we need to complete the attached requirements
Semester Summer 2020
Assessment date 03.09.2020
Course Code MKT 400
Assessment Individual Assignment 1
Assessment weight 30%
Faculty Name Nermain Al-Issa
To be completed by the student
Student Name : Student ID :
Question Earned Points Max. Points Question Earned Points Max. Points
Total Earned Points Total Available Points Instructor Signature
Review the internal and external resources for the company you are assigned and answer the below questions.
Mission and Objectives
A well-thought-out marketing plan will contain both the foundational mission statement and supporting goals. The purpose of the mission statement is to express the business’s reason for existence and overarching vision—who it is and what it would like to become in the future. Goals serve as general statements of what the firm wishes to accomplish in support of the mission and should provide a basis for outlining the measurable and attainable subsets of the mission in the form of specific objectives.
Sample Mission and Objectives
Realty Business Leaders (RBL)
RBL began in 1996, to provide supportive digital technology solutions for professionals in the real estate industry. They serve agents, brokers, and investors in both residential and commercial applications. They provide online, digital, and print resources and tools for generating leads, supporting individual agents and brokers to successfully grow and manage their businesses. RBL’s cloud -based subscriptions provide total access to marketing and sales software such as websites, customer relationship management (CRM), lead generation, goal tracking, and training materials that support conversion of prospects into clients.
To empower real estate industry professionals in exceeding property buyers’ and sellers’ expectations through innovative, accessible technology
1. Identify the mission statement and objectives of the company you are assigned. (20 points)
SWOT is an acronym which stands for Strengths, Weaknesses, Opportunities, and Threats. Companies conduct a SWOT analysis as a critical strategic step in developing a Marketing Plan. SWOT analysis may be completed for an individual, a product, or company.
Why This Matters: A SWOT Analysis helps individuals and businesses discover their own unique qualities and gain insight on what differentiates them from competitors.
Sample Case and SWOT
Red Zone Gym
Red Zone Gym is a small chain of three gyms located in South Florida designed for the dedicated gym-goer, body-builder, or competitor with serious ambitions. Red Zone owners and staff are International Federation of Body Builder Pros and National Physique Committee competitors themselves and started the gym to provide other ambitious fitness and body building competitors a specialized place to train and prepare for competitions. The first gym began five years ago shortly after the owners completed their first state competitive title and took over managing two other locations two years ago after completing their exercise physiology degrees.
Red Zone has a unique atmosphere, including the staff and the motivational artwork throughout the wall. Their social media marketing is very strong. They have more than 15K followers on Facebook and Instagram with active, engaged users. Although their current marketing efforts have gained attention across social media, it is clear that their efforts can be improved. The Red Zone owners have indicated they would like to increase their membership base, however key challenges include the price point difference between Red Zone and competing gyms and lack of awareness of their uniqueness of their gym setup.
The competitive fitness industry as a whole is experiencing a growth trend by 10 percent annually with more and more individuals entering into amateur and professional level competitions. South Florida is also a mecca for water and beach activities, and some areas have become known as the East Coast Venice Beach attracting many outdoor fitness enthusiasts. As a result, Red Zone has considered expanding their gyms, which would require additional capital investment sources. They have considered other ways to increase revenue and awareness, such as including other fitness related market segments who might become interested in the fitness competitive realm, such as gymnasts, or sponsoring competitions themselves, which would increase Red Zone’s prominence as a competitive gym.
Although the competitive fitness arena is gaining momentum, there are several regional and national gym chains in South Florida that offer a much lower price point for gym memberships and appeal to the beginner or recreational fitness enthusiast. As a newly hired marketing professional, you are tasked with the role of analyzing the current marketing, branding, and growth potential and designing a strategy for increasing the potential for expanding the gyms.
• Customer: Loyal customer base who are active in referrals and competitions
• Uniqueness: We focus on competitive bodybuilding/fitness, not general fitness
• Staff: Professionally certified specialists who are also industry leaders
• Social Media: Active, engaged followers Opportunities
• Fitness Trends: Fitness/bodybuilding competitions continue to grow by 10% annually
• Market Expansion: Reaching out to additional markets including cheer & gymnastics
• Brand Awareness: Increase brand through sponsorships of local groups and competitions
• Lack of Capital: Growth funds need to come from loans, investors, revenue
• Experience: Owners’ first business venture
• Branding: May be too narrow for consistent growth Threats
• Competition: Customers aren’t aware of the difference between our gym and general gyms
• Gyms: Price point of chain gyms
• Local trends: Competing with beach/outdoor activities
2. Conduct a SWOT Analysis for the company you are assigned. (40 points)
Understanding the Segmentation, Target Marketing, and Positioning (STP) approach to your marketing plan in a critical step for reaching the right buyers with the right products and ultimately, continuing to have a successful business. To help make the overall marketing process more manageable, it’s useful to divide large target markets into smaller “segmented” groups. These segmented groups allow the marketing efforts to have a more unique appeal when positioning specific products toward these segmented targets.
Why This Matters: The STP process helps you to identify your most suited customers for your marketing efforts and then focus on or develop products that are customized for that segment. As a result, your products and customers are uniquely matched and your marketing campaign is even more personalized to your customers’ wants and interests, ultimately creating a more successful campaign and selling more products or services.
Healthy MED Student
Healthy MED Student™ is “dedicated to integrating the highest standard of conventional wellness and integrative/holistic approaches that nurture the body’s intrinsic healing capacities in the body, mind and spirit.” The concept was born out of a career medical doctor’s longing to experience the health and wellness she desired to learn about and practice during her own medical school experience and career.
“By furthering evidence-based research and education in Integrative Health and Medicine, Healthy MED Student™ will serve as a model for the new paradigm of creating healthier and happier medical students and reducing the impact of the disturbing and damaging challenges incurred during medical school.”
Healthy MED Student™ provides a variety of programs and services to global medical students. These programs include health, well-being programs, integrative medicine initiatives, as well as personal programs that offer unique initiatives to empower medical students to pursue a thriving academic and wellness experience.
The programs consist of online modules delivered via email subscription allowing students the benefit of global, real-time access to materials. During the initial Marketing Research phase by the company, Healthy MED Student™ discovered a variety of potential segments that could be targeted by developing a customized program.
“Healthy MED Student™ is a collaborative health and well-being program designed to address the unique challenges medical students face.”
3. Chose 3-5 segments that the company you are assigned serves and explain which segmentation strategies are used. How they target their segments and what is their positioning statement. (40 pounts).