities
through social networks. Most of the products of the company include Facebook, Messenger,
Oculus, WhatsApp and Instagram. The company has more than 58.60k employees, with Mark
Zuckerberg as the chairman and chief executive officer. Facebook is among the largest company
operating in the world, with an equity of $128.29 billion according to 2020 valuation. The
company size can be measured based on the number of subscribers and users of the platform,

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which stands at more than 3 billion people using the application to share information across the
world (Facebook, 2020).
Environmental Analysis
Competitive forces
Although Facebook is among the world's top players in social media networking, the
company faces stiff competition from other players in the industry. Some of the major
competitors include TikTok, a social media app founded in 2016 that has changed the way
people create and share videos and broadcast live. TikTok is among the major competitors of
Facebook, given the many social features that attract more users every day (Frue, 2019). Twitter
is another major competitor that provides people with a social networking platform to share their
ideas or communicate with each other. YouTube is also a major competitor of Facebook and
provides users with a platform for sharing videos, view them and upload videos. Other
competitors include LinkedIn, Quora, Snapchat and Pinterest. The competitors have almost the
same attributes as Facebook, which contributes to the stiff competition. The competitive
advantage of Facebook is based on its number of monthly active users compared to those of the
competitors (Frue, 2019). The company's main goal is similar to most competitors. Therefore, to
stay ahead, Facebook ensures that users are always happy by updating the website and adding
more applications that create a sustainable competitive advantage.
Economic Forces
The company is affected by economic factors that have shaped the company's growth.
Some of the economic factors affecting the company include the increased stability of
developing countries, the rapid growth of the economy in the developing countries and increased
income, all of which are an opportunity for the company. As such, the economic forces provide

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the company with an opportunity to penetrate the developing countries as a result of the
increased infrastructure development. An increase in disposable income is also beneficial to the
company, given that people can acquire devices that allow them to access Facebook services.
Political Factors
Political factors also affect the way Facebook operates and form external factors
determining the success or failure of the company. Political stability in developing and
developed countries and popular governmental globalization support are major political
opportunities that as allowed the company to grow. Despite the opportunities, Facebook faces
political barriers from countries such as Chinese and political action on online data. These are
political threats that may affect the operations of the company effectively (Frue, 2019).
Legal, regulatory and ethical issues
Most of the legal and regulatory requirements imposed by the government limit the
successful operations of the company. Some of the major legal and regulatory issues include
improving patent laws across the world and increased support for free Wi-Fi internet regulation
in countries such as China, which are opportunities for the company's grow...


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